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Total Cost Of Ownership of Your Next Ideal Car
If you use the strategies correctly, you’ll actually spend a lot less on the total cost of your ownership than you may have thought, and in some cases even make money! Most people go into buying a car without evaluating the total cost of ownership, and that's a HUGE mistake! You need to have a good idea of what you’ll pay to title, tab and license the car, monthly costs for insurance, interest rate (if you get a loan), maintenance, and even gas per month. You want to have a full understanding of your Ideal Car Ownership experience, and having an idea of what each one of these will cost, will make sure you don’t get yourself into financial trouble!
Now all cars either appreciate or depreciate over time. By holding all the costs we just talked about constant, we can see if the price of a certain car has been going up or down, and have an understanding of what it will do during our ownership experience!
What I’m about to show you is EXACTLY why the Ideal Car Strategies work. This is how I’ve been buying cars correctly for years, and now you can too!! This will work for all budgets, but I’m going to walk you through a members scenario discussed in the private facebook group, and show you how we worked out what was going to be Shelby’s next ideal car! (by the way, if you haven’t joined the private facebook group, now would be a great time! Link is in the description!)
Now she had a $17k budget was eyeing either a B8 Audi A5 or an e46 BMW M3. She did some research and insurance, maintenance, interest on the loan, gas and any other ownership costs were roughly the same for both vehicles.
Now, she was looking to hold onto this car for about 2 years, and had built out the Ideal Cars Desirability Guide, which we will cover in depth in the next module, and found both a 2013 Audi A5 and a 2001 BMW m3 that were both her Ideal Spec! Before she spent any money on a pre purchase inspection and started the negotiation process, she wanted to have a better idea of which one was a better value.
So, we first took her 2013 Audi A5 and see that in the past 12 months, YoY stands for Year Over Year, the 2013 A5 has depreciated roughly 14%. Now, if she’s going to own the car for 24 months, we run the graph to see how much the Audi has lost in the past 2 years. By updating the chart, we can now see that the 2013 Audi A5 has depreciated roughly 30%! So if it keeps depreciating at roughly the same speed, in 2 years, fair market value will be around $5k less at $12k. Or, it’ll cost her roughly $2500 per year to drive the car.
Now, the other car she found and was considering was a 2001 BMW m3. So if we run the chart 2 years back for the m3, we see the graph has a lot more ups and downs, which is a sign of a stabilizing market, and a good indicator that the car is most likely not depreciating much anymore. And if we take a look, it has APPRECIATED 21.5% in the past 24 months! WOW!
So, if the m3 is appreciating at roughly the same rate, the car will be worth over $20k after 2 years of ownership.
This works when you’re buying your first car, or your first super car! After a while you start to get extremely good at ‘knowing the market’ by reading the graphs, and predicting what will most likely happen during your ownership.
So now that you fully understand how to identify depreciation and appreciation, and I’ve included a link in the description that you can plug any car into and play with the graphs, let’s move onto the next module to teach you how to Identify your Ideal Car, and how to properly build and use the proprietary Ideal Cars Desirability Guide!
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