What is it with our infatuation with cars? I mean they guzzle gas, depreciate at an incredible rate, take a rocket scientist to fix the most simple problem, and much, much more. They even could end up costing you $125,000 in possible wealth over 10 years!
To me, a car is something that gets you from Point A to Point B. It do not have to get to my location wrapped in leather seating or with windshield wipers on my headlights. However, some people need that. I guess they have to let everyone know that they have made it.
As you already know, I spend my days as a financial counselor. There are many times that I have people come in to my office and say to me, “I just do not know where my money goes, I have none at the end of the month”. Per usual, I check out their expenses to find out they have a $400 car payment. I ask them what they drive and it turns into a 10 minute response on “rack and pinion steering” and “my awesome GPS”. At the end of their rant, I usually end up recommending that they may want to consider selling their car for something more economical. Do they end up doing it? Most do not but I at least get them thinking about it more.
So why are we so in love with something that costs us so much? What do you think?
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Have a wonderful week!