Woman Regrets $1,400 Monthly Car Payment, Gives PSA to Others about Buying New Cars

It's no secret that car salesmen will ruthlessly attempt to trap you in a dealership and play a mental war of attrition to try and squeeze every last dollar out of you while you're kept waiting at the dealership. Their job is to suss out how badly you want a car and how much money they can make off of you based on how badly you want said vehicle.

One woman, who loved her Chevy Tahoe so much, was roped into paying a whopping $1,400 a month for the thing. Now, while Tahoes are nice vehicles, that's a high-end luxury vehicle amount for the car — she could've been rolling around in something way more pimptacular for that amount of green.

Blaisey (@theblaiseyarnold) says that she financed her Tahoe for a whopping $84,000 when she went to go about buying it. The highest-end Tahoe, fully tricked out, retails for a whopping $76,000 MSRP, and those are prices that are meant to be negotiated down.

For comparison's sake, she could've easily gotten herself a BMW M5 for the same amount of money, or a Benz, or a Tesla Model S, or tons of under $90,000 vehicles if she was willing to spend that much a month.

She did say that the Tahoe was her "dream car," but that doesn't mean she has to fork over dream car prices.

To make matters worse is that anyone who knows anything about compound interest knows that her paying these amounts off is a tall order, because her $1,400 a month payments weren't all going towards the principal of the car. After 3 years of $1,400 a month payments, she only paid off around $10,000 worth of actual payments towards the car's primary balance.

Are you starting to understand why so many financial analysts call purchasing a brand-new car one of the worst financial decisions a person can make?

Blaisey went on to say that her mind was blown that she paid $50,000 for her car but still owed so much more when it came to paying it off, again, providing yet another shining example why financial literacy needs to be taught in schools.

After three years of owning the vehicle, she said that she was getting rid of the car and taking on an auto loan that wasn't as turgid. She stated that a change in her mindset where she valued "materialistic things" less than she previously did is what prompted her to ultimately make this change.

"I could be using that money towards so many other things," she said, highlighting how she could be placing it in her savings or using it for a vacation rather than dumping it all into a fat car payment instead.

She went on to state that she was officially getting rid of the car, but didn't immediately detail how she was doing that in the video. Blaisey said that her new vehicle would be one she was going to buy in cash and that she wouldn't have to worry about the onus of a monthly car payment hanging over her head.

Blaisey went on to advise others against doing what she did as it was ultimately "not worth it," in the end. "Do not pay so much for something that is so irrelevant." She went on to say that keeping up with "trends" just puts you in a hole financially and strays you away from other things you could be investing your resources into.

"I cannot wait for the freedom. It might not seem like a big deal to some, but to me, this is a big deal, so if you wanna see what new car I'm getting, stay tuned because Friday I will be sharing that with y'all," she says towards the end of her video.

In an updated video, Blaisey showed off her new car: an Audi Q7 that she bought for, in cash, which boggled the minds of viewers who thought that she was simply jumping out of the frying pan and into the fire because they thought she could've simply taken the cash that was put towards the Audi into paying off the Tahoe.

What's more, is that Blaisey still had the Tahoe in this video as she didn't come up with a way for her to get rid of the car yet — she's on the hook for that car payment but says that she isn't going to make the payment anymore and doesn't care if it gets repossessed.

She also mused that because she has GAP insurance, which will cover the remaining balance between what she owes on the car and a total loss of the vehicle, she could simply let the vehicle get wrecked and/or stolen and just pay the insurance deductible and not have to worry about the car payment any longer.

Other users on the application who saw her clip were baffled by her candor in openly discussing insurance fraud. Some were truly just shocked that she went and dumped a whole bunch of cash into a new vehicle before getting rid of the Tahoe she got an awful deal on.