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SERIES: Sell Car With Negative Equity - Part 1

September 25th, 2008 at 07:54 am

Welcome to the latest series - "Sell Car With Negative Equity"

The fact that most cars drop in value by sixty percent in the first four years causes an enormous part of the American population to struggle with huge car payments and an inability to rid themselves of the car without acquiring yet another new car and rolling in the negative equity to the new loan.

It is my hope through this series, that you will be equipped to sell a car that has negative equity.

Part 1 - Recognize How Much A Car Really Costs

Some of the actions in this series might be difficult to execute, but when one recognizes how much a car really costs it can really help solidify sound financial decisions.

I believe that having a car payment is a HUGE financial mistake. Here is why.

First, cars drop in value. New cars drop in value FAST. Most new cars drop in value by around sixty percent in the first four years. This is called depreciation, and it causes one's net worth to drop.

Second, car payments reduce one's ability to gain financial freedom. Loan interest can range from 0% to 20% or higher depending upon one's credit. Even 0% loans are negative financial events because the money is going toward a car that is dropping in value. What else could one do with a monthly car payment? Give more? Invest more? Spend more?

When I recognized how much my debt was costing me, it solidified my commitment to achieving financial freedom. I was so dad-blamed sick of debt and what it was doing to my family.

Read the entire "Sell Car With Negative Equity" series

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