These successful folks have a different kind of drive.
According to a study by Experian Automotive, a lot of wealthy folks simply don’t drive fancy cars.
“It’s usually a used Camry or a nice used Honda or a nice old pickup truck of some kind,” he said during an episode of The Ramsey Show. The first one is depreciation. Cars start losing their value the moment you drive off the dealer lot. According to the Canadian Black Book’s Vehicle Depreciation Report 2022, cars that are two to six years old, depreciate in value between 8 and 13 per cent. While COVID-19 had an impact on the resale value of cars in 2021, driving prices up 18 per cent, the trend is short-lived, and report authors anticipate that cars will continue to depreciate in value through 2022. This includes luxury cars.
Don’t forget, there’s opportunity cost as well. The money you spend on an expensive vehicle could have been put into your investment portfolio and earn a return year after year. That potential return — which can get compounded as time goes by — is the opportunity cost., will earn 1.50 per cent interest on every dollar you save. That’s 150 times better than a chequing account with a 0.01 per cent annual percentage yield .
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