This whole post is nuts and full of delusional people. If rich people aren't buying expensive cars then who is buying them? Manufacturers aren't making these cars to look at, they make them to SELL. SOMEONE is buying and driving these cars and it's not Joe or Jane Blow middle class because they can't afford a six-figure car, they can barely afford a six-figure house.

A lot of people aren't into cars or "cozy SUVs" as one pp puts it. Some of those people are rich, and prefer to spend their money elsewhere.

Yes. My FIL and MIL are very wealthy, and they drive an older Toyota and beat up minivan. However, they live in sort of a grotesque mansion, so I think they are just not into cars vs. being humble or low key.

Anonymous wrote:

Anonymous wrote:All the normal rich people we know casually trade in for the latest and greatest luxury SUV or Tesla every 12 to 24 months. The depreciation hit is MEANINGLESS to them (and their accountants).

This myth of rich driving Honda CR-Vs or a beat up Subaru is a coping technique by broke middle class strivers who can't afford nice new wheels.

Once you daily drive a cozy new luxury car you're not going back to driving crap. It's soul crushing.

If by “normal rich” you mean “$200k-$400k HHI UMC keeping up with the joneses” then I have no doubt they are all trading in luxury cars every 24 months.

No, real money. As in, public information when they sell a stake of their company for $50M to 200M and the wife is always driving the newest Porsche or Range Rover or Tesla suvs and hubby is always driving the new big Mercedes or BMW or Range Rover. The depreciation is nothing to people this rich. They love new cars, they trade up often. This reality pains the strivers daily driving a plastic piece of crap.

Anonymous wrote:All the normal rich people we know casually trade in for the latest and greatest luxury SUV or Tesla every 12 to 24 months. The depreciation hit is MEANINGLESS to them (and their accountants).

This myth of rich driving Honda CR-Vs or a beat up Subaru is a coping technique by broke middle class strivers who can't afford nice new wheels.

Once you daily drive a cozy new luxury car you're not going back to driving crap. It's soul crushing.

If by “normal rich” you mean “$200k-$400k HHI UMC keeping up with the joneses” then I have no doubt they are all trading in luxury cars every 24 months.

All the normal rich people we know casually trade in for the latest and greatest luxury SUV or Tesla every 12 to 24 months. The depreciation hit is MEANINGLESS to them (and their accountants).

This myth of rich driving Honda CR-Vs or a beat up Subaru is a coping technique by broke middle class strivers who can't afford nice new wheels.

Once you daily drive a cozy new luxury car you're not going back to driving crap. It's soul crushing.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Lol no. Wealthy people drive nice, expensive cars.

The wealthy person driving a Honda Accord is a myth dcum likes to perpetuate.

I know it’s hard to believe that different people do different things with their money - just because you might buy luxury items with your money not everyone does. Rich people are not a monolith.

Of course. That goes without saying. But, statistically speaking, wealthy individuals buy luxury cars. There are exceptions. We are not here to talk about exceptions. We are here to discuss what’s “the norm.”

Read the title of the thread and try again

Not sure if in wealthy as it pertains to this question, net worth of $1.5m excluding retirement accounts. Drove a 2006 Honda Civic into the ground this year. Gonna step it up to a Tesla Model 3 though. YOLO, right?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In my in-laws circle; either 20K prius or 100K tesla. Founder tech money; most have NW 50M+ after selling 2-3 startups since the late 70s onward.

However there are a few that really like cars. One has a warehouse of Ferraris (yes a full warehouse). Another has a dozen Porches.

Yes, I'm the one who posted about Prius people. It's a thing. My old boss could afford all the car he wanted but was a Prius person. He was from San Francisco.

+1. Our law firm equity partners in our SF office--who are pulling in on average $2M-$4M/year--drive Priuses into the office. Clearly they can afford nicer cars, but it's definitely a noticeable trend. In fact, there seems to be some cache to being an early adopter of the Prius and having an older model. Some of it might just be SF traffic and garage parking--you want a smaller more nimble car. People mock you if you own one of the massive gas guzzlers you see in the DC private school carpools.

