Don’t Let a New Car Purchase Drag You Down
The world has made it seem as if nothing is quite as satisfying as purchasing a brand new car. The smell, the freedom, the complete and utter gratification that accompanies a new car purchase – everything about buying a car straight off the assembly line seems perfect. But, what happens when that carefully constructed bubble of happiness pops? Car shoppers were duped into believing that the one true path to happiness was the journey to new car ownership, and now that they have arrived after said journey, they are paying for it. The freedom of buying a new car quickly turns into a caged off feeling of regret, as the realization sets in that the high monthly car payments cannot be made. With each missed or late payment, your phone becomes a ticking time bomb of stressful fear, and the vehicle you once were so proud to own, is now a source of contempt. Like most things depicted on television shows and commercials, the elation of new car ownership is not as picturesque as the world would have you believe.
Rather than get caught up in the glamorous trap of buying a new car, consider instead the incredible possibilities offered with one of the many used cars Cincinnati has available for shoppers on a realistic budget.
Why Buy a Car You Can’t Afford?
It’s hard to imagine that buying a new car would leave you with anything but complete and total happiness, but the fact of the matter is that American car buyers are more likely to regret a new car purchase, than a used one. You may be wondering why people who can’t afford a new car end up buying one in the first place. There are actually a lot of reasons why people buy things they can’t afford, especially when it comes to a new vehicle purchase.
- Approved for a Loan: All too often, car shoppers apply for car loans, and end up using the maximum amount of the loan on a new car. While car loans are, to an extent, structured based on what shoppers can afford, the amount does not reflect other debts you owe, bills you have to pay each month, and other expenditures that accompany living in the United States. It is easy, then, to imagine why so many new car buyers end up with a car they can’t afford. The amount of their car loan is a false representation of what they can actually afford. The best way to avoid this trap is to sit down and seriously consider all of your monthly bills and expenses, and not just the amount of money a lender will loan you.
- Excitement: Car shopping is exciting – bottom line. What is even more exciting is the possibility that you can drive home in a brand new, never-used car. The excitement that surrounds a new car purchase over a used one results from a number of reasons. 1 – buyers feel a sense of accomplishment in the fact that they were able to “buy” a brand new vehicle; 2 – these same shoppers tend to worry less about actual monthly payments, and more about what they will be able to drive home; and 3 – new car buyers see the fancy bells and whistles on a new car and have a hard time giving up these higher-end amenities.
- Pride: We mentioned earlier that buyers can end up with a new car that they can’t afford because they are proud of this worthy accomplishment, but that same level of pride can quickly turn into boasting. Being the first in your group of young friends to buy a brand new car is a point of great pride, and may even earn you bragging rights. Parking a car in your driveway that outshines your neighbor’s pre-owned purchase is another driving factor behind why shoppers purchase vehicles that they can’t afford.
When a New Car Purchase Isn’t Realistic
For every reason why someone would make a new car purchase they can’t afford, there are dozens of great reasons why you should opt for a more realistic used car purchase instead. After all, you can only keep up with the Joneses for so long, before the frivolous lifestyle catches up and ends up hurting you.
If you are between a new or used car purchase, it is crucial that you explore all aspects of your decision prior to making it. If you don’t already have a budget, make one. Take a close and careful look at your finances, and come up with a number that is realistic of what you can actually afford. If you are making the decision on your own, consider asking for the advice of someone you trust. Having a second opinion and set of eyes on the situation can help make your decision clearer, and will help ease any stress you feel about your pending car transaction. As tempting as it is to show off a brand new Chevy Suburban to your neighbors and co-workers, you won’t be so eager to boast when it ends up getting repossessed due to missed or late payments. Rather than set yourself up with unrealistic expectations and ultimate failure, keep your budget and finances in check with a reliable used car.
McCluskey Automotive offers a vast selection of used cars, trucks, and SUVs from a variety of car brands. Whether you are in search of a used sedan for under $5,000, or a like-new SUV for upwards of $30,000, the team at McCluskey Automotive can help. We specialize in guaranteed financing for everyone who needs it, and our expert finance team can help you decide on a budget that you can comfortably and realistically afford.
In every other area of your life, go ahead and shoot for the stars. When it comes to buying your next new car, consider sticking closer to Earth. In the end, you will have increased financial freedom to do what you want with the money you saved, and a lead a less stressful life in the process.