Here’s one way of looking at what we are doing, and how ridiculous it is.
We are a family that needs a car. We have a car. It is not the best car, sort of middle of the road. It gets us there and back, sometimes breaks down, but overall it is adequate. Other families have better cars, faster, more roomy, and so on. But ours is the most luxurious by far.
However, it is also the most expensive by far. Perhaps even by multiples, compared to the more economical cars that are doing a better job than ours. Our monthly payments also carry a hefty interest charge.
We have come to the realisation that we cannot afford the payments on this car. Everything we earn is going into paying for this car.
So we look for a different way to finance this car. Clearly our current payment plan is the problem. We can ignore the gas consumption (oh, this car needs special gas, ten times more expensive than the ordinary gas that other families buy), we can ignore the astounding cost of the special tires which don’t last very long, we can ignore the sky high insurance premiums that we have to pay, we can ignore the high salaries that this car’s mechanics charge, and the multimillion dollar equipment that they have to have to test and fix the car.
There just has to be a better way to finance the ownership of this car. There has to be.