More money than brains

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Nesikep

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Or at least more credit than brains.

So we have some city slicker neighbors who bought a holiday property next to us. they bought an Argo 8x8 so they could get up and down the steep gravelly banks to go to the river. It's a ludicrous thing that looks completely out of place, and isn't well built.. I doubt they have much over 100 hours on it and it's been in the shop 3 times.. Once the brakes failed seriously, another time the engine wouldn't run right, and I can't remember 3rd reason. Anyhow, that thing cost darned close to $22,000. I find that crazy, but I guess it does what they need it to do, they got a deal on the property, and they have several houses in the city, he's a construction contractor for high end homes.

However, their youngest son, barely 20, who works on a paving crew with his biological dad, probably makes around $20/hr, went out and bought a CanAm Commander 1000 side-by-side, and fixed it up with all the bells and whistles, and of course a trailer to haul it with... $25,000!!!!! This I consider total stupidity.. not only is the thing going to lose value incredibly fast, even if it doesn't get used, but the guy doesn't have any equity anywhere else. The thing is a month old, and I BET he already couldn't sell it for $20,000 if he only had 1 month to sell it (like a bank recalling a loan). Sure I think it's a nice rig, but I wouldn't spend 1/4 of that money on it... I can buy a good Dodge diesel truck, which does WORK for $5000.. If I feel like having fun and wasting money, I would just bash the truck up and take it any place that CanAm would go!
 
Consumer credit defined- spending money you don't have, to buy things you don't need, to try to impress people you don't like
 
Several guys around do exactly as you describe. Got buy one on credit and end up totaling it w/o insurance so they have to pay the loan even w/o using the toy or commit insurance fraud and report it stolen. Seen both happen.
 
I bet insurance fraud is the most common solution to it!

Bigfoot, that sounds like a Carlinism! and I completely agree with it.
 
He's 20, so let's assume he doesn't have a wife/family, nobody depending on him. If you were gonna blow some serious money just for a toy, that's the time to do it.
 
Hehe, the debt of that thing is going to carry into when his unborn (yet) kids enter school! He does seem to have a serious GF, they've been together a couple years. I agree it's about the best time to do it nevertheless, unless you do it AFTER the kids grow up (mid life crisis machines)
 
MO_cows":1mtwkot2 said:
He's 20, so let's assume he doesn't have a wife/family, nobody depending on him. If you were gonna blow some serious money just for a toy, that's the time to do it.

Should be buying durable goods like guns.
 
On the other hand, I got my Artic Cat from a guy who could not make the payments, a really good deal. I got one of my trailers from a guy that was raising cash to pay a bankruptcy lawyer. So let them buy the expensive stuff and just wait a bit. You might get a good deal and help someone out. If anyone is interested, I do have a 32 foot 5th wheel that I did my best to stop my wife from buying. I will be paying on it for a long time....
 
Unfortunately, People can't have common sense and brain power uploaded to them. A guy I worked for had a quad and decided he wanted a new fuel injected 700 kawasaki i think it was and wanted the big wheel kit and lift kit long story short his current quad he owed like 3700 so when dealer said son you dont have much credit but I will finance what you have left on the old 4 wheeler plus the12000 for your new one @ 21% that fool jumped on it like it was a deal. I asked why did you do that he said I can't let my friends 1 up me and women will like it.Being young and 20 you sure do foolish things.
 
Nesikep":1oebhfs8 said:
Hehe, the debt of that thing is going to carry into when his unborn (yet) kids enter school! He does seem to have a serious GF, they've been together a couple years. I agree it's about the best time to do it nevertheless, unless you do it AFTER the kids grow up (mid life crisis machines)

Brother was having a bit of a midlife crisis a couple years ago. Told me he was gonna get a sports car, a motorcycle, or a mistress. I told him to go w/ a sports car, the other 2 were too dangerous!
 

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