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

Forum Index » Money and Finances

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=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.[/quote]

This.  People who buy these luxury cars to make other think that they're high rollers are usually the ones who are financing them up to their eyeballs.  People with real wealth don't need an $80,000 Lexus to show it.  They stick with the $35,000 Camry and invest the rest.

OP, don't be jealous of these people.[/quote]

I don't really agree with this.  If someone makes $1m+ a year, buying an $80k lexus vs a $35 camry will not alter their future financial trajectory one bit.  And why would someone who has obviously worked hard to get to that level want to drive around in a cheap, ugly, low-performance car like a camry?  Treating yourself with a nice car that you spend a lot of time in and want to be safe and secure makes a lot of sense.

[/quote]

Lol, go ask any mechanic what type of car someone should buy who does not want to spend time in repair shops. Toyota is number one, and Honda is (a very distant) second.[/quote]

Anyone with real money doesn’t care if the car has to go in the shop. You get a loaner when you drop it off.

I’ve even had the dealer drive my car to the service center and drop off the loaner at my house so I don’t have to bother. [/quote]

I have real money, about $10m and while I enjoy high performance cars, I don’t prefer it over reliability.  My time is valuable and getting to know your Porsche, audi or whatever service advisor on a first name basis is a place I never want to be.  I drive an older Lexus - it just runs and runs and my private mechanic strongly advise I hold it as long as possible vs getting one of these newer junk with a laptop screen.  [/quote]

Idk if I’d call $10M “real money” in this area but you do you[/quote]

The median net worth of an American family is $192,000.  What definition of real money are you using?[/quote]

Reading is your friend here, I said it’s not real $ in this area specifically. 1/100 households in the DC area make $1M+ HHI. 10/100 make $500K+ [/quote]

I can both read and analyze data but unfortunately you can do neither, and you’re confusing the definitions of annual income and net worth.

The median net worth in the Dc area is 188k (slightly less than the US average).

The top 1 pct of Dc earners with respect to Household Income do earn 1 million plus but the top 10 pct in no way make 500k+ plus a year because the distribution of earners is right skewed. The top 10 pct in DC make 187k a year.

Whatever you’re attempting to say, $10M is not “nothing.”[/quote]

+1. The DCUM money forum tends to attract several posters who talk a big game but know very little.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics