Buying a big and expensive car is everyone’s dream but once you are there you realize it is not that easy. And in case you are deciding to splurge all your savings on one car, we give you reasons why no to do so.
1. Don’t show off
Harsh and rude as it may sound but why do we buy expensive stuff? Not because we are way too brand conscious, but because we love to show off. You stop doing that once and you will see the difference not just in your bank account but in your life too.
2. You are wasting your hard earned money
So maybe you have a job that pays you well and you have a house and you are not concerned with rentals. But that doesn’t mean you get to splurge on expensive cars. Spend on a mediocre car if you have to, after all it is just a means of taking you from point A to point B.
3. Think of the income tax bill
Those people from income tax department have their eyes and ears fixed on every single purchase ypou make. And try as much as you can, but you cannot just hide a car like that. They will know it and hand you the bill. Take care of that, now!
4. Spend on something else
Well, you can’t live in a car 27*7, right? So why not, spend your money on something that matters more like a decent apartment or nice restaurants? The options are many, provided you want to give up on an expensive car.
5. Monthly rentals
As long as you are not a millionaire, you will have to pay for your car for months and years. And every time you will deposit a check for that, you will realize what a big mistake it was.
6. It loses its resale value
The moment you hit the car off the garage, it has already lost a percentage of its resale value. Now imagine, if you want to sell it after some months or years. You will be facing a major loss.
7. Costly insurance
As simple as that! The costlier the product, the costlier it’s insurance. So now, apart from the big and expensive car, you have to pay up for insurance too.
8. Use the money somewhere else
The heavy amount of money you just spent on this single purchase could have been well spent somewhere. You could have also started a low- key business and that would have paid too, instead of eating away your finances.
9. Plan in advance
Things are not going to be the forever. So don’t rely and make decisions on your current financial status, plan in advance and save enough then decide to splurge.
10. Financial setback
So basically this new purchase of expensive car will be nothing but a financial setback to you given the amount of taxes and mortgages you will have to pay.