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Reply to "Where does this notion come from that wealthy people don't drive nice cars?"
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[quote=Anonymous][quote=Anonymous]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.[/quote] But in his country they probably don’t have 30 year financing so people with million dollar houses paid and have cash. That’s different from the majority of mortgaged Americans living paycheck to paycheck to cover a $1.5 m dollar house on likely a $250k range income[/quote]
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