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Money Drain: $18,000 Lost Because I Needed An SUV

After the birth of our newborn, I convinced my husband that we needed a safer vehicle. We bought a brand new SUV that we absolutely couldn’t afford, in fact the payments were more than our mortgage payment. We manged to get by for about 18 months with this new payment but eventually fell behind on them. The car was repossessed and sold at auction, leaving us with a debt of $18,000 that we still had to pay.

Submitted by: Stacey

Lesson Learned:
Wanting your baby to grow up in safe environment should also include a safe and stable financial situation. There are plenty of used vehicles you can get that are appropriately safe for a newborn, or any children, and at a fraction of the cost. We want to raise our children to grow up and make sound financial decisions, which includes not buying something big and new that we know we can’t afford, just because we feel like we need it.

Amount Flushed Down the Money Drain: $18,000+

About Crystal Groves, Google+

Crystal Groves is a farmer, web developer, musician, blogger, and personal finance enthusiast from the back hills of Maryland and Pennsylvania. She started Money Drain as a project to encourage people interested in fixing their financial situation to share their stories and learn from the stories of others. We all make mistakes, but in order to change we have to make changes.

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One Response to Money Drain: $18,000 Lost Because I Needed An SUV

  1. Pingback: Money Drain End of Month Report: October 2011 | The Money Drain

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