Yahoo Finance I’m Retired: Here Are 6 Reasons I Regret Buying a Luxury Car
Some people wait their whole lives to buy the fancy, shiny thing they always wanted when they were younger. GOBankingRates spoke to Retired chef Richard D. and he is no exception. “When I stopped working, I thought, ‘Hey, why not get that Range Rover I’ve always wanted?’ Turns out, not the best idea,” he said.
As Richard got older, his priorities changed. He wishes he would’ve thought ahead before making such a large investment in a car — even if it’s the one he pined after for years.
Here’s why one retiree regrets buying a luxury car.
In contrast, here are seven luxury cars that are worth the investment.
Check Out: 6 Used Cars That Will Last Throughout Retirement
See More: The Surprising Way You Can Get Guaranteed Retirement Income for Life
Retirement Planning: Whether you're planning for retirement, dealing with a significant life event or simply looking to make smarter financial decisions, a financial advisor can offer the expertise and guidance you need. Here are some compelling reasons why you should consider a financial advisor -- even if you're not wealthy.
It Costs a Ton To Fix
“You think normal car repairs are expensive? Try fixing a Range Rover. It’s like, triple the price,” Richard said.
He not only has to pay through the nose but because parts are more rare and harder to procure, he has to wait longer, too. “It’s just inconvenient.”
Try This: These 6 Affordable Cars Should Last Throughout Your Entire Retirement
Insurance Is Through the Roof
More expensive car equals more expensive insurance. That’s just math.
“I am now paying more than I ever have for insurance,” he said. “I didn’t even know it could go this high, to be quite honest.”
I’m Always Worried About It
Richard drove “an old beater” for most of his life and having a shiny new car has been an adjustment.
“I used to like going places,” Richard said. “Now I’m always stressed about where to park. What if someone dings it? What if it gets scratched? The stress.”
There Are Different Priorities Now
“I used to work with this guy who drove a Range Rover and I was so jealous,” Richard said. “I just thought it was the epitome of cool. I guess it took buying one to see that my priorities have changed.”
Richard would rather spend money on trips with with his family and saving for his grandkids’ college funds.
It’s a Gas Guzzler
“I didn’t think much about gas mileage when I bought it,” Richard said. “Big mistake.”
With gas prices at an all-time high, Richard regrets buying a car that wasn’t at least fuel-efficient. “For the money I spent, I should’ve at least gotten electric,” he said.
It’s Kinda Embarrassing
Richard is very honest about his current feelings about his fancy car. “I thought people would think I was cool driving this car. But you know what? I feel kind of silly now,” he said. “It’s like I’m trying too hard to look young or rich. My buddies give me a hard time about it and honestly, I get it.”
“Look, treating yourself when you retire isn’t bad,” Richard said. “But maybe think twice about a super expensive car. If I could do it over, I’d still be driving a beater.”
If you’re thinking about buying a fancy car when you retire, maybe try renting one for a week first. See if you actually like driving it every day. Maybe you’ll love it — or maybe you’ll find out it’s not for you.
In the end, Richard realized that being able to do what he wanted and not stress about money is way better than having a flashy car. Sometimes, the best things in life aren’t things at all.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: I’m Retired: Here Are 6 Reasons I Regret Buying a Luxury Car
