First off, let me tell you that buying a car in the post-pandemic, supply-chain issue world is odd. I never thought that I would have to order a car that didn't end in Rari or Ghini, but here we are. Let me tell you what I went through to get a new car and how it has helped me realize something. Read on to find out what.
Last year we sold our second car since we both work from home; one stayed in the driveway until the other was out of gas, then we'd switch. That led to one very expensive trip to the pump. Fast forward six months and the original car we ordered has been delayed until late next year and winter sports season is about to kick off. We needed to be in too many places at the same time so we are in need of a second ride.
Used car prices are insane. To buy a lesser version of a 2017 car I owned with 80,000km on it would cost me more than it did when I bought it brand new in 2016! No thanks. We did some math and turns out that buying a brand-new car is significantly cheaper than a used one right now. It comes down to one question: Do you want it now but pay more or can you wait and save some money?
Long story, we went to/called about 20 dealerships of all makes looking for a car that we could grab within a month or so. There was one encounter that stands out above all. We went to meet with a salesperson from Brand N. We were looking at their midsize sedan and were prepared to put down a deposit if we could make the monthly numbers make sense. Then Mr. Salesperson sat down in front of us and put his keys on the desk. The keys had the logo of Brand H on them. He didn't even drive the cars he sold.
That made me think of all of you. How much can you trust someone who doesn't use the products you are using? So I'm going to start outlining my own Financial House with all of you with reasons why I do or do not do certain things. I hope that my sharing what I do and why will help guide us all in setting up the right plan for you.
Kenneth Coombs CFP CHS RRC
Ken has worked in the financial services industry since 2005, is a Registered Retirement Consultant, and is a Certified Financial Planner. Ken has written financial planning columns and has been a guest on financial radio and podcast programs.