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The road to wealth is simple: Drive a crappy car

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Kak

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The way I look at cars... I just think they are all pieces of crap. New cars, old cars, luxury cars... Whatever. They are all junk.

Usefulness is always my primary criteria.

I view an airplane as an investment and a car as just me spending on myself.

I'm a frugal guy, I hate spending money on myself. It is killing the golden goose. The opportunity cost of spending on yourself is massive.
 
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Suzanne Bazemore

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@Suzanne Bazemore I do not believe anyone should rely on the car driving itself. I've been in an accident when someone was on the road at night and could not be seen due to approaching the bottom of a downhill and the headlights pointing down, and they were a little further along the road but where the road was now going uphill. Had the car had emergency braking, it would have potentially been able to detect an imminent collision that could not have been seen with human eyes.
Good point, @Tourmaline. I also thought of something else that new cars have that my old car doesn't: back-up cameras. Those can be life-saving, too.
 

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@Suzanne Bazemore Backup cameras are nice for sure. I also really like Rear Cross Traffic alert. Here in Texas soooo many people have SUVs and Trucks. In a car, I often literally cannot see anyone that may be oncoming in the parking lot when backing out. It's nerve wracking really to basically put it to trust in others that they will see me slowly backing out and stop because I literally can't. RCT can see cars when backing out of parking lots that a human physically cannot, and a backup camera alone cannot.
 

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he asked where we were going, said they would come as well..and he tells me, TELLS me to come in his car with him. Umm. why would I do that?
Whew! This got my heart rate up a bit. After he paid for your meal.... then this? I don't see his intentions going anywhere pretty.

Haha you probably threw him for a loop when you told him you'd be driving! I'm guessing he never even saw that request coming.

And then to top it all off, the Hummer! Great story!!!
 
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Daniela101

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Whew! This got my heart rate up a bit. After he paid for your meal.... then this? I don't see his intentions going anywhere pretty.

Haha you probably threw him for a loop when you told him you'd be driving! I'm guessing he never even saw that request coming.

And then to top it all off, the Hummer! Great story!!!
Haha, I still laugh when I remember his face...we all have our glory days stories ;)
 

YoungPadawan

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A tip for people with crappy cars:

Get AAA. It's like $100 a year. You get 4 tows or whatever a year. A lot of your stress with owning a crappy car goes away.

We own some crappy vehicles in my business. They break down. They get towed to the mechanic. Fixed up. Ready to go. Comes out a lot cheaper for us than owning the newest vehicles.
Dang, that's a good idea. I'm thinking about buying a semi truck in the future, and maybe doing something similar like you mentioned with a cheaper semi, but roadside assistance. Don't know if that would be a good idea or not due to semis weighing a lot more to tow. lol:playful:
 

Eric Flathers

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Since nobody in the thread has mentioned it yet:

Just because you have a kid or two, doesn't mean you HAVE to have a huge SUV or Minivan. Yet it seems to be the pinnacle dream of my slowlane, middle-class, soccer-mom lifestyle, friends to own a $30,000 - $40,000 vehicle, and the associated car payment.

You have 3-4 people in your family now, but why do you need 7 seats... 3 of which remain empty 99% of the time?

Instead, purchase the space you actually NEED on a day to day basis. We have two kids, and own a 2006 Nissan Versa Hatchback, with no car payment. It is filled to 80-85% capacity every time we drive it. The two times a year where we need more space than the car has (Christmas, and family vacation)... we just put a bunch of shit on the hitch storage rack that I added for $150. If somehow THAT wasn't enough, I'd get a roof rack too.

Many people could downsize but for some, the bigger car means more safety. A crossover or station wagon might be a good compromise. My sister has a 7 seater but she has 5 kids so she uses every inch of the space with the extra room being used for strollers.

If you have good skills you can pack a smaller car with all you need.
 
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amp0193

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Besides, the difference between a 2006 Nissan Versa and a 2006 Toyota Sienna is not 10-15k. It's like 3k, maybe. A 2015 versa is like $10k, and a 2015 Sienna is like $15k. We're not talking a massive difference.

Gotcha... thought minivans were a bigger difference. I've only car shopped once.

Original post logic stands though. Buy for daily utility... not the outlier use cases.

If you drive daily with your 100 pound dog and need it to not be a constant struggle... get the bigger car.

Or if it's once every month or two, the dog can deal with it.
 
