Wise words. My brother lived the high-life on credit cards. Now him and his wife have split up and they owe so much money that they can't afford to get divorced. Very silly decisions they both made, and will probably both die in debt.
As a former finance manager, can’t count how many times I wanted to not do the deal because I knew it was going to be an disaster for the customer… but I wasn’t a financial advisor
As a former salesman - I can attest that we all basically knew people that were buying cars new or used were making a bad sometimes horrible financial decision. It's True.!!!
@@marblox9300 I don't wanna go all religious but in Islam this method is dishonest and not allowed that's why you feel strongly about it. Because good humans don't want people to have big problems later
@@Jez4prez1 No interest yes but also it's deeper than that as dishonesty is a big part of ruining good business too in Islam. Leasing is a whole topic in itself..but many people are not smart with cars especially from my community. English guys know about cars and engines etc especially the mechanics but people from my community think they know about cars but know nothing and they get cars on lease because they don't know how to deal with car issues as many of them are not technically up on cars. They know how to show off and talk big but they most in my community can't fix a thing not even a car stereo. Heck they don't even know how to wash a car properly that's how poor the skills are in my community. 😂
@@justinbernardo8240i did lot of cctv for west Hollywood area and had Jewish business owners keep giving me jobs thru recommendations. Most 1st gen all owned old suv or normal cars. Most of their kids ownd flashy sports cars. Just my observation
@@justinbernardo8240 Not necessarily. My brother always owned top-line Mercedes, expensively tricked out with extras, too, but they kept getting keyed.
@@MarcIverson you don't get it. It doesn't mean to be expensive or loaded with options. Has to be something like "if you know you know" thing. Only if you're into cars or a certain brand, era you'll appreciate it. Flashy, expensive cars is to show off to everyone, mostly to people who are not into cars. Most people are hostages of other peoples opinions.
Agreed all of a sudden everyone commenting is telling their net worth? And using millionaire status to say they can’t afford a lambo. All this is is people lying so strangers on the internet will think they are cool
I was 60 when i purchased my 911. I wrote a check as the finance manager begged me to finance the car. My kids are out of college. I wish i could have purchased this when i was younger, but i am glad i didn't.
That’s such a funny picture in my head. I would’ve probably gotten some perks for cheap and taken out a loan…and then paid it off the next day. That’s great though!
Funny, same thing happened to me yrs ago. I saw a new Toyota Tundra aval for a special price in the newspaper, 1-only at Longo TOyota in so.cal. The largest dealership in America based on revenue. if I remember right Truck was only 22995, this was early 2000s. I saved enough to buy it cash, I went to dealership and they assumed I would finance & sat me with finance guy. When they found out I was paying by check , they refused to sell it to me. Saying they require a cashier's check, I said how can I make a cashier's check if I don't know the final amount w/taxes & fees? They said they can't help me. So I said how about I write a check and you keep truck here until check clears. They said thats against policy. These deals usually are sold by noon to somebody that needs to finance the vehicle so I didn't have time to get to bank and back on a saturday before truck sold to someone else. So the following week when tHey ran the special again I walked in with a small duffleback full of cash & they finally had no choice but to sell it to me. They had their slowest salesman deal with me & kept asking why I don't use money to invest in something else and just finance the damn thing ? Auto dealerships are not about cars anymore, they are basically banks trying To screw customer any way possible. I saved about 4000 on the special , 10000 cheaper than if I financed it for 5yrs including all the payments. I would have slipped the salesman stuck doing paperwork $300 if he didnt keep b1tchin about only making about $100 on the deal since I wasent financing. I heard these days you cant pay w/cash at most dealerships anymore,?
As a teen I dreamt of driving a Corvette when I made the money. When I did make the money, little over a decade later, it didn't make sense to drive one. Turned out a Camry was just what I needed. 😌
I wanted a Corvette since I was a young teen. I always stopped to look at every corvette. I got to test drive one after high school and it was great but didn't compare to my fantasies. I immediately lost interest
I saved up to buy my first exotic with a very minor 20k loan. Went to buy it and when I sat in it I realized the peace of mind from the money was worth more.
I've never made much money, and actually just got laid off this week. Two of my memorable moments: Paying off a 10-year-old Subaru Legacy at the credit union in 2000 and becoming debt-free last year. My net worth is practically nothing in today's money, but I do love being debt-free. At least I don't worry about debt.
Also, everything more exotic than a Porsche stands out like a sore thumb and looks horribly uncomfortable to drive, especially in 35mph traffic amongst a sea of bimbo box SUVs.
People need to stop confusing car guys and non-car guys. There are millionaires who are not a car enthusiast and will drive normal cars while there are millionaires who are a car enthusiast that own interesting vehicles.
I agree, especially when they mentioned Dave Ramsey’s survey. I know a millionaire who drives a Lexus ES. A normal car. However “waste” their money on having enterprise grade computer hardware at home. Multiple server racks and a NAS. They are simply just not into cars.
yeah also remember billionaires don't need to own their own car. they can always rent or borrow one when they need one. also many billionaires own private jets and luxury yachts that cost them millions a year even if they don't use them
Could not agree more. A lot of the commenters here bragging about how they have money but drive Jeep Cherokees or whatever are totally clueless. I don’t care how boring your car is. Some of us have wealth and expensive sports cars because, you know, we take interest in them. It’s our hobby. Now go bore someone else with your dull Toyota story….
48 y/o "millionaire". Two Subarus and a Tundra in our garage lol. Sell Powersports for a living, 75% of my customers should not be buying that $15,000 dirt bike... But they do.
@JM-ou5ro tundra is a great truck. Preferably old. The guy sells powersports. You don't think he puts his toys in the box. I don't normally attack people here, but you've obviously never been punched in the face.
Most millionaires don’t drive cars like these because they don’t want people knowing they have money. My father is a multimillionaire and he drives an old MDX and old SAAB. He’s just now thinking of buying a a new Merc. First new car he’s ever bought for himself.
I don't buy expensive cars because I don't think they are worth the asking price. Unless of course you are trying to pretend you are better off than you really are
I mean why would you. If you're a salesman it's your job to sell and not be concerned with how this purchase affects their finances. It's the customers responsibility to think about how these purchases affect their financial health.
I've done that as a car salesman. I've talked people out of deals on purpose because 1 it develops trust and they will be back and 2 they always will trust you with their people. It's about building a relationship. I refuse to screw people over.
@@dariuskirk6135I always try to get to know the customer first as a human being. Better long term prospects and referrals. And you can possibly get a good friend out of it.
6:44 - It’s because those people are not into cars. Same way most millionaires don’t own a horse. They are just not into horses. Being a millionaire doesn’t automatically make someone a car guy. They’re happy with a Toyota instead of a Lambo. They’re happy with a Dog instead of a horse.
@@mckricks1 I think you are right... but only to a degree. Almost everyone needs a vehicle, very few people need a horse. But, when you are talking about vehicles over around 50-60k usd, it is generally for prestige or you are enthusiastic about them. 50-60k gets you most of the luxury/comfort/conveniences you need as a daily driver vehicle, no matter your wealth. Just my opinion.
I drive a Nissan Altima 2012 and my networth is close to $8M. I also own a Audi Q7, but my spouse uses it. I really don’t care about cars and I don’t feel the need to impress anyone with the vehicle I drive. It feels stupid. Having said that we usually go to Europe in summers and South America (costa Rica, Belize, Panama etc) in Winters. We also fly just on a whim to Los Cabos or Puerto Vallarta during long weekends. I only spend money on things that I care about!
I know someone who’s about 200k in debt for a dodge diesel. He traded in a 2 year old 1500 that he bought zero down with bad credit for a 3500 Limited. The dealership can do amazing things to get you a vehicle when they sink their claws into you for a lifetime of payments.
