Car brand and HHI

[Anonymous]

You are fine op

[Anonymous]

HHI ~450k. Drive a 100k Audi and a 90k Porsche

[Anonymous]

Anonymous wrote:This thread just proves the website is full of women. Such a stupid comment "I wouldn't feel comfortable buying a BMW unless I made 500k." LMAO! The average BMW car driver makes like 120k (https://hedgescompany.com/blog/2019/03/new-bmw-owner-demographics/#:~:text=The%20average%20household%20income%20of,2020%20is%20%24124%2C800%20per%20year.)

New college grads making 50k buy 25k Toyotas so why wouldn't someone making 100k buy a 50k car??

We don't have a big income and bought a $50K vehicle. Why not? We keep ours till they die, it made me happy and we get a lot of joy out of driving it. We paid cash. Its very easy to save and pay cash if you space out your car purchase. We originally planned to spend $35 or so but kept saving and comfortably had more to spend.

Our house is almost paid off (we could pay it off), we have retirement and college savings. Not traveling or doing many of the normal things we due with covid so it was our splurge.

[Anonymous]

HHI $485. 10yo Toyota bought new- 150k miles, 5yo Chevy bought used- 56k miles. X7 bought new- 10k miles.

[Anonymous]

$145 k. Nissan sentra financed

[Anonymous]

These replies are not representative of the cars people typically drive with these incomes.

[Anonymous]

Anonymous wrote:These replies are not representative of the cars people typically drive with these incomes.

Yeah, I agree. Major sampling bias here. Stereotype and outlier seem to be getting interchanged here.

[Anonymous]

$350k HHI, drive a two year old Sienna paid with cash. Second car is a leased Audi provided by spouse's company.

Keep in mind that a lot of luxury brands lease started leasing their cars for relatively "low" monthly payments several years ago because leasing it is such a huge money maker for them. For example, you can get a 3 series on lease for $300-400/month. I think it is very unwise to do so, but I also think that many people do it anyway. So a lot of the expensive cars you see may just be leased.

[Anonymous]

Anonymous wrote:$350k HHI, drive a two year old Sienna paid with cash. Second car is a leased Audi provided by spouse's company.

Keep in mind that a lot of luxury brands lease started leasing their cars for relatively "low" monthly payments several years ago because leasing it is such a huge money maker for them. For example, you can get a 3 series on lease for $300-400/month. I think it is very unwise to do so, but I also think that many people do it anyway. So a lot of the expensive cars you see may just be leased.

But... lease vs. buy is an equivalent monthly payment assuming the same length of ownership. So really what you're saying is don't buy new cars too often? Or are you another DCUM poster who doesn't understand finance

[Anonymous]

Anonymous wrote:

Anonymous wrote:$350k HHI, drive a two year old Sienna paid with cash. Second car is a leased Audi provided by spouse's company.

Keep in mind that a lot of luxury brands lease started leasing their cars for relatively "low" monthly payments several years ago because leasing it is such a huge money maker for them. For example, you can get a 3 series on lease for $300-400/month. I think it is very unwise to do so, but I also think that many people do it anyway. So a lot of the expensive cars you see may just be leased.

But... lease vs. buy is an equivalent monthly payment assuming the same length of ownership. So really what you're saying is don't buy new cars too often? Or are you another DCUM poster who doesn't understand finance

Well, at the end of the lease, you either have to 1) give it back, and thus have nothing to show for all those payments, and also potentially have to pay fees such as excess mileage and wear and tear or 2) purchase it off lease, in which case you are typically paying more to purchase a 2 or 3 year old car than you would if you had just bought a 2 or 3 year old car in the first place.

Buying in cash is the way to go. That's why car dealers hate it when you pay cash.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$350k HHI, drive a two year old Sienna paid with cash. Second car is a leased Audi provided by spouse's company.