Pray tell how you take husband, wife, kids and a pair of their friends to travel swim or soccer in a Prius.

You buy the nanny another prius or a minivan. Seriously, that is what all the partners are my firm do. Also the prius is surprisingly roomy for a small car.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In my in-laws circle; either 20K prius or 100K tesla. Founder tech money; most have NW 50M+ after selling 2-3 startups since the late 70s onward.

However there are a few that really like cars. One has a warehouse of Ferraris (yes a full warehouse). Another has a dozen Porches.

Yes, I'm the one who posted about Prius people. It's a thing. My old boss could afford all the car he wanted but was a Prius person. He was from San Francisco.

+1. Our law firm equity partners in our SF office--who are pulling in on average $2M-$4M/year--drive Priuses into the office. Clearly they can afford nicer cars, but it's definitely a noticeable trend. In fact, there seems to be some cache to being an early adopter of the Prius and having an older model. Some of it might just be SF traffic and garage parking--you want a smaller more nimble car. People mock you if you own one of the massive gas guzzlers you see in the DC private school carpools.

Pray tell how you take husband, wife, kids and a pair of their friends to travel swim or soccer in a Prius.

It’s called the BART, oh untraveled one.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In my in-laws circle; either 20K prius or 100K tesla. Founder tech money; most have NW 50M+ after selling 2-3 startups since the late 70s onward.

However there are a few that really like cars. One has a warehouse of Ferraris (yes a full warehouse). Another has a dozen Porches.

Yes, I'm the one who posted about Prius people. It's a thing. My old boss could afford all the car he wanted but was a Prius person. He was from San Francisco.

+1. Our law firm equity partners in our SF office--who are pulling in on average $2M-$4M/year--drive Priuses into the office. Clearly they can afford nicer cars, but it's definitely a noticeable trend. In fact, there seems to be some cache to being an early adopter of the Prius and having an older model. Some of it might just be SF traffic and garage parking--you want a smaller more nimble car. People mock you if you own one of the massive gas guzzlers you see in the DC private school carpools.

Pray tell how you take husband, wife, kids and a pair of their friends to travel swim or soccer in a Prius.

Anonymous wrote:Lol no. Wealthy people drive nice, expensive cars.

The wealthy person driving a Honda Accord is a myth dcum likes to perpetuate.

Is clinging to this myth a coping technique? My in-laws are wealthy, have been wealthy for generations, and they trade in for the newest year Range Rover and Mercedes suvs annually. I don't know if it's for tax benefits or if they just hate a car once it gets over 10,000 miles. But they are not bashful about trading in for new $80,000-100,000 suvs every single year. Their "old money" ritzy neighborhood is all latest and greatest European saloons and suvs and Teslas. And perhaps a "fun" Mini Cooper or convertible tucked in the garage.

My old CEO drove a ten year old ratty minivan. Shopped at kohl’s and sent his kids in state only schools and lived in a split level home on a 60x100 plot.

He made 5 million a year base salary and had a lot of equity before he did IPO etc.

In the single year of IPO made 55 million and later sold shares when company bought out got another 50 million.

Never touched a Starbucks either. That’s for rich people he say.

It dies happen. One year in 2009 company was short bonus money and he gave up whole salary to staff. Voluntarily.

Anonymous wrote:

Anonymous wrote:Lol no. Wealthy people drive nice, expensive cars.

The wealthy person driving a Honda Accord is a myth dcum likes to perpetuate.

I know it’s hard to believe that different people do different things with their money - just because you might buy luxury items with your money not everyone does. Rich people are not a monolith.

Of course. That goes without saying. But, statistically speaking, wealthy individuals buy luxury cars. There are exceptions. We are not here to talk about exceptions. We are here to discuss what’s “the norm.”

Anonymous wrote:Yeah I know a few millionaires Who drive basic 10 year old Civics and Honda accords. Nothing fancy or luxury at all.

This is us.

I see the 20-45k I do not spend on a car as being better in the market where it makes me more money. That is how I like it.