Someone I know, to keep with his neighbors who were relatively wealthier managed to borrow some money from some credit union and bought a new car. When the time for paying back the money came, he didn't have it and since then he's been having some really serious financial problems. All this could have been avoided if he hadn't tried to buy something which he couldn't afford. Many people make the same mistake. Even if you have the money saved up, unless you really need something which is rather expensive, there's no need to buy it. To save money and avoid being one of the many people who are drowning in debt, buy not something you can't afford or don't need. Trying to keep with the Joneses will only land you in trouble.