Friday, August 14, 2009

I'm Back!!!

Wow, I can't believe I'm home from vacation already! Time just flew by! I had an absolutely amazing time and didn't want to leave at all. It may take me a few days to get settled in, but I can't wait to catch up on all your post.

So my youngest brother seems to be falling into the typical ways of society. He sent me a text last night telling me that he traded in his old (I mean OLD, like rusted out) truck for a 2010 Toyota Tundra! Talking through text you don't get all the details, but he did the cash for clunkers (thank you Obama!) so he could get the $4500 (I don't know if he got the full amount or how that works) to put towards a $23,000+ truck! His monthly payments will be around $400/month as well as $190 for insurance. He's going to be pay $600/month just for his vehicle!!! Oh, and did I mention that he's been laid off for almost a year now and just started a job painting houses? He's busy and bring in decent money right now, but want happens when winter comes? Oh, and it's an hour away, hello gas! Lucky for him he lives at home so he doesn't have to pay rent, but it looks like he's going to be stuck there for the next 5 years as he pays off his truck. I just wish there was some way I could open his eyes to what he's doing. I guess that's the big sis in me, not wanting to see my lil bro get hurt or learn the hard way. Although, that may be what it takes. :-(

What are your thoughts on purchasing new vehicles?


Frugalchick said...

My brother is the same way and it can be so frustrating to watch--he gets all excited about whatever he's into at the moment (buying a new car, his photography business) and then puts all his expenses on the credit card. Then when he bemoans his cc debt and asks me to set up a budget for him, he backtracks and goes back to constantly eating out, partying, etc.

He once knew he was being laid off in a matter of months (company closing) and *still* spent every penny he earned.


Frugal Dreamer said...

Welcome home!

I bought myself a brand new car 4 years ago and if I knew then what I know now, I would have done things differently.

Unfortunately, most of us learn through our mistakes.

Would I buy a brand new vehicle again? Definitely not!!!

Serendipity said...

I'm glad your back! I feel from both situations. I bought a newer used car in February and probably wouldn't do it again, especially since it eats up such a good part of my income when I work part time. But hopefully he'll work on it and have it paid off before you know it. :)

Brooke said...

examples like your brother are exactly why 'cash for clunkers' is bad news!

Live Simply- Live Well said...

I agree with Brook that I think cash for clunkers hurts people rather than helps them. I used to think that if you purchase a car it should be a new car, but after listening to Dave, I totally changed my mind and think used is the way to go.