I Regret Buying A New Car
This was an email sent to us by a reader which I thought I’d share with you.
A few months ago, my old Toyota Corolla gave up on me. I had bought the car about 4 years ago for $4,000 and it had about 160,000 miles on it. Rather than buying another used car, I thought I’d go for a swanky new one because I was just sick and tired of driving an old car.
I wanted to have the latest “blue tooth” so I could talk hands free on my cellphone. I wanted a built-in navigator since I drove a lot and was on the road visiting clients all the time.
I got a new Volvo SUV! Got a 5yr loan (I can’t even remember the rate now!) with no money down. My monthly payment is over $600!. Now with the economy in such bad shape, I regretted buying the new car. I could have paid in full by selling some of my investments in my stock, but I didn’t. And now, with the market the way it is, (on hindsight), I should have sold some of my portfolio and paid for the car. At least my car would be paid off and I will not have to put up with the monthly payment.
Instead, my portfolio value has gone down and I still have to make the monthly payment. So for all you folks out there, the lesson is buy a used car and pay cash!
John
I don’t need to add anything further to this great email I got. Guess the moral of the story is that we should only buy what we can afford and pay cash!
Roundups - Below are some great post that caught my eye this week.
Bumblefucked terrorize debt collectors with sarcasm! - I really love bloggers who post something personal and this story cracks me up.
The Passive Family income has some suggestions on cutting out wasteful spending.
Why is dieting difficult but budgeting easy? Well, head over to Harvesting Dollars to find out.
Cutting your cable bill! Yikes, I’m addicted to TV, but to each his own.
Can you survive a 50% cut in your budget? Most people can’t, but if you can, you sure have done your planning.
Mr Credit Card has investing the new Citi card and has this interesting post on the Citi Forward Card Review.
Have a great weekend.
LAL Said,
March 22, 2009 @ 6:50 pm
thanks for the mention!
Susan Kishner Said,
March 25, 2009 @ 9:17 am
I found your site on Google and read a few of your other entires. Nice Stuff. I’m looking forward to reading more from you.