Can People Really Afford These Luxury Cars?

[RichUK]

I'm around 30 yo and make over 136K a yr. I drive a 1999 Toyota Camry with around 104K on it right now. Just a few weeks ago I did (by myself) a timing belt change along with oil pump seal, crank seal, cam seal. I have excellent credit and can walk into a Jag, BMW, Mercedes, Volvo dealership and finance/purchase any of their mainstream vehicles. If there is any issue on if I could afford it, I probably have enough liquid to purchase it outright. My philosophy is I drive a vehicle to get from point A to point B. As long as it's safe, reliable and efficient that is good enough for me. I will likely drive my Camry until the wheels fall off and it is beyond mechanical repair. I don't give a shit what anyone thinks about me based on what I drive.

Anyway tend to see people who drive luxury vehicles. My suspicion is....

1. Vanity issue, insecurity, stroke myself, status seeker, "emulator". (Probably 80 to 90% of the owners)
2. VP, Director, CEO (C class), Some MDs, Excess of 200K a yr (usually more) (5 to 10%).

I'm not sure if you're trying to suggest you're a bright individual by stating how much you earn, but are these the only reasons you could conjure up?

If so, you're simple minded...

 

[WhipperSnapper]

With that income, I'm amazed you're not driving a nice SUV.

 

[BurnItDwn]

I would think that it would make sense from a "preserving ones time" point to consider a less old vehicle to avoid the hassles of the occasional breakdown you may experience with an older vehicle.

 

[JackBurton]

I'm not sure if you're trying to suggest you're a bright individual by stating how much you earn, but are these the only reasons you could conjure up?

If so, you're simple minded...

Usually when people make a statement like this, it is their own insecurities they are trying to justify. "I COULD buy that car, but I don't want to. I mean, there's no reason to buy it, I have all I need." Kind of like a sour grapes type thing.

 

[KDKPSJ]

I don't give a shit what anyone thinks about me based on what I drive.

Yes, you do.

 

[Murloc]

It's just a question of priorities.
Many rich people got there by being cheap and just don't care about the car as long as it serves its purpose.
Others buy a car and keep it shiny new for decades. I guess they're sentimental or don't have the "disposable" mentality. Or they're proud about their old car.
Others like driving for pleasure, going on holiday by car etc. so when they can, they get a decent car.
Others like to drive on a track and will buy sports cars.

I don't think they deserve to be judged for their choices, as long as they have their finances in order.
If you're in debt and get a new car, that's just irresponsible.

Different people, different priorities.

 

[JulesMaximus]

I know I did, and it's a fair comparison whether you want to see it or not. Again, you can take this off topic and I'd be more than happy to engage in a nice discussion with you.

I could try but I'm not going to bother.

Maybe your parents could try to explain it to you. :awe:

 

[Insomniator]

I love driving and would never get a basic A to B car given a choice, but I bought a 9 year old mini for 11k and even THAT is still 200 bucks a month + 100 for insurance.

So no, I don't know how so many people are paying 400-600 a month to lease BMW's and Benz's. My coworker who has 2 kids and a mortgage drives a 50k Audi Q5... that he is 'excited' to have only 18k left to pay. BTW he's talking about getting a new BRZ in addition to that now. He doesn't make enough more than me to offset kids... mortgage.. wife.

So I don't get it either.

 

[JulesMaximus]

I love driving and would never get a basic A to B car given a choice, but I bought a 9 year old mini for 11k and even THAT is still 200 bucks a month + 100 for insurance.

So no, I don't know how so many people are paying 400-600 a month to lease BMW's and Benz's. My coworker who has 2 kids and a mortgage drives a 50k Audi Q5... that he is 'excited' to have only 18k left to pay. BTW he's talking about getting a new BRZ in addition to that now. He doesn't make enough more than me to offset kids... mortgage.. wife.

So I don't get it either.

See, I would never buy a 50k Audi or BMW or Mercedes-Benz to commute 20,000 miles annually with.

 

[KIAman]

I got my 330i cash for $46k just because I could.

I drove a KIA sportage for 10 years and saved up side money. When it was time to buy a new car, I rewarded myself.

Looking back on my decision, I realize now I could've got something much cheaper and had extra cash left over... but meh.

 

[DominionSeraph]

There are many fun (and not luxury) cars that you could drive, but you settle for the most basic A-B transportation available.

