Money with Jess by Jessica Irvine

Author:Jessica Irvine [Irvine, Jessica]
Language: eng
Format: epub
ISBN: 9780730398240
Publisher: Wiley
Published: 2022-06-13T00:00:00+00:00

Vehicle purchase

Cars are depreciating assets. The minute you drive them out of the car yard, they lose thousands of dollars. Many personal finance experts say you should only ever buy second‐hand cars.

I'm not a purist. If a new car brings you true joy, I'll leave that up to you. Personally, if I had my time again, I wouldn't buy a new car. I also wouldn't buy a European car, but a cheaper Korean or Japanese model like a Toyota, Honda, Mitsubishi, Subaru or Mazda, because the ongoing running costs of parts and repairs are generally lower.

The Royal Auto Club of Victoria runs an annual survey of the cheapest and most expensive cars to buy and maintain in Australia. It shows that smaller cars are not only cheaper to buy, but incur lower ongoing costs in terms of maintenance and repairs.

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