This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
Stop buying cars you can’t afford
One drives a 50k car. They have 50k in credit card debt, 10k in student loans, and a car note.
Another has multiple delinquencies on their credit but still drives an almost 200k car because they earn a high income, and it’s their dream car. They have other debts, too, but insisted on buying a 200k car because “life is short,” right?
Then there’s me. I don’t have any debt and drive a paid-off car.
Who’s better off?
It boils down to your values.
Many people value the status symbol and want to drive a particular car – even though it doesn’t make financial sense to do so.
The Status Symbol Life
People who prioritize living a status-symbol life care more about what others think about them than they think about themselves.
They gauge their worth based on the cars they drive, their homes, the clothes they wear, and the places they travel (and how they travel).
Unfortunately, only so many people can afford these things. ‘They’ve put in the effort (or had the right opportunities fall into their lap) that afford them these status symbols we equate to “wealth.”
The issue with chasing status symbols is that they come with a price tag: DEBT.
It’s okay to desire luxury. Everyone deserves to live in luxury, but you must work to afford that lifestyle.
You can’t maintain a lifestyle of luxury and status if it’s bought on credit.
Instead of wanting what you don’t have and using other people’s money to buy it, seek opportunities to improve your financial situation so you don’t have to go into debt to afford the things you desire.
On top of this, stop equating your self-worth to your net worth and the things your net worth can’t or can buy.
I’ve been driving my car for over a decade because I want to, but I don’t have to.
Because I haven’t bought into the idea of buying a new car because I have good credit, a consistent income, and extra cash flow, I’ve positioned myself to buy the car I want at any point.
But I’m in control.
Not the car or any external things.
When I make the purchase, it will be on my terms and for myself – not anyone else or some unhealthy desire to obtain approval from others.
My first car was 14k ten years ago.
I overpaid for it, but I paid it off in half the duration of the car loan and committed myself to do things differently the next time.
Most people take decades to learn the lesson I did finally: Never go into debt to buy a car.
Furthermore, never go into debt to impress your friends.
Never go into debt to be or look like someone you are not.
If your network doesn’t match your desires, change your net worth to match them; yes, it will take effort, but attaining our desires is much more worth it when we put in the effort.
In the meantime, get a car that can get you safely from point A to B. Work your up to your dream car – without hurting yourself financially in the process.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.