OBIORAHFIELDS.COM | 404-994-6218 | JUNE 2020
THE PURCHASE THAT GAVE ME INSTANT BUYER’S REMORSE DON’T DO WHAT I DID!
At one time or another, I think everyone has made an extravagant purchase that they weren’t sure they could actually afford. That might be why there’s an entire day dedicated to those types of purchases, called National Splurge Day, on June 18. Sometimes, those risky purchases pay off. Other times — like in the story from my own life that I’m about to tell you — they lead to some serious buyer’s remorse. If I could go back in time and tell myself not to make this particular purchase, I would do it in a heartbeat. That said, I’m glad for the lessons I learned from that mistake, and I hope my story can help others avoid my same fate. It was my last year of law school. I was looking forward to graduating and getting out into the working world. I already had my first job lined up, and I was feeling on top of the world. At that time, I apparently decided it would be a good time to buy myself a new car. I told myself it would be a good idea for the following reasons: I would need a nice, new car to commute to my new workplace (why I didn’t think my old car would work, I do not know), and I figured that since I would soon be employed, I would be able to afford it. After doing minimal research and spending far too much money, I left the auto lot with a used Lexus that, at that point, was about five years
old. I almost immediately regretted it. The car was far too big for what I needed, and the monthly payments were far more expensive than I could afford. For months, I paid more for my car payment than I did for my rent! And don’t even get me started on the
“IF I COULD GO BACK IN TIME AND TELL MYSELF NOT TO MAKE THIS PARTICULAR PURCHASE, I WOULD DO IT IN A HEARTBEAT.”
car in Atlanta makes it a lot easier to get around, I already owned a car at that point, and buying a new car isn’t something that should be done on a whim. Cars are a deep money pit as I found out over the course of owning that Lexus. I probably could have made a much better purchase if I had done a little more research beforehand. When you’re feeling good about where you are and where you’re going in life, it’s easy to spend a lot of money and not think much of it. I wish I wouldn’t have fallen into that trap. However, I can say I’m happy it’ll never happen to me again, and hopefully, some of you will avoid my mistake by reading this.
interest rates on my payments. If my first employer would have rescinded my job offer, that car payment might have been the end of me. I had buyer’s remorse, big time. Luckily though, I did finally pay off that Lexus and was able to later sell it and get a little bit of my money back. Thinking back on the day I bought that Lexus, I wish I would have trusted my instincts more. I wasn’t sure it was a good idea, but a lot of people were telling me I needed a new car to get to my job, and I should pull the trigger on the purchase. I listened to them. Even though it’s true that having a
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