Sometimes when someone is on disability and/or has a lower-income, they apply for additional financial benefits.

Within the "social welfare" types of paperwork, people usually have to report assets. Anything with "equity" in it is an asset. An older car may then be listed as an asset and may lower benefit amounts.

On the other hand, a "new" or a "newer" car has zero, or less, equity and is not listed as an asset as often. (Usually much more is still owed on a newer model car. Larger outstanding balance. Zero to Less equity.)

In some cases, it benefits an applicant to be paying on a new/newer vehicle.
We all need reliable transportation for ourselves, our families, etc.

Just an FYI. I have heard many absurd judgments placed upon people with less income, simply because they are paying for a newer model vehicle. The judgments are usually gross misunderstandings (when it's truly nobody else's business anyway).

Love and a Reliable Ride for All!


WC