01 | 03 | 2013A new car vs. a new kitchen
How often do you get into your car and say “it’s time for a change”? For me it’s about every 5-7 years. According to automd.com, 78% of drivers keep their vehicle for ten years or longer.
What about the average lifespan of a kitchen? In our market that number is about 30 years.
How do these two purchases relate?
If you take a minute to think about your perspective during the buying process you might see how a kitchen could be a good investment.
Autotrader.com states that in 2011 the average used car price was $23,000. So based on the 10 year lifespan for a car owner you would expect to spend $69,000 on vehicle purchases in the course of 30 years. Because a vehicle is such a necessity we tend not to think about how much they cost to buy and the rapid depreciation of the investment.
On the flip side, a kitchen, with a lifespan of 30 years can not only improve our comfort at home but it can also add significant value with a slower rate of depreciation.