I’ve been wanting to get another car for a while now. Anybody that knows me knoooooows I am a very sensible, practical guy in all aspects of my life other than when it comes to cars.
This year was probably my worst. I mean, I should probably make a YouTube channel about the stupid decisions I make when it comes to cars. I don’t keep them long. I spend a lot of money fixing them up then get bored and sell them for cheap.
I sold a newer Porsche that just didn’t do it for me anymore. I was thinking of getting one of two BMWs since BMWs are my all time favorite cars. One was practically new. The other was an older one. I tend to like older cars better so I went with the older one. After doing some modifications on the car, the engine blew up. It was worth nothing. Meanwhile, used car prices have been going crazy. The other car that was on my radar earlier this year was now worth at least $10k MORE! I really wish I had just bought that car back then. I would have saved the money wasted on the one that blew up and also saved on the other one too…..but no, I took the most foolish route because for some reason I throw out all logic when it comes to cars.
All of this has been really upsetting to me. I mean, I wish I had just bought earlier. I don’t like the current prices of the car I now want. They are hard to find. I don’t even know if now is a good time to buy since who knows what the market will be like next year. Will prices go up? Will they go down??
Then it dawned on me.
I was doing the same thing a lot of home buyers are doing, which was just being paralyzed with confusion and being mad that I should have done something sooner and can’t seem to get what I want now.
What do I tell my buyers who are in this same place? I tell them yes, you could have or should have bought sooner but you can’t go back in time. Yes, it is a frustrating market but it is the only market there is. Yes, prices could go up or down but in addition to usual market issues like supply/demand and interest rates, we now have inflation to think about. Let’s say prices drop. If you have a mortgage, you are paying that loan back with deflated dollars due to inflation so it’s sort of like you are also paying less and less over time. If prices go up, you are also still paying back that loan with deflated dollars so you are coming out ahead.
So, for the first time in my life, I have taken my own expert advice and pulled the trigger on a 2020 BMW M2 in my favorite BMW color, Alpine White. (Sorry for the picture. The dealer is putting on new tires and getting the car cleaned up for me so I don’t have it yet……which feels even more like buying a house since I have to wait to actually get possession of it!)