Nine Purchases You Will Probably Regret
It is a shame that people frequently make purchases on impulse without second thought of how long they would need the items they are about to purchase or if the need arises at all. Some people make purchases just to belong to a social class. This is a wrong financial move. Anything that you would spend money on must justify the cost in the long run. This article discusses nine purchase blunders you shouldn’t make.
If you are to interview boat owners, you are bound to hear very horrible stories of pricey repairs and depreciating value. Boats are nothing but huge money pits for those who own them. The cost of ownership and maintenance of boats far outweigh the pleasure you can derive from owning them. If you are determined to get a boat cruise, then rent one. The worst nightmare of boat owners is that they have to eventually sell them and at a small fraction of the purchase price.
2. BACKYARD HOT TUB
It is a fact that the only medicinal use of a backyard hot tub is to cure achy joints. People do not have achy joints all through their life. The reality is that backyard hot tubs provide temporary pleasure and relief. After it has served its purpose, all you have left is the cost of maintenance. The number of times you look at it with regret would be more than the times you would feel pleased with yourself.
3. AN EXPENSIVE NEW CAR
The only pleasure a person gets from an expensive new car is probably social recognition. An expensive new car embodies two disadvantages. One of them is that it is expensive, the other is that it is new. Buying an expensive brand new car would boost your status on Facebook and Twitter but the moment the newness wears off, the only thing you are left with is the new car payment you signed for. New cars are depreciating assets that create a hole in your finances, especially if it is an expensive one. If you are in the market for another car, buy a one or two year old certified vehicle. You will be amazed at how much you can save.
4. EXTENDED OR EXTRA WARRANTIES
It sounds good to be covered by an extended warranty when you purchase a car or appliance. The reality is that they are rarely a good deal for consumers. Companies try to push them to you at the point of sale knowing full well that they would be difficult to claim. The companies that sell them will do everything possible to avoid being liable to you in future. If your warranty doesn’t cover the exact repairs you need, it is worthless. The best move to make is to save the extra cash you would have spent on warranties in an emergency fund.
5. GLASS FURNITURE
Glass Furniture have a nice appearance. They show that you are in the comfortable class and you have a good sense of interior decoration. However, the reality you might be ignoring is that a glass furniture is a ticking time bomb. There have been unsavory experiences of glass desk shattering without warning. Not only are you at risk of sudden loss of furniture. It is an health hazard.
Timeshares are financial pits that people casually walk into. If you survey a hundred people, you will never find a person who bought a timeshare and was happy with the purchase in future. Aside the fact that timeshares are pretty expensive. The maintenance costs are very high. It would cost you between $600-$1000 in maintenance fees every year regardless of if you use the timeshare. Maintenance fees are paid year after year. The biggest disadvantage is that Timeshares are difficult to sell at a profitable price. If you search on ebay, you will find people selling timeshares they bought for thousands of dollars below a hundred dollars.
7 FIRST GENERATION TECHNOLOGY
New appliances being released into the market come with their highest possible price. Then the prices begin to drop. Never be the first to buy a new technology. Always bear in mind that the prices will eventually drop. Do not pay dearly for an item that others will buy cheaper.
8. OVER PRICED ITEMS SEEN ON TV
Marketers play on the intelligence of consumers. It is not unlikely for you to see adverts showing kitchen knives that cut through steel rods or body creams that makes you lose weight, never make the mistake of purchasing these items if they are overpriced. You can be sure that that weight loss body cream is a farce.
9. ITEMS SOLD BY A DOOR TO DOOR SALESMAN
Seventy percent of items sold buy a door to door salesmen are not worth the price. If you get knock on your door from a salesman asking to show you a home demonstration, simply decline. You are seventy percent likely to regret that purchase