We all know the "rule of thumb" that your car loses half its value as soon as you drive it off of the dealership lot. Cars depreciate and unless you own a nicely restored classic car or antique car (you know, from the years when they looked GOOD), you're pretty much guaranteed that you are going to lose money on your car from the moment you purchase it.
For this reason, personal financial experts will tell you that your car is not a good investment… After all, investments are supposed to make money, not lose them. But your car might actually be a better investment than you think.
Cars depreciate. That part is indisputable. But cars are an investment in other ways:
- Cars are an investment in making money: Your car enables you to get to and from work regularly so you can earn an income. A small portion of that income goes toward maintaining your car, but much more of your income goes toward all of the other things that we need in life.
- Cars are an investment in saving time: Public transportation is good for the environment and a nice alternative when you don’t want to drive or fight for a parking spot downtown. However, there are many times when you need to get somewhere a little faster than by bus and a car can get you there. And since "time is money", saving times means that your vehicular investment is that much more worthwhile.
- Cars are an investment in convenience: Have you ever shopped for groceries then had to walk all the way home? It's not very pleasant, especially in particularly hot or cold weather. Along with getting you to and from the grocery store quickly, your car makes your life more convenient.
- Cars are an investment in safety: When you drive, you're literally hurtling down the road in a cage of steel and glass, zooming by other cages of steel and glass. Buying a car means buying a high-tech safety device that you can move your family around safely in.
For these four reasons, your car IS an investment. Sure, you probably won't "buy low and sell high" as you would with shares of a company on the stock market, but investing in a car means investing in yourself and your ability to make money, save time, enjoy an easier life, and travel safely. Those are important and worthwhile things to spend money on.
Since your car is an investment, it makes sense to take care of it. After all, your house is also an investment and you take care of that. To take care of your vehicle investment properly, you need to do two things: First, keep the car's mechanics well-tuned so the engine runs smoothly and will last a long time. But a tuned engine is only the first step. Earlier in this article we said that your car is a high-tech cage of steel and glass. You need to keep it maintained so that it will last as long as the engine does. At Boyd Autobody & Glass, we can help. From fixing major fender-benders to tiny door dings and glass chips, we can help to prolong the value of your investment.
