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How to record purchase of a new (or used) car in Quicken?

This may have been covered before. I understand how to set up a car purchase as an asset. So the money I pay to the dealer goes into the car asset account. This is a TRANSFER from my checking account into the car asset account. So far so good. But this transaction also represents an expense - that does NOT show up anywhere in the spending report. Since the amount is significant, my category spending falls very short. To create an asset I have to spend money but the spending does not show up under expenses. It's either an asset or an expense and I am unable to create both from the same transaction. Is there a way to get around this issue?

Best Answers


  • RMWRMW Member ✭✭
    Thanks. I found an easier solution. I just setup the car as an asset account with a starting value equal to the purchase price. Then record the actual purchase as an "Auto Payment". That way it shows up as an expense and I also can track the car as a depreciating asset. I usually exclude all transfers from the spending report; makes it easier to read...
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