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Personal Finance
People Keep Telling Me To Buy A New Car
But the same people are in debt above their knees
People In Debt Encourage Me to Buy A New Car
I find it intriguing that people with negative net worths are encouraging me to get a brand new car. They have the following thoughts about my relationship with my “beaten” down car:
I don’t know how to let go
I deserve to drive a car that matches my income
I’ve had my car too long
My car is a “college” car
My car doesn’t represent where I’m at in life
But I have the following thoughts
I don’t need a new car.
I don’t have a commuter job.
My car is running fine and hasn’t given up on me quite yet.
My car is paid off.
I’m not willing to dip into my net worth for a car quite yet.
A new car will not add happiness or value to my life.
I’ll get a new car when I’m ready and willing to throw money away.
I don’t even know what car to buy at the moment.
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As I watch the people around me purchase new cars they can’t pay cash for, I sit back and remind myself of how grateful I am for my paid-off car. I know that when the time is right, I will give in and make the infamous purchase.
Why Not Pay Off Your Debt Instead of Adding New Debt?
How is it that people with low net worths find themselves driving fancy cars with no money and savings in the bank? My mind always wonders, why not invest your money into paying down your debt? Why not focus on eliminating your debt instead of adding debt?
Never compromise your financial health or goals for material possessions.
Just because you can afford to buy something doesn’t mean you should. At the end of the day, I rather have money working for me 24/7 in my investments than sitting in the garage, not making me a dime.
When is the new car coming?
I plan to get a new car when one of three things happen:
Investing in car repairs no longer makes financial sense.
I genuinely desire to buy a new car.
My car breaks down.
My mechanic tells me my car will soon need several repairs, but they don’t all need to be completed at once (which is music to my ears). Hence, I will get repairs done to my car on an ad-hoc basis instead of giving in and buying a new car because my car is deemed “old.”
Oftentimes, it’s cheaper to invest in car repairs than buying a new car.
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This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.