I’ve made some stupid purchases in my life, but there’s one that I’m truly ashamed of and kind of embarrassed to share. It was my purchase, and subsequent return, of a brand new Mitsubishi Montero Sport two months after I started my first job out of college.
It was 1999 and I was in love with the new Sport body style and just had to have one. I rationalized it by telling myself I had made it through college successfully and had scored a job with the biggest firm in town, so I deserved it. Plus, I was traveling a ton with the new job and needed to get there in style, right?
When I got the SUV home the thoughts began to sink in of how dumb a purchase I had made. I was now almost 30k in debt on top of my student loans. My monthly insurance bill was going to be somewhere around $250 (the Montero Sports were rollover prone). Even though I felt this way, I kept the car a few days and even took it on a long road trip across the State.
After the trip I decided I’d made a mistake and needed to take it back. I called up the dealership and they told me to get lost. The owner of the dealership even left a nasty threatening message on my answering machine. I then called up my Dad who proceeded to call the dealership and tell them they were, in fact, going to take back the SUV. My Dad has a way of influencing people.
The part that’s still hard to swallow, besides the fact that I was 23 and had my Dad doing my bidding, is that I had given the dealership $1,000 as a down payment that I never got back. The exchange at the dealership of returning the SUV (now with almost 1,000 miles on it) and getting my old trade-in back were painful enough without me asking for my $1,000 back at the same time. So I just didn’t bother and thought I’d just do it later. Well, I was so embarrassed by the whole thing that I never went back to get the grand. So dumb. That $1,000 would now be worth around $2,500 had I invested it at 10% for the past 10 years.
So, now that I’ve confessed, it’s your turn. Share your dumbest purchase ever in the comments below…
Photo: by lloydkrimmus