"A Reddit user regrets wasting money on cars. He realizes his vehicle purchases were wealth killers since he wasted money on car payments and expensive insurance. Others can learn from the OP's mistake and build wealth instead of wasting money on an asset that goes down in value. Millions of Americans keep making 5 basic mistakes with insurance and keep overpaying every year, sometimes by thousands of dollars. But, it's easy to avoid if you know how."
"The OP shared his story in a post about financial regrets, indicating that when he bought a brand new car, he took on huge costs, including not just the monthly payment with interest, but also expensive insurance costs and a big depreciation hit since he bought the vehicle new instead of used. He also explained that the "dumbest thing I ever did" was to purchase a very nice car before talking to his insurance company, only to find he was stuck with huge monthly insurance premiums."
A person regrets spending heavily on new cars in his 30s and recognizes that those purchases acted as wealth killers. The purchases generated large monthly payments with interest, higher insurance premiums, and immediate depreciation losses from buying new instead of used. The person calculated opportunity cost compared with investing the same money in an ETF and found significant lost gains. The person later chose to pay cash and select lower-cost vehicles to reduce ongoing expenses. Others can avoid similar mistakes by buying used, checking insurance costs before purchase, minimizing financing, and investing the savings instead.
Read at 24/7 Wall St.
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