The Millionaire Next Door Drives Used Cars: Part One

Porsche in Drive

“Why would anyone pay half a year’s salary to buy the fastest depreciating asset on the planet?”  is a question asked by authors Stanley and Danko in their book The Millionaire Next Door.

Driving a new car off the showroom floor is a very costly proposition. On luxury brands, driving out that door usually costs at least $10,000-$20,000 and in some cases, even more than that.

A cars’s value typical falls by ¼ at end of first year to ½  by the end of the third.

Many cars that have been turned in from 12-, 24- and 36-month luxury leases still look like models on the showroom, have been barely used, and are still covered by full new car warranty. Yet they sell for as much as half off their original price

But where can you find these cars?  How do you know the cars haven’t been damaged?  How can you know a fair price to pay?

These are the questions asked by both millionaires and wanna-be millionaires.

More later.

Latest articles

Health Department Offers Free Covid Testing TODAY

The Rogers County Health Department will be offering free drive-thru Covid-19 testing on Tuesday, January 26, from 3p - 4p. Now we realize that...

What’s Coming to Claremore?

It's not Atwoods. It's not Aldi. Is it an IKEA? A Jack-in-the-Box? Probably not. Honestly, we're pretty sure it's a cell phone store. But it's NOT Office Everything...

CIEDA Names New Executive Director

The Claremore Industrial and Economic Development Authority (CIEDA) Board of Trustees named Meggie Froman-Knight as the organization’s new executive director at its regular monthly...

Fifty Years Ago this Week….Congrats, Meltons!

  Since 1946, Melton Sales has operated at the corner of 4th and Missouri in the heart of downtown Claremore. Originally called George Melton & Sons,...

Similar articles