Most of my customers are millionaires. The young ones almost always have Land Rover, Mercedes, bmw and the old ones drive Toyota/lexus or Honda/acura. I used to work for a man with insane wealth who owned an Aston Martin because he told himself he would buy one if he got rich when he was a kid but he daily’s a 2000s mini cooper. He’s still one of the coolest most humble people I’ve ever met.
On a smaller scale, when the Dodge Hellcats came out you had many many people making many many bad decisions. I work in banking, we had 18 year olds coming in for $75,000 auto loans, it was crazy. My favorite was this guy who had a credit score so low that he shouldn’t have made it in the front door but he had a plan to sell plasma and sperm to make the payments.
Me sitting in a 2001 Honda Accord and a guy in a Hellcat pulls up and looks at me condescendingly with a smug grin. I give him a thumbs up thinking he must be 50x wealthier than me since the car is so expensive. On a good day in the market, I can make enough to pay cash for his Hellcat. I have always dreamed of owning a Porsche 911 S, but I cannot justify the purchase. It would sit in the garage and get driven once a week maybe less.
I grew up in Arkansas back in the 60’s. Sam Walton drove an older pick up back then. Harvey Jones (founder of Jones Truck Lines which sold out several years ago) was extremely wealthy, drove an old truck and wore overalls. You would never pick him out in a group and say “that guy is a millionaire”. Down to earth good people. My dad knew both of them, especially Harvey. These guys knew how to build wealth and companies. Everything else was secondary.
The people who have the money are the hardest to convince because they are the ones that actually did the work and had the discipline and know how hard it is to arrive at that point. 75% of the buyers are nearly broke because they are the type of people who would throw most of their net worth into a depreciating asset.
Bingo. Also, something weird happens where once you can have something... you no longer care to have it. The house. The car. The property. The hot wife. The toy. Etc. You only want what you can't have.
@@SmartestDumbGuy Yup. Coach Greg Adams saved *for a decade,* to buy a Porsche 911. After he had it for a month .. he realized he should have just rented one for a month! The notoriety had worn off.
@@SmartestDumbGuy Especially the hot wife. :-) As my friend always told me, there has been some other guy who simply got sick of her sh!t and now she's with you. :-)
@@SmartestDumbGuy When you made much money, you see inevitably that buying an house would cripple the oppurtunity to make more money relatively fast. A fancy car does that too. Also you probably want to be free and not have the burden of the country taxing the crap out of your real estate. Therefore renting gets much more attractive. 1 year rent, then go somewhere else.
As a mechanic. In regards to the question asked at 2:00 I can tell you that at least 80% of BMW and Mercedes car owners cannot afford to own their car. Also hilarious when they get sucked into buying a standard version with the AMG or M sport brake upgrade and get quoted thousands for brakes they dont need
the tire shop I go to will have my 99 Corolla in one stall, and an exotic in the next... one day, years ago, saw a BMW M3 on the lift with 4 bald tires... owner could only afford to change one of those tires...
@Devil_Dog_Ultra Maybe it's different at a main dealer considering they are willing to pay twice the hourly rate for work and more then likely exchanging cars after their warranty period. For an independent shop however, it's always a complaint or the car drives in and out with oil and coolant leaks.
The richest person most people have been around don't know they are rich. It's the old man wearing blue jeans and flannel driving an old f150 buying all great value brand food lol.
This is very true. The most normal looking average joe’s that I work for, if I didn’t know their position and how much they make, I would’ve never guessed how rich they truly are. What I did notice is that they are always the ones who had very few words to say.
The guy that owned the company I worked for in the late 90's - early 2000's sold it and was worth at least 9 figures. Drove a Toyota and shopped at Walmart. His son drove expensive foreign cars and super hopped-up pick-ups and only wore designer clothes.
I know a couple people that were on the rich side. When ever I acknowledged that they were rich, they looked at me like i was crazy for saying that. This was usually people that had 4 mcmansions. Houses in other countries, etc. I still remember when I said to one acquaintance after I saw their house that they must pay a lot of money in property tax, they responded and said they "only" pay 85,000 dollars a year in full seriousness. That means they were the "poor" person of their friend group meaning their friends probably own houses where they paid much more money in taxes.
Not always. Several dudes I know are worth close to a billion (at least 700-800 million) and they dress well, drive very nice cars (one just acquired a GT3RS and a 911Dakar) and work every day. Generally you can tell someone has money if you know what to look for.
As a former salesman - I can attest that we all basically knew people that were buying cars new or used were making a bad sometimes horrible financial decision. It's True.!!!
@@Nun195 Unless it's exactly what you want and you're going to keep it long past the day you pay off the loan, yes better to get a similar used car for half the money.
@meekrab9027 taking a loan out at all on a depreciating asset is a bad financial decision, if you want something and you will get joy out of it it's okay but if you don't own a house or don't have a mortgage it's a bad idea to get a car loan before the house cuz they use the car loan against your income qualification. I owned my house + 3 rentals and only ever bought cars i could pay for with cash. (Usually under 5k). I'll get a nice new car one day but if I did when I was young I would have sacrificed a lot in exchange for it cuz I never would have been able to buy my first house
A coworker and I are both squarely in the middle-class bracket. She drives a very flashy, expensive car, while I'm more of a practical "if it gets me from point A to point B" kinda guy. When I first met her, my initial thought was to tell her that she didn't need such a flashy car, however, I soon realized that she's REALLY into cars and that's what makes her happy. All that to say...if it makes you happy and you can afford it, then go for it. I'm not any better than her just because buying expensive cars isn't for me.
What a weak position. So if she opens an Only Fans account and does adult entertainment stuff, you're just gonna say if it's make you happy then go for it?
She's not going to be that happy later when she realizes she has to work for another 10 years because she wanted to drive an expensive car in her youth.
Both of you guys are missing the point. Everything you buy to consume are depreciating assets. You spend $50 bucks on a pair of jeans, goodluck trying to get $50 dollars back out of those jeans two years later. You buy a $1700 gaming PC, kiss that $1700 goodbye almost completely in 3-4 years. It is what is it is. You effectively traded 1700 dollars for an equivalent level of usefulness and enjoyment. To make it easier to understand, take the usefulness out of the equation and think about the 1700 gaming computer. You, as a consumer, are saying “I will get at least 1700 dollars worth of enjoyment out of this machine”. So you do that quick cost benefit analysis, decide you will get that value of enjoyment out of it and you buy it. You can look yourself in the mirror at night knowing the actual value, not tangible value, of the computer is greater than 1700 worth of enjoyment and so you’re good with the purchase. The same thing is true of a car. A car doesn’t depreciate to 0 overnight, it may depreciate by 50% in 4-5 years. If cars bring you enjoyment, and you can afford them, what you’re really doing when you buy a car, especially a fancy expensive one, is deciding if the depreciation price you pay is worth an equal or greater amount of enjoyment you get out of the vehicle over the same time period. Thanks for attending my Ted talk.
Yess!!! This is the first time I actually find someone else in the comments section lay out this kind of great financial advice. I view it in the same exact way and will make sure our children understand this concept when they grow up.
Depends. It's stupid to go into debt for a liability. But it's smart to go into debt for an investment you understand very well. That's how very most people got rich.
Some debt is unavoidable for regular people. Mortgage, for example. Getting in debt for a car or for education seem crazy for me, though. If you can't afford a car, get a cheaper one. Get educated in Europe. Even for healthcare, it is much cheaper to fly to Europe and get treated here, if it's not an emergency. I swear, I've heard "I can't afford to do this in Europe, so I did it in USA for more money and am in debt now" a lot of times.
I was a car salesman here in England for 25 years, mostly run of the mill family cars from Ford. Listening to this bloke is very interesting, car sales techniques never change, apart from when it comes to high end stuff, my mate sold Jags, he also sold them by outlining their deficiencies, as opposed to benefits.