A '99 Camry is a long way from basic A-B transportation. It is certainly not the most basic. (That would be crawling, if you're keeping track.)

It is a midsized luxury sedan.

 

[DominionSeraph]

quote != edit

 

[Throckmorton]

A '99 Camry is a long way from basic A-B transportation. It is certainly not the most basic. (That would be crawling, if you're keeping track.)

It is a midsized luxury sedan.

By today's standards it's a compact and not luxurious at all

 

[The Boston Dangler]

I'm around 30 yo and make over 136K a yr.

i stopped reading right there

 

[xSkyDrAx]

A '99 Camry is a long way from basic A-B transportation. It is certainly not the most basic. (That would be crawling, if you're keeping track.)

It is a midsized luxury sedan.

I don't think I know anyone that would consider a 99 Camry as being a midsized luxury sedan.

If so, what would be could possibly considered a non-luxury midsized sedan?

 

[blipblop]

It all depends on what you spend your money on. I make well above what a normal 27 year old makes and my daily driver is still my first car a Scion tC. I've always wanted a sports car to drive and enjoy on the weekends. I'm a very frugal person all my life.. Last year I bought a Porsche. None of my coworkers or anyone other than my mom, dad and significant other knew. I don't have cable tv, I don't drink and do much shopping

 

[DominionSeraph]

I don't think I know anyone that would consider a 99 Camry as being a midsized luxury sedan.

If so, what would be could possibly considered a non-luxury midsized sedan?

Most American POS's from the 60's and 70's. 80's mostly all fell apart in 2 years so any initial luxury is moot.

 

[datalink7]

I like driving in a fun car. I also like to do random road trips. Sometimes when I feel crazy/down or whatever, I like to hop in the car and drive around for a few hours.

As this is a priority for me, I put extra money into getting a car that will maximize the experience. You appear to hold a utilitarian point of view for your automobiles. For you, they are there as a simple means of transportation. For others, it means something else. Why be so judgmental? Different people have different priority.

 

[Dr. Detroit]

Different priorities - you may invest in a 401K, have a really nice place to live and love to travel, vacation and buy designer clothes, other people like cars.

Some people like wine & gourmet food - some people like premium unleaded.

My last job - I was a position ahead of this guy and he started fresh out of school in 2001 - he loved his hardware and never modified any of them and never drove over 90mph, just enjoyed the image:

2001 Focus
2002 Altima 3.5 SE
2004 GTO
2005 GTO
2006 Corvette
2008 CTS & 2008 Corvette Z51
2009 CTS-V & Lincoln MKX
2010 Honda Cr-Z (lasted 1-week)
2011 Corvette GS
2012 M3
2012 CTS-V Coupe

I drove a '99 Ford Contour SVT until July 2007 when I needed an image car as I was making Sales calls and getting shit for my car. Bought a used Saab Aero 6spd.

Another guy had a 2009 Camaro SS & 2011 SRT 392.

I loved these guys as I buckled up in the passenger seat and said hit it!

 

[SSSnail]

My E-Peen Detector unit model #ID-10t brought me here. What's going on?

 

[pauldun170]

My view is that the OTD price of your car should never exceed 1/3 of your annual gross income. I personally feel that it should never exceed 1/3 of annual net income of the driver (vs taking combined income on dual income households)
Having said that...
A Ford Taurus can cost the same as a BMW 3 series.
I can pay the same amount for a GMC Arcadia that I can for a BMW 5 series.
I show up in a C350 Mercedes and I'm a snobish prick yet if I roll up in a Honda Odyssey that cost more money I'm just a regular family man.


Having said that, OP will eventually learn that publicly discussing salary levels is in poor taste. Hopefully maturity and experience will teach him otherwise.
For future reference, leave off exact numbers.

 

[Fenixgoon]

do some people spend way more than they should? yes

do some people legitimately enjoy the cars they drive, and that's their hobby/priority of money? yes

should you give a damn? no.

 

[foghorn67]

A '99 Camry is a long way from basic A-B transportation. It is certainly not the most basic. (That would be crawling, if you're keeping track.)

It is a midsized luxury sedan.

A Camry is a luxury sedan???

 

[Zenmervolt]

By today's standards it's a compact and not luxurious at all

Nope. Still EPA midsize. The guidelines haven't changed.

ZV

 

[power_hour]

*removed*