Greetings from cyberspace! This morning I read on Facebook that one of my co-workers bought her very first brand new car. And she posted this - "Bring on the overtime!" Really?? Has our society come to this? Buying a new car, depending on overtime to help pay for it? That is insane. Albeit when I bought my car, I did something relatively stupid. I was upside down on my previous car loan and rolled that into my current loan. And on top of that I had a really sucky interest rate. So last year I was able to refinance the loan for a much (and I mean MUCH) lower rate and will be able to pay it off at the same time. But depending on overtime (which I am exempt from anyway) should never be a factor when buying a car. Ever. And if the car dealer counted it towards my co-worker's ability to pay back the loan, then he is as insane as she is. I pray that she will be able to afford the payment WITHOUT counting on the overtime pay.
Debt. Thy Name is Insanity.
I have to wonder about that statement, really. Although what you say is a 100% accurate and true (hence I don't even count my part time job's income because it's very small and extremely irregular), could this co-worker mean that she's planning to pay extra with overtime, or willing to work overtime to pay it off quickly? That was actually the first thought that came to my mind. Or that she's planning more fun stuff with this new car (field trips and such) and overtime would help achieve that. You may know the background story and I don't, but my mind's always giving people the benefit of the doubt, haha. Though for her sake, I hope, like you, that she's not solely counting on overtime to keep up with payments... and if so, shame shame shame on the dealer!
ReplyDeleteYou only live once, you're only 30, 40 etc once so why not drive something nice? we're all going to end up in the same place debt or not debt.
ReplyDeleteI sold my paid off car to pay off my debt but no complains here huge weight was lifted off my shoulders and I got a new car, hopefully I can have it paid off in 3 years.
HS
@ Tanner - No - in her case, it is to pay for the car.
ReplyDelete@ HS - I agree to some degree. If you have the income to pay for the car, knock yourself out. But for my friend, she really does not.
Isn't it amazing how experience makes you think differently? I always thought I had to have a new car. After years and years of car payments, I'm enjoying not having any and I'm now a used car shopper.
ReplyDeleteTime is too valuable to me to be spending it working to pay for a new car!
P.S. my new blog site is midlifemommusings.com!
ReplyDeleteWhen I purchased my car last year I based it on worst case scenarios. No OT, what if I was laid off,..etc But thats how I think now. I love my car but I love that I can afford her payments no matter what.
ReplyDelete