What The Forced Sale of My BMW Can Teach You About Money
The subsequent car that was donated to me by family can teach you a lot too.
I used to believe in the luxury car dream. Not anymore.
(Before you call me entitled, or lucky, or special, I realize it’s a privilege to own a BMW and it says a lot about the asshole I used to be.)
In 2009, I had the flashiest, nicest baby blue BMW you’ve ever seen. It had beige-colored seats with black trimming and a sunroof. It was paid for by the business I helped create and it was leased.
In 2011, I left that business behind and was broke. I was forced to sell the BMW, and imagined everybody would want it. It turns out that baby blue cars with beige seats have a very low demand. The resale value is terrible.
After selling the car to a nineteen-year-old girl dying to use her father’s credit rating to obtain a new image, it was gone. All that was left was for me to pay the enormous gap between how much I got for the car and what was left on the loan.
As soon as the money was paid and the paperwork was settled, the debt was gone and I had nothing left.
I started a new job working in a call center and borrowed my parent’s car for the first few weeks. It became…
