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Coach
If your car is a meaningful percentage of your net worth you spent too much on it.
Mentor
Disagree. It doesn’t matter what the car’s value relative to net worth is, what matters is its depreciation relative to income.
I ignore vehicles. They depreciate so fast they're irrelevant to FIRE timeline, and anyway not an asset I can liquidate to pay expenses (still would need a car)
I did mostly so mint would stop telling me my profile was incomplete.
Mentor
Absolutely. It’s easy to get your car’s current value through Carvana. No reason not to do it.
I track the loan but not the car. It’s a depreciating asset, I don’t intend to use it as a savings vehicle (pun intended) so there’s no reason to count it as one
Lol fair point
Yes, it is an asset (depreciating) but I usually have another calculation which only includes my investable assets (cash, equities, crypto, etc).
For personal tracking, no. For applying for loans where they ask assets I would.
Mentor
No cuz my car isn’t going to help me get any closer to retirement
Well it might drive you to a retirement home…
Yes. It's truly part of my "net worth." But I also do the math and remove it for a gut check once in a while.
Agree. It also doesn’t move the needle when talking about FI numbers
Coach
Yes, I value it at $1000. I paid $1000.
Mentor
Mint says it's worth $7500 but I take the conservative approach
My cars are worth about $27k (no loans), I include them in Mint.
No that would be silly.
Yes I track the car resale value as well as the loan.
Mentor
The most important reason to track your car’s value is to understand how much it actually costs to own it. I find that most people have no idea how much cars cost (hint, it’s not the purchase price)