Worst "Large purchase" ever?
Worst "Large purchase" ever?
What was your worst large purchase ever over $10,000 ? One you realy regret?
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Re: Worst "Large purchase" ever?
I can't remember anything over $10K I purchased, except for my house. And that was no regret. I'm up on the purchase. I only owned a car for about 6 months, when I was in college. Paid $3500 for it and sold it for $3200.
Public transportation, cabs and lyft do just fine for me since I live in a big city.
Public transportation, cabs and lyft do just fine for me since I live in a big city.
Last edited by veekay on Sat May 24, 2014 1:44 pm, edited 2 times in total.
- schuyler74
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Re: Worst "Large purchase" ever?
Just out of college, new job, car died, went and bought a brand new $30K sports car. Took 3 years to pay it off and another 15 before I could even afford to max out a Roth contribution. I can't see ever buying a brand new car again.
Re: Worst "Large purchase" ever?
1996 Nissan Maxima. Purchased new for about $25,000. Financed it, so the payments were $435 a month for 60 months. I was only 25 years old, making about $40,000 per year. I got a bad deal on the car, it turned out to be a lemon, and my wife at the time who convinced me to buy the car, walked out 3 months later. I hated that car and the associated memories the entire time I owned it.
On the positive side, it taught me a lot about what I value, and that lesson has stuck with me now for nearly 20 years.
On the positive side, it taught me a lot about what I value, and that lesson has stuck with me now for nearly 20 years.
Re: Worst "Large purchase" ever?
high end bmw. so unreliable. so so so unreliable.
and low end BMW. So unreliable.
and low end BMW. So unreliable.
Last edited by sambb on Sat May 24, 2014 3:24 pm, edited 1 time in total.
Re: Worst "Large purchase" ever?
Bought a new car when I got my first good job. Not only was it a crappy car, I fell into the "that car is my baby" mindset and it brought me no joy, just misery when I noticed any scratch, dent, scrape, interior stain, whatever. Perhaps luckily, the engine blew at 18k miles and I bought a used car that I didn't idolize and since then cars are just transportation.
- TomatoTomahto
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Re: Worst "Large purchase" ever?
I spent an unseemly amount on a projector, perforated screen, audiophile grade sound system (Theta, Linn, etc.). It was fun for a while, but have sold off most of it.
I get the FI part but not the RE part of FIRE.
Re: Worst "Large purchase" ever?
College, though I personally didn't pay for most of it. Poor value for money. Other than that,the only purchase I've ever made over $10K was my house many years ago, and no regrets there.
Re: Worst "Large purchase" ever?
When I was young I bought a car every 2 years. I worked hard bought a mustang when I turned 16, 2 years later bought another new car, 2 years later bought another new car. I've now had the same car for 7 years, but to be honest it's a waste for me to keep it as we have another car and it maybe gets driven once a month
Re: Worst "Large purchase" ever?
Bought a used low mileage $15,000 SUV that was in absolute perfect condition cosmetically and mechanically, sold it 1.5 years later during the 2005 gas price spike for $8,500 (V8 engines weren't popular that year, I was convinced gas was going to $10/gal and this SUV would be worthless), had I held it another two years I could have got $11,000+ for it, if I kept it even longer it would probably still be running well and looking good today. I had my dealer buddy run a carfax on it last month, it's still going strong with 200,000+ miles on it, for whoever owns it now.
I don't regret buying it, but I sure as heck regret selling it.
I don't regret buying it, but I sure as heck regret selling it.
Re: Worst "Large purchase" ever?
My second wife.
- ClevrChico
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Re: Worst "Large purchase" ever?
Fixer-upper house.
In the end, it is a positive adventure. Just a lot of work!
In the end, it is a positive adventure. Just a lot of work!
Re: Worst "Large purchase" ever?
Interesting how so many people regret car purchases..........
"get out and live, you are dead an awfully long time" - Jimmy Demaret
Re: Worst "Large purchase" ever?
