Last December I convinced my wife of a poor financial decision (obvious now) and bought a used BMW for about $30K ($400 monthly pmt). I have always been a huge car fanatic and I really enjoy this vehicle still every time I drive it.
I don't want to put you on the spot, so please pass on this if it's uncomfortable, but would you mind adding a little more about what led you to buy the BMW and then what later led you to realize the mistake?
I'm going to guess that the initial decision was quite emotionally driven, likely caused by marketing that really touched you.
In hindsight, do you think the car purchase was a poor financial decision (i.e., the value or cost of the car was different than what you originally projected) or a poor buying decision that was created by marketing or advertising?
I have done a fair amount of research and it seems that what most consumers call poor financial decisions are really poor consumer / shopping / buying decisions that end up as a financial burden. As opposed to a financial investment (stocks, real estate, business ventures) where the research was sound but that that went bad anyway due to market gyrations contrary to the forecast.