Depending on the person a vehicle is considered anything from the ultimate status symbol to a necessary evil.
We are constantly bombarded by ads that try to sell us on the joy and safety a particular model will bring into our lives. These are followed up by ads that offer once in a lifetime financing deals that will allow you to experience that newfound joy.
As a result the decision to buy or not are often made with the heart and not the head. We have provided a couple of tools to help your head have a greater influence on the final decision.
In addition to fuel and maintenance there are two major costs that come with vehicle ownership. Everyone is aware of the first; it is the purchase price along with any financing costs that are incurred when you buy the vehicle.
The second cost is depreciation. Over time the value of your vehicle drops and if you own it long enough it will eventually go to zero unless you happen to buy some kind of unique collector car. Chances are you won't.
Our auto loan calculator will give you an idea of the payments you will need to make to buy a vehicle. You can plug those monthly payment calculations into your household budget to see if buying makes sense.
Our auto depreciation calculator estimates the drop in value of your vehicle on a year by year basis. While these numbers will vary by make and model, the estimates provided by the auto depreciation calculator serve to bring attention to the fact that a vehicle is not an investment, it is a financial liablilty that eats away at your net worth every year.