July’s Net Worth update is a bit lackluster because it took a big knock because my car lost 10% of value according to my insurer. This was obviously expected but I was waiting for my insurer to revise the car’s value officially which happens on a yearly basis. This was the hardest hit in depreciation as it was the first one. The car will still depreciate in the following years but at a diminishing rate as it’s value falls. This goes to prove that cars are a horrible investment and it’s insane to make this a recurring expense.
If I were paying the minimum installment, I’d be in a situation where I owe more than the car is actually worth! … Read the rest