Dear Client, do you plan on living in your truck?
I never thought of it that way--good advice!
When meeting with a first time buyer, I always make note of the type vehicle they pull up in. No, you cannot judge a person's wealth by the car they drive. I know plenty of wealthy people that drive average, plain jane automobiles.
I do think you can tell a lot about a person's financial maturity based on their car. Too many times I have witnessed entry level buyers pull up in trucks like the one above. One young family earned approximately 45k as a dual income couple. Their truck had more bling than P Diddy!
The only bad thing about bling is the price of admission. In this case the young family was paying over 600 bucks a month for the truck note alone! Remember, they only earn 45k a year!
Guess what this did to their debt ratios?? Instead of looking at a nice move in ready home, fixer uppers were all they could afford. Sadly, the truck has leather but the living room has wood paneling! In a few years that truck will be worth almost nothing. Yet that 600 dollar note will still be due each month. And that living room will still have paneling!
Do you still think that shiny truck is worth the sacrifice?
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