Quote:
Originally Posted by California98Civic
When we add "opportunity cost" to all the other costs, cars become even more expensive. The thousands I save per year through keeping my modded '98 Civic (instead of replacing it with a more "valuable" car) go into three things: college savings for my daughter, house mortgage principle reduction, and retirement savings. Those are interest earning accounts. Depreciation therefore becomes appreciation.
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Unless you could decrease fuel expenses and maintenance costs with a newer car, which by the way doesn't actually need to be a brand-new one, that seems to be the best choice. Anyway, it does seem pointless that many people look out for a newer car mostly for the bragging rights.