I WROTE AN ARTICLE in 2019 titled Mercedes and Me. It was about my 52-year quest to fulfill a promise to my father—one I’m sure he never even remembered. My promise: to buy a Mercedes, a vehicle my father sold for many years but could never afford, even at dealer cost.
In 2014, after 10 years of diligent saving, I achieved my goal. I paid $60,000 in cash to make good on my promise and to fulfill my dream.
Now, the car is nine years old. It’s been driven 118,000 miles, including three cross-country trips, on one of which I recklessly reached 115 m.p.h. As best I can determine, the car is worth $12,000 to $14,000 today. It isn’t hard to see that buying the vehicle wasn’t a good financial move. Even I know that.
My wife and I are talking about getting a new car. Yup, another Mercedes.
Do I need a new car, let alone a Mercedes? Of course not. My wife has a three-year-old car with just 18,000 miles on it.
Do I, at age 80, deserve a new luxury car? Nobody deserves such a thing.
As you might gather, I’m trapped between emotion and common sense. Not long ago, I wrote about why emotion-driven spending is risky. Yet here I am, struggling to follow my own advice.
In the greater scheme of things, a discussion about buying a car with a price tag close to the national median household income is ludicrous. In fact, as I write this, I’m sitting in our vacation home—another costly luxury and another emotion-drive purchase. My realization: This debate I’m having with myself about purchasing a new car isn’t about the car at all. Rather, I’m trying not to feel guilty about what we have, even as I also try to avoid turning into a money-obsessed Scrooge McDuck.
Yeah, it’s valid to say I earned what I have. But that doesn’t help. Most people earn what they have, many working a lot harder than I did. The truth is, I’ve been fortunate my entire life, and I didn’t earn that good fortune. I lost just one job since graduating high school. It was my first job—and it had only lasted a week.
Sometimes, working hard isn’t enough. Illness, divorce, layoffs and more can throw our financial lives off track. I see this with my four children. Like most Americans, they’re trying to cope with medical bills, upcoming college costs, saving for retirement and paying everyday expenses. They all work hard, but serious illness and job interruptions have hurt a couple of them.
Read the rest of the story and the scores of comments on HumbleDollar.com
We can’t control what others do and we can’t stop misfortune from striking. But we can control our own actions. Those who are financially prudent will most likely enjoy success, even if events don’t always go their way.
QUINNSCOMMENTARY 
What a waste of money, keep the cars you have and donate the money to charity, at least then you get a tax break.
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During the covid crisis my wife and I decided it was time to replace two of our three vehicles. First, we purchased an Acura RDX at dealer’s list price. Second, my wife had her heart set on a new Subaru Crosstrek in gray color. Due to the shortage of vehicles in the middle of the Covid crises it took about six months of surfing the internet to find the exact Crosstrek from a dealership within driving range. My wife had her heart set on the Subaru Crosstrek, especially in gray, her favorite color. Visiting the dealer, we found the exact car. I knew when I saw the car in the back lot that I was going to make this purchase. The mark-up this time was $3,000 over the dealer’s invoice. In my mind, I knew I was going to pay the piper as this could be that last car we buy. I hope not, but it could be.
Returning to the salesperson’s desk I questioned the $3,000 mark-up. Naturally, he had to check with the sales manager to see if there could be an adjustment on the mark-up. The salesperson stated that if we could fully pay for the car that day they would shave $500 off the $3,000 mark-up. The deal was completed .
Today, we are both loving our beautiful Subaru, Crosstrek. In fact, I like driving it more than the more expensive Acura, RDX.
Go ahead and enjoy yourself!! So, you die leaving a few dollars less in the kitty.
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I wouldn’t. But then I never promised my father, or myself, anything. Also, my primary requirement for cars has always been reliable, inexpensive, practical transportation. Two things,
1. If a Mercedes was $60,000 nine years ago, what is a new one now?
2. It’s still relative. Most people would consider you successful today. If you have a good pension and say, one to three million in investments, for example. Good for you.
If, on the other hand, you had thirty million or more in assets, screw the Mercedes. You can do much better.
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Pick up trucks. Hot topic on Humble Dollar.
We needed two vehicles for work commute. A pick up was logical choice for the second vehicle. But a (practical) “full size” pickup in 93 looks like a a toy truck in the parking lots today.
I gave mine to my grandson when we downsized. He has a nice, newer truck that gets seven mpg.
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Go for it. It’s almost certainly going to be your last car – you earned it.
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If you have the itch, scratch it. We don’t live forever. Looking at the comments section on Humble Dollar, you mentioned your dad eventually could afford a Studebaker Lark. My first car was a used Studebaker Lark and I was as proud and happy with that vehicle as any I’ve owned.
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Yo brother at this stage of life buy the car and enjoy!!
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Richard, if you want to buy a new Mercedes, even at age 80 – go for it! You worked hard your entire life supporting your family and putting all your kids through college. God knows you sacrificed. Do not feel guilty about all your accomplishments. My only caveat, if the Mrs. says “NO!” then you know the obvious answer. But if she, as I believe she is, leaving it up to you, Go for it! It appears you have made sound financial decisions thus far in your 80 young years. Continue to trust your judgment!
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