Recently my boyfriend of 3.5 years has been talking about buying a new car. Not just any car, but an Audi RS3 which costs over $370,000 for the latest model. He used to own a Golf R a few years back but sold that as it was causing financial strain, and he wanted to buy a motorbike instead. After selling his car his financial situation improved greatly and he currently owns an old runaround car, and a motorbike.
Well recently I got in a car accident where my car was written off, so I used it as an opportunity to upgrade. Using my insurance payout and savings I was able to purchase a nice little GTI which I’m thoroughly happy with. I am comfortable financially and the purchase hasn’t created any strain on my lifestyle.
Over the past few weeks my partner has become fixated on the idea of buying the RS3. I am not keen on the idea, as I think it is unnecessary, and he doesn’t have the funds to purchase it outright. I would prefer for him to save his money as we both would like to purchase a house in the next few years and I know a big car loan will affect our borrowing capacity when applying for a mortgage. We are currently renting and I am keen on us buying a house as soon as possible – although with the house prices it may take a while to save up enough of a deposit.
He’s applied for the car loan and been approved, which he’s ecstatic about and I’m very upset about. I am not the only person trying to convince him that he’s making a mistake – his whole family are despairing over this decision he’s made
Unfortunately, he has now been informed that he needs to pay an additional $2.5k upfront as the car must be insured before he takes ownership of the vehicle. Obviously, he has not budgeted for this and has no savings left. He has asked me to loan him the money and I have refused to state that I do not want to assist him to purchase the car which I believe is going to be a huge financial burden on both of our lives.
As angry as I am about the situation I do feel bad for refusing to help him out of his predicament, as I love him and don’t want to see him struggle.