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.

[Natalim]

This is actually correct, I have a vlogger that I follow and this is exactly what he said.

Sometimes when we buy a car, we just look at the monthly amortization and we think we can afford it, but we don't consider the maintenance of the car, even the gasoline. In our country now gasoline is very expensive.

We really need to be wise here, they say prioritize your needs not your wants. Though a car can be a need sometimes, but if you can buy a motorcycle with cheaper maintenance then better choose it if its really what you can afford and keep.

[Russlenat]

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?

Sometimes our wrong decisions in the past can make us more mature. For instance in your example, some people think they can afford to buy it but in reality they cannot maintain it, and they only realize that after they purchase it.

But when they experience how useful what they bought is, they will find a way to be able to keep it.

So its like the saying that when you are in debt, that will make you work harder. You can call it an inspiration that pushes you to work hard because you have monthly bills to pay.

[bakasabo]

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?

Absolutely not. People only pay attention on a price tag. If they have money that equals or more than tagged price, then they immediately start to dream and think how they will use it and what others think about them when they notice they have purchased it. Not only people dont think about cost of maintenance, some of them even have zero ideas or skills how to use what they have purchased.

Many years ago, to show that you have money (to show-off)/to follow trend/simply wanted that, I remember how people were purchasing PC. My neighbor was one of them. He has purchased PC, invited everyone to show it, but never turned it on, because he did not know how. Later when he figured that out, he barely used it, because 1) he did not know how 2) he was scared to break it. He only pushed POWER button, move around FAR Manager and press POWER button again to turn off PC.

[Rockstarguy]

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?

Most people pay attention to the cost of the item they want to purchase, and a lot of people don't even pay attention to what maintenance is required, and this is where the expenses come in. Lack of maintenance turns what one thinks they can afford into an expense.

Some people don't even understand what it means to acquire an item; they just think it is all about purchasing, and once it has been purchased, that is all. If people lack the ability to maintain an item or anything, there is no need to purchase it, because this will lead to high maintenance costs. If you can't maintain it, why not consider hiring instead? No maintenance is necessary; you only go for it when it is needed.

[Stepstowealth]

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?

You will only have maintenance in consideration if you are someone who is maintenance conscious. Many people are not maintenance conscious, this is why they do not even consider the after bills of maintaining a property they acquire but they're only focused on the initial price. Maturity of mind also comes into play because some people are not matured enough to own the property they have and you can see it clearly by the deplorable state the properties is in. Mature individuals who are mature enough to own the property they have will always ensure they maintain the property, because they know maintenance is always cheaper than repairs.

[Dr.Bitcoin_Strange]

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?

There's no doubt that there are a lot of people that falls under the category of not paying attention to the maintenance costs of what they intend to buy but only to realize later on that the cost of maintenance is something they can not keep up with for a long time. I have seen some people but care and later sold it not because they don't need it anymore but because they can not continue maintaining the car, but there are also lots of people that still care and they think through  a decision properly and also picture what it will cost them from the day of purchase onward, if it's something they can not keep up with yet, they won't go for it until they are fully ready.

[Promocodeudo]

Most people pay attention to the cost of the item they want to purchase, and a lot of people don't even pay attention to what maintenance is required, and this is where the expenses come in. Lack of maintenance turns what one thinks they can afford into an expense.

Some people don't even understand what it means to acquire an item; they just think it is all about purchasing, and once it has been purchased, that is all. If people lack the ability to maintain an item or anything, there is no need to purchase it, because this will lead to high maintenance costs. If you can't maintain it, why not consider hiring instead? No maintenance is necessary; you only go for it when it is needed.

I think many people do this mistake, because if not that things like this are been discussed here, some people may not understand that, as you want to buy something, you are to consider the maintenance aspect, if you can be able to maintain it, when you start making use of  it, with that, you can decide if it to buy it or not.
This thread just reminded me of a close family friend that went and purchase a car that he wasn't able to maintain, he got frustrated at some point and sold it off, I think I like your suggestion, hiring is better as you said, but some people purchase some of this things to belong to a particular classs which is not wise.

