The cover story in Money magazine’s April 2012 edition attracted my attention. I commend it to you for many reasons. Coming as it did on the heels of the newly completed How to Buy a New or Used Car online course , this terrific story honed in on ways to save money and build wealth throughout one’s earnings career.
Allow me to stress one point from that story about buying cars that applies to the baby boom generation. The authors stress that having paid your dues, and accomplished many significant goals in your careers, the reward of a luxury vehicle is in the sights of many boomers, especially those who have saved and met obligations to their parents and children, amongst other economic challenges.
I fully agree with the authors’ viewpoints and applaud their wisdom. They are very specific in one illustration. They choose an example of empty nesters who are considering the purchase of a Mercedes E class sedan.
The pull quote is. “Starting at age 50, buy used, not new, every five years and invest your savings.” Citing Phil Reed, senior advice editor at Edmunds “Go for a three year old model… the steepest depreciation happens in years one and two.”