I have to say goodbye to a dream. I dream of restoring a 1992 Honda Civic. A simple car that belonged to my mother. The car was later handed down to other family members. The car was badly maintained by the time I took notice of the car. The car was abandoned and it was in a bad state.
I believe in the power resurrection. Everything should be given a second chance. Yes. Even a car should be given a second chance. I dream of restoring the car so that it can stay with the family and let my parents continue to enjoy its service.
I have spent more than half a month’s pay on this car thinking that I can get it back in order. The more I spent on it, the more problems it has. The budget for this car quickly run dry and there is no ending to it.
Today I have to pull the plug. The money spent, the expectation, the dream. I have to turn my back and walk away from the car.
Am I a quitter? Definitely yes.
It has exceeded my budget. A car can be a bottomless pit. Especially an old car. Since the car repair cost has exceeded my planned budget. I have no choice but to pull the plug.
How about the money that I have spent? Let it burn. At this stage, I have to watch out for Sunk Cost Fallacy. The mistake that many people make is refusing to let go of the money and time spend. Thus by throwing more good money at bad money. Eventually, it digs into a deeper hole further making the person difficult to cut the loses.
If I do not cut the loses. I would probably have spent far more than I can afford to get the car in working order. Obviously, it is an amount that I cannot afford. There is also the opportunity cost that I have to consider. The money spent on repairing the car could be better spent on a family holiday.
This is life. What we dream. What we wish and hope may not always come true. Built in a trip wire in your decision-making process. Set a limit or a trigger point. When an incident triggers the trip wire, you will need to take action. In this case, I have used the budget as a trigger. When the car repair exceeds the budget, I have decided to cut my losses.
Life is too short to get tangled up by attachments or lost cause. It is only by giving up, we can learn how to move ahead.