My wife and I bought a park model rv and a lot at a campground-I loved it-she hated it-we sold it after 10 years
Re: Worst "Large purchase" ever?
Well in my mind there are only 3 things that cost more then $10k, homes, jewelry, or cars.frugalhen wrote:Interesting how so many people regret car purchases..........
Re: Worst "Large purchase" ever?
No regrets. The only time I've spent $10,000 or more is either a house or a car. In the past 45 years, I've bought 5 houses (due to moving to other areas, and a snowbird home), and 7 or 8 cars. Half of the cars were well under $10,000.
Re: Worst "Large purchase" ever?
Have only bought one house, and cars are the only other thing I've ever bought that was over $10K. Didn't really have many things to choose from.frugalhen wrote:Interesting how so many people regret car purchases..........
- climber2020
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Re: Worst "Large purchase" ever?
There are boats. BOAT= bust out another thousand. Never made that mistake myself, but have seen several friends and colleagues make that unfortunate purchase.poker27 wrote:Well in my mind there are only 3 things that cost more then $10k, homes, jewelry, or cars.frugalhen wrote:Interesting how so many people regret car purchases..........
Re: Worst "Large purchase" ever?
Fair enough. I just want to make friends with someone that has a boat . Unless you live on a lake that doesn't freeze, boats are tricky. Dock fees, storage, and maintenance. Compared to say a motorcycle, it sounds like a pita.climber2020 wrote:There are boats. BOAT= bust out another thousand. Never made that mistake myself, but have seen several friends and colleagues make that unfortunate purchase.poker27 wrote:Well in my mind there are only 3 things that cost more then $10k, homes, jewelry, or cars.frugalhen wrote:Interesting how so many people regret car purchases..........
Re: Worst "Large purchase" ever?
No one here bought a house at the top of the market (like in 2006 or so)?
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Re: Worst "Large purchase" ever?
Well, after poker27's post, I will have to call on the boat and raise a Harley.
After my divorce in my mid-thirties, I bought a jet boat and then the next year a Harley soft tail custom. They were both magnets for gorgeous women, but I got tired of the age and type of women (incredible as it may seem many years later). Also, In northern New England, there isn't much of a boating/riding season.
I might add, I got engaged to a woman who didn't like either and thought the money could be more useful elsewhere (like spent on her). So, I got rid of the boat, then the Harley, and finally the fiancée. If you think the depreciation of a car can be high, try a boat. The Harley I actually sold for more that I paid for it new. Harleys were scarce at the time, especially the soft tail. It wasn't a "purchase", but in hindsight I'm sure I dodged a large bullet with the ex-fiancée.
After my divorce in my mid-thirties, I bought a jet boat and then the next year a Harley soft tail custom. They were both magnets for gorgeous women, but I got tired of the age and type of women (incredible as it may seem many years later). Also, In northern New England, there isn't much of a boating/riding season.
I might add, I got engaged to a woman who didn't like either and thought the money could be more useful elsewhere (like spent on her). So, I got rid of the boat, then the Harley, and finally the fiancée. If you think the depreciation of a car can be high, try a boat. The Harley I actually sold for more that I paid for it new. Harleys were scarce at the time, especially the soft tail. It wasn't a "purchase", but in hindsight I'm sure I dodged a large bullet with the ex-fiancée.
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Re: Worst "Large purchase" ever?
Long time ago, but in 1975 I bought a new 280Z for $7200 which is $31k now. I was making only 250 a week. I traded a perfectly good paid off VW for it.
In a couple months I got someone to take over payments.
In a couple months I got someone to take over payments.
Re: Worst "Large purchase" ever?
Stocks in 2008 or options that turned out worthless must count too. Some Silicon Valley stories about exercising stock options for a big tax bill and eventually worthless shares should be up there.
