You’re in a maxi, forced into the fold-down middle seat and it begins to rain. Those who rushed for the window seats close the windows to avoid the water which you think some of them could probably use given the strong BO. You cannot take another day of this so you decide it’s time to buy your first car. Well, we understand.

But before you rush into it, there are a few things you need to consider.

First off, forget about impressing people. A car is a depreciating asset. That means that, unlike good land, car loses value annually, and quickly too!

However, it is extremely convenient to own one and, as Certified Financial Planner Professional – Suze Orman says, “it makes the weekends more fun”.

So, here’s the suggestion. Buy a well maintained used (local or foreign) vehicle. If you invest the difference in price between a used and a new car now, you would be more than able to afford that brand new car in the near future. For now, we want you to invest in assets that will increase in value.