Scott On Money

Of course there are those that suggest not buying a new car. The Millionaire Next Door supports this view. Seems millionares simply don't waste money on buying new.

I hate car trouble. I hate taking the car in for regular service. Because of that I wasn’t comfortable buying a used car on the open market. I looked at the various certified pre-owned programs. While they were mostly impressive in terms of protection they just didn’t offer the cost savings I was looking for. A 5 year old 70,000 mile car is worth less than a new car for a reason. You have to consider wear, the more limited warranty and of course the uncertainty of what the vehicle has actually been through.

I tried to buy a car that can last a decade. We will see!