I work in Zurich, Switzerland and I see many Lambos and super cars on the streets and when they stop at the traffic light, one peek inside and you know if the car is leased, rented, or bought, i would say 90% or more are rented or leased
I have a 2024 Corvette Stingray, it just turned a year old. I love the car. I love driving it, because I’m a guy that loves cool cars. It’s also therapeutic… just like my woodworking, hobby, and my trees, plants and flowers hobby. Many people don’t understand other people’s outlets for life. I can have a really bad day… but go out, cruising in the car for an hour and a half, and I’m a new man.
That would be my sports car purchase. They’re not stupid expensive to buy, to maintain, or to fix. And if you do break down in Jamestown North Dakota or someplace, you don’t have to have the car flatbeded 1000 miles to get it fixed.
I agree, people will say “but u should buy a Camry!!” No….YOU should buy a Camry, I’m happy with my corvette. That whole had a crap day at work I’m going to drive in the mountains around the Hollywood hills and then get a nice dinner, makes me feel like a million bucks. People who rock Camrys just won’t/can’t understand.
When I worked at a Toyota dealership when had a guy in a new Land Cruiser who would almost cry if his car needed new brake pads. We also had a guy with an 89 corolla who brought in his car every year to be repainted inside and out. The difference between the two was quite hilarious.
My husband works in construction. He went to a Porsche dealer dressed in his construction clothes after working 10 hours that day. He was ignored by the sales staff. They lost a sale that day. He went to another dealer in the area and bought his car - a 1989 911 Turbo. Fantastic car, still driving it to this day. Oh, and I forgot to mention he paid cash.
I sold Lexus for a mercifully brief period of time. In training they told the story of a gnarly dude on a bicycle being ignored at a dealer. He went across the street and bought the most expensive car on the lot. The gnarly dude was Alice Cooper.
That's a problem with that dealer, not the Porsche brand. We have eight dealers in the DMV region. I've seen an owner fire every manager at his store when he became aware that customers were complaining on Google that his store was full of rude and shady people.
A few years ago there was a very nice porsche parked outside my house, I asked a friend neighbor that lived in the apartment complex across the street if he knew who's car was it, he said it belong to a young fellow who worked at jack in the box and got it financed.
My family knew John Asquaga who owned the casino/resort Nugget in Reno NV. He drove a white 1987 Ford Ranger with a Nugget logo on the door up until the day he passed.
@@JEEPDadXJ that’s great for you but not everybody would be happy with that. I have supercars and I can afford them. This video gives the false assumption that supercar owners are all people who can’t afford them and just want to look rich. There may be some people like that, but a lot of us do have money and just enjoy these cars as an expensive hobby. People have different interests…
My daily driver is a 1997 jeep grand cherokee. I bought it from a cousin about 8 years ago for $750 because it needed work, (power steering pump, carrier bearings in rear end, new tires, etc). The seats are super comfortable and the AC works excellent.
Worst case go on a trip somewhere and rent one enjoy it to the max and return it with no stress for maintenance, payments, depreciation etc etc. These cars are cool to look at fun to drive and do put you in certain circles but honestly not worth all the troubles. And sports cars in general to be enjoyed you risk - licence(tickets), crashing the car and dealing with costs and finally your life and/or someone elses life. All that for some fun? Hmmmm not worth it rather go offroad and get just as excited going 5km/h.
Last night I stayed up for probably 3 hours worrying about Robert DeNiro getting passed over for a couple of lead roles recently. I may start a goFund me 🤷♂️
People have to make those cars. Making those cars feeds their families. Automotive jobs employ people from around the world. What an insanely midwit take.
Wow, congratulations on your impressive investment success! Your discipline and focus on delayed gratification is truly inspiring. I'm curious, what are some of the key factors that you consider when making investment decisions? Do you have any tips for those of us who are just starting to dip our toes into the world of investing? Thanks for sharing your story!
Don't worry, in this context, he isn't saying that's a low salary. He's saying it's a low salary to try and finance and maintain a new Aston Martin when you're already $100,000 in debt on an old Aston Martin that's worth $50,000 with.
I feel you. I finally made it into the lower 6 figures in my early 30's and never thought I would. Ironically on the way the dollar became worth a lot less so that figures 😂
@@TreeofLife-r3d Yeahbut, he's actually 108 years old and he was also a quadzillionaire in Germany around about January 1923. The cups of coffee he was having, boy, what a life!
I’m 59 and about to be retired in about 6 months. I’ve bought three cars in my life. Acura Integra 13 years - Honda accord 13 years way over 200k - current car 2009 Honda accord - one of the biggest mistakes in wealth building is a car payment, especially with interest. Most millionaires see cars as a means of travel, not as a luxury item. Unless you have more money than you know how to spend (not a million dollars) investing is the greatest wealth builder.
Some people really like cars and view them as an indulgence. Some people are okay with working and use some of their income to purchase something they want to reward themselves. One does not need to live as cheaply as possible to plan for the future if one has a high cash flow and plans to work until mid-60's. What would be the point of living frugally, retiring early and living the rest of their life as a cheapskate? Sounds awful to me.
@ totally not what I said or implied. I never mentioned those words. Huge difference if you have a high cash flow, than borrowing with money you don’t have. Also, indulgence is all relative. Having a 100,000 car would be indulgence for the vast majority of people. Spending 250-500k on a car is a totally different situation. You heard what he said about people being broke. I know a decent amount of wealthy people, none of them drive a Lamborghini. Some do drive BMWs - Porsche and Mercedes. Most have nice cars, but can easily afford them.
couldn´t be truer here in germany. Only if you drive into parts of the city where the mansions were build you get an understanding of who has the big money - while a golf 7 parks in front. Some happen to have 5 ferraris in the garage, but most don´t. They look like ordinary people and live their lifes unter the radar.
me too. It is basically a Formula 1 car with its paddle shifters :) ( Gen 3 owner ) I did prefer Corvettes when I had money, lots of fun and not too expensive.
When I bought a used lotus in 2013 the salesman was not interested in even helping me. He was mad I wasn’t buying a 100k car. He even said that to me. I asked “how many have you sold this month?” He said he’d never sold one. Lol
@@Mac-pluto It used to be, but modern cars are worthless garbage after 5 years anyway. The electronics and turbo engines blow up and cost a fortune to maintain, you are better off renting it or replacing it every 5 years.
A student asked me "If you make so much money as a teacher, why are you driving an old Toyota Avalon." "I drive an old Toyota because I like to keep the money I make."
Kids won't get it as they are hellbent on having high status and showing who they are. It's the 'adults' who own tech companies and NASDAQ that never grew out of that phase.
Material things- like these types of cars-the novelty wears off very quickly. These types of cars are very temperamental, very expensive to maintain, insure, and are prone to break. When you drive one you are constantly worried about damaging it-uneven payment, speedbumps, potholes.
Precisely. Even if I could own a Lambo or Ferrari, I wouldn't want one. I told me wife, it's crazy that someone would want to buy an expensive car, worry about scratching, worrying about it getting stolen, hitting a pothole, etc. And you can't drive it fast unless you're on the Autobahn, so why bother?
@@patrickdunn8918 I agree with Patrick. I just bought a GT350R (my 2nd car paid in full upfront with Bitcoin).. and it's insanely enjoyable to drive. And obviously, I'm going to keep it garaged and in mint condition pretty much 100% of the time. I detail it immediately or shortly after every drive. It glimmers, is masculine as h*ll, sounds amazing, and takes curves on rails.
My father was self employed pretty much all his working life. He owned and ran a successful fish market with adjoining fish cafe’ for 40 years. He never bought himself a new car once and only drove a truck which he used to transport his fish, crabs, prawns and oysters around. After he retired he bought a fairly new used Renault which he keeps on a little Greek Island of which he has a beautiful seaside villa which he uses to get around in. Couldn’t care less about cars, only good food, wine and great company to share it with.
I bought a 16 year old mercedes s500 Long, one owner 76k mile, with £2 coins I'd saved in a jar over a year (£1600). Some guy paid £89,000 for it once, he basically did the heavy lifting for me. I now get to drive round in a car that is only just broken in, with double glazing, automatic remote cabin cooling, cooled/heated seats, cylinder shut down, air suspension , etc. Itook it to Switzerland once and was cruising at just under 160mph, on the autobahn for basically a weeks wages! 😂 The fuel economy isnt even a problem, as i do 70% of my motoring in my van.
