Should You Ever Borrow To Buy Things That Go Down In Value?

The short answer is no.

It’s best to skip borrowing money to buy things that will depreciate such as vacations, cars and clothes.

When possible, it’s best to pay cash for cars because when you borrow, you’re paying someone to temporarily use their money.

If what you buy with that money goes up in value that’s a smart financial move because essentially you get richer. If it doesn’t, you’re getting poorer. Even worse, if you can’t pay it back on time, you get a credit score takes a hit.

By clicking submit, I authorize Wallet Monkeys and its affiliated companies to: (1) use, sell, and share my information for marketing purposes, including cross-context behavioral advertising, as described in our Terms of Service and Privacy Policy, (2) supplement the information that I provide with additional information lawfully obtained from other sources, like demographic data from public sources, interests inferred from web page views, or other data relevant to what might interest me, like past purchase or location data, (3) contact me or enable others to contact me by email with offers for goods and services from any category at the email address provided, and (4) retain my information while I am engaging with marketing messages that I receive and for a reasonable amount of time thereafter. I understand I can opt out at any time through an email that I receive, or by clicking here.