Honestly - if your net worth is under $50,000 - buying a car that costs more than $8,000 is a waste. In fact you are stiffiling your financial future. AND you are getting into habits that WILL affect you the rest of your life.
WHY... I repeat... WHY do you need a nice car? Impress a girl? Look successful? Feel good? Those are all emotional reason.
Wouldn't you feel better being DEBT FREE and having MONEY IN THE BANK to do whatever the flip you want?
Or do you want a nice car, no money to really do anything with, working a large portion of your job just to DRIVE?
I'd choose number 1.
Buying a car on loan is even worse because its usually higher priced than its worth, AND your paying interest on it... now unless your achieving a return in the stock market of double the interest your paying on your car with money invested that is worth more than your car, then thats ok - but I highly doubt that's you.
What I'm calling for is a remnant of young adults to step up, live a life better than thier parents, do something different and not become sucked into this Consumerism Material HELL that we call the world today. You are making someone else rich. Why not make yourself rich?
Will you join me?
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1 comments:
I agree! One of the my regrets is buying a car that I had to get a loan for. I could afford the payments but what I didn't count on is that since I didn't "own" the car, someone else tells me how much insurance I need to have. It's flippin' expensive to have full coverage on a cool car. More than the payments on the loan per month.
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