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amp0193

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Many people could downsize but for some, the bigger car means more safety. A crossover or station wagon might be a good compromise.

Safety's not really a concern for our family.. we only drive highway maybe once a month, and only a couple of times a week in general. We live central in a small city, where traffic is low, and everything is bikable within 0.5-2 miles, and a train to go downtown to the big city. Our traffic death risk exposure is really low.

The safety thing makes sense for people who are driving on the highway all the time. Just not something I've thought much about because it doesn't apply to me.

I guess instead of choosing the safest of the rolling death machines, we just choose not to drive much at all, and limit our risk exposure that way.

My sister has a 7 seater but she has 5 kids so she uses every inch of the space with the extra room being used for strollers.

Example of a person who needs a van, yes.
 
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amp0193

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Get on the highway. Go to all your potential clients within driving distance. Get deals. Dominate your local market. Then scale to the next markets.

Ecommerce bro, my local market is North America. I think I'll stay at my desk.

When I start doing more wholesale... maybe.
 

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Gotcha... thought minivans were a bigger difference. I've only car shopped once.

Original post logic stands though. Buy for daily utility... not the outlier use cases.

If you drive daily with your 100 pound dog and need it to not be a constant struggle... get the bigger car.

Or if it's once every month or two, the dog can deal with it.

We are actually car shopping now, so I won't hold it against you :p

About to check out a 2015 Sienna with massive hail damage listed at $17,900. Think I can get it for $10k cash tomorrow? :D

And yeah, the big dog comes with us to many places!

EDIT: And minivans are a bigger difference before the drive-off-the-lot depreciation sets in.
 
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Ing

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Cars. A neverending story. Im working with cars since 35 years.

The time I studied, cars were planned to work good and have good roadholding and so on. You could see everything outside using mirrors. It was great technology time end of the 1980s.

Today for cheapness they take a car with cheap parts and put some stupid assist systems to hide the inferior technology. You dont see anything putside, need camera systems and bikers are merely hidden behind oversiced window frames.

I would allways prefer an old tech car to a new one.

I bought a new VW in 2005 . I still have it. Its cheap to be. And I grant me the luxury of doing everything myself. An own workshp is a luxury, I wouldn’t want to miss!
 

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I'm going to suggest a different method for choosing your mode of transportation, the 'happiness' factor.

What will make you smile will be different at different times. In Barcelona (or Bangkok, New York, Amsterdam, etc.) who needs a car? Public trans is awesome. In Texas, uh yeah, that bicycle isn't going to cut it.

More concerned about 'cheap', used and reliable is the way to go. Have 'enough' cash and want to enjoy some of it, pick something up that makes you smile every time you drive it. When you stop smiling, time for something else.

As mentioned, for some car brands there are also secondary social benefits (if you're into that sort of thing). My former neighbor was a VW fiend, went to a 'jamboree' every year for vacation with other VW people(?). Jeep owners are known for the 'Jeep Wave', & if you pickup a Porsche, the local owners club usually has all sorts of things going on.

Finally, there can be psychological benefits, in terms of growth and desire.

Example: I used to think BMW drivers were a-holes. Then I leased a 535 for a couple of years & discovered it isn't their fault, the car WANTS to drive like that. =p
(Part of my motivation was to deal with this dumb belief I had, that BMW drivers were jerks, because it was also kind of that 'rich people were jerks'...not good for my prosperity consciousness).

Next up was a Porsche, because everyone knows Porsche drivers are all old balding men!

Both of these cars exposed me to driving pleasures, individuals, and experiences that I would not have had without them, and the Porsche still makes me smile.

The nicer cars also taught me something. Nice things rock. I want more of them in my life. I don't NEED them, but I do enjoy them. So time to HUSTLE and make some more $$$!

As per the thread though...used, paid cash, no impact on ability to pay bills or on what I need to do to make money.

As an 'older' individual though, the 'endgame' IMO, isn't continually reinvesting every penny you make into your business. Money is a MEANS not an END.

YOU ARE GOING TO DIE. As you get older, that event is statistically closer. IMO your ratio between 'making the pile bigger' & 'enjoying the pile' needs to shift accordingly.
 

focusedlife

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Owned quite a few nice cars in my short life.

Beamers, Benz, Stangs, Infiniti, etc.

Wasn't until 2008's financial crisis that I realized it's all a facade.

The only true security is what you do with what you've got, knowing how to grow with that and not making stupid mistakes (think before acting).