Re: Worst "Large purchase" ever?
how about vacations? we were talked into a cruise and by the time we paid the visa fees, the excursions, the extra land trip it was well over 10K. we have spent far less and had greater trips on our own all over the world. i don't just regret i resent we got talked into this one. never again.
- happyisland
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Re: Worst "Large purchase" ever?
Law school. I wish I had that money (and time!) back...
Re: Worst "Large purchase" ever?
Not trying to hijack the thread, but why? I have lawyer friends who did not practice because they hated it and those who did not practice but found it helpful in business.happyisland wrote:Law school. I wish I had that money (and time!) back...
"get out and live, you are dead an awfully long time" - Jimmy Demaret
Re: Worst "Large purchase" ever?
Hmmmm you mean other than a large pile of mutual funds with loads 2 decades ago when I knew absolutely nothing?
Well not 10K, but back in 1984 with my first real job I bought my first car a used Volvo for about 6k that spent more time in the shop than on the road. Guessing the odometer was tampered with cuz it was a total dog. Finally blew a rod on the freeway and I think the day the tow truck hauled it away was one of the happiest days of my fiancé's life.
More recently 8k on kitchen design that went nowhere.
Well not 10K, but back in 1984 with my first real job I bought my first car a used Volvo for about 6k that spent more time in the shop than on the road. Guessing the odometer was tampered with cuz it was a total dog. Finally blew a rod on the freeway and I think the day the tow truck hauled it away was one of the happiest days of my fiancé's life.
More recently 8k on kitchen design that went nowhere.
- happyisland
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Re: Worst "Large purchase" ever?
About 2/3 of the way through law school I realized I would never be happy practicing any kind of law. So when I graduated I started a business and I've been an entrepreneur ever since. The vaunted "helpful in business" benefit from a legal education is real, but it's only a minor help -- definitely not worth $100,000+ and 3 years of foregone salary and work experience.frugalhen wrote:Not trying to hijack the thread, but why? I have lawyer friends who did not practice because they hated it and those who did not practice but found it helpful in business.happyisland wrote:Law school. I wish I had that money (and time!) back...
Re: Worst "Large purchase" ever?
I too regret law school. I started before the degree was known to be worthless (2005) and ended right when the economy collapsed (2008). I've never found work as an attorney. It's a lie that a law degree will help you when you work outside the law. In fact, it tends to hurt you during the interview process. Take a look here:happyisland wrote:About 2/3 of the way through law school I realized I would never be happy practicing any kind of law. So when I graduated I started a business and I've been an entrepreneur ever since. The vaunted "helpful in business" benefit from a legal education is real, but it's only a minor help -- definitely not worth $100,000+ and 3 years of foregone salary and work experience.frugalhen wrote:Not trying to hijack the thread, but why? I have lawyer friends who did not practice because they hated it and those who did not practice but found it helpful in business.happyisland wrote:Law school. I wish I had that money (and time!) back...
http://abovethelaw.com/2014/05/people-a ... aw-degree/
Fortunately, I went to a cheap state school so my debt is not as bad as others... But I would gladly trade in my bar admission for my tuition. In fact, I'd probably trade my admission for a few hundred bucks...
- pennstater2005
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Re: Worst "Large purchase" ever?
Boat. I bought it in May of 2005, right before gas skyrocketed after Hurricane Katrina. And I used some scholarship money from college to help pay for it. Then I found out later it had a bad transom. I love/hate that boat. My wife (girlfriend at the time) helped me clean it and even went half on a new cover, but never actually went out on it (it wasn't running)
“If you think nobody cares if you're alive, try missing a couple of car payments.” – Earl Wilson
Re: Worst "Large purchase" ever?
"since then cars are just transportation".prudent wrote: Perhaps luckily, the engine blew at 18k miles and I bought a used car that I didn't idolize and since then cars are just transportation.
I'm with you 100%.
Since moving to the big city, I've realized that driving is a damn dangerous activity and I gain absolutely no pleasure from driving.
