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

[Anonymous]

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Didn't read the entire thread. Retired couple here with about $15M in investments. I drive a 3 year old luxury Japanese car and DH drives a 12 year old luxury Japanese car. I know...very boring, but fancy cars not our priority at all...I do like comfort and reliability though.

Thank you for letting us know you and your husband drive 2023 and 2014 LUXURY cars (presumably Lexus). You sound modest and not pretentious in any way.

As long as they’re properly maintained, very clean and low miles, a 2023 or even a 2014 Lexus are still luxury cars that fit in in any top rung neighborhood. A 2026 Lexus is just going to have fancier screens, more airbags, and a bumper to bumper factory warranty.

They are actually Acuras. But be that what it may, we still think they are boring even though they are nicer than the average car.

I don’t know what point you’re trying to make. You claim you’re rich and retired. It’s common for elderly boomers to hold onto original owner cars because modern tech is overwhelming and you have faded from the rat race. If you live in a ritzy area, an original owner 2014 Acura SUV is a little dated but nobody is looking twice. But again, you’re retirees. Presumably you bought the car new 12 years ago in your working prime (?), which proves the thread’s point: You made good money in 2014 and bought a new Japanese luxury car.

The point I was making is that we could easily afford brand new BMW or Mercedes Benz, but instead went with the 2023 Acura (as a retiree) due to its reliability. The cars are categorized a luxury cars, but I consider them to be quite ordinary, but better, obviously, than most cars.

Modern tech doesn't faze me. It has always been an issue for DH though, which is one of the reasons he is attached to the older car. I am probably going to spring for a BMW soon because I don't really like the size of my newer MDX. I am prepared to start spending money on car repairs once I do so.

[Anonymous]

Middle class don’t understand 1) how rich the top 5% are ($400,000+ HHI)

2) tax loopholes for the rich

3) leadership compensation packages

4) when you steep in a competitive status-driven place, where everyone around you has the latest and greatest and values their image, you become that too. A modest wife becomes pretentious and wants a Mercedes SUV, your 12 year old will want the iPhone 17 Pro, a modest husband needs a country club membership because all of the other dads are members.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The generalizations on this thread are hilarious.

New money.
2 Toyotas — one is 18 years old, the other 25 - both run like new, little to no maintenance. Not dinged up
Love these cars and all new cars are less comfortable comparatively.

Don’t feel any need to impress anyone. And if a flashy car is what impresses you, you’re not my type anyway. Btw, there are many others like me. Iykyk.

I also have a 20 year old Toyota and I can't bring myself to replace it. I haven't found a new car that I like as much. I hate how electrified all of the new mechanisms are (doors, dash buttons etc). I hate the subscription model on features. If someone can make me a simple, well-running car, I'll do it.

Im not a car payment person and have plenty of money in the market to pull out for a car (though that was another good point someone brought up -- maybe those of us who pay cash for cars are more inclined to be economical. Because it's in the market I also need to think about the lost growth opportunity cost -- if I buy a car for $50,000 but that $50,000 would turn into $100,000 in a few years, what have a lost? Definitely makes me want to spend $30,000 instead).

Your post makes zero sense. Are you really that dense? Of course everyone know cars are an expense and depreciating “asset”. They also know the opportunity cost, investment opportunities vs buying the car.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The generalizations on this thread are hilarious.

New money.
2 Toyotas — one is 18 years old, the other 25 - both run like new, little to no maintenance. Not dinged up
Love these cars and all new cars are less comfortable comparatively.

Don’t feel any need to impress anyone. And if a flashy car is what impresses you, you’re not my type anyway. Btw, there are many others like me. Iykyk.

I also have a 20 year old Toyota and I can't bring myself to replace it. I haven't found a new car that I like as much. I hate how electrified all of the new mechanisms are (doors, dash buttons etc). I hate the subscription model on features. If someone can make me a simple, well-running car, I'll do it.

Im not a car payment person and have plenty of money in the market to pull out for a car (though that was another good point someone brought up -- maybe those of us who pay cash for cars are more inclined to be economical. Because it's in the market I also need to think about the lost growth opportunity cost -- if I buy a car for $50,000 but that $50,000 would turn into $100,000 in a few years, what have a lost? Definitely makes me want to spend $30,000 instead).

Your post makes zero sense. Are you really that dense? Of course everyone know cars are an expense and depreciating “asset”. They also know the opportunity cost, investment opportunities vs buying the car.

Seriously? The majority of people in this country have now idea how any of this works. They probably don’t even know the term depreciating asset. They see something, they want it, they buy it. The financial illiteracy in this country is staggering.

[Anonymous]

its almost like none of you have driven through the hood.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The generalizations on this thread are hilarious.

New money.
2 Toyotas — one is 18 years old, the other 25 - both run like new, little to no maintenance. Not dinged up
Love these cars and all new cars are less comfortable comparatively.

Don’t feel any need to impress anyone. And if a flashy car is what impresses you, you’re not my type anyway. Btw, there are many others like me. Iykyk.

I also have a 20 year old Toyota and I can't bring myself to replace it. I haven't found a new car that I like as much. I hate how electrified all of the new mechanisms are (doors, dash buttons etc). I hate the subscription model on features. If someone can make me a simple, well-running car, I'll do it.

