New York, NY (PRWEB) October 30, 2013
The Globe and Mail published “A money pit on wheels: The real cost of owning a car” on October 21, 2013, an article that identifies owning a car as a major drain on personal finances. In response, FinanceAcceleration.com advises young couples to invest money carefully in an automobile and to choose an affordable option.
Bob Carrick asserts that while automobile sales are being touted as a sign of the economy’s recovery, the effects on personal finances annually will eventually put a halt to any long term growth. Because cars are depreciating assets, an owner is never able to regain the full value of the car and therefore it does nothing but destroy wealth over time.
Some of the annual estimates of owning particular cars are staggering. After considering insurance costs, depreciation, financial expenses and registration fees, a Honda Civic LX ends up costing the owner about $17.76 each day for a total of $6,482 each year. The Toyota Camry LE costs an estimated $20.56 per day, while the Chevrolet Equinox LT can cost the owner as much as $24.26 per day.
In light of how much cars cost and can affect personal finances, FinanceAcceleration.com advises young couples to consider an automobile that is affordable both now and in the future. If the total amount of expenses exceeds 6% of a couples’ household income, then the car is simply not affordable and the purchase should be avoided.
For those who have found an affordable automobile but are having trouble securing a loan, FinanceAcceleration.com recommends watching this video about bad credit loans.
Bob Carrick explains how cars can destroy wealth and actually create a negative effect on personal finances. As a result, FinanceAcceleration.com reminds young couples to only purchase an automobile that they can reasonably afford.
FinanceAcceleration.com is an online resource dedicated to insights about how to achieve financial goals. While the website has advice for all stages of life, it is particular useful for newlyweds as they begin life together in a fiscally responsible manner.