It's almost a status symbol to beat the hell out of a high end German automobile in this city.
burt
- schuyler74
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Re: Worst "Large purchase" ever?
Right, forgot about that. Bought in Spring 2007 (peak here was Fall 2007) for $220K which was cheap after being foreclosed. We put about $10K into it in repairs and upgrades. It's STILL not back up to the purchase price of $220K. But we had to move somewhere at the time, so even with hindsight I can only say we'd move somewhere and have rented for 2-3 years before buying. Maybe picked up that $8000 federal tax credit for first-time homebuyers, too. Oh well, could I have known? If not, no point regretting it.maroon wrote:No one here bought a house at the top of the market (like in 2006 or so)?
Re: Worst "Large purchase" ever?
Bought a house at $445,000 in April 2007. Hated the house for various reasons. Took two years to sell at $300,000. Loss of about $180,000 total.
Gill
Gill
Cost basis is redundant. One has a basis in an investment |
One advises and gives advice |
One should follow the principle of investing one's principal
Re: Worst "Large purchase" ever?
Investment
Actually, one of my worst large purchases (I have plenty of those) has nothing to do with cars or significant others (we have plenty of those already discussed on this thread); it was buying an individual stock almost at the top in late 1999, keeping the loser for years, and then finally selling my shares for tax loss harvesting during the lost decade. What a waste of time and money, I could have made money just by investing in something as simple as a low cost municipal bond fund. Lessons learned and never again.
Thank you.
Actually, one of my worst large purchases (I have plenty of those) has nothing to do with cars or significant others (we have plenty of those already discussed on this thread); it was buying an individual stock almost at the top in late 1999, keeping the loser for years, and then finally selling my shares for tax loss harvesting during the lost decade. What a waste of time and money, I could have made money just by investing in something as simple as a low cost municipal bond fund. Lessons learned and never again.
Thank you.
~ Member of the Active Retired Force since 2014 ~
Re: Worst "Large purchase" ever?
My worst large purchase in monetary terms (adjusting for time value) would probably be books. I didn't know that the world would be transitioning to paperless formats (which is a superior format to me for a variety of reasons), and it was painful to donate or throw out all the books that I've bought over the years that I wasn't going to read again.
I know many people have spoken about how they are attached to the tactile feel of a physical book. For me, having to store/move/care for physical books is not worth it. I don't buy or keep physical books anymore, apart from those with charts or guidebooks/textbook-type tomes.
I know many people have spoken about how they are attached to the tactile feel of a physical book. For me, having to store/move/care for physical books is not worth it. I don't buy or keep physical books anymore, apart from those with charts or guidebooks/textbook-type tomes.
Last edited by Caduceus on Sat May 24, 2014 8:13 pm, edited 1 time in total.
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Re: Worst "Large purchase" ever?
My first car, a 2001 Honda Accord that I purchased in 2003. I wanted something fun/sporty as I was graduating college and thought I could mod my way to some amount of excitement with that vehicle. I was 100% wrong. I ended up selling the car 2 years later for about $1k less than I bought it and went overboard buying an entry level luxury sedan with all the options. I still drive the car today and love it but it was an expensive compensatory move. I should have held out longer for the first car and bought a sportier used car to get that out of my system.
Re: Worst "Large purchase" ever?
cfs wrote:Investment
Actually, one of my worst large purchases (I have plenty of those) has nothing to do with cars or significant others (we have plenty of those already discussed on this thread); it was buying an individual stock almost at the top in late 1999, keeping the loser for years, and then finally selling my shares for tax loss harvesting during the lost decade. What a waste of time and money, I could have made money just by investing in something as simple as a low cost municipal bond fund. Lessons learned and never again.
Thank you.
Yup - wcom here before the bk - 30k back when it was a decent amount to me - lesson learned though.
- bogleblitz
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Re: Worst "Large purchase" ever?
