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

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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][quote=Anonymous][quote=Anonymous]Rich people are too money smart to waste money on an overpriced status symbol car. They don't want other people to know how rich they are.[/quote]

Yeah, you really must not spend much time with people of significant wealth. The Sam Waltons of the world are rare. The billionaires I know personally all have at least one if not two very large private planes, giant houses and drivers. A few have 24/7 security teams beyond just home security.

A lot of old money is running out of money, so yeah, they aren't buying expensive cars.

If you're talking about the people with 4 - 5M in retirement accounts, then I would agree, plenty of these people are not buying expensive SUVs. I think when people who have made their own money hit about 8M, then the cars get nicer.[/quote]

This is such a baffling conversation. A new BMW costs about 65k. A few years used it goes down to much, much less, under 40k. That is really nothing for anyone wealthy, and I don't mean billionaires, as long as you keep that car for a decent amount of time. I think people here (and I've never heard people talk like this irl!) assign some special value to Hondas, as if they signaled humility and thrift. But they can be just as expensive as luxury cars. [/quote]

Wife and I are in our mid-50s with a net worth around $20M, and we drive Hondas. The primary reasons are proximity to a local dealership, reliability, and low friction on maintenance. I grew up around the car business, so the novelty of luxury or specialty vehicles wore off early. At this stage, the preference is convenience and staying under the radar rather than signaling. For context, our assets are self-built rather than inherited, which may also influence how we think about discretionary purchases like vehicles.[/quote]

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