My car value

I have recently updated the value of my car in my net worth schedule. According to Edmunds.com my car is worth about $15,400 in its current condition and with its current mileage. I have rounded the figure down to an even $15,000. That is about $1,000 lower than last time I checked the value about 9 months ago.

I owe less than $7,400 on the car and plan to pay it off when I get my federal tax refund early next year. The scheduled pay off date is October 2009 so I will be paying it off about 7 months early.

Many people do not include the value of their cars in their net worth due to the fact that cars are depreciating assets. My feelings are that yes they do depreciate and wear out but it is still something that I could sell for cash if I needed to. I plan to keep this car for quite a while. I am looking forward to not having a $510 monthly car payment!