Usually people that have it, have no need to flaunt it but it’s the people that don’t have but want people to think they do are the ones that want to impress.
Yeah I read the book too many years ago but I disagree with the buying used. It really makes a lot more sense, all things considered to just buy new-but not a Chevy or Caddy, but more like a Buick. As I have attempted to say before, over the long haul, there is virtually no difference on a cost per mile basis from buying new vs. used. It all comes out in the wash so to speak. Buying new though means you get what you want, avoid spending endless hours looking and inspecting potential cars, shorten the negotiations, and don’t need to be concerned with repair issues. So just a more efficient process.
I think of my old acquaintance from high school, whose retirement income is very similar–and possibly slightly superior–to mine. But, because of the gambling habits of both himself and his third wife (as well as alimony payments to wives 1 & 2…) , he lives in a small apartment in a sketchy neighborhood, BUT he leases a new Cadillac every 2 or 3 years in order to “impress the doorman at the casino”. Meanwhile, I have paid-off the mortgage on my large home, located in a crime-free rural area, on 1 acre lot.
But… Who am I to question his values system?
I like to buy a new vehicle which I special-order from the factory, maintain it better than the mfr specifies, and then drive it for at least a decade. I’m too old to compromise on a vehicle that is not the exact color that I want and that is not equipped exactly as I desire. And, the multiple warranties on new vehicles make for a much less stressful ownership.
I think that Bing’s point was that successful people don’t necessarily have an innate need to display their success–no matter the price of the vehicle.
I don’t think so. I have enough trouble figuring car makes, much less prices. Paid 28k for a 3 year old SUV because it fit our needs, not a status symbol.
The first impression you gave was that you wanted a vehicle that would make people think you were important . Wanting something that makes you and your family feel good and secure is different . And no one of the web can make that choice for you.
A lot of people say that stuff because they can’t afford to spend good money the way you can. Others have the strange idea that if it’s good for them, then everyone should should do it. There probably are other reasons too. Don’t sweat it, buy whatever you like, even if it’s a Land Rover.
Huh??? The point of “working hard enough to become wealthy” isn’t to impress strangers–most of whom could care less anyways. It’s to enjoy the peace-of-mind which comes from having financial security, and to be able to pursue your passions and interests.
Even if I became highly successful, and worth millions of dollars, I would still continue to live in the same house which I paid $135k for, and drive the same type of cars which I already own. The only difference is that I would have a lot more money in the bank, and in my investment accounts, and would have a much larger nest egg to leave for my wife and son. Buying a larger/fancier house or driving expensive cars to “impress” strangers doesn’t even cross my mind. In fact, far from wanting to flaunt my wealth, I’d want to conceal the fact that I have money.
It’s not hard to figure if you own over 2000 acres of farm land at a minimum value of $3000, you are well over the multi-million dollar figure. No idea how much cash and securities on hand but the folks I know tend to pay cash for farm equipment and personal rolling stock. They have no issue with a nice new green and yellow 4 WD tractor or a new building to store them in but the family vehicle will be similar to anything else on the road. No red Caddy or BMWs, just normal stuff so hard to tell what is actually in their check books. I’ll give you an idea though, 55 years ago one of them offered my wife (not then) $10,000 a year for a clothing allowance alone if she would succumb. As a comparison, back then private college tuition and R&B was $2-3000 a year, now $30,000 plus. And that was when he was in his early 20’s. Had enough to just write a check, no problem. You’d never know by looking at these folks. Not everyone though, some are very poor, you just can’t tell the difference.
Off Lease Acura MDX ! It’s a very Expensive SUV $50+K, that a lot of people pass on buying because they cannot afford the monthly payments., so Acura does a big business in Leasing . Its Japanese so it will last well beyond 100K .
Mandantory ? Do you realize that places like Carfax only report what is sent to them and not all repair facilities report to those tracking sites. A check by a local shop is advisable for the condition of a used vehicle but still not a guarantee that a used vehicle will not have problems.
It’s still not a bad idea, especially since most dealerships make the Carfax report available for free. Carfax won’t catch everything, so a clean result doesn’t mean anything. But if it does catch something then the information is valuable to have.
Ask Warren Buffett. Still lives in the same modest 4 bedroom colonial he bought and raised his kids some 60+ years ago for $31,000 and is now worth about $250,000. For a man that’s worth many BILLIONS of dollars…that’s an extremely modest home.
I’ve never been one to flaunt my wealth (what little I have). Especially with a car. We can afford more expensive vehicles…but refuse to buy them. I have other criteria for buying a car. We could have bought a BIGGER home, but why…we didn’t need it. With all the kids gone we’re now thinking of downsizing. At least with the equity we made on this home we can buy another smaller home for cash.
It’s not how much you make…but how much you spend.
I consider Carfax mandatory because it helps eliminate obvious losers. If a problem shows up, then walk away. If a problem doesn’t show up, that’s no guarantee, so now look closer, if you like it get it inspected.
It can take some time before certain reports hit Carfax from what i’ve read. But they don’t always have everything. AutoCheck which some dealers use instead tells you even less. A Seattle area exotic dealer has posted both CarFax and Autocheck reports for the same car and they may show the same basic information you learn more about the car from Carfax but still not everything. Even if you know the car was serviced at a certain dealer the records for that car have probably been deleted.
CarFax data is less then 10% of all available data. So 90% of all accidents, oil changes, and general repairs are never reported. And in some states it’s against the law to report accidents to an independent agency like CarFax.