Im not a car payment person and have plenty of money in the market to pull out for a car (though that was another good point someone brought up -- maybe those of us who pay cash for cars are more inclined to be economical. Because it's in the market I also need to think about the lost growth opportunity cost -- if I buy a car for $50,000 but that $50,000 would turn into $100,000 in a few years, what have a lost? Definitely makes me want to spend $30,000 instead).

Your post makes zero sense. Are you really that dense? Of course everyone know cars are an expense and depreciating “asset”. They also know the opportunity cost, investment opportunities vs buying the car.

Seriously? The majority of people in this country have now idea how any of this works. They probably don’t even know the term depreciating asset. They see something, they want it, they buy it. The financial illiteracy in this country is staggering.

Tired old cope. Everyone in a nice new car is stupid and secretly going broke. While you, in your out of warranty old car, are a financial genius who knows…cars lose value…and a new car payment can be put into an index fund.

See also everyone who lives in an apartment, condo, townhome, or crummy old SFHs acting like they have so much taste and intelligence, while everyone in a new $2.7 million so-called McMansion is a classless moron.

[Anonymous]

Anonymous wrote:its almost like none of you have driven through the hood.

You can watch The Wire without driving through: Low income areas are full of beat up old cars, used tire shops, sketchy body and mechanic shops.

High income areas are full of new luxury cars and Tesla, Rivian, BMW, Land Rover, Audi, and Mercedes dealerships selling and servicing them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The generalizations on this thread are hilarious.

New money.
2 Toyotas — one is 18 years old, the other 25 - both run like new, little to no maintenance. Not dinged up
Love these cars and all new cars are less comfortable comparatively.

Don’t feel any need to impress anyone. And if a flashy car is what impresses you, you’re not my type anyway. Btw, there are many others like me. Iykyk.

I also have a 20 year old Toyota and I can't bring myself to replace it. I haven't found a new car that I like as much. I hate how electrified all of the new mechanisms are (doors, dash buttons etc). I hate the subscription model on features. If someone can make me a simple, well-running car, I'll do it.

Im not a car payment person and have plenty of money in the market to pull out for a car (though that was another good point someone brought up -- maybe those of us who pay cash for cars are more inclined to be economical. Because it's in the market I also need to think about the lost growth opportunity cost -- if I buy a car for $50,000 but that $50,000 would turn into $100,000 in a few years, what have a lost? Definitely makes me want to spend $30,000 instead).

Your sofa, dining table and mattress are depreciating assets. Do you buy cheap furniture?

[Anonymous]

Anonymous wrote:I guess I don't exist then. I am sure I am not the only person to drive a 20 year old entry-point Japanese sedan while my stock portfolio has ballooned to 20M. I think it depends on what sort of wealth you're talking about: if it comes from salary, and people are surrounded by others with the same salary, that's going to lead to visible signs of wealth. But if they made their money in a more discreet way and do not socialize with others who have that level of wealth (or who like them chose not to display it)... then it leads to driving a dinged up Corolla.

How did you get to 20M? Just buying apple in 1995 or something?

[Anonymous]

Anonymous wrote:Everyone is exploiting tax loopholes to write off their cars. They’re essentially driving them for free. Middle class are the only suckers driving used and out of warranty cars.

Unless they own their own business how are they writing them off?

[Anonymous]

Anonymous wrote:

Anonymous wrote:its almost like none of you have driven through the hood.

You can watch The Wire without driving through: Low income areas are full of beat up old cars, used tire shops, sketchy body and mechanic shops.

High income areas are full of new luxury cars and Tesla, Rivian, BMW, Land Rover, Audi, and Mercedes dealerships selling and servicing them.

Totally false

[Anonymous]

Anonymous wrote:

Anonymous wrote:I guess I don't exist then. I am sure I am not the only person to drive a 20 year old entry-point Japanese sedan while my stock portfolio has ballooned to 20M. I think it depends on what sort of wealth you're talking about: if it comes from salary, and people are surrounded by others with the same salary, that's going to lead to visible signs of wealth. But if they made their money in a more discreet way and do not socialize with others who have that level of wealth (or who like them chose not to display it)... then it leads to driving a dinged up Corolla.

How did you get to 20M? Just buying apple in 1995 or something?

PP is probably lying. The most common way for a couple to be worth 20 million bucks at age 60 is to inherit most of it — not driving a pair of original owner Acuras.

[Anonymous]

Anonymous wrote:The humble millionaire next door seems like nonsense to me; rich people are not driving 25 year old Volvo station wagons. And everyone with a nice new luxury car obviously isn't broke and overextended. I'm currently in a swank town and every car is a new Range Rover, Porsche crossover, Tesla, or Audi-BMW-Mercedes (they all look alike). The worst car I see are new Chevrolet Tahoes, which are like 80 grand. If that humble old money thing ever existed, it certainly doesn't anymore.

WASP fable from the 80s and even back then it was bullshit. Wealthy silent generation and baby boomers bought new cars every year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I guess I don't exist then. I am sure I am not the only person to drive a 20 year old entry-point Japanese sedan while my stock portfolio has ballooned to 20M. I think it depends on what sort of wealth you're talking about: if it comes from salary, and people are surrounded by others with the same salary, that's going to lead to visible signs of wealth. But if they made their money in a more discreet way and do not socialize with others who have that level of wealth (or who like them chose not to display it)... then it leads to driving a dinged up Corolla.

Can you even access that money without major tax implications?

Long term capital gains rates are 0% to 20% depending on your income. You can also offset some of your gains with losses. There are many ways you can live off your brokerage account and pay far less in taxes than you would with the same income from employment.