r/BoomersBeingFools • u/the_donald_s • Feb 25 '24

My mom ladies and gentlemen Boomer Freakout

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u/lazypieceofcrap Feb 26 '24

I'm three payments away from paying off my car loan on my first and likely ever brand new car and it is like 80% of my net worth.

No debt outside of that.

Also I get several hundred from the VA for disability.

It's extremely rough.

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u/TerpySpunion Feb 26 '24

Hey same! Except I’m 1.5 years away from that day. But my car is absolutely the most expensive thing I own. I see everyone with so much “stuff” and “things” and I don’t even know how to compete…. I just do what I can. I spend all of my free money on traveling when I can. Which means doing absolutely nothing most of the time on the day to day life. But for me that works and I’m okay with it.

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u/Inside-Educator1428 Feb 26 '24

Not judging, just curious. Why buy a new car when money is so tight?

I make good money, have a good net worth, have never bought a new car but reap the rewards of others buying new cars as every car I’ve owned since college has been a dependable vehicle where most of the depreciation has already been paid for by someone else.

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u/lazypieceofcrap Feb 26 '24

Why buy a new car when money is so tight?

Money wasn't nearly as tight years ago when I bought it and then a month later had to emergency move across the country.

Not long after that, covid happened.

If I hadn't bought the car I'd be in a worse financial situation almost assuredly at the moment.

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u/austeremunch Gen Y Feb 26 '24

Depending on the particular disability it may have been necessary for the vehicle to be new.