If you are not in the financial market right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation
Same here, I believe the Bitcoin ETFs will be life changing opportunity with my current portfolio of 132k made from my investments with my personal financial advisor I totally agree with you
She is my family' personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
So what you're saying is...most young people under age 40 who actually have money are STILL overpaying for under-performing, unreliable, poor-to-appreciate in value, and expensive-to-maintenance "Euro-lemons" like BMWs, Audis, and Mercedes?
@@axwest1 Und deshalb stehen die ganzen Autos die zu Tausenden im Verkehr mitrollen in keinem Verhältnis zu dem Einkommen der Mehrheit der Leute. Auto teurer als das was man verdient und sich tatsächlich leisten kann. Auf Kante genäht und im Alter keinen Notgroschen mehr. Vom BMW bis zum Ferrari, dessen Finanzierung und Ursprung noch nie so fragwürdig war wie heute.
I used to work in a coffee shop for which one of our sister stores was in a really high-end mall where people could also live. My coworkers would relay stories about how the people who lived in those apartments were in debt just trying to pay the rent and the irony is that while those apartments were undoubtedly very nice, the mall itself was outdoors and it is one of those places where people like to go just to draw attention to themselves or have say they shopped even if they were just buying something inexpensive whether it was a greeting card or a decent but low-cost meal. It is not a place where people live for comfort; you won't enjoy any real peace or privacy sitting on the balconies and yet residents are willing to go into debt just to be able to say they lived there.
You don't buy a Ferrari to drive - they are too expensive to maintain - rather, you buy a Ferrari to show off, which is important in dating supermodels.
In my 40s now and learned how to save money the hard way. In my 20s I thought I made it big with a six figure job right out of college and I went out and bought fancy cars (S7, 911, E65 and others). I spent thousands a year just to maintain them. Today I drive a Tesla even though I could buy a few Ferraris in cash if I wanted to. Now I work to invest every penny which hopefully will allow me to retire sooner.
yep, a relative disagrees but hes the guy with an OTT BMW paying massive payments a month and is scared to drive it and put miles on the car and worried about depreciation
My boss owned like 100 houses, had 2 factories and an abattoir. He drove 1967 mercedes, standard one nothing special. Henworked alongside me every day, he didnt wore any designer clothing and was interested in how it was where I came from. Guy was cheap but very good as a boss. You would never tell he was that rich
I live in an apartment complex where I KNOW some of these car owners are making a terrible financial decision 😂 If your rent is $1400, you should not be making $1100 car payments. And they don’t even have a private garage for it
Atleast they are living their lives and make themselves an experience every day. Debt is bad one way or another, but it's also bad to justify your own situation by comparing it to an even worse one. Won't get far with that mindset.
@@SpiriTBladE9i6 Cope. Perception is key in life. OP is self-aware enough to widen their view in their perspective and come to a realization and be a bit humble about whatever situation he’s talking about. It’s more nuanced than just saying “oh that sucks, glad it’s not me!” like you’re suggesting.
From $37K to $65K that's the minimum range of profit return every month I think it's not a bad one for me, now I have enough to pay bills and take care of my family
If you think you need to work your way up to affording a 6 figure car to have fun and enjoy yourself you are not a car enthusiast or probably dont even know much about cars in general. Its a social status symbol to you. The sooner you come clean with yourself on that the happier you will be.
if you think financing a 6-figure car over 12 years is a good idea, because you have no where close to the amount of hard cash required to purchase it, you're a car enthusiast who will have to work until you die. Whether that results in a happy death or one haunted by regrets is the only question...
Been working for a FAANG company as a software engineer for a decade now, net worth 8 digits.... drive a 2011 Subaru WRX hatchback. Very fun car to drive around, very sharp looking car, and got the AWD for when I head to my cabin in Tahoe during ski season.
I’m a 40-yr old MM driving a 6-yr old Forester. Hoping to get another 100k miles out of it before getting a Highlander or Rav4…. Dave Ramsey deleted the word “finance” from my vocabulary years ago 🤣
We had two Foresters back to back. Good cars, but trouble with the wheel hubs started on both at about 90k miles. We just got a new Rav4. Nice car, but the steering is a bit twitchy, like the reviews say, and the tech in it is irritating and burdensome. It doesn't bother the wife that much, but it bugs me.
@@maxjohnson1758 thanks for the response.. I've had a number of issues such as axle, two wheel barings, catalytic converter, front speakers so I'm back/forth w/ keeping or getting rid of it.
I went into Ed’s dealership in fact, but after he had left…with wild hair, and everyday street clothes….but like he had said before about Lotus buyers (try to talk them out of it), and put a deposit on an Emira. I worked hard and saved, AND INVESTED wisely, the key to it all, and took delivery and paid in full all the while dressed like a Bum. They were nice to me the entire time.
@@OnlineSupportTeam I don’t think I’m going to show you my bank account but it’s a minor percentage and my primary residence is also a dual income producing farm on acreage. If I ever retire and downsize to a normal residence it’s going to net me significant extra profit from the sale. In my 40’s I can choose to never work again and be more than comfortable while still adding money to investments.
Years ago I walked into a Chevy dealership looking to buy a corvette. No one helped me, I asked a salesman to unlock it so I could sit in it, he told me to put a deposit on it and he would open it. Left, drove to the Porsche dealer and purchased a 911 Carrera S cash. Drove back to the Chevy dealership, asked for the sales manager, told him the story and showed him the salesman. Have not stepped foot in a GM showroom since. 😊
Worked at a dealership before, its always the people with poor credit who care about status and will put themselves in debt with bad APR. I also noticed its always the people with good careers like lawyers, doctors or nurses who lease.
I’ve always wanted a Lamborghini growing up, always love the sound and aesthetic of them. Right around college I performed a show for a guy who owns a luxury car rental place in Chicago. They have a few Lambos and I got to see the insurance, maintenance, and upkeep on these vehicles which made me think about it a lot more. I was able to drive a Lambo and it was cool but that feeling wore off. For most I believe it’s just to flaunt and say look what I have rather than being fanatics of the brand. Plus I wouldn’t wanna own anything that I can’t drive like it’s intended. It’s easier to rent for a track day and have fun without breaking the bank.
Exactly. I was looking at Lambo's because it was a childhood dream of mine. But the thought of parking it anywhere, or God forbid getting in an accident, gave me anxiety just thinking about it. I don't want that kind of attention. I bought a Porsche 911 turbo s. Gives me supercar performance in a more subtle design. I will save the Lambo's and Ferrari's for track day rentals and let someone else deal with the maintenance and insurance.
I was similar in the fact that I had always wanted a Lamborghini, I got a chance to drive one at one of those exotic car experience things and realized that it was still just a car, not the magical experience that I thought it would be. I had been saving for a while and was able to buy a C6 Z06 cash and it has been the best experience. It is pretty much as fast or faster and costs nothing to keep up with compared to the Lambo..
@oooooba8343 Maybe. I paid 200k all cash for my turbo s and that is a very small percentage of my liquid assets. It would not have hurt me to double that to 400k if I wanted. It's not as much about affording it as the anxiety that comes with it. I'm not just buying the lambo, I'm buying all the headaches, attention (which I DO NOT want), and dealing with crappy drivers and minimal parking in a very high traffic city. As much as I wanted one in my imagination, when it came to real-life practicality, it made less sense. That's why the majority of Lambo owners spend more time staring at their car in the garage than actually driving it. I own a car that can beat an Aventador and I can drive it daily without the attention. Porsche's are built to be driven. A Lambo with 20k miles is well driven. A porsche with 20k is just broken in.
With repair and insurance costs plus the depreciation, I'd rather own a nice Toyota or Lexus than a Lamborghini. Maybe a few million in net worth and it might be justifiable.
