1 salary or 2?
10-07-2007, 01:48 PM
#51
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2007 S 600 / '06 911 Porsche C4S cab
On the subject of the financial aspects of luxury cars...
here's a question no salesman anywhere will ask you:
"How much do you want to lose on your next car 3 or 4 years down the road?"
If you are ok with 50% of whatever your purchase price is, then go for it.
Enjoy it and suck up the losses.
here's a question no salesman anywhere will ask you:
"How much do you want to lose on your next car 3 or 4 years down the road?"
If you are ok with 50% of whatever your purchase price is, then go for it.
Enjoy it and suck up the losses.
10-07-2007, 08:01 PM
#52
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I was at a high end store recently, as I was looking to buy a suit. One of these snooty salespeople, fortysomething male, came asking if I needed help. Instead of simply telling him about the suit, i decided to ask him about some Armani linen pants I had seen in one of their outlet stores, where they usually ship their clearance items. I had liked the pants very much and was hoping if they carried them in size 32--the outlet store carried size 30s. His helpful demeanor immediately turned into a high browed look as he told me that they don't carry clearance items in this store. After an obligatory "is that all?" to which he did not even wait to get an answer, he moved on. So did I, to the other salesperson who turned out much nicer and proceeded to purchase the items I had planned all along, all the while enjoying the dumbfounded look on this schmuck's face as he was seeing a nice piece of commission fly out the window. Icing on the cake was when the valet of the store pulled up in my S600 Sport--about the only time I had used the service at that shopping collection, it had been a very cold day--and I could feel his eyes burning a hole down my back while he cursed himself for ignoring the seemingly "member of the unwashed masses" 27 year old.
Anyway, sorry for the OT story, but the comment of the snooty LV sales peeps aroused kind recent memories.
Anyway, sorry for the OT story, but the comment of the snooty LV sales peeps aroused kind recent memories.
10-14-2007, 07:11 PM
#53
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2011 ML 350, 2009 Smart Passion, 2004 Audi TT Quattro
reminds me of a recent trip to Vegas. i recently walked by a beautiful Armani store...must have been 2,000+ sq feet...lots of fashionable stuff that's probably too flashy for most normal people to wear, and probably too expensive too. anyways, there were 4 snooty looking salespeople just standing together by the cash register/front counter...how many customers? ZERO.
Maybe thats why they are so snooty..they have nothing better else to do then stand there for hours with no one to help..looking at clothes they wish they could afford..hating life and wishing they listened to their mother and paid attention in school.
10-15-2007, 01:53 PM
#54
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2004 S500
keeping up with th "jones" is not a way to financial independence. heck, i almost didn't want to buy a rolex because so many wannabees were buying it on credit just to have one.
the statement above on $70k+ financing is probably a true statement. however, most of the guys i know who can afford to buy $75k+ cars are buying used ones for cash so they save 40-50% for missing on the first 2-3yrs...and usually the car is still under warranty. my friend just bot a 2003 745Li fully loaded w/ only 33k miles and he paid $40k. he's got free svc for another 9 months, and he also has factory 6 yr 100k warranty. i think the car was $85k-90k new...now that's a smart move.
when i first got into the i-banking world as a rookie in the early 90's, i learned that senior guys making $400k+/yr were buying acura legends that cost less than $35k. that was my first role lesson. and now, even a friends who's retired at age 35 and could buy anything he wants, he just got a 2006 M5 with low miles for $20k off MRSP vs. a new one.
bottomline, do what you want but try to find someone that you look up to and emulate what works for them...you have the best likelihood of getting similar results rather than following the pack who are trying to "keep up with the jones."
the statement above on $70k+ financing is probably a true statement. however, most of the guys i know who can afford to buy $75k+ cars are buying used ones for cash so they save 40-50% for missing on the first 2-3yrs...and usually the car is still under warranty. my friend just bot a 2003 745Li fully loaded w/ only 33k miles and he paid $40k. he's got free svc for another 9 months, and he also has factory 6 yr 100k warranty. i think the car was $85k-90k new...now that's a smart move.
when i first got into the i-banking world as a rookie in the early 90's, i learned that senior guys making $400k+/yr were buying acura legends that cost less than $35k. that was my first role lesson. and now, even a friends who's retired at age 35 and could buy anything he wants, he just got a 2006 M5 with low miles for $20k off MRSP vs. a new one.
bottomline, do what you want but try to find someone that you look up to and emulate what works for them...you have the best likelihood of getting similar results rather than following the pack who are trying to "keep up with the jones."
It might be interesting to know what the really rich are driving. Last year Forbes went down its list of billionaires and checked public records to find out what cars are driven by the kind of people who could put bumper stickers on them reading "My other car is a Boeing Business Jet." Here's what they found.
Bill Gates (#1, with $50 billion): 1999 Porsche 911; 1988 Porsche 959.
Warren Buffet (#2, with $42 billion): 2001 Lincoln Town Car.
Ingvar Kamprad (#4, $28 billion, IKEA): 1993 Volvo 240 GL. However, Forbes said, he usually takes the bus, and when he flies he flies coach.
