Reply to Do you personally know anyone around DC who drives a Cadillac Escalade?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]

people who are rich but still are smart with their money drive Lexuses and either buy a new one each year 
.[/quote]

People who take a MASSIVE depreciation hit on an expensive car by trading it in every year,  year after year, are NOT smart. They are in fact complete dumbasses.

They are likely losing $10k-$13k every time. Every time. That's not smart. That's stupid as hell. [/quote]

Usually writing it off taxes or corporate car stipend and/or eff you rich and just love a new car. Who doesn’t LOVE a new car??[/quote]

That doesn't make it not-stupid.

I don't leave anything on the table when it comes to running my business, and I try to instill those values in my managers and our staff. If I had an employee who was buying/trading a new car every year, I'd probably find a way to part company with them. It's a stupid financial decision, and reflects poor judgement overall.

Used cars, yes, change them as often as you want. Someone else already suffered the depreciation on them. But trading a new car after a year shows someone doesn't know the first thing about money. Either making it, or keeping it. I don't want them working for me. [/quote]

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