Buying a new big ticket item

July 28th, 2012

Last week a friend and I bid on an investment property in Los Angeles.  We didn’t think it was worth the asking price but overbid, anyway.  The accepeted offer and backup offer were almost $100k over asking.

Ridiculous.  I’ll shocked if it appraises at that.  But this is LA

Now my beloved Lexus is showing signs she may be on her way out.   I love the car.  When I bought it, the make and model was my dream car.  In 14 years, I haven’t found another dream car.  Worse this car has less than 115k miles!  Its engine should go another 200k miles.  Do I repair or buy new?

I’d rather have money for travel, adventure and my collections, not car payment and insurance.   Yet if I buy a car now, I expect it will be my last car.  If I buy a house, I expect it will be my last house.  Ugh, what to do?

How do you decide which big ticket items to buy?

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