You can buy a lot of cars before you can afford them…
We’ve all been tempted to buy a really cool car that seems suspiciously affordable, only to snap to our senses thanks to a friend or family member. Unfortunately for Hilton CEO Chris Nassetta he either didn’t have such a person in his life back in the day or he didn’t listen to them. The man recently told Fortune purchasing a Porsche 944 in his 20s almost sunk him financially.
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Coming off a bad breakup, Nassetta was looking for something to help him feel better. We all know the thrill of a cool car can definitely do that for you, but it’s better to stick with something you can afford. Instead of doing that, the man snatched up a Porsche 944 that cost more than he made in a year.
You probably know what happened next, either because you’ve experienced it firsthand or have watched someone else go through it. The Porsche required expensive maintenance and repairs, as higher-end vehicles do. As time went on, the expenses accumulated and Nassetta took out a loan to help shoulder the cost.
The thing is if you’re already making a car payment, taking out a loan to fix or maintain your ride is a really bad idea. It’s also a bad idea to make an expensive car your daily driver when you don’t make that much money. Nassetta said it came to the point that he was blowing all his money on the Porsche 944.
We won’t tell you to never buy a cool car. In fact, there are cool, fun rides out there that are fairly affordable to maintain and fix, you just have to know enough to figure out which ones those are. Just do your homework before buying any vehicle so you don’t get in over your head. Oh yeah, and don’t spend more than you make in a year on a car.
Source: Yahoo Finance
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