Home » Money Moron Moments » I Really Told Myself That I Expect to Have a Car Payment Forever

I Really Told Myself That I Expect to Have a Car Payment Forever

Spread the love

car payments

Just as recently as January 2017, one of my good colleagues and I were having a conversation around investing. One thing led to another and I made a money moron statement that made my colleague speechless. At the time I did not think much of it. I told my colleague that I have leased a new car my entire life ever since graduating from college and will be perfectly fine to have a monthly car payment for the rest of my life. Yes, I really said that I have up to $500/month budgeted for a new car lease monthly payment and I am perfectly OK with paying that every month for the rest of my life.




Yes, yes, d’oh.

This was only last year still in my mid-30s and making a statement like that.

So of course when my lease was up December 2017, I got into a new vehicle knowing that I would get a really good deal because the car model was no longer being made. Basically I knew going in that I would lease for another 36 months and then buy it at the end because the remaining amount I would owe would be lower because of the value of the discontinued model.

I have lots of experience leasing vehicles and if I were to do it all over again, I would have saved enough money to buy a used car and use the money from the car payment to pay off student loan debt.

My thoughts around leasing a vehicle has drastically changed and realized well into my 30s that having a car payment is a big drag on finances.

I would say this is one of my top 5 biggest financial mistakes….and one I make to this day!

Leave a Reply

Your email address will not be published. Required fields are marked *

Thanks for Visiting! Consider Being An Email Subscriber to Receive Post Notifications, Exclusive Content and Reader Offers!

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

OMG My Money - Personal Finance and Sports Cards Blog will use the information you provide on this form to be in touch with you and to provide updates and marketing.