I've slowly but surely been climbing my way up debt mountain since I graduated from my medical residency in 2006. I was down to my last $9K on my LOC - I was so close to actual "money in the bank".
However, I couldn't resist and again spent money that I hadn't yet earned.
I bought myself a used 2004 BMW 745i for $25,000 + GST from a used car dealership. However, I'll point out a couple of things. The car was owned by the Ford dealership's manager. I spoke to him personally about the car and knew a lot about the maintenance habits. He was meticulous about his appearance and the same was true of his car. It was almost 6 years old but not a single spot of rust, not a single scratch or dent and not a single rock chip which is almost unheard of in Edmonton due to the amount of sand and gravel used in the winter on the roads. The other thing was the carproof was pulled and was spotless. The mechanical inspection performed at BMW Edmonton revealed no deficiencies.
Hopefully this car will serve me as well as my last used car purchase (which was a 1998 Camry bought in February 2003 and driver for 6.5 years and 100,000 kms without a single breakdown - just usual maintenance and wear and tear. I'll now pass it onto my brother-in-law who has been asking for the car once I found myself a new car to buy.). As was the case last time I hope to keep it for 5-7 years and then sell it for about $8K.
Anyhow, slam away at my conspicuous consumption - I deserve it.
However, I couldn't resist and again spent money that I hadn't yet earned.
I bought myself a used 2004 BMW 745i for $25,000 + GST from a used car dealership. However, I'll point out a couple of things. The car was owned by the Ford dealership's manager. I spoke to him personally about the car and knew a lot about the maintenance habits. He was meticulous about his appearance and the same was true of his car. It was almost 6 years old but not a single spot of rust, not a single scratch or dent and not a single rock chip which is almost unheard of in Edmonton due to the amount of sand and gravel used in the winter on the roads. The other thing was the carproof was pulled and was spotless. The mechanical inspection performed at BMW Edmonton revealed no deficiencies.
Hopefully this car will serve me as well as my last used car purchase (which was a 1998 Camry bought in February 2003 and driver for 6.5 years and 100,000 kms without a single breakdown - just usual maintenance and wear and tear. I'll now pass it onto my brother-in-law who has been asking for the car once I found myself a new car to buy.). As was the case last time I hope to keep it for 5-7 years and then sell it for about $8K.
Anyhow, slam away at my conspicuous consumption - I deserve it.