It wasn't 10k worth. My worst purchase would be an engangement ring bought for 5,000 on a cruise trip.
gambling money would also come in mind but not 10k worth.
gambling money would also come in mind but not 10k worth.
Re: Worst "Large purchase" ever?
I guess I only have two purchases over $10k; college and a car. I have an engineering degree that has been very useful for me, so I guess that means the car was the worse purchase between the two. I splurged a bit on a BMW, but it is a fun car to drive and I haven't had many issues with it. Overall, I'm happy with my worst large purchase so far.
Oh, I guess I purchased $10k worth of mutual funds when I opened my IRA, but that one has been going pretty well too.
Oh, I guess I purchased $10k worth of mutual funds when I opened my IRA, but that one has been going pretty well too.
Last edited by investor1 on Sat May 24, 2014 10:42 pm, edited 1 time in total.
Re: Worst "Large purchase" ever?
First post, but been lurking for about a year.
The worst purchase I made was buying a new 2002 Honda Accord EX at age 18 for 21k. I had just joined the military on a enlisted salary. The 375 dollars payments were just not worth it looking back on it, I could of invested it instead. But I did save well, and paid off the car in under three years. On a good note I still own and drive the car today and never bought another vehicle, it's 14 years old now and still running great with about 140k miles on it. Looking back it was more about buying a new car when I was not financially ready to really afford it, which is my main regret. However I feel I redeemed my self a little by not replacing the car, along the way I had temptations of always trading it in for something else. Glad I did not repeat the same mistake.
The worst purchase I made was buying a new 2002 Honda Accord EX at age 18 for 21k. I had just joined the military on a enlisted salary. The 375 dollars payments were just not worth it looking back on it, I could of invested it instead. But I did save well, and paid off the car in under three years. On a good note I still own and drive the car today and never bought another vehicle, it's 14 years old now and still running great with about 140k miles on it. Looking back it was more about buying a new car when I was not financially ready to really afford it, which is my main regret. However I feel I redeemed my self a little by not replacing the car, along the way I had temptations of always trading it in for something else. Glad I did not repeat the same mistake.
Re: Worst "Large purchase" ever?
My first wife...
Re: Worst "Large purchase" ever?
RV van. Bought it used for $19K, and thought it was a deal! It cost $50k new!
And then I put in $5k bringing it up to modern specs.
And $400 in insurance every year. And an $80 inspection and $70 registration each year.
We used it 3 times.
Now I'm looking for charities who will take it away, and having a hard time finding one....
And then I put in $5k bringing it up to modern specs.
And $400 in insurance every year. And an $80 inspection and $70 registration each year.
We used it 3 times.
Now I'm looking for charities who will take it away, and having a hard time finding one....
Time is what we want most, but what we use worst. William Penn
Re: Worst "Large purchase" ever?
i'm currently in the process for buying a van rv(roadtrek). however i waited until i retired so i could use it.bhsince87 wrote:RV van. Bought it used for $19K, and thought it was a deal! It cost $50k new!
And then I put in $5k bringing it up to modern specs.
And $400 in insurance every year. And an $80 inspection and $70 registration each year.
We used it 3 times.
Now I'm looking for charities who will take it away, and having a hard time finding one....
i learned my lesson with the park model rv and site i was hardly ever at.
rv's and boats have a similiar issue-although there is a cost-you need free time to use tham.
Re: Worst "Large purchase" ever?
In ground pool. Used it a lot for a few years, now it is a big expense(chemicals, electricity) that we use occasionally. We could have gone to Hawaii 4 or 5 times for what the pool cost + expenses over the years.
"Confusion has its cost" - Crosby, Stills and Nash
Re: Worst "Large purchase" ever?
new car A = $12k (after rebates)Rexindex wrote:What was your worst large purchase ever over $10,000 ? One you realy regret?
new car B = $17k
chose car B because it had better acceleration.
was that $5k extra worth the additional fun of better acceleration?
9 yrs and 150k miles later, I still don't know.
