Your finances and that dream car
By Errol Muirhead, Sympatico / MSN Finance
I saw my dream cars this weekend at the Toronto auto show. I had the chance to see them up close and imagined myself behind the wheel of each and every one. I was in car heaven.
But there was one distinct aspect of all these dream cars that rudely awoke me from my blissful day slumber: the price tag. It was a rude awakening. They all cost a great portion of my mortgage and few wanted my first-born child and a part of my anatomy as down payment just so that I could make decent monthly payments.
Then I saw the AJAC car of the year, the Hyundai Genesis, the car that rivals the big names, but without the big price tag. If I didn’t go searching for a badge, I would think I was back in car heaven and this was my best dream ever.
What is it about me that would drool at a Hyundai from afar and up close say, “oh, it’s a Hyundai?” Am I that superficial that I would pay a minimum of $10K more for a badge with inferior specs? My wallet would appreciate the former, but my ego would relish the latter, even though I couldn’t afford the badge.
What is it about consumers that would have them assess these types of financial implications only to choose the less financially viable option? What would your choice be: a car and money left over to take that vacation, earn that certificate or even top up that RRSP, or just a car with a hot badge?
Smart is in.
Posted by: Maureen Huie | Feb 23, 2022 12:30:22 PM
This is an article that really makes you stop and think, with today`s society being so unbalance
at this point i would most certainly just go for a car, have some money to take me away on a nice vacation.
Put some away for that RRSP.
Well said Errol.
Posted by: Steve | Feb 23, 2022 2:55:01 PM
Buying a Luxury Hyundai is like buying luxury (what's the term again? Jap scrap?) like Lexus, Infiniti or Acura, or years ago the "euroboxes" Mercedes/BMW/Saab/Audi.
Maybe.... just perhaps it's not a bad idea.
Maybe I'll hold off my blue chip Nortel RRSP investment and live life whilst I've got it.
Posted by: Juliet Smith | Feb 23, 2022 3:15:27 PM
We should be cognizant of the current economic situatuiion, however, a number of hard working individuals have practiced "smart shopping" over the years and have been saving towards purchasing a dream car, which of course happens to be one with a hot badge.
I think it comes down to personal preference. That said, I believe that people are willing to pay a little more for their "dream car."
Posted by: Lil Boy | Feb 23, 2022 3:53:41 PM
A car and money left over, Hot Badges were created for us to give an arm and a leg just to fit in with the high rollers when the harsh reality is we will only die faster trying to keep up, Life is Short, i say have that vacation, save some money for the kids education and work less so u can spend more time with your family insted of working more and trying to get the hot badges out there.
Posted by: Jerry Renda | Feb 23, 2022 4:05:56 PM
Well said Errol. What you say makes total sense. Being a smart shopper means using your resources wisely. This way a consumer can enjoy what he/she owns instead of having the "dark cloud of debt hanging over head". We all have different interpretations of what a dream car is so if a Hyundai is a dream car for an individual then that is totally cool!
Posted by: Ben | Mar 12, 2022 7:21:16 PM
Nice work Errol. Me personally, love the country but would be just as happy living downtown and walking to work. I'd sell both cars in a heartbeat.