In this Money Diary, an executive recruiter in Austin, TX, bought herself new Vince Camuto boots and got stood up at the dog park by a Bumble BFF match.
What was your most expensive purchase, and how much was it?
“My most expensive purchase to date is my Mazda sedan, which I bought when I moved from New York City to Los Angeles. I made a $3,000 down payment and financed $17,000, but I’m going to end up paying around $21,000, due to interest.”
Was it impromptu, or did you save up for it?
“Once I knew that we were moving to L.A., I decided to buy a car, and saved up enough money for what I thought was a hefty down payment.”
Do you have buyer’s remorse?
“I definitely do. I moved to L.A. with my boyfriend for his new job, and we thought he’d be driving into an office every day. I work from home, but I bought a car so that I’d be able to run errands and visit with friends while he was at work. Three months after the move, his position transitioned to full-time remote, and we definitely didn’t need two cars.
“I’ve owned the car for two years now, and it has less than 9,000 miles on it. It would be even lower if we hadn’t driven from L.A. to Austin, TX, when we moved here last December. I’m still making payments on the car, though I’ve really buckled down on paying off debt this year, and should pay it off nearly two years early this July. I really let my emotions get the better of me with this purchase. I was so excited for the freedom of having a car after living in NYC for almost five years, that I didn’t really think it through.”
Was it worth it?
“Yes and no. The car is very nice and incredibly reliable. At the rate that I use it, I could drive it for the next decade without hitting 100,000 miles. In that sense, it’s a good value. However, I’d much rather have avoided the ‘stupid tax’ in the form of interest on my auto loan. Not paying for a car payment/gas/insurance for the last two years would have made a big difference on my overall financial situation. Plus, I’ve learned that my car is really too small for what I want to do with it. When my family visits, they can’t all fit comfortably in the back seat, and I plan on getting a second, larger dog. I wish I’d purchased an SUV instead of a sedan.”