I think I have a condition of what is called “The Buyer’s Remorse”. It’s when you make a big purchase and then regret it later. They say that it’s typically a mental issue where you’re excited and pumped up about making a big purchase and then realize that it’s not as fun as you thought it would be owning it, most likely due to the high cost.
When I bought my Nissan Rogue a month ago, I was pretty excited. But as soon as I signed the papers and drove off the lot, the excitement just left me. Actually, I was even a little depressed. I figured I just have a mild case of the Buyer’s Remorse and that it would simply go away on its own, but even after a month later, I still don’t feel very happy about the purchase. Don’t get me wrong. The car runs great, but I just don’t love it as much as I thought I would. So, what do I do about it? I came up with 3 choices:
- Sell the car now and lose couple thousand dollars.
- Drive the car for 2 years and then sell.
- Keep the car and just suck it up!
1. Sell The Car Now
The total purchase price, including tax and tags for the car was $22,202. According to Kelley Blue Book, the private retail value with 2,000 miles is $19,500. If I can sell it to an eager buyer for $19,000, I would lose over $3,200, which basically was the trade-in value of my old Mazda6. I’m not sure if losing that much money is worth it. After all, I am getting married in a few months so I need to be more smart with any financial choices I make from here on out.
2. Sell The Car Later
The second option is to drive the car for some time and then sell it later if my feelings don’t change about the car. I can drive it for 1 year and then sell it for $18,225, assuming I drove 15,000. If I can sell it for $18,000 then I would lose $4,200 + $400 in interest payments. My effective monthly payment for one year would be $4600 / 12 months = $383. When calculating my effective monthly payment for option 1, it would be $3,200. So you can see that the monthly cost would come down dramatically after 1 year. But let’s say I sell this car after 2 years. If I put about 30,000 miles in two years, my Rogue would be worth $15,880. If I can sell it for $15,500, I would lose $6,700 + 700 in interest + 500 for 30k mile service cost. Then over 24 months, the average effective monthly payment would come down to $329. It starts to make more sense. Also, before 30,000 miles, there are no major repair work to be done, except the 30,000 mile service. After 30k miles, you have to start thinking about other maintenance and repair costs such as new tires and brakes. So if I’m going to sell the car, I want to do it before 30,000 miles.
3. Just Keep The Car
The last option probably makes the most sense. I just need to get over the depressed feeling about the car and just suck it up. I already bought the car and it’s already under my name. The car is fine and runs great. It takes me from point A to point B without any problems. Gas mileage is pretty good at 24-25 mpg. There’s nothing I need to worry about it. If I drove the car for the next 7.5 years, as I did with my Mazda6, trade it in for $3,000 as I did with my Mazda6, my effective monthly cost would then be about $262 over 90 months, assuming the same maintenance and repair costs as my Mazda6. It’s also possible it could be lower if I drive it longer than 7.5 years or even the much sought out 200,000 miles!
So, with the given choices, which one do you think is the best option for me? Have you had Buyer’s Remorse? Did it eventually go away or did you look at your purchased item in a resentful way every time you look at it?