Today I found out that a friend of mine picked up her car from a repair shop because they told her she needed $2,000 in repairs and drove directly to a used car dealer and traded it in for $500. This was a Subaru that we could have sold for about $3,500 without putting much money in to fix it.
I get that she was irritated and didn’t want to lay out all that money. I get that she really wanted a newer car and she wanted it in that minute. But what I don’t get is that she didn’t even call me on the way and get my advice. Well I guess I get that too, she knew I’d talk her out of it and and she stomped her foot and wanted to get her way. She of course spent 10 minutes justifying her thinking to me today but lets face it, it was just an impulsive move that cost her a lot of money.
I’d just like to remind everyone that when you trade an old vehicle in like that the dealer is basically throwing you a pittance that they will then add on to the price of the car they sell you. They really have no use for a vehicle that needs that much work and won’t get much money for it. On the other hand she could have invested about $500 and gotten the safety issues addressed (brakes). Then she could’ve sold the car, making a nice chunk of change, informing the new buyer they had to put a little more in as well.
Don’t be impulsive, take your time and do the work involved, owning a car isn’t a free ride. I know sometimes you just want the shiny new object and if you can afford to do that then go for it, but if you’re like most of us throwing away a couple of thousand dollars is just plain foolish.