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Old 03-23-2015, 12:09 PM   #10 (permalink)
mishuko
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I agree to a degree with everyone here.

You should carefully weigh your options and decide what you want to do (depending on the size of purchase I do a time-test) and then execute your decision quickly.

For example, I have a 1-day threshold for sub 100 doller purchases. If I want it today, if the urge is still there to buy a new 'item' then I'll wait a few days and if the 'desire/urge' is still there i'll get it. If I get non-chalant then it can wait.

For a car... heck... any major purchase then I'd do a longer time-wait test. Like... 7 days. Will it kill you to wait an extra few days to weigh your decision? No? Then wait.

A car is not life or death so it's not worth rushing to make a decision. As you're experiencing now, another bad move will definitely compound your issue. Your 30k debt will turn into 50k on a car that's worth... 40k? And then to top it off the depreciating asset is going to go down a lot faster initially than your debt. Try re-sell the car back to the dealer at the price you paid for it.
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