Where does this notion come from that wealthy people don't drive nice cars?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:These threads are hilarious. The circle jerk of “old money drives beater Hondas” is quintessential dcum.

All a cope by strivers still paying off their student loans. The 2013 Honda is gone from the driveway the day they inherit some cash or get a huge promotion.

That’s what I’m thinking too. Spend time at any DC private, in any nice neighborhood, etc. - mostly fairly new luxury vehicles. And I don’t want to hear that they are all drowning in debt or fools - I can assure you they are not. But it certainly sounds like you want to convince yourself they are.

Yep, people who live in $3M+ houses can usually afford luxury cars.

[Anonymous]

We are mid 40 couple with 6 mil networth, 1 mil hhi. ( in case anyone ask this common question; we are w2 employees, just made this amount 8 years ago, before our income was less than 6 figure and we moved from another country so we had no prior retirement account with employer match or whatsoever) We love reliable Japanese car.

I think you should spend on what you love and make your life meaningful.
We spent a lot traveling and scuba diving like 50k a year. If yours is cars then so be it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I struggle to think of anyone I know who is truly UMC that drives a really old car or even a non-luxury car. Some have restored 90s era Broncos or older Land Cruisers but no one is driving an old, or even a new Honda.

My in-laws ($25M+) just bought a new (loaded, I will admit) RAV4 as their primary car. They also have a 10 year old CRV for the rare occasion they to go different places at the same time. I posted earlier that DH and I have an old Acura sedan and a newer minivan. It’s more common than you think.

Do they openly talk about their net worth?

[Anonymous]

I don’t care about cars. It doesn’t matter how much money I make. I’m still not going to care about my car. I could walk in and buy a car with cash, if I wanted. I just don’t care to and it’s a hassle. There are plenty of non-car wealthy people out there.

[Anonymous]

We're very well off and drive two very old cars. Not only do we not care you can't keep cars nice around here at all with the psycho drivers so what's the point? Beaters it is!

[Anonymous]

Anonymous wrote:Maybe not 13-year-old beaters, but I do see a decent number of rich people with newer cars from regular, non-luxury brands. Like if you are a creature of habit and you don't care for luxury cars and you like the Honda Civic, you'd get a newer one.

I know a lot of super rich but practical folks in Silicon Valley who do this. Think regular model cars from Honda, Chevy, Toyota, etc. but not beaters. Replace them every 7 years or so.

[Anonymous]

Anonymous wrote:I live in Cap Hill. I bumped into a guy who was visiting from India for work and was looking around the neighborhood on behalf of a friend who planned to move to DC. He asked about housing prices, and I told him - mostly in the $1-$1.5 million range in our area. He looked at me, looked at the cars parked on the street - mostly Hondas and such - and said, "In India, people who pay that much for a house would all have much fancier cars."

So yes, especially in certain neighborhoods, there are people who spend a much lower percentage of income on cars than they could afford.

If you're street parked in Capital Hill or Dupont or Old Town or Georgetown, it makes sense to have something that is 1. not that nice and 2. not large (so compact sedan or hatchback usually), because your car is going to get dinged by other people even if you are careful and great at parking, and because you'll want to fit the thing easily into street parking spots.

[Anonymous]

It's weird how some of you can't wrap your mind around the idea that there are different kinds of rich people and they don't all do the exact same thing.

#notallrichfolk lol

[Anonymous]

Where I am the practical choices seem to be Volkswagen suvs and Subarus, not so much Hondas.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I live in Cap Hill. I bumped into a guy who was visiting from India for work and was looking around the neighborhood on behalf of a friend who planned to move to DC. He asked about housing prices, and I told him - mostly in the $1-$1.5 million range in our area. He looked at me, looked at the cars parked on the street - mostly Hondas and such - and said, "In India, people who pay that much for a house would all have much fancier cars."

So yes, especially in certain neighborhoods, there are people who spend a much lower percentage of income on cars than they could afford.

If you're street parked in Capital Hill or Dupont or Old Town or Georgetown, it makes sense to have something that is 1. not that nice and 2. not large (so compact sedan or hatchback usually), because your car is going to get dinged by other people even if you are careful and great at parking, and because you'll want to fit the thing easily into street parking spots.

This. I have known people on the Hill with flashier cars but they either have garage parking (a rarity on the Hill) or deal with problems with their car. I've known two people who have had their car stolen for joy rides, ridden who knows where, and then deposited out in Maryland or elsewhere (and tracked down using GPS). It is unpleasant. It's honestly easier to have a car that is at least 5 years old and is "uncool" (we drive an 10 year old subaru Forrester). Most people on the Hill also don't drive that much anyway.

[Anonymous]

I don’t know where the notion comes from. I think the moral of the story is don’t judge a book by its cover. There are people who would wrap every cyber truck on the lot and be just as sweet and kind. And the polar opposite who don’t appear to not have a dime to their name, can be some of the prickiest, arrogant people. The vehicle they drive doesn’t matter…it could tell a totally different story than what we stereotype it to be. Granted most of the time these stereotypes track, it still helps to see them for who they are.

[Anonymous]

Anonymous wrote:I don’t care about cars. It doesn’t matter how much money I make. I’m still not going to care about my car. I could walk in and buy a car with cash, if I wanted. I just don’t care to and it’s a hassle. There are plenty of non-car wealthy people out there.

I think this is the answer. HNW typically spend money on *something* whether it’s a $250k kitchen, travel, cars, golf, handbags, etc. Just not always the same. But the idea that “most wealthy people drive beaters” is just flat out wrong.

[Anonymous]

Anonymous wrote:It's weird how some of you can't wrap your mind around the idea that there are different kinds of rich people and they don't all do the exact same thing.

#notallrichfolk lol

I keep having this same thought. Some rich folk like nice luxury cars. Some don't. I personally know both kinds of people. I'm not threatened by the opposite-from-me people and what they choose to do with their money that is different from me.

[Anonymous]

Anonymous wrote:I don’t know where the notion comes from. I think the moral of the story is don’t judge a book by its cover. There are people who would wrap every cyber truck on the lot and be just as sweet and kind. And the polar opposite who don’t appear to not have a dime to their name, can be some of the prickiest, arrogant people. The vehicle they drive doesn’t matter…it could tell a totally different story than what we stereotype it to be. Granted most of the time these stereotypes track, it still helps to see them for who they are.

You are implying people who drive beaters are better people. You really need to better understand your own bias and what that says about you. Why is this thought important to you? And what does it say about you that you hold this belief?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I struggle to think of anyone I know who is truly UMC that drives a really old car or even a non-luxury car. Some have restored 90s era Broncos or older Land Cruisers but no one is driving an old, or even a new Honda.

My in-laws ($25M+) just bought a new (loaded, I will admit) RAV4 as their primary car. They also have a 10 year old CRV for the rare occasion they to go different places at the same time. I posted earlier that DH and I have an old Acura sedan and a newer minivan. It’s more common than you think.

Do they openly talk about their net worth?

Yes, my husband and his father are close and view investing and money management as a fascinating hobby.