Any of us who have spent very much time in the SA forums have seen the back end results of someone over-extending themselves on a new car purchase and loan. Today I got a glimpse at the front end.
I have a cousin. He is very different from me in many ways. He is married. Some things I can tell you about him and his wife include:
He has declared bankruptcy at least once. I'm pretty sure he has declared bankruptcy at least one other time.
Before they were married, his wife lost a house in foreclosure. His dad pulled a little switcheroo where he bought the house after foreclosure, for a very reduced price, and sold the house back to them on a land contract. I'm pretty sure they're behind in paying dad back.
Between the two of them, they have five kids at home, and one out of the house.
Today, in just the last hour or so, his wife posted the following on FB, that my cousin bought her (her words) a 2015 Mazda 3 s Grand Touring. I looked. The base price for the car is $28,385. I've never owned a brand new car in my life.
Apparently the car she had been driving had no heat. I don't begrudge her having a car with heat. It's just that you can but lots of cars for well less than half that that are very reliable, and have heat.
I also don't want to make it sound as if I'm Mr. Financial Perfect. Obviously I've made financial mistakes in the past. Clearly I continue to stumble. But, I try to learn from my mistakes. I like financial security. I don't even know what I'd do with a 28K car. I doubt I could pay the insurance.
I've been shaking my head at my cousin for years. And, I really shouldn't give two toots how he spends his money. It's just that I know how this story is going to end, and it's not going to be good.
In the past hour, 61 people have "liked" her post, and 26 people have commented on it, all congratulatory in some form.
I won't "like" it, and I'll keep my comments to myself (and the SA community) (and my wife, later).
Good Grief!
A glimpse
March 3rd, 2015 at 09:10 pm
March 3rd, 2015 at 09:14 pm 1425417259
March 3rd, 2015 at 09:41 pm 1425418868
March 3rd, 2015 at 11:38 pm 1425425901
March 3rd, 2015 at 11:58 pm 1425427104
March 4th, 2015 at 01:28 am 1425432492
March 4th, 2015 at 08:24 am 1425457444
March 5th, 2015 at 02:08 am 1425521336