Let's take in the perspective from accounting. The reason why you said so is because it can be classified as an asset because it can be sold for cash and thus it is perceived as an asset? However, please keep in mind that it is a depreciating asset, in that the car loses value the moment you drive it off from the showroom.

Regards, Joey

p.s: On a normal circumstance, it does generate a number of expenses and liabilities ( You may want to factor in the maintenence, loan payments, petrol, insurance, and road tax) thus it is classified as a liability for me.