Thinking about buying a new car? Before you dive in headfirst and let your emotions steer the wheel, financial advisor Catherine McCall from CAPTRUST offers some practical advice that might just save you from buyer’s remorse. Her three pronged approach focuses on understanding your motivation. First, is that snazzy ride a want or a genuine need? It’s easy to confuse the two when the shiny paint catches your eye!
Next, consider if you really need to take on debt. A car payment can be a real drain on your budget, impacting your ability to save for other more important goals like a house or retirement. And finally, don’t forget to assess how this purchase might interfere with those financial plans you’ve been working hard to establish.
It isn’t just about buying a car; it’s about adopting a mindful approach to spending. McCall also recommends giving yourself a bit of time to reflect on your decision after visiting a dealership—walk away, talk it over with someone you trust, and come back when you’re ready to make a rational choice. After all, who wants buyers’remorse when you can cruise around in style without a hefty monthly payment? It’s a win-win situation!
About the Author
Andrew Johnson
Andrew Johnson is a contributor to LocalBeat, covering local news and community stories.