@cashgogetter6737 the way I look at things is in terms of assets/liabilities.. For example, if I can buy a LUXURY purchase and it holds(or even appreciates in value), then its technically an (asset). For instance, a PURE gold chain(considering metals are going up in value), would actually be an ASSET instead of a liability. The only way it would be a "liability" is "impermanent loss"....for example,,,yes I could buy a gold chain and yes it might rise 10% in value. But...had I bought Bitcoin, Bitcoin could rise 100% in value in a year. So the Gold chain is a LOSS (relative to other asset classes)
I'm not too far ahead of you. When I hear some people crying the blues about how they can barely afford their fancy car/truck/boat/RV, I think, "Walk a mile in my shoes. Get some SENSE, man!".
I knew a mechanic who said that the guys who buy the cars have them in the shops every month or two because the engines have to be driven the way they are built..... meaning theres no way you should drive these for daily, regular use.
Dude makes great points. Especially about the idea that millionaires drive Toyotas. Most middle class retirees are millionaires by net worth. Also about financing - when I bought my S65 AMG and my SL63 I financed every single dime of it cause the rate was 3% or less and I knew I could beat that all day in the stock market. Positive leverage and just amortize it out to match depreciation. Now days with auto loans between 6% -10% it’s a totally different equation deciding paying cash vs borrow.
🙄 ok 5% -10% Mr “winner” my point still remains. Also depends on the collateral. My point was however, that higher borrowing costs make the decision to use cash vs finance tougher. At 2.5% I know I can beat that by investing my cash without assuming hardly any risk. Higher rates, you’re adding risk to the decision.
Exactly. Every dollar is a "worker" . If a guy puts down 50k on a 200k car , he has 150k workers still making him capital. A guy who pays the 200k car in full, lost 200k that could be gaining him capital.
@ in the last couple years one guy I’ve worked for owns a string of car washes. He is indeed wealthy. Each car wash costs about $5-$6 million. They see on average 700 cars a day and most people do the $15 wash. He puts down what he has to to get a decent loan with balloon payments. Even tho he could literally build them out of his checking account. Come to find out a lot of the commercial projects I’ve done are this way. Last year we built a new location for a local municipality. So that’s all tax money. A couple huge shops, new office building, truck wash, etc. it was a $5 million project. The municipality went and got a loan for it only putting down what they had to of OUR money.
My CEO drives an old Pontiac vibe as his daily. His toy is a Shelby he had the Super Snake package added onto, I think it's a 2008. He likes 20's era cars a lot better.
My neighbor had a corvette (here in the Netherlands) he mostly drove his Opel Kadett ....and sold him after 3 years adjusting it (the noise ..) remember a German movie of a homeless man who saved secretly to "get away" to a warmer country. When he had the money he didnt want to leave anymore, but spend it on his friends (who were worse off) to find meaning and sense.
There is nothing wrong with having an expensive hobby that brings you joy. As long as you can afford it. Doing things you enjoy but can't afford is not OK. I mean - everyone is free to do it, I'm free to point out it's a stupid idea.
@@nikolatasev4948 Buying anything you can't afford is a stupid idea. Some people can afford, and do enjoy owning and driving exotic cars, and don't do it for status.
@@LuKiSCraft depends on the loafer and how your pant legs are tailored. If the pant leg is more of a European style cut and looks trim through the calf, it can actually look pretty nice I think.
Check out the full episode here! -> tinyurl.com/ICHEdBolian
How many people pretend to be rich?
"Yes"
😅
N i
“Don’t go broke pretending to be rich” - best advice I ever had
i did that in my 30s it was a waste of time. better to work out curls for girls
Ever notice how Rental Apt Parking Lots have many new expensive cars. These folk’s priorities are out of whack.
It's amazing how so many ppl would rather look rich than be rich.
I acted rich and became rich. And I was broke.
Wise words. My brother lived the high-life on credit cards. Now him and his wife have split up and they owe so much money that they can't afford to get divorced. Very silly decisions they both made, and will probably both die in debt.
When the average house costs $450k USD, being a millionaire ain't what it used to be. Driving a Toyota sounds pretty standard to me.
Agreed. 2.5 million is the new 1 million.
You do realize to be a millionaire, your NET has to be over a 2:49 million . Owing $750,000 isn't being a millionaire
@@RJ1999xnet worth is assets minus debt
I’d say 10 million is the new million. If you have ten million US, you are rich. Between 1-10, you are upper middle class. Which is nice too.
I'm a trillionaire....In Zimbabwe dollars....I've got a 100 trillion dollar bill....LOL .....paid 5 bucks for it at the coin shop
As a former finance manager, can’t count how many times I wanted to not do the deal because I knew it was going to be an disaster for the customer… but I wasn’t a financial advisor
As a former salesman - I can attest that we all basically knew people that were buying cars new or used were making a bad sometimes horrible financial decision. It's True.!!!
@@marblox9300
I don't wanna go all religious but in Islam this method is dishonest and not allowed that's why you feel strongly about it. Because good humans don't want people to have big problems later
@@BobbyDeniroX nah, in Islamic finance they don't charge interest, but instead charge leasing fees, so same crap basically.
@@BobbyDeniroXmoney and religion often don’t go hand in hand.
@@Jez4prez1
No interest yes but also it's deeper than that as dishonesty is a big part of ruining good business too in Islam. Leasing is a whole topic in itself..but many people are not smart with cars especially from my community. English guys know about cars and engines etc especially the mechanics but people from my community think they know about cars but know nothing and they get cars on lease because they don't know how to deal with car issues as many of them are not technically up on cars. They know how to show off and talk big but they most in my community can't fix a thing not even a car stereo. Heck they don't even know how to wash a car properly that's how poor the skills are in my community. 😂
I worked for a guy who must have been worth over 20 Million, He drove a 12 year old Subaru Legacy Outback lol
I almost think I’m to flashy , oh boy the stuff I’d buy 20 ms
and thats a rich guy whos not into cars. Doesnt mean anything.
@@justinbernardo8240i did lot of cctv for west Hollywood area and had Jewish business owners keep giving me jobs thru recommendations. Most 1st gen all owned old suv or normal cars. Most of their kids ownd flashy sports cars. Just my observation
@@justinbernardo8240 Not necessarily. My brother always owned top-line Mercedes, expensively tricked out with extras, too, but they kept getting keyed.
@@MarcIverson you don't get it. It doesn't mean to be expensive or loaded with options. Has to be something like "if you know you know" thing. Only if you're into cars or a certain brand, era you'll appreciate it. Flashy, expensive cars is to show off to everyone, mostly to people who are not into cars. Most people are hostages of other peoples opinions.
It's amazing how many people commenting are multi-millionaires. I'm impressed.
There are 22 million millionaires in the USA. That’s 1 in every 15 Americans.
Agreed all of a sudden everyone commenting is telling their net worth? And using millionaire status to say they can’t afford a lambo. All this is is people lying so strangers on the internet will think they are cool
@@Bruthah being worth 1 million is not hard for people making six figures for 10-15 years lol. Being millionaire doesn’t mean much these days.
not that crazy, certains type of people (millionares) are more likely to watch this content
@@notyourtypicalfarah7194if you own a house paid off in my city, you are a millionaire. A million dollars networth is upper middle class now.
If you are in good health ...you are rich .
Health is wealth
I'd trade 5-10 years off the end of my life to live the other 90-95% of it in luxury. It's about quality of life, not quantity of life.
If you have half a dozen ⚪️ babies you are rich.
Amen
Amen brother
I was 60 when i purchased my 911. I wrote a check as the finance manager begged me to finance the car. My kids are out of college. I wish i could have purchased this when i was younger, but i am glad i didn't.
I'm a recently graduated anesthesiologist and I still didn't buy a Porsche yet, however I don't have any kids :)
That’s such a funny picture in my head. I would’ve probably gotten some perks for cheap and taken out a loan…and then paid it off the next day. That’s great though!
