I know someone who recently bought a car which costs over $45,000 new. I don’t know if his car was new, but it could not be cheap. He was laid off last year and unemployed for about three months. His new job pays less than his old job, but obviously it pays pretty well, although he took out a loan to buy the car.
Another man I know drives a two-seater sports car. He has a wife and child, which means the car does not have space for his family. If his wife’s car breaks down, this car is not a viable backup. This would be fine if he were financially secure, but he also was unemployed for several months.
I don’t understand car buying. To me a car is a means of transportation. I want it to be safe, reliable, comfortable, and inexpensive. I hate debt, and if I need a loan to buy a car, I’m buying too much car. I’m at retirement age (although not retired) and should not carry any loans into retirement.
Why are fancy cars so important to these people? Are they trying to impress people? They only impress me by their extravagance. I would think the pleasure of an expensive car would disappear within a few months. As for me, I drive a Kia Rio and it’s paid for.