Owning a car does come with its unique set of privileges. You reserve the liberty to cruise along the highways for long drives with your family. However, if you are already retired, it’s imperative to weigh your financial conditions carefully before investing in a new car. In fact, financing a car during retirement is a bad idea. Unless you have adequate savings stacked off for the purpose, it’s wise to refrain from getting a new car for yourself once you retire.
Do you know that car owners currently have a massive debt of $1.18 trillion in the industry? Purchasing a new car costs $32,187 on average, while you need to shell out $20,137 for a second-hand one. Are you financially resilient enough to bear the extra payments when you take a car loan? Often, retirees find it challenging to come out of their consolidated financial habits and acquire a depreciating asset.