Should I Buy This Expensive Car I Was Always Saving For?
Written by Peter Taradash
Should I Buy This Expensive Car I Was Always Saving For
Definitely, Not!
Why would anyone buy an expensive “dream car?”
It will depreciate about 20-50% as soon as you drive it out of the showroom.
Is a drive around the block worth the money to you?
Why not just rent the car for an afternoon if you want to impress your friends?
Anyone of a young who blows money this way will never get rich unless they focus on making money, not spending it on fast depreciating toys.
Get rid of your “consumer mentality”.
Among other things, it will attract the wrong kinds of “friends” into your orbit. Furthermore, other kids you don’t even know will resent you and will intentionally scratch, steal, or dent your car.
Expensive cars need expensive repairs, insurance, and servicing.
Did you consider that? It will be an albatross for you, just like a yacht!
If I were you and only if I needed a car because public transport was no good, I would shop around for one I could use for a while and then sell at a profit.
Your toy budget should be 1/4 of the annual interest income on your interest. As a much younger person I bought a few of these cars, but always demos or used models at distress prices so I could make a profit reselling them.
I’ve done the same in the Real Estate industry. There are many, far better ways to make money I discovered but if you want to be a “dream car” dealer selling ego enhancers, that’s OK.
You need to love any business you are in to be successful at it. If you are a car enthusiast, then be a dealer, not a consumer.
Source : http://petertaradash.com