Keep in mind that a lot of luxury brands lease started leasing their cars for relatively "low" monthly payments several years ago because leasing it is such a huge money maker for them. For example, you can get a 3 series on lease for $300-400/month. I think it is very unwise to do so, but I also think that many people do it anyway. So a lot of the expensive cars you see may just be leased.

But... lease vs. buy is an equivalent monthly payment assuming the same length of ownership. So really what you're saying is don't buy new cars too often? Or are you another DCUM poster who doesn't understand finance

Well, at the end of the lease, you either have to 1) give it back, and thus have nothing to show for all those payments, and also potentially have to pay fees such as excess mileage and wear and tear or 2) purchase it off lease, in which case you are typically paying more to purchase a 2 or 3 year old car than you would if you had just bought a 2 or 3 year old car in the first place.

Buying in cash is the way to go. That's why car dealers hate it when you pay cash.

Okay, so you ARE another DCUM poster who doesn't understand finance. The cost to drive a car on a 3 year lease is the same cost to buy a car cash and then sell it three years later, give or take a few bucks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$350k HHI, drive a two year old Sienna paid with cash. Second car is a leased Audi provided by spouse's company.

Keep in mind that a lot of luxury brands lease started leasing their cars for relatively "low" monthly payments several years ago because leasing it is such a huge money maker for them. For example, you can get a 3 series on lease for $300-400/month. I think it is very unwise to do so, but I also think that many people do it anyway. So a lot of the expensive cars you see may just be leased.

But... lease vs. buy is an equivalent monthly payment assuming the same length of ownership. So really what you're saying is don't buy new cars too often? Or are you another DCUM poster who doesn't understand finance

Well, at the end of the lease, you either have to 1) give it back, and thus have nothing to show for all those payments, and also potentially have to pay fees such as excess mileage and wear and tear or 2) purchase it off lease, in which case you are typically paying more to purchase a 2 or 3 year old car than you would if you had just bought a 2 or 3 year old car in the first place.

Buying in cash is the way to go. That's why car dealers hate it when you pay cash.

Okay, so you ARE another DCUM poster who doesn't understand finance. The cost to drive a car on a 3 year lease is the same cost to buy a car cash and then sell it three years later, give or take a few bucks.

*I should add this assumes you have good credit and the interest rate environment of the past 10 years

[Anonymous]

$120k. 15 year old Toyota. 16 year old Honda.

[Anonymous]

Anonymous wrote:

Anonymous wrote:HHI over $1M. Drive a Jeep.

Jeeps can easily be $50-100K.

Aside from the 392, and prior to after market modifications, the Wrangler isn’t going to run much over $50 sticker. And even a base sport is plenty capable for its purpose.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This thread just proves the website is full of women. Such a stupid comment "I wouldn't feel comfortable buying a BMW unless I made 500k." LMAO! The average BMW car driver makes like 120k (https://hedgescompany.com/blog/2019/03/new-bmw-owner-demographics/#:~:text=The%20average%20household%20income%20of,2020%20is%20%24124%2C800%20per%20year.)

New college grads making 50k buy 25k Toyotas so why wouldn't someone making 100k buy a 50k car??

Unless Americans are really, really dumb with money, I don't believe this blog post at all. Who is dumb enough to buy an $85k 7 series on only a $185k income? That's almost half your yearly income on a car. I checked out that website further - they have a similar post for Teslas, claiming that your average buyer for a Tesla model S makes about $185k. Lol, who in their sane mind would buy a $100k car on only an income of $185k? That is absolutely asinine. Thst source seems way off with their numbers unless Americans are that piss poor with money. If Americans really are this stupid with money, then I have zero sympathy for crap like student loan forgiveness, etc. Americans are leveraging too much and living lifestyles they cannot afford while wanting society to bail them out for their poor financial decisions because they don't want to sacrifice anything since they need to drive $50k+ cars. Gimmie a break. Your average BMW driver must be an idiot.

Americans are really dumb with money and the average BMW driver can’t even figure out how to use a turn signal.