Foolish 20-something guy drops $90,000 on a muscle car; finds a happy ending and gleans invaluable wisdom years later: 'Lesson painfully learned'

Advertisement
  • 01
    "More money than sense"
    via canva
  • 02
    r/tifu 15 hr. ago boulderstelegony41 TIFU by spending $90k on Dodge Charger ... M Or maybe TIFU be being a dumb 24 year old. This is a classic tale of "more money than sense" featuring yours truly.
  • 03
    Last year, at the ripe age of 24 and suddenly flush with cash, I thought it'd be a genius move to buy a Dodge Charger Hellcat. Not just any Charger, though-I paid a whopping $90k for it, way above the sticker price, right when the car market was at its 2022 peak thanks to the COVID pricing bubble. Talk about timing, right?
    via boulderstelegony41
  • 04
    It was great, for about 2 weeks. Then I realized that this thing was eating me alive. The insurance: $800 a month. Gas: $600 + $20 every time I floored it. That was more than my rent!
    via boulderstelegony41
  • 05
    Cut to last month, I'm driving home from work, take a corner too fast and boom - I've managed to total this beast. Went to my insurance, and they're only willing to cough up $55k for it, thanks to the muscle car market taking a nosedive. There I was, thinking I had made a smart "investment," only to end up with a -$35k facepalm moment.
    via boulderstelegony41
  • 06
    Everyone had warned me. "The market's inflated," they said. "You're paying way too much," they warned. Did I listen? Nope. I was too caught up in the dream of roaring down the streets in that V8 supercharged monster.
    via boulderstelegony41
  • 07
    The crash itself was like a slap back to reality. Beyond just the twisted metal and lost dreams, it hit me how massive of a financial blunder I had made. That $35k gap wasn't just about the money. It was a lesson in humility and the value of financial wisdom- (or my lack of it)
    via boulderstelegony41
  • 08
    This wasn't just about wrecking a car. It was about wrecking my financial stability over a moment of impulsive pride. If there's any silver lining here, it's the hard-earned wisdom that's come from learning the hard way. To anyone reading this: let my mistake be your lesson. In the world of big purchases, especially in a volatile market, don't let your impulses take the wheel. Just breathe and relax.
    via boulderstelegony41
  • 09
    And for the love of all that's financially sane, if you ever find yourself suddenly rich and eyeing a high-performance car, maybe... just don't. Or at least think twice, do your research, and for goodness' sake, wait out the market frenzy.
    via boulderstelegony41
  • 10
    TL;DR: Came into money, ignored all advice, overpaid for a Hellcat Charger, crashed it, and insurance valuation showed me just how big of a financial hole I had dug myself into. Lesson painfully learned.
    via boulderstelegony41
  • 11
    Silver_Accountt 14h ago Gap Insurance is a must on expensive cars. You live and learn. 3.3K 1 Share boulderstelegony41 OP 14h ago . 2K Reply Oof. To make matters worse I was offered that for some crazy low price. Then I declined it because I thought I knew better. . Reply ↑ Share McKimboSlice 14h ago . ... ...
    via Silver_Accountt
  • 12
    dont forget_canada • 13h ago What is gap insurance? 445 Reply ↑ Share BamaFan87 13h ago Say you have an auto loan for $90K, the vehicle is totaled and insurance only pays out $55K. Gap insurance will cover to remaining $35K so that you do not still owe money for a vehicle that no longer works.
    via dont_forget_canada
  • 13
    Digital Defenestrator • 11h ago Also, buy toys with past money, not future money. 12凸 Reply 1 Share Excellent Contest145 12h ago . If you can't afford to lose an expensive car you can't afford an expensive car.
    via DigitalDefenestrator
  • 14
    2tired2sleep 14h ago Cars are not an investment. Cars are not an investment. Cars are not an investment. 42.2K Reply ↑ Share Madeanaccountforyou4 13h ago The easiest way to make a small fortune repairing classic cars is to start with a large fortune.
    via 2tired2sleep
  • 15
    Upstream6763 • 10h ago you buy a car for it's practicality or because you love driving it. Any other reason is foolish. like, if this dude truly loved the experience of driving that car (and could actually afford cost of ownership) then it's not necessarily a waste of money. But, this is why companies make cheaper fun cars. The mustang, mx-5, and toyota 86 are all great affordable cars that are a blast to drive.
    via Upstream6763
  • 16
    Slow-Young-6851 14h ago Well on the positive side, you don't need to pay 800 for insurance and 600 for gas anymore. You could've been swallowed by debt but didn't. Save yourself 1400 a month 368 . JMS1991 Reply 1 Share 12h ago How much was this guy driving to spend $600 (1 assume per month) on gas? I drive an F150 that is probably just as big of a gas guzzler as a hellcat, and I have a pretty long commute, and I maybe spend $240 a month in gas.
    via Slow-Young-6851
  • 17
    pdxisbest 14h ago . There are many lessons in this tale.... ↑85 85 Reply ↑ Share edna7987 ... 12h ago Like driving safer and not putting others in danger with a 4,400 lb machine?
    via pdxisbest
  • 18
    Heavym3talcowboy_ 14h ago imagine spending $90K and getting a dodge Reply ↑ Share 1.5K Coasterman345. 14h ago Could have gotten a really nice Porsche, BMW, AMG, etc. instead the car with the same quality interior as the base models.
    via Heavym3talcowboy_
  • 19
    keyboardbill 14h ago A depreciating asset is never in any way shape or form an investment. 110 Share Reply sean_no 10h ago A highly undervalued sentiment. Cars are like sponges, use it until it's nasty then crack open a new one. ...
    via keyboardbill
  • 20
    . 14h ago viper233 Another 2nd hand Toyota Corolla driver for life! 47 ↓ Reply ↑ Share + 1 more reply fludeball 13h ago You could've bought a $10,000 car and put $80,000 into retirement, which would be worth more than half a million in 40 years. Insurance for our two Toyotas is about $800 per YEAR.
    via viper233

Tags

Scroll Down For The Next Article