Anonymous wrote:

Anonymous wrote:This thread just proves the website is full of women. Such a stupid comment "I wouldn't feel comfortable buying a BMW unless I made 500k." LMAO! The average BMW car driver makes like 120k (https://hedgescompany.com/blog/2019/03/new-bmw-owner-demographics/#:~:text=The%20average%20household%20income%20of,2020%20is%20%24124%2C800%20per%20year.)

New college grads making 50k buy 25k Toyotas so why wouldn't someone making 100k buy a 50k car??

Unless Americans are really, really dumb with money, I don't believe this blog post at all. Who is dumb enough to buy an $85k 7 series on only a $185k income? That's almost half your yearly income on a car. I checked out that website further - they have a similar post for Teslas, claiming that your average buyer for a Tesla model S makes about $185k. Lol, who in their sane mind would buy a $100k car on only an income of $185k? That is absolutely asinine. Thst source seems way off with their numbers unless Americans are that piss poor with money. If Americans really are this stupid with money, then I have zero sympathy for crap like student loan forgiveness, etc. Americans are leveraging too much and living lifestyles they cannot afford while wanting society to bail them out for their poor financial decisions because they don't want to sacrifice anything since they need to drive $50k+ cars. Gimmie a break. Your average BMW driver must be an idiot.

Anonymous wrote:

Anonymous wrote:HHI over $1M. Drive a Jeep.

Jeeps can easily be $50-100K.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$350k HHI, drive a two year old Sienna paid with cash. Second car is a leased Audi provided by spouse's company.

Keep in mind that a lot of luxury brands lease started leasing their cars for relatively "low" monthly payments several years ago because leasing it is such a huge money maker for them. For example, you can get a 3 series on lease for $300-400/month. I think it is very unwise to do so, but I also think that many people do it anyway. So a lot of the expensive cars you see may just be leased.

But... lease vs. buy is an equivalent monthly payment assuming the same length of ownership. So really what you're saying is don't buy new cars too often? Or are you another DCUM poster who doesn't understand finance

Well, at the end of the lease, you either have to 1) give it back, and thus have nothing to show for all those payments, and also potentially have to pay fees such as excess mileage and wear and tear or 2) purchase it off lease, in which case you are typically paying more to purchase a 2 or 3 year old car than you would if you had just bought a 2 or 3 year old car in the first place.

Buying in cash is the way to go. That's why car dealers hate it when you pay cash.

Okay, so you ARE another DCUM poster who doesn't understand finance. The cost to drive a car on a 3 year lease is the same cost to buy a car cash and then sell it three years later, give or take a few bucks.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$350k HHI, drive a two year old Sienna paid with cash. Second car is a leased Audi provided by spouse's company.

Keep in mind that a lot of luxury brands lease started leasing their cars for relatively "low" monthly payments several years ago because leasing it is such a huge money maker for them. For example, you can get a 3 series on lease for $300-400/month. I think it is very unwise to do so, but I also think that many people do it anyway. So a lot of the expensive cars you see may just be leased.

But... lease vs. buy is an equivalent monthly payment assuming the same length of ownership. So really what you're saying is don't buy new cars too often? Or are you another DCUM poster who doesn't understand finance

Well, at the end of the lease, you either have to 1) give it back, and thus have nothing to show for all those payments, and also potentially have to pay fees such as excess mileage and wear and tear or 2) purchase it off lease, in which case you are typically paying more to purchase a 2 or 3 year old car than you would if you had just bought a 2 or 3 year old car in the first place.

Buying in cash is the way to go. That's why car dealers hate it when you pay cash.

Anonymous wrote:

Anonymous wrote:$350k HHI, drive a two year old Sienna paid with cash. Second car is a leased Audi provided by spouse's company.

Keep in mind that a lot of luxury brands lease started leasing their cars for relatively "low" monthly payments several years ago because leasing it is such a huge money maker for them. For example, you can get a 3 series on lease for $300-400/month. I think it is very unwise to do so, but I also think that many people do it anyway. So a lot of the expensive cars you see may just be leased.

But... lease vs. buy is an equivalent monthly payment assuming the same length of ownership. So really what you're saying is don't buy new cars too often? Or are you another DCUM poster who doesn't understand finance

Anonymous wrote:$350k HHI, drive a two year old Sienna paid with cash. Second car is a leased Audi provided by spouse's company.

Keep in mind that a lot of luxury brands lease started leasing their cars for relatively "low" monthly payments several years ago because leasing it is such a huge money maker for them. For example, you can get a 3 series on lease for $300-400/month. I think it is very unwise to do so, but I also think that many people do it anyway. So a lot of the expensive cars you see may just be leased.

Anonymous wrote:These replies are not representative of the cars people typically drive with these incomes.

Anonymous wrote:This thread just proves the website is full of women. Such a stupid comment "I wouldn't feel comfortable buying a BMW unless I made 500k." LMAO! The average BMW car driver makes like 120k (https://hedgescompany.com/blog/2019/03/new-bmw-owner-demographics/#:~:text=The%20average%20household%20income%20of,2020%20is%20%24124%2C800%20per%20year.)

New college grads making 50k buy 25k Toyotas so why wouldn't someone making 100k buy a 50k car??