I don’t know if you’ve noticed, but the cost of used and new cars is very high these days. So I wanna mention a little story here; take a look at your vehicles. Are you using them? Do you have extras, or would you like to change a vehicle? Give you a little story.
I have a friend of mine who owned a GMC truck. He bought it two years ago from the dealer, and he negotiated a really good deal. He bought that truck and still has it now. And he has 26,000 miles on it. After two years, he just sold it back to the same dealer he bought it for that he bought it from for $5,500 more than he purchased it for after two years. So negative depreciation, his truck was an investment that went up in value and gave him a vehicle to drive in the midst of the two years he owned it.
So take a look at your vehicle structure. In his case, he actually had a very heavy-duty truck that he did not need one to be that heavy any longer. So is there a way that you can downsize? Is there a way that you can sell a vehicle that you might make a good bit of money on? Also, if you have a leased vehicle, there have been a lot of cases where leases have expired and they usually a lease will have a buyout clause, or you can just hand the keys back to the dealer and walk away.
Don’t walk away until you look at the value. It may be more valuable to you to buy that car out of the lease, add the fixed price assigned to it when you signed the lease, and then resell it or keep driving that car. So check those lease vehicles out because a lot had a lot of room in there when they locked in the price two or three years ago that are now way more valuable than they were then. So check out the vehicle values; if you don’t know where to look, go onto Kelly Blue Book or Edmunds.com, and check out the value of your vehicle. You’ll probably be surprised.
I’m Donna Bordeaux with PYOPAccounting.com. Please follow us on Facebook and Instagram. Check out our blog and our website from the link below. Subscribe to our YouTube channel and hit the bell to be notified when we post. To contact me, email me at donna@pyopaccounting.com.
Donna Bordeaux, CPA with PYOPAccounting.com
Creativity and C.P.A.s don’t generally go together. Most people think of C.P.A.s as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your C.P.A., as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial C.P.A.s. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.
