Cars are a Status Symbol
Cars. They are such a beloved possession to so many. A status symbol. A public statement to the world; cars have the ability to define you by the color, make, and model.
Have you ever noticed that cars reflect their driver just like that scene in 101 Dalmatians where every dog looks like it's owner? Take me for instance:
And despite their fun and flashy reputation the purchase of a car can be enough to push you off a financial cliff if you don't know what you're doing.I should know. I did exactly that not long ago when I purchased my XTERRA from a dealer with a $12,000 loan that I had no business getting in the first place. Don't get me wrong, I love my car. I still ow nit in fact. But I should never have purchased it via a loan.
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My friend recently fell into the same money pit I did when purchasing her car via a loan. Over one year ago, she had decided that she wanted to start getting her money-management skills on order. However, like many of us, the initial enthusiasm didn't sustain. A few months in, she found herself derailed by the purchase a shiny new car.
As fall approached, the consequences of her decision levied some serious financial upset. She found herself constantly behind on important bills just to ensure that her car wouldn't be repossessed by her lender. Despite attempts at shuffling bills to accommodate her need for a vehicle,she is now three months behind on her car payment and is certain that repossession is eminent.
She got paid this week and was planning to spend the entire check to make up the last two payments and defer the third, prolonging the inevitable.But doing that would leave her flat broke and she was pretty sure she'd have to borrow money just to eat. In short, her car appeared to have more rights than she did! The desperation was palpable. Desperation is never a good place to be to make good decisions.
Posted in Other Home Post Date 04/22/2017