How to track vehicle asset
We just purchased a new-to-us used vehicle and paid cash (no loan). According to Carfax, it is worth more than twice what we paid for it, so that increases our net worth. However, the long story of the car is that our mechanic repossessed it, and while it runs great, it requires a lot of bodywork, new tires, etc., to make it a car that will last 20 years. I put the car in as an asset account in Quicken, with the purchase price as the starting value, then the next entry is the Carfax estimated Private Sale value. I think we should also put down all these beginning maintenance issues as transactions in the car asset account, too. What is the consensus on that? And what about future service work? Should it go into the car asset account, too?
This discussion has been closed.