Maybe a different take on this, but you have to choose which camp you want to be in. Most people live paycheck to paycheck, and have very little savings. They buy a car where the monthly payment doesn't leave them a negative net income for a particular month. This is obviously very bad.
I'm 43 now, and I've owned 4 cars total. The Z will be my 5th, when I find the right one. My mortgage will be paid off in about 5 years. I live below my means, because that means my standard of living will be better as I go along as I'm not throwing away money on useless things (like interest on a car note).
The flip side of the coin is that wealth is relative. You can't be financially well off unless other people are poor. I'm amazed that the vast majority of Americans are very financially irresponsible, however, that improves my own relative position. If everyone were responsible, inflation would rise dramatically and the money I've saved up woud be worth less.
It's up to each individual to decide which side of the coin they're going to be on. Certain cars are very attractive to people who cannot afford them. Resisting the temptation just may define them.
|