In the 2000s I was in my mid-20s. I was married and living in an apartment that I could barely afford to rent.
My wife wanted a car, and so did I, but it was an expense we couldn’t afford.
We lived in New York City at the time. Almost everyone owned a car. And, almost everyone parked or garaged their car and took mass transit to avoid traffic and save on gas.
You have no idea how much I wanted a car at that time. Still, I sincerely believe in the saying, “Be careful what you wish for,” as well.
I worked in a college at the time and had a close-knit network of friends.
One of them was from Colorado, Tammy, and she was the kindest person I ever knew.
Tammy invited me to a dinner in a fancy restaurant with her mother, who was visiting from Colorado.
During the course of the dinner, Tammy’s mother said that she had an extra car that she wanted to gift to me (Thank you Tammy and Tammy’s Mom!)
I think about that moment often and I wonder if I made the right decision.
I politely declined, which made the rest of the dinner a bit awkward. Kind of like a scene from, “Curb Your Enthusiasm.”
I was struggling with my finances. As for travel, I took mass transit every day.
And most people don’t appreciate how much money one must continually pour into a car.
I was floored by the offer. But I knew the last thing I needed then was a car. Not at that point in my life.
The Costs of Car Ownership
In New York City, alternate side of the street parking rules mean that if you park on the street you had to move your car to the other side of the street based on designated days.
There was no way in hell I was going to wake up early and move a car to a new parking spot on the other side of the street every other day.
I was barely making enough money to cover my finances. Back then, I was irresponsibly using credit cards to pay bills.
The prospect of deciding exactly how much of my meager paycheck I was going to dedicate to buying gasoline monthly and annually horrified me.
The car was an older model car and I didn’t know how much money I would have had to pour into it for maintenance and repairs. Sourcing replacement parts would have been a headache.
Finding a reason to drive it on the weekend, driving for its own sake, or keeping up with the Joneses, just didn’t appeal to me either.
I wanted to get a house first and worry about have a car later. Having a connected garage was a more attractive option to me than fighting for a parking spot on a public street.
I ultimately got divorced, lost my job, and became homeless. So, maybe if I had that car, I could have slept in it instead of moving back home with my family.
But, that is another story.
Sometimes I regret that decision. Still, I made the right choice. I might get a car in the near future.
However, back then, the financial headaches of owning a car was the last thing in the world I needed.
Getting a Car and Keeping It Are Two Different Skills
A car doesn’t run on good intentions. It takes money.
As much as I wanted one, even I understood I was too financially irresponsible at the time to take care of one.
Even an old, free used car.
Getting a car is relatively easy. You might even get one for free if you’re a decent person.
Keeping a car for the long-term?
That is another matter entirely.
(Sorry Tammy and Tammy’s Mom!)
Read More
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RENTAL CAR HACKS THAT’LL SAVE YOU MORE MONEY ON THANKSGIVING
5 REASONS BUYING A USED CAR IS BEST FOR YOUR BUDGET
Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.