2011 BMW 528i: Save Your Money
August 23, 2011
I've been hogging the BMW 528i for more than a week but I don't think I'd buy one.
Unless I was filthy rich I can't see spending $60,050 on a car. Yes, it is sumptuous and a joy to drive. But do I really need a luxury sedan to get me back and forth to work? Do I really need an automatic trunk opener when I go grocery shopping? Do I really need a power-adjustable steering wheel? Do I really need all of the packages that make this car cost $15,000 more than its base price?
Have you ever read Rich Dad, Poor Dad? The author, Robert Kiyosaki, advises you to buy your big ticket items with your wealth, not your income. So, unless I had an extra $60K lying around or some lucrative stock to sell off, I shouldn't put myself into that much debt for a car. Most Americans don't follow this simple rule, however, and it is part of the reason our economy is in such sad shape. We're a nation that lives on credit and we're wage slaves. They when we lose our jobs or get our hours reduced, we can no longer afford to keep up the payments on our cars and homes. And then we're screwed.
If you waited until you could really afford a BMW, saved up for one, planned for one, it wouldn't hurt so much if you were out of work for several months.
There is my financial
preaching advice for the day.
This doesnt mean I wont be factoring a BMW into my retirement savings.
Donna DeRosa, Managing Editor @ 19,209 miles