@@huebothedog665 That's the trick...then the dealer doesn't get the kickback from the finance agency,..but you get the perks!
Funny, same thing happened to me yrs ago. I saw a new Toyota Tundra aval for a special price in the newspaper, 1-only at Longo TOyota in so.cal. The largest dealership in America based on revenue. if I remember right Truck was only 22995, this was early 2000s. I saved enough to buy it cash, I went to dealership and they assumed I would finance & sat me with finance guy. When they found out I was paying by check , they refused to sell it to me. Saying they require a cashier's check, I said how can I make a cashier's check if I don't know the final amount w/taxes & fees? They said they can't help me. So I said how about I write a check and you keep truck here until check clears. They said thats against policy. These deals usually are sold by noon to somebody that needs to finance the vehicle so I didn't have time to get to bank and back on a saturday before truck sold to someone else. So the following week when tHey ran the special again I walked in with a small duffleback full of cash & they finally had no choice but to sell it to me. They had their slowest salesman deal with me & kept asking why I don't use money to invest in something else and just finance the damn thing ? Auto dealerships are not about cars anymore, they are basically banks trying To screw customer any way possible. I saved about 4000 on the special , 10000 cheaper than if I financed it for 5yrs including all the payments. I would have slipped the salesman stuck doing paperwork $300 if he didnt keep b1tchin about only making about $100 on the deal since I wasent financing. I heard these days you cant pay w/cash at most dealerships anymore,?
@@borghorsa1902 I didnt realise you guys were up there with dentistry!
I remember walking in with $500 cold hard cash into a Bugatti dealership, I got laughed out of the building.
Those fools had no idea what they missed 😂!
😂😂😂😂😂😂
As a teen I dreamt of driving a Corvette when I made the money. When I did make the money, little over a decade later, it didn't make sense to drive one. Turned out a Camry was just what I needed. 😌
Yes sir, I did the same. I had a Vette and people would hate on me for it. Now I just drove a Subaru 😅
I have a really nice BMW and a pickup truck. The truck has all the miles.
I wanted a Corvette since I was a young teen. I always stopped to look at every corvette. I got to test drive one after high school and it was great but didn't compare to my fantasies. I immediately lost interest
Why is everyone mentioning their vehicles? Americans are so cucked for cars 😂
@@daveassanowicz186 We love our cars. No shame. There are plenty of other (good) reasons to hate the US. ✌🏻
I saved up to buy my first exotic with a very minor 20k loan. Went to buy it and when I sat in it I realized the peace of mind from the money was worth more.
I've never made much money, and actually just got laid off this week.
Two of my memorable moments: Paying off a 10-year-old Subaru Legacy at the credit union in 2000 and becoming debt-free last year. My net worth is practically nothing in today's money, but I do love being debt-free. At least I don't worry about debt.
Smart man! Most Americans are in debt, you'll eventually bulid your net worth with time,
@ramsongewargis8736 I have a pretty decent net worth, not independent yet but pretty good and a paid off f type R.
Excellent way of expressing this idea.
Also, everything more exotic than a Porsche stands out like a sore thumb and looks horribly uncomfortable to drive, especially in 35mph traffic amongst a sea of bimbo box SUVs.
People need to stop confusing car guys and non-car guys. There are millionaires who are not a car enthusiast and will drive normal cars while there are millionaires who are a car enthusiast that own interesting vehicles.
I agree, especially when they mentioned Dave Ramsey’s survey. I know a millionaire who drives a Lexus ES. A normal car. However “waste” their money on having enterprise grade computer hardware at home. Multiple server racks and a NAS. They are simply just not into cars.
yeah also remember billionaires don't need to own their own car. they can always rent or borrow one when they need one. also many billionaires own private jets and luxury yachts that cost them millions a year even if they don't use them
Facts. I knew millionaires who were into art and farming.
A millionaire driving a Toyota daily doesn't mean he doesn't have 15 other cars in a garage as assets. Ask Jay Leno what he drives.
Could not agree more. A lot of the commenters here bragging about how they have money but drive Jeep Cherokees or whatever are totally clueless.
I don’t care how boring your car is. Some of us have wealth and expensive sports cars because, you know, we take interest in them. It’s our hobby. Now go bore someone else with your dull Toyota story….
48 y/o "millionaire". Two Subarus and a Tundra in our garage lol. Sell Powersports for a living, 75% of my customers should not be buying that $15,000 dirt bike... But they do.
and you've became a millionaire off their decision to enjoy life and buy it regardless. not sure why people care about who finances what lol
@@JordanH-u5x right
Charging 15000 for a dirtbike especially a 4 stroke will crash the market. I'm a rider and in manufacturing.
Highway robbery.
Why is everyone mentioning their vehicles? Americans are so cucked for cars 😂
@JM-ou5ro tundra is a great truck. Preferably old. The guy sells powersports. You don't think he puts his toys in the box. I don't normally attack people here, but you've obviously never been punched in the face.
Most millionaires don’t drive cars like these because they don’t want people knowing they have money. My father is a multimillionaire and he drives an old MDX and old SAAB. He’s just now thinking of buying a a new Merc. First new car he’s ever bought for himself.
I don't buy expensive cars because I don't think they are worth the asking price. Unless of course you are trying to pretend you are better off than you really are
@ exactly, most folks want to exhibit a lifestyle they can’t afford, the reason they are always broke.
Same with my mom.
How did your dad get all his money?
@@FalaqX through hard work. Owned a business for over 4 decades.
He never answered the question, if he has ever told a customer it's not a good idea to buy one of his cars. The answer is no, he would never do that.
I mean why would you. If you're a salesman it's your job to sell and not be concerned with how this purchase affects their finances. It's the customers responsibility to think about how these purchases affect their financial health.
I've done that as a car salesman. I've talked people out of deals on purpose because 1 it develops trust and they will be back and 2 they always will trust you with their people. It's about building a relationship. I refuse to screw people over.
@@dariuskirk6135I always try to get to know the customer first as a human being. Better long term prospects and referrals. And you can possibly get a good friend out of it.
Not his job to save people from being idiots.
@FirstHillSeattle true but again it's about building relationships. Would you want someone to take an advantage of your young nephew?
6:44 - It’s because those people are not into cars. Same way most millionaires don’t own a horse. They are just not into horses.
Being a millionaire doesn’t automatically make someone a car guy. They’re happy with a Toyota instead of a Lambo. They’re happy with a Dog instead of a horse.
I don't think it's a good comparison. If you have the money, it's easy to gravitate towards a really nice car.
@@mckricks1 I think you are right... but only to a degree. Almost everyone needs a vehicle, very few people need a horse. But, when you are talking about vehicles over around 50-60k usd, it is generally for prestige or you are enthusiastic about them. 50-60k gets you most of the luxury/comfort/conveniences you need as a daily driver vehicle, no matter your wealth. Just my opinion.
I drive a Nissan Altima 2012 and my networth is close to $8M. I also own a Audi Q7, but my spouse uses it. I really don’t care about cars and I don’t feel the need to impress anyone with the vehicle I drive. It feels stupid. Having said that we usually go to Europe in summers and South America (costa Rica, Belize, Panama etc) in Winters. We also fly just on a whim to Los Cabos or Puerto Vallarta during long weekends. I only spend money on things that I care about!
@fnamelname7296v you aren’t a car person as I’m neither a Europe nor a LatAm person
I think rich people don't wanna advertise they are rich lol
I know someone who’s about 200k in debt for a dodge diesel. He traded in a 2 year old 1500 that he bought zero down with bad credit for a 3500 Limited. The dealership can do amazing things to get you a vehicle when they sink their claws into you for a lifetime of payments.
I swear guys who finance trucks are the most financially inept people on this planet
@@Sean-sk3nqterrible logic. You’re paying about 2x the cost of the house in interest
The parking lot where I work is full of beautiful new trucks paid for by kids at much more than their yearly wages.