[maydna]

Not many people pay attention to the cost of maintaining what they buy. They will think that later when the time comes so they will not bother to that and just use it. Some of them just follow the trend and buy the product without thinking if that is the product they really need or because the trend.

If they don't want the product anymore, they can sells and change to other products even they need to pay more. They should be wise buy the product and not just follow the trend so they can saving more money and improves their financial.

[Judith87403]

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.

There's nothing wrong in seeking for something bigger, flashy or more expensive but before you live that kind of life it should be at a time when you own different investments that are bringing in proceeds for you. These days, many people do things just because others are doing it, not because they needed it. Why upgrading your car when you know that it will require higher maintenance. A lot of people failed in life because they opt for luxury when they are not financially stable, they only wanted to impress people that they are doing well. Sometimes, it's not really the economy that is the problem but the individuals because they do not want to live within their means. They always want to find themselves in a difficult situation and start blaming the government. Let for me, i will not upgrade my standard of living till I have upgraded my investment income streams.

[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.

There's nothing wrong in seeking for something bigger, flashy or more expensive but before you live that kind of life it should be at a time when you own different investments that are bringing in proceeds for you. These days, many people do things just because others are doing it, not because they needed it. Why upgrading your car when you know that it will require higher maintenance. A lot of people failed in life because they opt for luxury when they are not financially stable, they only wanted to impress people that they are doing well. Sometimes, it's not really the economy that is the problem but the individuals because they do not want to live within their means. They always want to find themselves in a difficult situation and start blaming the government. Let for me, i will not upgrade my standard of living till I have upgraded my investment income streams.

But it's happening everywhere, someone gets their hands on a good amount of money, there are a lot of ways this can happen, and all of a sudden they decide that their current neighbourhood is too low for them, renting a house in a more expensive neighborhood doesn't do them any favours, sure they will be able to live there as long as their rent allows them but if that money isn't sustainable then it will run out eventually and they will end up moving back to their old neighbourhood or somewhere even worse.
At the end of the day, there is no gain, only loss, the feeling of wanting to prove yourself to others, mind you most of the target audience couldn't be bothered about how you live your life.

[demonica]

I think a lot of people do pay attention to it. When you buy luxury stuff or something expensive, people often think "Is it worth it?", "can I handle it?" It's because they know, buying it doesn't just end with it. When they want to buy something, of course either they like it or they need it. So it means, people also knows the maintenance it includes when you purchase it. For example, a condo or a property. You may afford to buy one, but since it's a big purchase, of course people tend to consider other things included when you buy it, like the unending dues you have to pay monthly and other fees.

I just believe that, even the rich are not reckless when buying expensive things. They buy it because they know they can so afford to maintain it. Maybe those who doesn't know nor think about these stuff are the people who just suddenly got a money and doesn't know how to maintain their money

[9ja Amaka]

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.

Owning a utility asset should either save you expenses or improve your finances. Since a car is used, for example. Most people own cars because they want to up their game.

Society now measures wealth by owning a car, house, and business. If you own at least one, they won't look at you less in the society. It is the reason why a few buy a car so that they can be able to land a job, contract, meet business partners, and do logistics with ease. The other few buy their own car due to peer pressure and to show off. If owning a car and a house won't save expenses on transportation, logistics, and rent, don't rush into owning them.

[Spaceman1000$]

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?

Before you purchase an asset like a car, you should look at The liability that comes with it. if you want to buy an asset like a car what you should have in mind is that, you should have double of that kind of money you want to use to get the car, do that you can maintain the car. You cannot have $4k as the last money in your account and you use it to buy a car, you should have at least double or triple of that amount.

I have a friend that build a very big house, initially he thought that it was something that is good for him considering the space he has in the living room and in the other rooms, though as time went on, he found out that the maintenance cost of that house was taken a lot from him, especially when it comes to cleaning the yard, the house and general arrangement brings a lot of stress to him.
So to an extent I agree with you that before going for an white elephant project, you should have it at the back of your mind that there should be a maintenance culture that you have to incure expenses.