Money is USUALLY a bi-product of those things, imo.

Fancy cars are nice, but they're ego feeding, which is often the enemy. Why feed the enemy anything?

Hope that was useful.
 
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Salama2017

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Very rarely do I agree with Marketwatch's personal finance tips but I agree with this one.


Early in my entrepreneurial journey, my lust for fast cars really set me back in many ways.

Each time I was burdened with payments which forced me to work crappy jobs. All for an above average car that was merely a mask to an identity that I haven't yet achieved.

The nice car gave me a temporary ego boost (for about 1 month) and swiped away TIME and MONEY.

Nothing wrong with a nice car, even an exotic one.

But for the love of God, wait until you can afford to buy one, pay cash (or use cheap money) and not bat an eye about it.
I don't even own the little bucket that I drive. My sister gave me her 2005 Nissan Sentra back in 2012 after she bought a much nicer car. She never bothered to transfer it to me and I've been driving it since then. I only pay $40 for insurance and maintenance fees. The car will be hitting 200k miles soon.
I love Range Rovers especially the newer models. But I'm willing to wait for a much nicer one at a price that I can afford without getting into payments.
Dave Ramsey once said "The only reason that you should drive a crappy car is to never drive a crappy car ever again." I agree with that. My only problem is that although I don't have car payments and I'm satisfied with driving a crappy car for a while, I'm not doing enough to get on the fastlane. I tend to overthink each and every idea that I get. I never take action and have been action-faking for a few years now.
But my little car is a perfect reminder of why I should take action. Each time a Range Rover drives by me, it is always a reminder of what is possible.
 

Ing

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View attachment 25441

I'm going to suggest a different method for choosing your mode of transportation, the 'happiness' factor.

What will make you smile will be different at different times. In Barcelona (or Bangkok, New York, Amsterdam, etc.) who needs a car? Public trans is awesome. In Texas, uh yeah, that bicycle isn't going to cut it.

More concerned about 'cheap', used and reliable is the way to go. Have 'enough' cash and want to enjoy some of it, pick something up that makes you smile every time you drive it. When you stop smiling, time for something else.

As mentioned, for some car brands there are also secondary social benefits (if you're into that sort of thing). My former neighbor was a VW fiend, went to a 'jamboree' every year for vacation with other VW people(?). Jeep owners are known for the 'Jeep Wave', & if you pickup a Porsche, the local owners club usually has all sorts of things going on.

Finally, there can be psychological benefits, in terms of growth and desire.

Example: I used to think BMW drivers were a-holes. Then I leased a 535 for a couple of years & discovered it isn't their fault, the car WANTS to drive like that. =p
(Part of my motivation was to deal with this dumb belief I had, that BMW drivers were jerks, because it was also kind of that 'rich people were jerks'...not good for my prosperity consciousness).

Next up was a Porsche, because everyone knows Porsche drivers are all old balding men!

Both of these cars exposed me to driving pleasures, individuals, and experiences that I would not have had without them, and the Porsche still makes me smile.

The nicer cars also taught me something. Nice things rock. I want more of them in my life. I don't NEED them, but I do enjoy them. So time to HUSTLE and make some more $$$!

As per the thread though...used, paid cash, no impact on ability to pay bills or on what I need to do to make money.

As an 'older' individual though, the 'endgame' IMO, isn't continually reinvesting every penny you make into your business. Money is a MEANS not an END.

YOU ARE GOING TO DIE. As you get older, that event is statistically closer. IMO your ratio between 'making the pile bigger' & 'enjoying the pile' needs to shift accordingly.
Yes, thats all true!

I had Porsches, one for Winter and awesome drift times, and one for summer.
getting old is no good. Climbing down into a sportscar can bore you some time.

Im tall, so in 2005 my decission for a VWTouran was , that its tho only car in which I sit comfortable.
BMWs are small box cars. Best is the X5, but drivers place is so small compared to a Touran.
So Touran is luxury for me. Not to have to drive a representative car is luxury for me.
Sd I decided to ge a Lotus because I loved it. but... I had no place in it.

Btw: cars are awsome! i would never want to live in a place, where i had to take public transportation!
 

Daniela101

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Owned quite a few nice cars in my short life.

Beamers, Benz, Stangs, Infiniti, etc.

Wasn't until 2008's financial crisis that I realized it's all a facade.

The only true security is what you do with what you've got, knowing how to grow with that and not making stupid mistakes (think before acting).

