It can make you more productive and happier. It gives you the freedom to go places and do the things that you want. The cost can be high if you buy a truck that you can’t afford. In this short video, you will learn why.
The current episode of The Ramsey Show features a customer who phone Dave to inquire about his recent truck purchase. This person bought a new $50,000 truck instead of a slightly more expensive used truck that was purchased the year before. It is his intention to determine if this was a worthwhile purchase. It may seem like a steal. Dave found out that the person had only $200,000 worth of assets. Therefore, this new truck represents a quarter the assets and one-third of his profits. It means that a significant portion of his assets are depreciating instead of growing. Even though the car was lower than the old truck, it diminished in value when he took it off the lot. Similar to brand new automobiles. There is a lower price at a used truck dealer if you consider models just a couple of years older than those that are currently available.