What do you drive?

[Torobaro]

I know many HNW people that dont have high end cars. It is not about how much wealth you have, it's about priorities.

Even MJ drives a Toyota.



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In my view it´s about both, wealth and priorities. About how much money you have and how much can you spend on things or experiences you don´t really need, like a lambo or a ferrari.

Most people spend their extra money travelling or on leisure, but some HNW buy a lambo, some UHNWIs even buy a collection of lambos and ferraris, and some billionaires buy private jets.

Someone that´s not a HNW that buys a lambo is doing something stupid.

 

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[MJ DeMarco]

2006 Toyota Tacoma, 120,000 miles. Runs like a dream which is why I still have it and haven't thought about replacing it. Why would I replace something that costs me nothing and adds ZERO drama to my life?

I'd rather spend my cash on experiences than cars.

Driving a six-figure car is an experience itself -- and sometimes, not the good kind. Once the good experiences were overlapped by the bad experiences, I sold my Murci. I've been exotic-carless now for about 4 years and to be honest, I haven't missed it.

it's about priorities.

And I think this is why I have not missed it.

 

[Deleted21704]

At 10% annualized return that is $10-30k of wealth building.

For the record, not all cars depreciate. Lots of enthusiasts' cars, ranging the gamut from cheaper Japanese makes to more expensive European makes, have either maintained their prices or increased. The hybrid/electric/green car trend has made people realize that naturally-aspirated, manual, simple, lightweight cars are mostly a thing of the past.

It's possible to buy a very nice car, enjoy it, and not lose money on it (and possibly even make money).

This guy is building a business to exploit this trend in the car market. It started as a simple blog and grew it into an auction platform that brings in real money. He's kept it 100% bootstrapped despite numerous investment offers, and has built it into a ubiquitous part of the car enthusiast community over the past ~10 years. Great Fastlane case study!

http://bringatrailer.com/

 

[MTF]

2006 Toyota Tacoma, 120,000 miles. Runs like a dream which is why I still have it and haven't thought about replacing it. Why would I replace something that costs me nothing and adds ZERO drama to my life?



Driving a six-figure car is an experience itself -- and sometimes, not the good kind. Once the good experiences were overlapped by the bad experiences, I sold my Murci. I've been exotic-carless now for about 4 years and to be honest, I haven't missed it.



And I think this is why I have not missed it.

Just curious... Did you buy it new (the Tacoma I mean)?

 

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[CycleGuy]

Tacoma crew. 2007 with 87k, 4wd, 4cyl, 5sp. 21mpg and I do nothing to it besides basic maintenance.

 

[G-Man]

Well, I drive a machine unlike any other. When you see me on the street, I roll up in a baby blue 1998 Oldsmobile Cutlass. With an incredible towing capacity of 1,000 pounds and fuel efficiency clocking in at 25 miles per gallon, I have to practically beat the women back with a stick with all of the ladies that I get with this powerhouse of a car.

I LOLed at this. I used to have an Olds Ninety Eight with a piece of carpet covering the dash. The electric door locks didn't work, so in my freshman year of college I go out during a party, and find my roommate in the back seat with some half dressed girl. At least somebody got some chicks with that thing.

 

[MJ DeMarco]

Did you buy it new (the Tacoma I mean)?

LOL, yes I did.

The buying experience what kinda funny.

Whenever I buy a car (whether it's new or used) I do my research first and then hit the dealer with a cashiers check made out to the dealer with the price I want to pay, out the door, taxes and everything.

In this case, I told the sales lady I wanted the blue Tacoma for $XX,XXX (I don't remember the exact amount it was) and here was the cashier check.

I told her this transaction will be her FASTEST ever and that I don't want to play car-buying games. I specifically warned her, "All I want to hear is a "YES" or a "NO". Anything else, including playing the walking-back-and-forth game with your sales manager means I will walk out."

She said OK and let me get you an answer.

She walked away and into a back room.

Ten minutes later she came back and said, "Would you agree to $XX,XXX?" (In other words, NO, we want more money)

I smiled, shook my head and said, "Sorry, I said I wasn't looking to play games."

I stood up and started walking toward showroom exit.

She chased me down and urged STOP! "Let me see what I else I can do."

I turned around and said "YES" or "NO" otherwise I walk.

Minutes later I got the YES and the price I WANTED to pay.

Cash talks, but it also walks. LOL.

 

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[LightHouse]

LOL, yes I did.

The buying experience what kinda funny.

Whenever I buy a car (whether it's new or used) I do my research first and then hit the dealer with a cashiers check made out to the dealer with the price I want to pay, out the door, taxes and everything.

In this case, I told the sales lady I wanted the blue Tacoma for $XX,XXX (I don't remember the exact amount it was) and here was the cashier check.

I told her this transaction will be her FASTEST ever and that I don't want to play car-buying games. I specifically warned her, "All I want to hear is a "YES" or a "NO". Anything else, including playing the walking-back-and-forth game with your sales manager means I will walk out."

She said OK and let me get you an answer.

She walked away and into a back room.

Ten minutes later she came back and said, "Would you agree to $XX,XXX?" (In other words, NO, we want more money)

I smiled, shook my head and said, "Sorry, I said I wasn't looking to play games."

I stood up and started walking toward showroom exit.

She chased me down and urged STOP! "Let me see what I else I can do."

I turned around and said "YES" or "NO" otherwise I walk.

Minutes later I got the YES and the price I WANTED to pay.

Cash talks, but it also walks. LOL.

I've bought three cars this way almost exactly. One I got to the end and they wanted to charge a warranty transfer fee... I said no and the back and forth started again. I was tired and not having it so i tore the buyers order or whatever it was up and started walking out... The manager came running quick... I didn't pay that fee, sales guy had to reprint the paper work.

 

[Lex DeVille]

09 Ford Ranger. 39k miles. Always said I'd never buy a truck. Then I got one and love it.

 

[JSM]

2008 Mazda 3, 102k miles, first car. Argued with my dad for months over buying a car and lucked out when my mom's cousin was selling it. They were going to take it to the dealer and trade it in the day I bought it.

 

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[JustAskBenWhy]

Can you guess what this is...

 

[CycleGuy]

Can you guess what this is...
View attachment 13628

White, mid 90s, Dodge Ram?

 

[Greg R]

What's your car? Are you happy with it?

I drive dollars into my bank account.

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[stealth09]

Used to have some fancy vehicles such as an Escalade, Range Rover Sport, Audi Q7, and Mercedes CL600.

Hated having payments, and terrible resale value on those vehicles. Got rid of them and bought a 2008 Toyota Tundra. One of the best decisions ever.

I can buy those vehicles cash now, but why? Unless I reach the point where buying one of them is like buying a t-shirt or jeans, I will stick with what I have.