I've never understood why every student in the country doesn't get a basic personal finance/economics course prior to graduating high school. Lots of those kids either already have a job, and/or are planning taking on a massive amount of debt (college loans) or maybe both. This course also shouldn't be taught be they default teacher with some extra time (looking at you, head football coach). Rather someone well versed, who isn't going to mention either the Lottery or church.
Now a car, it shouldn't be an emotional purchase (I'll note my own hypocrisy here). "Want" is a terrible word. Buying a brand new car/truck/suv is buying on an immediate, drastic depreciation curve. 25% leaving the lot, and worse for some brands (go check out 1-2 year old used Maseratis sometime). The dealers, who are parasites of the lowest order, will jump on those emotions, tacking on the most bullshit "add-ons" like window etching, door guards, "paint protection", $700 window tint, $500 floor mats, all of which can add up to a few thousand bucks. The loan terms extend beyond the warranty**, so when even minor things go wrong, you can add expensive fixes to your monthly note expenditure. That is, of course, along with regular maintenance like oil changes*, tires, battery, lights, etc. Oh, and get a full insurance quote before shopping for any car, new or used. You might be shocked by the new premium.
Recently, a friend of mine was quoted over $200 at the dealer for two generic wiper blades, installed. I went to the local Autozone, bought a very nice pair for around $40 and installed them for her in 10 minutes. The dealers suck.
All of this plays into the "underwater" trade in.
*Non-EV
**Not that coverage under the terms of the warranty is going to be acknowledged, not without a fight at times.
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