Around forty-three percent of frugal people admitted to having kept their old cars in order to build their retirement fund. This is actually one of the most common, and cost-effective sacrifices that smart people make to save more for their golden years, says Craig Kirsner, author, speaker and president at Stuart Estate Planning Wealth Advisors.
More than twenty percent of a car’s value gets depreciated in the first 12 months of ownership. Why waste all that money? On the other hand, a two-year-old car with an extended warranty involves 30 to 40 percent fewer costs and more money saved for your retirement, says Kirshner.