Money is USUALLY a bi-product of those things, imo.

Fancy cars are nice, but they're ego feeding, which is often the enemy. Why feed the enemy anything?

Hope that was useful.
Well said! At certain times in life, the facade is what we enjoy, whether we know it or not..Then, hopefully, we grow out of that phase and not rely on "image" as a factor before making major acquisitions.
 
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G-Man

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The way I look at cars... I just think they are all pieces of crap. New cars, old cars, luxury cars... Whatever. They are all junk.

Usefulness is always my primary criteria.

I view an airplane as an investment and a car as just me spending on myself.

I'm a frugal guy, I hate spending money on myself. It is killing the golden goose. The opportunity cost of spending on yourself is massive.
That's how I look at it. It doesn't matter what car I look at, all I see is all the BS wasted time and money it represents in my life. Time and money at mechanics. Time and money in traffic. I had to get the AC rebuilt in my Toyota last year, and honestly, having my life totally disrupted for a week pissed me off way more than the $1100 I spent.

Same thing with houses. Been house shopping with the wife for the last month. We went to look at a place this weekend that was a "deal" on paper. 225k. Every other house in the neighborhood is 280-300. When time came to approve the offer, all I could think was: I'm gonna spend 30k to get this thing off the ground, then have to pay $1500/mo to the bank, $600/mo in taxes, then I'm gonna have to spend another 30k getting repairs done. And what's my payoff for all of this? What's my big prize? I get to spend every weekend doing yard work and fixing whatever happens to break, all for the privilege of watching that $6700/year in property taxes go to $10k over the next 4-5 years.

I tried talking the wife into buying and living in an RV later that night. For real. I would live under a bridge to avoid mowing grass. Unless you're someone the finds yard work somehow zen, I can't think of a bigger waste of time than lawn mowing. It's like being an unpaid hairdresser for the earth. Eff that.

/RANT OVER
 
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Kak

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Same thing with houses. Been house shopping with the wife for the last month. We went to look at a place this weekend that was a "deal" on paper. 225k. Every other house in the neighborhood is 280-300. When time came to approve the offer, all I could think was: I'm gonna spend 30k to get this thing off the ground, then have to pay $1500/mo to the bank, $600/mo in taxes, then I'm gonna have to spend another 30k getting repairs done. And what's my payoff for all of this? What's my big prize? I get to spend every weekend doing yard work and fixing whatever happens to break, all for the privilege of watching that $6700/year in property taxes go to $10k over the next 4-5 years.

Agreed. Nearly all of the traditional sentiment about homeownership is just idealistic and foolish. You never actually own it unless it pays you, you just change the landlord to the mortgage company and the government.

The only real reasons to own over renting is to understand that rent adjusts annually to the new market value, where ownership keeps expenses more consistent and you can “make it yours,” if you so desire. I’m indifferent to it.

In a no property tax, low every other tax country I could see being excited about owning.
 

NCNY

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That's how I look at it. It doesn't matter what car I look at, all I see is all the BS wasted time and money it represents in my life. Time and money at mechanics. Time and money in traffic. I had to get the AC rebuilt in my Toyota last year, and honestly, having my life totally disrupted for a week pissed me off way more than the $1100 I spent.

Same thing with houses. Been house shopping with the wife for the last month. We went to look at a place this weekend that was a "deal" on paper. 225k. Every other house in the neighborhood is 280-300. When time came to approve the offer, all I could think was: I'm gonna spend 30k to get this thing off the ground, then have to pay $1500/mo to the bank, $600/mo in taxes, then I'm gonna have to spend another 30k getting repairs done. And what's my payoff for all of this? What's my big prize? I get to spend every weekend doing yard work and fixing whatever happens to break, all for the privilege of watching that $6700/year in property taxes go to $10k over the next 4-5 years.

I tried talking the wife into buying and living in an RV later that night. For real. I would live under a bridge to avoid mowing grass. Unless you're someone the finds yard work somehow zen, I can't think of a bigger waste of time than lawn mowing. It's like being an unpaid hairdresser for the earth. Eff that.

/RANT OVER

Regarding the lawn mowing, why not synthetic grass? my family used to have normal grass, we got sick of taking care of it + the huge water bill so we switched to very high quality syntethic grass which looks real minus the con's of real grass.
 
