For previous generations, owning a car or was a symbol of freedom. Buying a car said, “I’m ready for this adulthood thing”. Millennials inherited a different world, one of smartphones and social media, entirely new personal transportation options, and a consumer culture that relies on the next best thing. When it comes to cars, millennials have been fashionably late to the ownership party, but when they arrive, they’re buying brand new cars and taking on loans to pay for them. Both are huge mistakes…
The key to wisely buying a car is to focus on minimizing net price (initial purchase price minus anticipated resale price).
Maximize your chances of buying a resale winner car by sticking to seven well-established rules of thumb.
Minimizing miles driven will minimize almost every category of automotive expense.