The most ironic part of buying a car is how its actually one of the poorest decisions you can make; cars depreciate in value faster than most other purchases and don’t retain value until many years after the initial sale. The issue with the automotive industry is that many automakers will claim longevity or fuel economy as a selling point when in reality the better decision would be to lease or rent a car short term.
According to an in-depth study on the value of leasing vs. buying a new car, it is not worth purchasing a car unless you plan on owning it for over 11 years and even then it only becomes a better value than leasing (after figuring taxation and other costs as detailed in the post) after 15 years of ownership. In today’s society, most car owners replace their daily driver every 8-10 years, rendering the idea of purchasing a new vehicle as a bad decision in almost all cases.
So, despite the persuasive advertising campaigns suggesting the pride of ownership and ultimate value in purchasing a car, you are better off leasing or renting instead. This is just one of the many examples of irony in the car industry; advertising and branding are misleading and you should look more closely at your purchase decisions before making an 11-year mistake.