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YoungPadawan

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haha awesome. I've wanted to dthis. cool setup. what did u use? lawn more engine?
Zeda 80cc motor kit on Amazon and a cheap mens bike on amazon
 
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Sheens

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I tried talking the wife into buying and living in an RV later that night. For real.

I realize it isn't for everyone but my man was able to talk me into it as it allows us to live on our land during a construction project. I am really happy we made this choice. (And we are still together : ) )

If you ever have any questions or a need for insight please don't hesitate to ask!

(My apologies for derailing the main premise of the thread!)
 
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I did the "car poor" thing when I was a young blood...I could "afford" it...but it was a complete misuse of money and contributed nothing to my primary aim in life...I righted that wrong and followed wise words from a mentor (my father) who advised me not to spend money but to invest money...it's a simple but powerful 1 percent approach to all things finance...today I have a badass weekend vehicle to help celebrate business and personal achievements...my daily drivers are Walton Wagons...a 12 year old Honda Accord I bought for cash and a 1965 Chevy Truck I ecstatically repurchased from a family friend I sold it to when I went to college...I call them Walton Wagons after an encounter as a 20 something with Sam Walton (Walmart founder)...I was in broadcasting at the time and we were doing a remote broadcast at the grand opening of a Sam's Club membership warehouse and up rolls an old mid 1970's red and white, two tone Chevy pickup truck and out steps an unassuming man dressed in a simple light blue shirt..jeans..and cowboy boots...he starts working the crowd of people lined up to enter the store shaking hands and offering hot dogs and soft drinks and thanking everyone for coming to the opening...this was the founder of Walmart who drove hundreds of miles in an old truck to do business belly to belly with his customers...a billionaire's approach that spoke volumes...what a lesson for a know it all kid.
 
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I'm currently in the market for a new vehicle. Simply need something bigger.

I struggle between wanting a newer car with better safety tech and crash ratings, vs just getting the cheapest car that will do the job and not be a pita reliability wise possible. Either way it will likely be a Toyota or Honda.

Do you or anyone have an opinion on buying a newer car specifically for better crash ratings(better engineered crumple zones and what not) and better safety tech(automatic emergency braking, lane keep assist)?

Looking at $10-15k for an older vehicle vs $20-25k for a newer one with the better safety. I'm not sure if the difference is that pronounced, but it seems like according to NHTSA death rate statistics that newer vehicles are indeed notably safer?

I'm buying this in cash but still would rather not spend more than necessary.
Buy a leased vehicle. Enough hunting you should get one. Or check obituaries, someone may have left a reliable pick up the family would sell without batting an eye. Just an idea.
 

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I get this impression from some of the posts on here that people are sort of "bragging" about driving a crappy car and that they are "smarter" by driving a crappy car.

Some of the posts in this thread make absolutely no sense. Just because you're not into cars, doesn't mean someone buying/leasing a Ferrari is stupid or not "smart". I said this before and I'll say it again, if you WANT, and you CAN, then WHY NOT? You don't know when your time will end... so if you have a business making you $500k/year and you LOVE cars, then why in the world would you wait instead of buying that supercar? What are you waiting for? Until you hit $1mill in profit/year? How do you know you'll be alive by then?

Most people don't have the privilege of being able to afford a $100k+ car their whole lives... I've worked hard on my business and I've ate shit. I'm 25, I love cars, and I can afford most of the supercars. I'm not going to think twice - why should I? I currently drive a Jaguar F-Type R and this thing puts a smile on my face EVERY SINGLE TIME I drive it. To me, that's worth every hard earned penny.
 
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F Wings

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Finally a post where I can have most of you guys beat!

I "drive" a 200€ bicycle. If I need to go further I take a cab, a bus, a train or an aircraft.

To each their own, though. I don't have anything "agains" cars. I just favor other things over them. Like freedom to travel.
 

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One of my favorite topics. I drive a 2008 Toyota Prius that has 120k miles on it. Paid $19k cash for it in early 2009 after buying it "like new" from someone who needed to unload in a fire sale. Was worth $30k when I bought for $19k. Car seats in the back for both my kids. Rear bumper dented. Piece of trunk falling off. I spend maybe $20/week on gas at most. Insurance is about $95/month.

People give me crap all the time. It's so funny.

My favorite is when I drop my kids off at private school and all the other cars are Range Rovers, high end Tesla's, Mercedes, etc. BMWs are like Hondas at this school. And I roll in in my crappy old Prius. Always my favorite part of the day.
 

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