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Believe it or not, but billionaire legend Warren Buffet used the very first Cadillac automobile he purchased for years and years. He refused to buy a new vehicle each year even though he had the financial means to do so. His justification was a financial one, which centered around “the time value of money”. On average, new cars lose approximately 20% of their value as soon as you take ownership and drive off the lot. Then they depreciate anywhere from 6% to 13% annually. So, if you purchased a new car for $22,000, you could lose $5,720 to $7,260 of the car’s value in the first year. Rather than investing in an asset that depreciates and loses value so rapidly, you could have saved the money that you spent on the car or you could have used that money to invest in assets that usually appreciate over time. Would you agree with Warren Buffet’s justification? Why should the time vale of money, opportunity cost, risk and inflation be taken into consideration when purchasing a new automobile? Are there other financial factors that you would consider? If you were considering purchasing a vehicle today, what approach would you take and still be good financial steward of your money?