Being Able to Afford Something Is Not The Same As Being Able To Maintain It

[Opiate32]

A lot of financial decisions are based on one question; CAN I AFFORD TO BUY IT? but I think another question is just as important; CAN I AFFORD TO KEEP IT?

For instance someone may be able to afford a car today but the real cost does not end when the can is purchased. There is fuel, maintenance, insurance, repairs and other running expenses. Sometimes the purchase itself is not what create financial pressure, it is the reoccurring cost that comes after the purchase.

This made me realize that affordability should probably be looked at from two different angles; CAN I AFFORD THE PURCHASE AND CAN MY INCOME COMFORTABLY SUPPORT THE RESPONSIBILITY THAT COMES WITH IT? Something can be within your budget today but becomes a burden 6 months later if the ongoing cost are ignored. I think this is one reason why two people with similar incomes can have completely different levels of financial stability.

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

[Free Market Capitalist]

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

"People"? Not really. Most people don't really stop to think about these things. Some people can buy an entry-level BMW on an average salary because they can afford the monthly payment and drive it without giving it proper maintenance—with worn-out tires, etc.

Fortunately, not all of us are like that, but a good portion of the population falls into that mindless consumerism and then complains about not being able to make ends meet or having a lousy pension.

[PostQuantumBTC]

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

Some people pay attention to it while some people do not pay attention to it. You know people can not be the same, some are very wise and intelligent while some are not wise at all but they like to loud things happening to them. I have seen someone that received high amount of money and used all to buy car but later sell the car and become more broke. Also I have seen something that know how to save very well and buying necessary things.

[The Founding Titan]

An uncle of mine sold his smaller Toyota Camry, and then bought a Lexus 350, I'm not sure if it was a 350 but one thing I am sure of is that the new care is more expensive to maintain and burns through more fuel than the previous one, now he is always complaining about how what he used to spend before is nothing compared to what he is spending now.
Why did he buy the new car? Because he wanted to drive something bigger and flashier and because at that point in time he could afford it, he did not consider the price for petrol that has skyrocketed in the past few years here, he did not even consider that parts for the new care would be more expensive than the ones he used to get for the former one.
This is the same thing a lot of people do, they make serious life decisions based on what their emotions tell them at that point in time without considering how the future will turn out.

[oll]

A lot of financial decisions are based on one question; CAN I AFFORD TO BUY IT? but I think another question is just as important; CAN I AFFORD TO KEEP IT?
...
Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

I’m surprised at how rarely, in our time, it’s girls who ask themselves these questions. Either my social circle consists of smart guys, or guys in general are more prudent nowadays, but I often hear from girls and women, “I bought a car, even if it was with my last money.” I don’t understand why they do that, because women’s money management is terrible. Guys don’t do that. And girls will think that they’ll just fill up the tank or charge the car, and that will be the end of the expenses.

This is naive, and I think that’s why we often see women driving poorly maintained cars.

[DPHOR]

Both are essential to look into because, I will use a parable to answer this question: which states "anyone who is ready to fight should also be ready to receive punches". Thus, this means that before anyone get himself into acquiring any property out there they should also get ready to accept all the responsibilities and expenses that comes after acquiring that particular thing.

Of course, there is time for everything if you asked me.
Before someone gets into acquiring a car or things that stands as liability they should also make sure to have utility or an assets such business that would be degenerating money for their services. I believe life is gradual and there is no need to rush over there, because it would be that better to get oneself established than getting indebted.

[Obim34]

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

This is what happens when acquiring properties that are liabilities over assets.

Properties that are liabilities require extra money for maintenance while the opposite when a person prefers to invest into assets. Two people can spend money on jewelry’s, one buys a brand and another buys a gold jewelry, worth the same price. In a period of 5-10 years, who bought a brand is going to have a very low resell value while the other person have retained the value of his assets or added more value.

It’s not only about buying what you can pay for, the cost of maintenance should be well considered.