I need a lifted dually to bully my way through the McDonalds drive thru
@@TheBajamin You suck at math.
Most of my customers are millionaires. The young ones almost always have Land Rover, Mercedes, bmw and the old ones drive Toyota/lexus or Honda/acura. I used to work for a man with insane wealth who owned an Aston Martin because he told himself he would buy one if he got rich when he was a kid but he daily’s a 2000s mini cooper. He’s still one of the coolest most humble people I’ve ever met.
Astons are great. They’re super but understated.
On a smaller scale, when the Dodge Hellcats came out you had many many people making many many bad decisions. I work in banking, we had 18 year olds coming in for $75,000 auto loans, it was crazy. My favorite was this guy who had a credit score so low that he shouldn’t have made it in the front door but he had a plan to sell plasma and sperm to make the payments.
What???😂😂😂
hahaha
Yeah it’s sad too as hellcats are terrible vehicles.
Selling sperm to buy Hellcats would be a great prequel to Idiocracy.
Me sitting in a 2001 Honda Accord and a guy in a Hellcat pulls up and looks at me condescendingly with a smug grin. I give him a thumbs up thinking he must be 50x wealthier than me since the car is so expensive. On a good day in the market, I can make enough to pay cash for his Hellcat. I have always dreamed of owning a Porsche 911 S, but I cannot justify the purchase. It would sit in the garage and get driven once a week maybe less.
“Unless it breaks or catches on fire- which happens” 😂😂😂
Heck of a salesman. Better hope the car execs dont see this or he may be out of a job.
I'm a multi-zillionaire and I drive a 1980 Ford Pinto with 2 billion miles.
So do I.
And I'm guessing you're around 25 years old. Congrats!
Well a 1980 Pinto would be considered a collector classic LOL
@@stendecstretcher5678”I’m Brian and so’s my wife”
Nice...what industry?
My 78 year old neighbor owns 1600 apartment units drives an old like 1980s ford pick up truck learned a ton from him
A wealthy person has nothing to prove. A rich person needs to prove everything
I grew up in Arkansas back in the 60’s. Sam Walton drove an older pick up back then. Harvey Jones (founder of Jones Truck Lines which sold out several years ago) was extremely wealthy, drove an old truck and wore overalls. You would never pick him out in a group and say “that guy is a millionaire”. Down to earth good people. My dad knew both of them, especially Harvey. These guys knew how to build wealth and companies. Everything else was secondary.
@@RustyZipperwisdom is also wealth
read the unplugged Alpha by Richard Cooper
@@snagireddy3283very true. It’s the greatest wealth of all.
The people who have the money are the hardest to convince because they are the ones that actually did the work and had the discipline and know how hard it is to arrive at that point. 75% of the buyers are nearly broke because they are the type of people who would throw most of their net worth into a depreciating asset.
Bingo. Also, something weird happens where once you can have something... you no longer care to have it.
The house. The car. The property. The hot wife. The toy. Etc.
You only want what you can't have.
@@SmartestDumbGuy Yup. Coach Greg Adams saved *for a decade,* to buy a Porsche 911. After he had it for a month .. he realized he should have just rented one for a month! The notoriety had worn off.
@@SmartestDumbGuy Especially the hot wife. :-) As my friend always told me, there has been some other guy who simply got sick of her sh!t and now she's with you. :-)
@@SmartestDumbGuy When you made much money, you see inevitably that buying an house would cripple the oppurtunity to make more money relatively fast. A fancy car does that too. Also you probably want to be free and not have the burden of the country taxing the crap out of your real estate. Therefore renting gets much more attractive. 1 year rent, then go somewhere else.
@@milan51259What taxes are you avoiding as a renter? Annual Property taxes?
As a mechanic. In regards to the question asked at 2:00 I can tell you that at least 80% of BMW and Mercedes car owners cannot afford to own their car. Also hilarious when they get sucked into buying a standard version with the AMG or M sport brake upgrade and get quoted thousands for brakes they dont need
Thank you, that helpful
the tire shop I go to will have my 99 Corolla in one stall, and an exotic in the next... one day, years ago, saw a BMW M3 on the lift with 4 bald tires... owner could only afford to change one of those tires...
You have no idea what you are talking about
@Devil_Dog_Ultra Maybe it's different at a main dealer considering they are willing to pay twice the hourly rate for work and more then likely exchanging cars after their warranty period. For an independent shop however, it's always a complaint or the car drives in and out with oil and coolant leaks.
Heard stories that AMG brakes cost like 5000$ per rotor from a guy that was Mercedes mechanic....
Its pure scam, their service department i mean
The richest person most people have been around don't know they are rich. It's the old man wearing blue jeans and flannel driving an old f150 buying all great value brand food lol.
This is very true. The most normal looking average joe’s that I work for, if I didn’t know their position and how much they make, I would’ve never guessed how rich they truly are. What I did notice is that they are always the ones who had very few words to say.
The guy that owned the company I worked for in the late 90's - early 2000's sold it and was worth at least 9 figures. Drove a Toyota and shopped at Walmart. His son drove expensive foreign cars and super hopped-up pick-ups and only wore designer clothes.
I know a couple people that were on the rich side. When ever I acknowledged that they were rich, they looked at me like i was crazy for saying that. This was usually people that had 4 mcmansions. Houses in other countries, etc. I still remember when I said to one acquaintance after I saw their house that they must pay a lot of money in property tax, they responded and said they "only" pay 85,000 dollars a year in full seriousness. That means they were the "poor" person of their friend group meaning their friends probably own houses where they paid much more money in taxes.
Not always. Several dudes I know are worth close to a billion (at least 700-800 million) and they dress well, drive very nice cars (one just acquired a GT3RS and a 911Dakar) and work every day. Generally you can tell someone has money if you know what to look for.
@cvn6555 Now that’s the kind of wealthy people who are good examples. Not the frugal bore who are scared to spend money
Those who understand interest collect it. Those who don't understand interest pay it
Yup. I live off private loans. Love it.
Exactly the mindset of someone that doesn't understand leveraging.
So beautifully explained… Never thought it that way.. Well said!!
@@arranree or understands it well enough to not do it. Double edged sword.
Right!
As a former salesman - I can attest that we all basically knew people that were buying cars new or used were making a bad sometimes horrible financial decision. It's True.!!!
Buying a new car is almost always a poor financial decision.
@@Nun195 Unless it's exactly what you want and you're going to keep it long past the day you pay off the loan, yes better to get a similar used car for half the money.
I brought my Mercedez C 300 paid it off in one year and i have had it for 9 years. I got my moneys worth.
@@beatricerights happy for u
@meekrab9027 taking a loan out at all on a depreciating asset is a bad financial decision, if you want something and you will get joy out of it it's okay but if you don't own a house or don't have a mortgage it's a bad idea to get a car loan before the house cuz they use the car loan against your income qualification. I owned my house + 3 rentals and only ever bought cars i could pay for with cash. (Usually under 5k). I'll get a nice new car one day but if I did when I was young I would have sacrificed a lot in exchange for it cuz I never would have been able to buy my first house
A coworker and I are both squarely in the middle-class bracket. She drives a very flashy, expensive car, while I'm more of a practical "if it gets me from point A to point B" kinda guy. When I first met her, my initial thought was to tell her that she didn't need such a flashy car, however, I soon realized that she's REALLY into cars and that's what makes her happy. All that to say...if it makes you happy and you can afford it, then go for it. I'm not any better than her just because buying expensive cars isn't for me.
What a weak position. So if she opens an Only Fans account and does adult entertainment stuff, you're just gonna say if it's make you happy then go for it?
@@musclelessfitness2045you're comparing buying a car you like to ho ho hoing on only fans? THATS weak.
She's not going to be that happy later when she realizes she has to work for another 10 years because she wanted to drive an expensive car in her youth.
@@musclelessfitness2045 yes? are you some authoritarian, fascist nitwit that thinks women shouldn't be allowed to do what makes them happy?
