Ugly Car, But Does It Matter?
Mario is a doctor with an ugly car, but it has no car loan with it. Should he get over the ugly fact?
QUESTION: Mario is a new doctor and has a 2001 car with some dents in it and high mileage. Should he get over being self conscious about parking it in the doctor’s parking lot, since he’s a doctor? He’s heard how important image is, but he likes not having a car loan payment.
ANSWER: I wouldn’t have an auto loan. I would walk before I’d have an automobile loan. I’d ride a bike before I had an auto loan payment. You should get over it and not worry about what other people think; you should do what’s smart for you.
As a new doctor, I’m going to guess that you have a big pile of student loans that you need to work through before you start buying expensive cars. This sounds like a $700 car. Could you afford to pay cash for a $3,000 car? Sure, but you don’t need a $145,000 Mercedes in the parking lot to prove you’re a doctor. You’re a doctor … you’re going to make it.