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.

[Stormisover]

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.

Buying an item you can't maintain just to impress or prove some point, to me it's the height of foolishness, like what exactly could one be thinking before nursing such thought on his mind, during my school time, there was a street where this beautiful Mercedes Benz was packed, at first when I saw it, I thought it's just a normal break down of a care that probably the owner will come for it, but as time goes by, I kept seeing that car packed there, day in day out, and I kept wondering what could make someone abandoned such a beautiful car there for that long, but after my findings, I was made to understand that, that car has been in that same place for over two months, and I was like what could be the problem, then again I was also made to understand that, the owner of that car was not really financially stabled, he only got the car for show off, forgetting about the cost in maintenance, so it's better one doesn't take such risk of making some financial mistake that they might regret later.

[Fortify]

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?

A lot of people, especially the younger generations, take a long time to learn this fact - if they ever learn it at all. They look at a mansion and think "if only I had $10 million from a lottery win, I'd buy that" but in reality to keep it going requires hundreds of thousands of dollars a year in upkeep - grounds, swimming pool, maintenance, heating, etc. Unless you have a substantial ongoing income and these costs would just be a fraction of that, then you really couldn't afford to live in it if that was all the cash you had spent up front. The same is true for things like boats which come with huge ongoing costs. Even an average fairly new car these days can cost hundreds or even thousands in repairs for even small items like headlight replacements, compared to older cars that had much simpler and cheaper components inside them. You really need to be thinking about the whole life cost of what you're buying including insurance and how that fits against your net worth.

[ColdLava40]

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.

It becomes a twist, when you are purchasing it for a business.

I won't mind taking a loan if I want to start a legit business. Like a cab business for instance, I can take the risk of loan just so I can purchase the car and over time u will be able to pay back.

Although the car will not be completely owned by me. But at this point I will be responsible for any thing that has to do with the car starting with maintenance and any other thing that comes with owning it.

[Cookdata]

I think many people focus more on the money that they will use to buy something, but they don’t consider the cost of maintaining it. For example someone who bought an expensive car today, if he doesn’t have enough money to handle fuel, and other expenses, the car itself will automatically become a big burden to him.

Maintenance isn't a characteristic of human, it's a self learn habit. If you don't have one, there is nothing you can do to change until you change the habit. You see that some people are so bad that they employed a person to work for them, like clean the things they do and make sure things are put in order. They do this with excuses of work. If you ask who is doing the work for them, they will tell you how lazy the person is, someone with good maintenance habit are different even when they have someone that works for them.

Personally for me, affordability isn’t just to buy something but to make sure one can be able to maintain it without affecting other financial activities. Most times it’s what we buy that usually put us under financial pressure.

Unless it's a stolen money, and not a worked money. If you can afford it, you should be able to give it a proper maintenance. There is ynsi natural instinc of human that comes with wanting to maintain what they bought newly, like getting a new phone excite everyone if they are have not use it before. Buying something need without good maintenance is a terrible behavior.

[Issa56]

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,

Most of the things people are buying now, it’s what they can’t really afford, because after some of them purchase it, they will go broke. Some people don’t care if they will go broke after doing something’s, they just want to purchase it so that they will feel big, they just want attention, and thats the reason why they do some things.

You don’t have to impress anyone in this life, some people which you are trying to impress doesn’t even care about you, and after spending money on things which are not necessary, you will be the one to regret at the end. Buy what you know it’s a necessity for you, and make sure you buy what you can comfortably maintain. Just because others are doing some certain things doesn’t mean you will do the same.

[Shineup]

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?

I definitely agree with your reasoning, nevertheless, this does not apply to everyone. I could remember a friend of mine who as at the time was a contractor who barely win a contract. Over the years, he has been bidding for major a project and when it finally came, he used 95% of his income to get a clean car. At first I taught he was out of his mind to have done that, considering the fact his income does not come regularly. But I can assure you that same car made him enter offices he couldn't penetrate before which made him more successful as a contractor.
Just because he has a car, he was able to earn the trust of high profile personalities he couldn't access before. That has taught me too that sometimes considering your earning before making a meaningful purchase might not always be the right decision. As you can see  his decision to buy a car despite his low income has made him earn a better living for himself. This does not apply in every case, but some times it is good to follow your instinct instead of too much calculation and budgeting according to your income.

[Livingleged]

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.

Oh it actually does, I mean even excess money cares about maintenance. because you have $7m doesn’t mean you can go ahead to purchase a Bugatti. Even if you can afford the Bugatti, you might struggle with maintaining it in the long run, thats what I think OP is saying and it’s true, the example you sighted of your friend too is more like the same, he could literally afford that expensive life thats why he’s getting those gadgets replaced even after it got damaged.
I agree with op hundred percentage, just because you can afford something doesn’t mean you can actually maintain it, my people house to say before purchasing a car you need to have at least 3x of the money, so you don’t end up not being able to maintain it.

[Sally9256]

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,

Most of the things people are buying now, it’s what they can’t really afford, because after some of them purchase it, they will go broke. Some people don’t care if they will go broke after doing something’s, they just want to purchase it so that they will feel big, they just want attention, and thats the reason why they do some things.

You don’t have to impress anyone in this life, some people which you are trying to impress doesn’t even care about you, and after spending money on things which are not necessary, you will be the one to regret at the end. Buy what you know it’s a necessity for you, and make sure you buy what you can comfortably maintain. Just because others are doing some certain things doesn’t mean you will do the same.

There are different types of people and behavior in things like this. Some people don't care if they spend all their money to get something they desire as long as they are able to get it. While some people prefers to have way more than the cost of it before they can consider buying it. I don't care whichever as long as the buyer is satisfied with his decision. I think I am part of those who don't mind if they go broke so far I am satisfied with what I buy. Why keep money when you can afford a thing. Keeping money will mean risking it by holding for some time. Delaying might lead to loss/use of the money. I think if a person can handle being broke after purchasing something then there's really no problem to me.

[bangjoe]

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.

It becomes a twist, when you are purchasing it for a business.

I won't mind taking a loan if I want to start a legit business. Like a cab business for instance, I can take the risk of loan just so I can purchase the car and over time u will be able to pay back.

Although the car will not be completely owned by me. But at this point I will be responsible for any thing that has to do with the car starting with maintenance and any other thing that comes with owning it.

Not only for the taxi business, as a delivery service business person, or distributor, it's also good, but with a record of your business calculations must be good, meaning that the business must have a way and there is certainty to have income, as a business person we must see in advance how the power possessed due to mandatory payments and risks must be considered, should not take vehicle loans at the beginning of your business, especially if you do not really know what the future will be like.

when I bought a car loan, when I saw the strength of his income, and using the car he could do business improvement so that he could shop more with more efficient time than using a small vehicle that would allow him to go back and forth to the market, consider our conditions first, whether or not he would be able to take a loan, as well as about his treatment.

[lodocus]

I can agree with that to some extent. The house you live in and the car you drive shouldn’t be too luxurious. You should buy a house and a car that fit your budget. Let’s say you’re working for minimum wage and you won the lottery or inherited some money. Would you go out and buy a Ferrari with all that money? You wouldn’t be able to afford the maintenance afterward, and you’d even think twice about filling it up with gas. The same goes for a house. Instead of buying a huge house and paying high property taxes and the ongoing maintenance costs, you’d choose a home that fits your budget and lifestyle.

These days, people want the best of everything, and that’s why they sometimes make poor purchasing decisions.