Net worth and type of car

[Anonymous]

We have enough money to buy any car but my husband is such a business guy that he hates buying stuff that loses a lot of it’s value as soon as it leaves the showroom. We, and our adult kids, now buy cars coming off 3 year leases that the dealers certify and extend the warranties. None of us drive 10,000 miles a year so it works out for us. We all own very nice cars but others paid the depreciation.

[Anonymous]

Anonymous wrote:Close to $8M. HHI of 700k

2019 Toyota Sienna
2018 Toyota Highlander

Super expensive cars are just dumb!

Those are expensive cars and you bought two within a year.

[Anonymous]

Anonymous wrote:We have enough money to buy any car but my husband is such a business guy that he hates buying stuff that loses a lot of it’s value as soon as it leaves the showroom. We, and our adult kids, now buy cars coming off 3 year leases that the dealers certify and extend the warranties. None of us drive 10,000 miles a year so it works out for us. We all own very nice cars but others paid the depreciation.

Neither of the bolded phrases make any sense. Apparently your "super smart MBA" husband throws around those terms and you say "ooh" ad "ahh" and smile at his wisdom, but those statements are nonsensical. A car losing value is only relevant to an asset that is intended to appreciate or be resold. And "paid the depreciation" literally makes no sense. None. Unless it is a business expense you can't depreciate a car for tax purposes.

Buy a book, girlfriend. And by all means please double check the joint tax return that your super duper MBA husband has you sign every year.

[Anonymous]

Years ago I had a pissing contest with C Level folks and traders on Wall Street who drove the crappiest car. It was NYC and most folks drove a "station car" to train lot one mile from house and left it there all day. No need for a good car.

It was 2008 and I won as I was driving a 1975 car with 140,000 miles to train station. But was surprising. The CEO making 5-10 million a year with a net worth of 50-100 million was driving a ten year old Ford Minivan to train.

I felt honored. A 33 year old daily driver was a big winner. I bought it used in 1992. Alas got totaled in 2012 after a mere 37 years of daily driving.

BTW the biggest winner in the DMV is some old guy I see in the Giant Supermarket in Potomac from River Road driving a 1982 K car he bought brand new with a rope holding bumper on to car.

[Anonymous]

NW of 3.5 million

We have a 3 year old Jetta and a 1 yr old Hyundai Palisade.

The Palisade is the fanciest car I've ever owned (I bought the fully loaded model) and I freaking love it. It's totally trying to compete above its class without the equivalent cost and they've done a great job of it. (Sorry to diverge from the focus - but that stupid car feels hugely indulgent and like a major splurge.)

[Anonymous]

NW: 750k

Car: 2018 Pacifica (minivan) - our only car

(Can you tell we’re 30-something parents of young kids still building our net worth).

[Anonymous]

45M; 2020 prius + 2017 BMW i3. typical cars in our neighborhood.

the i3 is fantastic for parking! One day we'll probably get an tesla or equivalent. We just rent an SUV when take road trips. I'm not dealing with a land rover on a daily basis. what a pain in the neck.

[Anonymous]

NW$2M, four year old Subaru Forester.

[Anonymous]

$1.7M
Tesla Model 3

The whole "I'm richer than Croesus, but I drive a car with manual locks and windows because I'm sooooo much smahhhter than you" is the most overplayed cliché on DCUM. If sweating in summer and shaking over 75 mph makes you feel better than the poors/nouveau riche, enjoy reaching over to let your husband in the car, sweetie. Let people live.

[Anonymous]

Me: not much money, not very nice cars.
Neighbors: less money, much nicer cars.

Reminds me of that commercial from about 10 years ago with the guy riding a lawn tractor, smiling, and talking about he's in debt up to his eyeballs.

[Anonymous]

Anonymous wrote:You can live in a car but you can’t drive a house. Boom. Go for the G wagen.

My good buddy who changes cars like underwear bought one a month ago and is ready to get rid of it. Honeymoon was way short and says he's now looking to ge a TLC as a daily. Currently he has 2 Porsches (365 & 911TTS), a baby hauler and a TRD pickup lifted pickup in his garage.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have enough money to buy any car but my husband is such a business guy that he hates buying stuff that loses a lot of it’s value as soon as it leaves the showroom. We, and our adult kids, now buy cars coming off 3 year leases that the dealers certify and extend the warranties. None of us drive 10,000 miles a year so it works out for us. We all own very nice cars but others paid the depreciation.

Neither of the bolded phrases make any sense. Apparently your "super smart MBA" husband throws around those terms and you say "ooh" ad "ahh" and smile at his wisdom, but those statements are nonsensical. A car losing value is only relevant to an asset that is intended to appreciate or be resold. And "paid the depreciation" literally makes no sense. None. Unless it is a business expense you can't depreciate a car for tax purposes.

Buy a book, girlfriend. And by all means please double check the joint tax return that your super duper MBA husband has you sign every year.

NP - you buy a car for $50,000 and six months later if you tried to sell it it would only be worth say $45,000. When a $50,000 car comes off a 3 year lease you can buy it for $30-35,000 and it’s as good as new especially if it’s certified with an extend warranty. The car has depreciated in value. So you get a great car at a very good price. I just bought a Porsche Macan that only had 6000 miles on it and it cost me $15,000 less than it cost when sold new 15 months earlier.

[Anonymous]

We have two homes and we keep two cars at both locations and it doesn’t make sense to us to have high end cars sitting unused for half the year so I have two Subaru SUV’s that are each 5+ years old and my husband has two nice used cars. In total it’s a lot of money in cars so we are not wealthy driving junkers.

[Anonymous]

Probably close to $1m now. 17-year-old Acura sedan. I drive maybe 6 miles/day (pre-pandemic) so I haven't bothered buying a new car.

[Anonymous]

Anonymous wrote:$1.7M
Tesla Model 3

The whole "I'm richer than Croesus, but I drive a car with manual locks and windows because I'm sooooo much smahhhter than you" is the most overplayed cliché on DCUM. If sweating in summer and shaking over 75 mph makes you feel better than the poors/nouveau riche, enjoy reaching over to let your husband in the car, sweetie. Let people live.

I've got happy news for you--the cars listed in this thread have a/c, automatic locks, and can probably go over 75 (although how much of that happens on roads around here, I'm not sure). Why feel judged simply because others have different priorities?