Should You Buy a Nice Car?

Personal finance

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A few weeks ago a buddy picked us up from the bar in his new BMW. He had spent al lot his savings on this car and he was excited to show it off and to display how fast it goes. In his opinion a nice car is clearly worth the money.

Should you spend your money on a nice car?

Driving is very expensive. I avoided driving for the longest time because I wanted to save money. I would take the bus or ask friends for rides. I just didn’t want to bite the bullet for the longest time. Why? There are so many better options to spend your hard earned money on, including:

  • Traveling the world.
  • Your savings account.
  • Starting a business.
  • Other expenses.

With that being said, you’ll still eventually face the internal debate in your later-20s or early-30s regarding the idea of buying a nice car. Buying a car is often a necessity depending on where you live. The debate comes down to buying a nice car or not.

What are the pros and cons of buying a nice car? Let’s start off with the benefits:

Prestige.

Depending on your profession, you might want the prestige that goes along with a nice car. If you’re in real estate or a field where you travel and visit clients, you’re going to want the prestige that goes along with a luxury car. You don’t want to show up in a 20 year old car that can barely make it there.

You online live once.

You really only get to live once. You can save all your money or you can live life and enjoy what this world has to offer. For some, a luxury vehicle is the best decision because they want to enjoy it. Priorities vary with income and age as well.

That’s the argument for buying a nice car. What’s the flip side? Why should you save your money?

Cars depreciate in value.

We all know that cars go down in value. In fact, a car will often depreciate as soon as you take it home. If you have to make car payments, you’re putting money into a depreciating asset. Does that make sense?

There are better ways to spend your money.

Once again, you can always find a better investment for your money. You can go back to school, upgrade your skills, or travel more often. I have a buddy that takes the bus to work, but counters this with going on many trips. It all comes down to your personal priorities here.

Should you buy a nice car? What do you think?

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