I'm a Retiree: The 3 Car Decisions I Regret Most (And How To Avoid Them)
We all have regrets, but regret can be useful if we learn from it — even moreso if we teach those lessons to others so they can avoid them.
Walter S. spent decades making car decisions the way a lot of us do; never connecting them to the bigger financial picture. Now retired, he's had time to look back and see the pattern clearly. Two of his choices still bother him. (A third, he's decided, might not have been a mistake after all, but we’ll get to that.)
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Leasing Instead of Buying Used
This is the one Walter comes back to first.
"My No. 1, with a bullet," he said. "I wasted so much money on that."
Leasing often feels like a good idea in the moment. Lower monthly payments, a new car every few years, nothing to worry about when something breaks since it's still under warranty. What it doesn't offer? Equity. Every lease payment Walter made disappeared the moment the car went back to the dealership, with nothing to show for it and no asset to sell or trade in when the lease ended.
Instead, he wishes he would've bought a reliable used car instead. It would've meant meant not only a lower total cost, but also no recurring cycle of turning in a car and starting the payments over again with a new one.
Upgrading To Impress Someone
The second regret runs deeper than the first, and Walter took a moment to actually work through it.
"I always wanted a nice car, a car that I felt proud to drive, so I was always upgrading," he said. "But looking back, that was more about me wanting to impress people or maybe impress myself. I'm not sure. But I wish I would've put that money into my retirement instead."
A car upgrade every few years, chasing a nicer trim or a newer model, is money that could have compounded for decades in a retirement account instead. Walter's honesty about not being entirely sure who he was trying to impress is worth sitting with. The upgrades felt worth it at the time, but looking back, not so much.
The Wild Color
Not every unconventional choice deserves regret, and Walter isn't totally sure this one does either.
"I'm not sure how applicable this is to other people, but I also regret the year I drove a neon green car," he said. "A little bit embarrassing, but you know, I was young and flashy."
Then he reconsidered. "Maybe I don't regret that one."
Hey, you only live once and some things are worth it at the time — even neon green cars.
Editor’s note: Photos are for representational purposes only and might not reflect the exact year, make or model of the vehicle(s) listed in this article.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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