Personal Finance

4 Times When Buying Expensive Things Might Not Be Worth It

Some people like the idea of buying expensive things because it feels like a status symbol. Other people like buying costly things because there is supposed to be an improvement in the quality of a product. However, there are going to be times when buying expensive things may not be worth it. It’s essential to understand the context of certain kinds of purchases so that you aren’t disappointed later. Also, having expensive things means there is the potential for financial loss if there is damage or theft.

Think of the few times that the dollar value of a purchase might end up being a negative. Purchasing an expensive vehicle makes a lot of sense until you get into a car wreck. Buying fancy clothes is fantastic until you spill coffee on them. Getting an expensive watch is a huge status symbol, but then you can become a target for thieves. And purchasing expensive kitchen gadgets often means that you have a paperweight stored in a cupboard that doesn’t look too good regarding cost per use.

Expensive Vehicles

There are some excellent reasons to purchase an expensive vehicle. Sometimes the quality is higher. Sometimes it’s a more comfortable ride. Sometimes more expensive cars are the ones that are larger so that you can fit your family inside. The trouble is when you get in a car accident. All that value gets taken down exponentially because of small amounts of damage. A fender bender or even a scratched paint job can cost thousands of dollars because of the original expense of the vehicle.

Expensive Clothes

As people get more money, they often want to buy luxury clothing. They feel like it’s a way that they can show that they have achieved a degree of financial success in the world. The trouble with expensive clothes, though, is that they can cause psychological trauma if something happens to ruin them. If you have a costly outfit on and get caught in a rainstorm, there’s a good chance those clothes can be ruined. You have to ask yourself if high fashion is worth it at that point.

Expensive Watches

One of the most prominent status symbols that you can purchase is when you buy an expensive watch. Especially if you get in the category where you feel like you can buy a Rolex, that means you’ve made it in the world. The trouble is that having expensive status symbols like this often makes you a target for theft. You did not buy this watch so you could tell what time it was. You purchased this watch so people would know you had money. Because of this, thieves can target your sense of ego.

Expensive Kitchen Gadgets

It can be a lot of fun to collect expensive kitchen gadgets. The thing is, you only do so much cooking. Most people that want to gather these specialty appliances don’t use them very often. That means that you are putting down a lot of money for something that is going to collect dust.