GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
Looking back, Markthinks he made a huge mistake buying a new car heres why.
However, things didnt go as expected.
Several additional costs come with this purchase from insurance to maintenance, repairs and gas.
Im burning through my retirement savings faster than I ever imagined, Mark said.
Lifestyle Incompatibility
When youre retired, your lifestyle changes.
If you enjoyed driving before, that could change.
He no longer enjoys driving for long hours.
When I drive, Im just going to the grocery store or meeting family and friends, he said.
The costly features and performance of a new car now feel unnecessary for Marks occasional errands and trips.
I spent thousands of dollars on a car I barely drive now, he said.
Other Alternatives Might Be Better
Once youve decided to do something, nothing can stop you.
This was the case for Mark.
He didnt think about other alternatives that could have saved him money, and he now regrets it.
I wish I had considered options like leasing the car instead of purchasing a new one, Mark said.
He said he feels ride-sharing would have met his current transportation needs without emptying his wallet.
More From GOBankingRates
Share This Article:
