Reliable transportation is essential in today's world and even more so in regions without public transit. Motor vehicles come with a multitude of features and options while even operating driver less. The price tags can have a wide range as well, with used cars costing as much as a few hundred dollars or luxury cars equaling the cost of a mansion.
Most people covet having that shiny new ride one day, as nice cars are usually associated with monetary success. You can probably think of someone you know who cares about their car more than anything else in the world and they likely act this way. They do not go a week without detailing this car and don’t you dare eat or smoke in that beauty! However, is this same person a homeowner, debt free or own assets that can solely pay for this vehicle? If the answer is no, than do not let the nice car fool you. Chances are they are busting their butt just to be able to afford this car and can likely drive a car that is not as nice but chose not to for whatever reason.
According to a Forbes article, 61% of people who earn $250,000 do not drive luxury cars. These are people that understand a dollar and it’s purpose as a tool. So why do the majority of these people drive normal everyday cars? The reason is because they do not tie personal value to mere possessions. Those who drive nice cars before establishing key life infrastructures may believe this will make them more important, it makes them feel good or they just really like a specific car. But I guarantee they do not understand money.
Driving a nice vehicle is not a bad thing by any means. It is important to set up key areas of your life prior to buying your dream car. Do not struggle with high monthly payments, insurance and costly repairs. Use assets to pay for the car of your dreams or be sure to squash all bad debt, and comfortably fit this car in your budget.