|
Changed the Title to "New Car". I didn't want to shit on Hyundai because it's actually a really nice Brand these days. Oh and also, this type of scenario is happening all across the "Various Car Manufacturer Board".
Some interesting comments. Some are logical and some are simple bias.
As someone who has done all of the following: Financed New and Used
Leased
Paid cash for New and Used
Here's my take...
Ultimately, one should do what makes Common Sense for "their specific situation".
Now then, that is a very blanketed statement that would assume people have and use common sense.
Fact is, the majority of people don't. Did that make them "uneducated losers or desiring to file for BK"? Absolutely not. That is a poor assumption as well.
We live in a Society, particularly here in the States, where, "Greed is Good". We are bombarded with "Consumption Mindset". To NOT have certain or nicer "Things", literally weighs on folks minds and wallets, regularly. The old adage: Keeping up with the Jonses is always front and center. But should it be? Of course not.
Back to the situation from my OP. This specific case is very poor judgement. However, to a certain degree, the Capitalistic culture here shoulders some of the blame. How? People and Corps have been programmed to take, consume, spend. Couple that with the desire for material things, up to and including things some folks simply can not afford. On the flip side of that coin, you have said Businesses willing and ready to sell you shit that they know you can't or shouldn't try to afford. It's a vicious cycle that keeps churning and burning.
What is the solution? Well that is easier said than done. But actually using Common Sense and Education is a great start. Sadly, most won't do or choose either. Let's not forget the many buyers whose fortunes and work or businesses can change in an instant. As a educated, successful business owner who too has made financial misteps, I try and learn and grow from my mistakes and have. I thank Goodness, and thank using Common Sense and I'd be remissed to not not thank God for his grace.
I will add, the nearly automatic negative equity of @ 20-30% in the first year of a new vehicle ownership should be offset by either a financial clause or some mechanism, because that shit is absolutely ridiculous. This is exactly why I have not purchased new in over a decade and probably never will even though I've bought multiple cars in that time and haven't been burnt at all with negative equity.
|