Car goals can be utilized to model clients purchasing, leasing, or financing cars within the future projections. These goal cards can be added within the Goals section of the Profile by clicking Add Goal > Car. This can also be done within the Goals step of the initial data entry process for new clients.
Please note: Cars that clients already own should not be entered as car goals. Existing vehicles should be entered as Lifestyle Assets within the Profile > Net Worth section.
Car Goal Data Entry
Click on the card to open a data entry drawer on the right side of your screen, allowing you to input the details:
Annual amount: Enter the annual dollar amount of the car goal.
Owner: Choose the owner of the car goal. Can be the client, co-client, or joint.
Goal starts/ends: Specify the duration of the car goal. If the Frequency is set to 'One Time', the Goal ends field will be removed.
Frequency: Specify whether this is a One Time or Recurring Goal. Recurring goals will end once the date specified in the 'Goal ends' field is reached.
Buy or lease: Allows you to choose between buying, leasing, or financing the vehicle. Choosing the Lease or Finance options will populate additional fields for the Down Payment, Term, and Interest Rate. A payment schedule will be automatically calculated based on these inputs.
Annual Increase: Determine which inflation rate will be used to project costs out into the future. 'Customized Inflation' allows you to enter a specific percentage that will only be used for this goal.
Additional Information
After being entered, Car goals can be tracked within the Cash Flows module of the Retirement section. One time and recurring costs can be found within the Cash Flows > Summary page, by clicking into the Goals > Car column:
When leasing new vehicles, a Car Loan balance can also be tracked within the Cash Flows > Net Worth tab, within the Other Loans column.
