How much money would you have if you didn’t buy a nice car?
I bought a brand new car in 2008, and I constantly think about how I could instead have hardly any school loans and have tons of money saved, if I would have just bought something cheap instead and maybe waited awhile until I got a nice car, or just always drive a beater and save tons of money forever.
I could be saving $400 a month from not having a car payment and a tad in car insurance (my car insurance is extremely cheap because of multi-lines) and I would also be more sane. I’ve had over 16 people hit my car in the past 3 years (never my fault, nearly every time they drive away and someone reports them).
I constantly find dents and scratches and it drives me ABSOLUTELY INSANE. Right now the front and back of my car needs to be replaced because someone else messed it up. Over $5,000 worth of damage that I have just right now AHHH!
Anyways (to stay on topic), I could probably get something older that gets better gas mileage, to make life even easier/better. I could pay off my car and drive it to the ground, sell it and buy something cheap and make a profit, or buy a gas efficient car.
My goal is to pay off my car with my bonus money from work, and if that’s not enough, then pay off most of it and use my tax return money for the rest. I can’t wait until I have no more car payments! Was it worth it paying $400 every month for almost 4 years? I honestly don’t think so.
What do you think? New or Old? How does money play into your decision?
Do you think that a car is more of a luxury and something you don’t need, or is it one of the things in life that you like to splurge on?