$5k worth of hookers and blow would probably be more fun.
altho in reality, that $5k would probably just sit in the bank/I-bonds.
Edit:
hm.. just realized that $5k is 40% of the 12k car.
I spent 40% more for a car just for better acceleration?!
Last edited by Gambler on Sun May 25, 2014 9:38 am, edited 2 times in total.
"Always be thankful for what you have no matter how much or how little" -EternalOptimist
Re: Worst "Large purchase" ever?
My science degree was an excellent investment.
Neither of my cars cost as much as $10K.
I have sunk thousands into various house maintenance projects, esp. since my first house was an old one, but I don't regret those.
I'm not much for jewelry.
I am in a get rid of paper books mode. I regret the time this takes, but there used to be no alternative, so it isn't exactly wasted money, just not as useful as I'd expected.
Neither of my cars cost as much as $10K.
I have sunk thousands into various house maintenance projects, esp. since my first house was an old one, but I don't regret those.
I'm not much for jewelry.
I am in a get rid of paper books mode. I regret the time this takes, but there used to be no alternative, so it isn't exactly wasted money, just not as useful as I'd expected.
Re: Worst "Large purchase" ever?
Enron stock...$1 per share...Cant get any lower than a buck, can it? $17K gone with the wind...
Summit
Summit
“Got my mind on my money, and my money on my mind!” Snoop Dog
Re: Worst "Large purchase" ever?
This thread is now in the Personal Consumer Issues forum (how you spend your time and money).
Pha430 - Welcome!
Pha430 - Welcome!
Re: Worst "Large purchase" ever?
Two purchases, not sure which one I regret more. I regret each for different reasons.
1. Graduate school. It cost me $70,000 - $80,000 (not entirely certain without looking back at loan docs), wasted three years of my early-mid twenties, lost earnings during those years, tied me into I career I hated, spent an addition 5 years in said career until I could find a way into another, better career track, etc. I chose grad school because the economy was bad when I finished undergrad and, well, I didn't really have anything better to do. I wish I had instead taken a year off and spent a fraction of the cost hiking the PCT or traveling around the world on a student's budget. I probably would have come back more enriched and with a better idea of I wanted out of life. And with less debt.
2. Bought house in fall of 2006. Sold in summer 2009. Do the math. Oh, and our monthly mortgage and insurance costs were significantly higher than what it would have cost to rent the same house. So we "lost" money on a monthly basis while living there, and we lost a lot more money on the buy-sell transaction. This regret was pure dollars and cents (sense?). But we have since recovered and learned a lesson or two about house buying.
But I try not to get tied up in regrets. At the end of the day I have a healthy, happy family. I'm in a great career and well ahead of schedule to retire at 50. Who knows if I'd be in this same position today had I not made those mistakes in prior years. Life is funny like that.
1. Graduate school. It cost me $70,000 - $80,000 (not entirely certain without looking back at loan docs), wasted three years of my early-mid twenties, lost earnings during those years, tied me into I career I hated, spent an addition 5 years in said career until I could find a way into another, better career track, etc. I chose grad school because the economy was bad when I finished undergrad and, well, I didn't really have anything better to do. I wish I had instead taken a year off and spent a fraction of the cost hiking the PCT or traveling around the world on a student's budget. I probably would have come back more enriched and with a better idea of I wanted out of life. And with less debt.
2. Bought house in fall of 2006. Sold in summer 2009. Do the math. Oh, and our monthly mortgage and insurance costs were significantly higher than what it would have cost to rent the same house. So we "lost" money on a monthly basis while living there, and we lost a lot more money on the buy-sell transaction. This regret was pure dollars and cents (sense?). But we have since recovered and learned a lesson or two about house buying.
But I try not to get tied up in regrets. At the end of the day I have a healthy, happy family. I'm in a great career and well ahead of schedule to retire at 50. Who knows if I'd be in this same position today had I not made those mistakes in prior years. Life is funny like that.