April's "I can't afford it award"

I haven't done one of these for a while. I wanted to spend more time sharing ways to save money. This morning however I decided to go ahead and give away another "I can not afford it" award.

One of the things that annoys me in the car buying world is how little value there is in a brand new car. Let me explain. If I buy a new car for 50k I get a nice looking vehicle that is a conversation starter an impresser good looking probably drives nice and can get me from point a to point b BUT it cost ALOT for all of those. Say we were to take that same 50k and buy not one vehicle but several forms of entertainment. ATV'S, boats, campers trucks, cars, trailers, and vacations. Is it possible to purchase all of those and still have cash left over? Absolutely! So why in the hell would someone give up so much money or in most cases go into so much debt for ONE source of transportation one source of entertainment that you don't own (your bank does) that loses value every mile you drive and can be a financial disaster with one simple hiccup. A job loss, loss in income, medical emergency even a toothache could be enough to force you to sell your car. You lose all value you put into it!

WHY WOULD YOU DO THAT!?

6 months ago this person took out a loan and did just that

Why?

Now he/she has lost 6000 dollars in 6 months.

6000 dollars!!

And now they cannot continue to even make payments.

The car has robbed them!!
the cost to drive it was over 2 dollars a mile!!
Imagine if gas cost 40 dollars a gallon.
Thats the equivalent of what they were paying!

Thats not all

Around one thousand dollars was probably spent on insurance. That makes the total loss 7000 dollars! In 6 months! To drive 4200 miles!? (I forgot to show the mileage)

It's not worth it.

Stop paying car payments!

New cars are NOT WORTH IT!


Congratulations you won the "I CAN'T AFFORD IT AWARD"

I'm not done.

I came across a 2015 Arcadia. Only 2 years old that was half the price!

I also looked up what this arcadia cost brand nrw.

Any guesses?

This brand new would probably cost 45000 dollars. 2 years latet and nearly 24000 miles the car has lost 20000 dollars in value

20 T H O U S A N D!

How can i make that any clearer??

If we were to say insurance cost 600 a year (very generous by the way)

And gas mileage was an average of 20 mpg the cost per mile would be .98 cents. Nearly a dollar a mile!  That is absolutely ridiculous!

Let me close by saying this. First of all my blog is at fault with the different size lettering second our economy will eventually experience another recession.

 It will happen.

You will lose so much more if your a slave to your lender. And while your crying out the world is unfair and that it's Trump's fault ( it isn't by the way) When your Car is repoed and your house in foreclosure remember this.

 I for one will be very picky when I donate to any charity. 

Because I didn't buy a 2000 dollar car to save 28000 to donate to the food bank whIle you bought a 30000 dollar car that is part of the reason you are at the food bank.