Debt Kid is running a new contest on his blog. The prize will be a Nintendo DS Lite, which happens to be his dumbest purchase ever. I thought I’d play along and share my dumbest purchase.
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 $2500 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