Should I stop my friend from making a bad financial decision?

Question

If I let my friend make a bad financial decision, am I an enabler? He wants to buy my old car. It has 200,000 miles, and several things wrong with it. He already owns 3 cars, all of which are old, and in need of repair. I keep telling him to sell all of them, and get a newer car that works. I have even made charts showing how it will cost less. He won't listen to me. He just keeps repeating, "I can't afford a car payment". Should I let him buy my car? Or should I tell him "No, I won't let you make another bad decision".

Answer 1

My ex-girlfriend and I had simular discussions over my 4 old cars. Now I have 1 car and I have more money in my pocket to spend on other things.

Your friend is going to do what he wants to do. It's simular to and alcoholic, he needs to learn from his mistakes. Maybe someday he will get tired of spending money trying to keep these old cars running.

But no one can make him change his mind until he decides.

I know you have tried the chart thing, but try it this way if you haven't already. Have him write down every last dollar he has spent on those cars during the last year. Include gas, insurance, licensing fees, repairs, regular maintainance and anything else you can think of. Then divide that dollar amount by 12 and that gives you an average monthy cost to own those old cars. I would bet he is spending over $200 per month right now. Back when I did this exercise with my cars I was spending about $300 a month.

Show him that for less than $300 per month he could drive one $10,000 newer car with less miles, better gas mileage and more reliability.

Be sure he knows that he doesn't need to buy a brand new car. Anything from the year 2000 or newer would be fine.

But in the end only he can make the choice. If he buys the old car then at least you know that you tried. Good luck.

Answer 2

Your friend is an adult so write down everything thats wrong with it and put on there that your selling it to him as-is then make him sign it. If something goes wrong show him the paper he signed and say... Oh well!

Answer 3

Ask your friend why he wants to buy your car. Tell him whats wrong with it as well as why you don't feel that he should have yours added to his "collection".

Answer 4

30 years later --i say yes i have finished a fe of my old junkers ----i still have my favorite old junker 2 divorces 5 kids later 69ss camaro --i paid 150.00 for it when i was 14 --we know its worth more now.and my lil company makes me about 230g a year and my daily driver is a 93 chevy p/u --some folks like yugo's some like labs --or mazzis-not your call
and he knows the risk of buing old cars -----

Answer 5

Sell him the car. Having advised him of its faults, you have more than discharged your duty of disclosure.

Answer 6

unfortunately, all you can do is advise... or MYOB so you don't annoy him...