XEKE.COM PRESSENTS

 

PERSONAL FINANCE TIPS, VOLUME ONE:

DEPRECIABLE ASSETS

 

 

XEKE.com pulls no punches when it comes to political commentary and analysis, and the same thing can be said for personal finance.  One of the biggest mistakes consumers of all walks of life make is throwing good money after depreciable assets.  Millions of people every year waste money on brand new cars, trucks, boats, RVs, and various other depreciable assets.  

By definition, a depreciable asset loses value over time.  The second you drive off of the dealers lot, whether it be in your new car, or trailing a new camper, the value of your hard earned money has just diminished.  It makes sense to have a game plan when it comes to buying a depreciable asset.

The first step is to find a good mechanic that you know and trust.  Once you have a mechanic that you trust, you have the confidence of buying a used car, without feeling the urge to buy a vehicle simply because it comes with a warranty.  Invest your own time to visit dealerships, classified ads, etc.  Once you find what you are looking for at the price you want to pay, have your mechanic inspect the automobile.  After a few minutes, a good mechanic can easily tell you if the car has any major problems.  

The next step is to have your payment lined up.  If you go into a dealership/car lot with the means to buy what you are looking for, you have the advantage.  Remember, cash is king.  Be willing and ready to make an offer, and stand firm.  Whether you are buying a boat, a truck, or a pop up camper, have a check ready and made out for an exact amount.  A salesman hates to see good money leave the lot.  

XEKE.com cannot emphasize enough the importance of never buying a new automobile, boat, RV, etc.  Armed with a good mechanic, true Conservative fiscal responsibility, and the means and desire to make a wise personal finance decision, the purchase of a new depreciable asset should never be an option.