Three rules of thumb to remember about cars:
1. Unless you're completely debt-free and have a net worth of $1,000,000 don't buy new cars.
2. The first 25,000 miles equals $10,000 in depreciation. The next 75,000 equals another $10,000.
3. When deciding whether to repair a car add the cost of the repair to the amount you'd get for the car (even if salvaged). If you can't sell it for that amount, don't repair.
More Debt Management
1. Unless you're completely debt-free and have a net worth of $1,000,000 don't buy new cars.
2. The first 25,000 miles equals $10,000 in depreciation. The next 75,000 equals another $10,000.
3. When deciding whether to repair a car add the cost of the repair to the amount you'd get for the car (even if salvaged). If you can't sell it for that amount, don't repair.
More Debt Management
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