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

[Bright0515]

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?

A lot of people purchase some things without really considering or asking themselves these important questions that are very important. Being able to afford something means that you aren't going to be broke after buying it, meaning that you can buy it three or four of it, this is what it means to actually to be able to afford something but a lot of people assume that just because they have the specific amount of money in their account meant to purchase that item only means that they can afford it. Keeping it is also something that comes with another cost, if you can't maintain it then you shouldn't get it, invariably it means you cannot afford it.

[Conqueror777]

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?

I have one motto, if I can't afford to maintain something I don't proceed with owning it. That also means that I don't go into debt to finance purchases, I try to do everything with my own money.

[KiaKia]

It's a complete difference view from rich people, they buy expensive things for their children and if those costly things shit spoilt then replace it for them, excess money cares not about maintenance.

It's like a friend of mine at school who got an expensive laptop for gaming and video editing, few months later he broke the screen handle and I got mine before him, mine still works.

He swapped out the laptop and got another one, some people learn to maintain after a firts failure at maintaining something.

[Humblevirus]

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?

From my own observation, I can't really say that many people pay attention to maintenance costs. If truly many people are paying much attention to the cost of maintenance before purchasing things, most people who complain bitterly about the maintenance costs of the things they purchase over time would hardly complain.I know that many people, because of the maintenance costs they can afford, end up selling the cars they bought within a short period of time, sometimes even selling them at a loss. Some people purchase certain things just to show off and never think that maintenance will be a big challenge in the future. Competition is what leads some people to overlook the high cost of maintaining certain things.

[Bitcoin Maxi]

So many people don't really pay attention to whatever they want to purchase in the market. They seem to forget that the most crucial aspect of buying or owning anything is  ones ability to be able to maintain that particular thing. Some people because of paying less attention towards the maintenance cost of things end up purchasing things that are liabilities to them. Its not just having the money to buy a particular thing you want is ones ability to ensure that the thing is in good condition and if anything he or she can be able to protect it for a longer life span. You see some people jump into buying car because they had the money to buy but they are now struggling  or don't have the money to fuel the car, fixing it, insurance etc. Sometimes the price needed to maintain something is more that the price we buy the stuff  that's why it is important to consider this factor when purchasing a particular thing and we should try to purchase or own what we can comfortably maintain without stress.

[Ever-young]

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 must say that car is actually the best illustration to use in this kind of scenario because that’s one thing that requires regular maintenance.

Considering the maintenance of a Product before purchasing is all dependent on The the kind of products you’re purchasing, because I must say that some products needs zero maintenance, some need low maintenance while minimal has high maintenance. So I’ll join you to talk about car and not products in general.

I will believe that before an individual purchases a car, they already knew the expenses that comes with it because, even before you purchased yours you’ve been utilizing the public transit, they always buy fuel, and the car itself fail sometimes. So I believe the wise should have enough knowledge to have maintenance in mind before purchasing a car.

[tygeade]

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?

There are lots of companies and brands out there who are also willing to drop their standards when it comes to customers, in part becomes financial tools are used to make them more accessible. I'm talking about high end cars which try to lock in the lowest monthly payments but you end up agreeing to a loan over 6-8 years for a car. A car which probably loses 20% of its value as soon as you drive it away. Those sorts of cars also come with expensive maintenance requirements and if anything does go wrong the parts can cost thousands to replace. Even new tyres on some of these cars cost $500+ each. This allows people who probably shouldn't be buying and cannot truly afford the associated costs (even if they can cover the monthly loan payment). It can actually diminish a brand over time if this type of person becomes connected with them, but in the short term it'll increase sales for a CEO to unlock a bonus. The same thing is also filtering down to phones, since the latest iPhones now cost $1k+

It is understandable for cars but I do not think there is any recurring cost involved after buying phones. Yes definitely, there would be the monthly EMI because off course if someone is not able to afford something, they would finance it. Finance is like a trap for people like these who mostly want to own everything but do not really have the ability to be able to afford the maintenance. This is a very common scenario with cars. These owners end up parking the car in their garage for months or even thinking about selling it off just to buy some other luxury.

I think if we want to buy something, we should buy it in a go instead of thinking about financing. Yes, financing is actually good if utilised properly but not every understands the benefit so it is okay to pay in cash. If we can pay in cash, we can definitely afford the maintenance.

[Hyphen(-)]

It's a complete difference view from rich people, they buy expensive things for their children and if those costly things shit spoilt then replace it for them, excess money cares not about maintenance.

It's like a friend of mine at school who got an expensive laptop for gaming and video editing, few months later he broke the screen handle and I got mine before him, mine still works.

He swapped out the laptop and got another one, some people learn to maintain after a firts failure at maintaining something.

There are people that can actually afford all these because they have the money or have people like parents or guardians who can afford the lifestyle for them, they don’t have to bother in case their gadget need replacement as for the case of school laptop you shared, even in case of a car or anything. Maintaining is not their problem, they have people to maintain it for them because they have the money for that.

But some of us that are been driving by peer pressure to buy what their mates bought just to feel along with others, they can do everything to afford it for the first time, but they don’t have what it take to maintain it especially car. They will do their best to bought one, but some of them will end up selling the car because they can’t afford to maintain the car.

It is very important to wait for your time when buying anything, so that you will be confident of yourself and be able to maintain the lifestyle you have started instead of going back after some time.

[Prince patrick]

I feel like people should stop buying what they can afford and start buying what they need. For example, you can afford a jeep right? But you don't need a jeep due to your financial background, so you go for a Camry that you need. We should stop buying things that will end up putting us under financial pressure, most of the time we buy things because we really want to look rich without even knowing the consequences of what we are doing. You shouldn't buy something because your friend has it. But what you really need and make sure you can be able to afford double of it.

[puloweh555]

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?

In my opinion, most people are still too focused on the initial price of an item especially for big purchases like cars or other things that require maintenance. That's because the costs of upkeep, like routine servicing, fuel, insurance or spare parts are often only realized after the item has been bought and start to weigh on their finances. In the end many of them end up selling it because they can't handle the long-term costs.

In my area this often happens where people buy cars just for style, and worse they buy them on credit without considering whether it's a real need or not. As a result after buying they often end up using them very minimally just to save fuel. Many of them buy cars that just become decorations at home. So, you could say decisions like this show that their thinking wasn’t very thorough before purchasing, even though that’s exactly what they should do  figure out if the item is really worth owning in the long term or not.