How do so many young families have $80k SUVs?

[Anonymous]

They’re not teachers. If they are, they are married to high earners.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The average household income in NW DC is over $200,000. That's the average.

How much would you need to earn to spend 80k on a car?

$800K

[Anonymous]

Anonymous wrote:

Anonymous wrote:You can get any of those cars a couple years used for like $40k.

not true at all.

DP, but he is essentially correct.

https://caredge.com/chevrolet/tahoe/depreciation

[Anonymous]

Financed or Family money.

There are many people with considerable wealth here.

[Anonymous]

https://caredge.com/ford/expedition/depreciation

[Anonymous]

Anonymous wrote:I am a teacher off for the summer. Everywhere I look there seems to be a SAHM running errands with 3+ little kids getting into a brand new looking Suburban, Tahoe, Expedition, etc. These moms look 35 or less. I see this in the dismissal car line at our public school too. How do they afford this?

they are more like 100K out the door.

[Anonymous]

Anonymous wrote:I am a teacher off for the summer. Everywhere I look there seems to be a SAHM running errands with 3+ little kids getting into a brand new looking Suburban, Tahoe, Expedition, etc. These moms look 35 or less. I see this in the dismissal car line at our public school too. How do they afford this?

Where are you driving? If you are in Bethesda, Potomac, NW, McLean, Arlington, then a very large percentage of the families living there are making $400k plus. If you venture over to Silver Spring, Gaithersburg, Rockville, Alexandria outside old town, Fairfax county beyond McLean, etc., you will see many fewer of these because the incomes are lower.

[Anonymous]

My block we have a couple who just paid two million for home and doing a one million renovation before move in. They look young but they are like 37-39. They are surgeons. Yes one surgeon married another.

A newlywed couple moved in around 28 in a 1.5 million dollar home in summer 2020. I met them. As simple as parents gave them downpayment as could not do wedding due to covid and they got a 3 percent mortgage. Parents wanted couple nearby, both parents are from Potomac. A 1.2 million mortgage at 3 percent when both work and no kids yet is not bad. They now have kids and she is now a a SAHM. at 33.

Guess what even if they never pay own mortgage and stay forever the 30year mortgage is done at 58 and people will say how can you afford to retire at 58.

[Anonymous]

When I was in my early thirties, I leased my car. I was a SAHM in my mid thirties. DH earns a seven figure income.

[Anonymous]

The cars are leased.
The husbands ear good money.
They bought houses at low interest with downpayment provided by grandparents.
They have family money so do not worry about saving for retirement.

[Anonymous]

I live in suburbia, bordering on cow country. These obnoxious SUVs are everywhere. I don't think most of these people have a decent net worth. Pissing your money way isn't how most people end up with bank as they get older.

[Anonymous]

Anonymous wrote:I think a lot of it is spouses with high paying jobs plus family money. My kids public school is filled with these families. We live in an old tiny house in Bethesda, and I’m always amazed at all my kids friends who live in $2.5 million plus houses, drive expensive cars, send kids to sleepover camp that’s at least $15k per kid, mom’s have multiple expensive purses, fancy vacation etc. I assume spouses are making big salaries and grandparents help too.

I also see very few families with these cars in Bethesda. It's all the giant Volvos, Audis, teslas, Rivians, Land Rovers.

[Anonymous]

Anonymous wrote:They’re not teachers. If they are, they are married to high earners.

No they aren't. They aren't working at all. No need to slam teachers.

[Anonymous]

Any financial advisor will tell you that one of the worst purchases you can make is an expensive car. These people are buying them for show. The really wealthy and smart people are buying Hondas and Toyotas for cash and keep them for ten years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:They’re not teachers. If they are, they are married to high earners.

No they aren't. They aren't working at all. No need to slam teachers.

Not slamming teachers. I know two such couples. Wife is married to big law partner.