Paul Allen (#6, $22 billion): 1988 Porsche 959; 1988 Mazda pickup.
Jim Walton (#17, $16 billion): 2002 Dodge Dakota Pickup; 2000 Acura Integra; 1998 Mitsubishi Montero Sport; 1999 Chevrolet Silverado Pickup; 1959 Cadillac.
Alice Walton (#18, $16 billion): 2006 Ford F-150.
Steven Ballmer (#20, $14 billion): 1998 Lincoln Continental.
There was a Rolls-Royce Phantom (Saudi prince) and a new Bentley (Larry Ellison) on the list too, but the majority of the cars were ones that most of us in this forum probably wouldn't even consider the next time we're in the market.
You'll find the full article at: http://www.forbesautos.com/advice/to...lionaires.html .
10-15-2007, 05:22 PM
#57
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E550 4MATIC
Who cares what the rich drive. And do you really think that Bill Gates has two cars? I'm sure a bunch of these people don't have the cars registered in their names.
10-15-2007, 05:52 PM
#58
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2011 Hyundai Elantra GLS
I have read a great quote on this subject, a long time ago, which went like this--and I am loosely paraphrasing: "Bill Gates could also aford a much better haircut than the one he has, so why must we pay much heed to his taste in cars?"
10-20-2007, 04:30 PM
#59
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2000 S430, 2002 Range Rover HSE 1985 BMW 535 (Sold), 99 BMW 530 (R.I.P), 98 Mazda Millenia (R.I.P)
Paul Allen spends his money on yachts and private jets, not cars. He just bought a $12 million sailboat.
10-31-2007, 11:37 PM
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W220 S500
It might be interesting to know what the really rich are driving. Last year Forbes went down its list of billionaires and checked public records to find out what cars are driven by the kind of people who could put bumper stickers on them reading "My other car is a Boeing Business Jet." Here's what they found.
Bill Gates (#1, with $50 billion): 1999 Porsche 911; 1988 Porsche 959.
Warren Buffet (#2, with $42 billion): 2001 Lincoln Town Car.
Ingvar Kamprad (#4, $28 billion, IKEA): 1993 Volvo 240 GL. However, Forbes said, he usually takes the bus, and when he flies he flies coach.
Paul Allen (#6, $22 billion): 1988 Porsche 959; 1988 Mazda pickup.
Jim Walton (#17, $16 billion): 2002 Dodge Dakota Pickup; 2000 Acura Integra; 1998 Mitsubishi Montero Sport; 1999 Chevrolet Silverado Pickup; 1959 Cadillac.
Alice Walton (#18, $16 billion): 2006 Ford F-150.
Steven Ballmer (#20, $14 billion): 1998 Lincoln Continental.
There was a Rolls-Royce Phantom (Saudi prince) and a new Bentley (Larry Ellison) on the list too, but the majority of the cars were ones that most of us in this forum probably wouldn't even consider the next time we're in the market.
You'll find the full article at: http://www.forbesautos.com/advice/to...lionaires.html .
Bill Gates (#1, with $50 billion): 1999 Porsche 911; 1988 Porsche 959.
Warren Buffet (#2, with $42 billion): 2001 Lincoln Town Car.
Ingvar Kamprad (#4, $28 billion, IKEA): 1993 Volvo 240 GL. However, Forbes said, he usually takes the bus, and when he flies he flies coach.
Paul Allen (#6, $22 billion): 1988 Porsche 959; 1988 Mazda pickup.
Jim Walton (#17, $16 billion): 2002 Dodge Dakota Pickup; 2000 Acura Integra; 1998 Mitsubishi Montero Sport; 1999 Chevrolet Silverado Pickup; 1959 Cadillac.
Alice Walton (#18, $16 billion): 2006 Ford F-150.
Steven Ballmer (#20, $14 billion): 1998 Lincoln Continental.
There was a Rolls-Royce Phantom (Saudi prince) and a new Bentley (Larry Ellison) on the list too, but the majority of the cars were ones that most of us in this forum probably wouldn't even consider the next time we're in the market.
You'll find the full article at: http://www.forbesautos.com/advice/to...lionaires.html .
Bill Gates, 99 911, oh yeah but he lives in a 150 million dollar house, talk about living in excess....... hmm. I love all this public relations BS, oh I'm a billionaire and I drive a used car.... yeah every single one of those guys probably has a jet, multiple houses around the world, yachts etc...
Some people like cars, some people like boats..... different strokes for different folks.
Saving is essential, but live your life too....if you like something and can afford it, then by all means.
A friend of mine makes close to 400k, rents an apartment outside of Manhattan, drives a Acura Integra(old POS) and skimps on a latte every other day to save a few. Talk about the richest man in the cemetary syndrome, oh yeah he's single with no kids, mid 40's.... dont' be him!
Leasing has it's tax advantages over financing or buying outright. With leasing rates of vehicles in the 3-5% MF range, why would anyone with even a morsel of financial sense purchase outright instead of leasing?
With that type of financial sense, I personally attiribute your claimed financial success to luck. God bless you.
Last edited by kablaam; 11-01-2007 at 05:25 PM.