Both of you guys are missing the point. Everything you buy to consume are depreciating assets. You spend $50 bucks on a pair of jeans, goodluck trying to get $50 dollars back out of those jeans two years later. You buy a $1700 gaming PC, kiss that $1700 goodbye almost completely in 3-4 years. It is what is it is. You effectively traded 1700 dollars for an equivalent level of usefulness and enjoyment.
To make it easier to understand, take the usefulness out of the equation and think about the 1700 gaming computer. You, as a consumer, are saying “I will get at least 1700 dollars worth of enjoyment out of this machine”. So you do that quick cost benefit analysis, decide you will get that value of enjoyment out of it and you buy it. You can look yourself in the mirror at night knowing the actual value, not tangible value, of the computer is greater than 1700 worth of enjoyment and so you’re good with the purchase.
The same thing is true of a car. A car doesn’t depreciate to 0 overnight, it may depreciate by 50% in 4-5 years. If cars bring you enjoyment, and you can afford them, what you’re really doing when you buy a car, especially a fancy expensive one, is deciding if the depreciation price you pay is worth an equal or greater amount of enjoyment you get out of the vehicle over the same time period.
Thanks for attending my Ted talk.
If you can't afford to pay cash for a toy, don't buy it.
This is truly the best, simplest advice there is.
My dad told me this when I was young and it was the best bit of financial advice I’ve ever gotten.
Yess!!! This is the first time I actually find someone else in the comments section lay out this kind of great financial advice. I view it in the same exact way and will make sure our children understand this concept when they grow up.
Dont go into debt. Period. I dont care what anyone tells you. Buy what you have outright.
Depends.
It's stupid to go into debt for a liability.
But it's smart to go into debt for an investment you understand very well. That's how very most people got rich.
Some debt is unavoidable for regular people. Mortgage, for example.
Getting in debt for a car or for education seem crazy for me, though. If you can't afford a car, get a cheaper one. Get educated in Europe. Even for healthcare, it is much cheaper to fly to Europe and get treated here, if it's not an emergency.
I swear, I've heard "I can't afford to do this in Europe, so I did it in USA for more money and am in debt now" a lot of times.
@@nikolatasev4948Смешник! Затова ли отиде там, за да идваш тук да ти оправям зъбите! Пълен смешник!
I live in a farming area. With extremely wealthy and extremely poor…the bank lady’s quote was “you have no idea who has money and who doesn’t”
Absolutely the truth, & sometimes just wait a few years and it changes.
I remember an American commenting 2 years ago in London it's really annoying I can't tell whose rich 😂
I was a car salesman here in England for 25 years, mostly run of the mill
family cars from Ford. Listening to this bloke is very interesting, car sales techniques
never change, apart from when it comes to high end stuff, my mate sold Jags,
he also sold them by outlining their deficiencies, as opposed to benefits.
Used to work for a billionaire (Charlie Ergen.) He always drove a beat up old suburban. I believe he still does, actually.
I work in Zurich, Switzerland and I see many Lambos and super cars on the streets and when they stop at the traffic light, one peek inside and you know if the car is leased, rented, or bought, i would say 90% or more are rented or leased
Same for Miami 😂
I have a 2024 Corvette Stingray, it just turned a year old. I love the car. I love driving it, because I’m a guy that loves cool cars. It’s also therapeutic… just like my woodworking, hobby, and my trees, plants and flowers hobby. Many people don’t understand other people’s outlets for life. I can have a really bad day… but go out, cruising in the car for an hour and a half, and I’m a new man.
That would be my sports car purchase. They’re not stupid expensive to buy, to maintain, or to fix. And if you do break down in Jamestown North Dakota or someplace, you don’t have to have the car flatbeded 1000 miles to get it fixed.
I agree, people will say “but u should buy a Camry!!” No….YOU should buy a Camry, I’m happy with my corvette.
That whole had a crap day at work I’m going to drive in the mountains around the Hollywood hills and then get a nice dinner, makes me feel like a million bucks. People who rock Camrys just won’t/can’t understand.
@ That exactly right. Everybody drives cars… But some of us love cars.
Well said! I have a 23 Stingray 70th anniversary HTC. Cheap therapy.😊
@ And more fun. 😃
When I worked at a Toyota dealership when had a guy in a new Land Cruiser who would almost cry if his car needed new brake pads. We also had a guy with an 89 corolla who brought in his car every year to be repainted inside and out. The difference between the two was quite hilarious.
My husband works in construction. He went to a Porsche dealer dressed in his construction clothes after working 10 hours that day. He was ignored by the sales staff. They lost a sale that day. He went to another dealer in the area and bought his car - a 1989 911 Turbo. Fantastic car, still driving it to this day. Oh, and I forgot to mention he paid cash.
I've known a few people that have done that. One Porsche, a Corvette (ZR1 I think), and a high-end sport bike.
I sold Lexus for a mercifully brief period of time. In training they told the story of a gnarly dude on a bicycle being ignored at a dealer. He went across the street and bought the most expensive car on the lot. The gnarly dude was Alice Cooper.
That's a problem with that dealer, not the Porsche brand. We have eight dealers in the DMV region. I've seen an owner fire every manager at his store when he became aware that customers were complaining on Google that his store was full of rude and shady people.
@@user-ex9zm7bg3x Yeah I heard Alice Cooper did that. A damn legend!
i guess the 2nd place had really low standards.
Retired when I was 34. I drive a 2015 super duty. Bought it new but I’ll drive it until the wheels fall off.
Does it have the death wobble?
A few years ago there was a very nice porsche parked outside my house, I asked a friend neighbor that lived in the apartment complex across the street if he knew who's car was it, he said it belong to a young fellow who worked at jack in the box and got it financed.
In my opinion, car salesmen (Realtors fit in the same category) Don’t sell you the thing. They are only there to do the paperwork.
Correct. I’ve done both jobs. And of course I’ve bought both cars and houses. They’re emotional purchases.
@@cweednz Still a good salesman can make you more eager to buy a car when you are not completely convinced yet.
My family knew John Asquaga who owned the casino/resort Nugget in Reno NV. He drove a white 1987 Ford Ranger with a Nugget logo on the door up until the day he passed.
I love my 28 year old JEEP Cherokee with 390k on it. I only paid 5k for it and I own it outright. I have no need for a supercar.
WHAT!?!!? A '96 Cherokee XJ really IS a supercar!! I know! I have a '93 XJ Sport, 2-door, 5-speed! Little billy goat can go anywhere!!
@@JEEPDadXJ that’s great for you but not everybody would be happy with that. I have supercars and I can afford them. This video gives the false assumption that supercar owners are all people who can’t afford them and just want to look rich. There may be some people like that, but a lot of us do have money and just enjoy these cars as an expensive hobby. People have different interests…
My daily driver is a 1997 jeep grand cherokee. I bought it from a cousin about 8 years ago for $750 because it needed work, (power steering pump, carrier bearings in rear end, new tires, etc). The seats are super comfortable and the AC works excellent.
390k miles makes that a Super Car!
Worst case go on a trip somewhere and rent one enjoy it to the max and return it with no stress for maintenance, payments, depreciation etc etc. These cars are cool to look at fun to drive and do put you in certain circles but honestly not worth all the troubles. And sports cars in general to be enjoyed you risk - licence(tickets), crashing the car and dealing with costs and finally your life and/or someone elses life. All that for some fun? Hmmmm not worth it rather go offroad and get just as excited going 5km/h.
Crisis in the super car market. These first-world problem are tearing my heart into pieces.
Last night I stayed up for probably 3 hours worrying about Robert DeNiro getting passed over for a couple of lead roles recently. I may start a goFund me 🤷♂️
People have to make those cars. Making those cars feeds their families. Automotive jobs employ people from around the world.
What an insanely midwit take.
Thank you for recommending Sarah Jennine Davis on one of your videos. I reached out to her and investing with her has been amazing.
Wow, congratulations on your impressive investment success! Your discipline and focus on delayed gratification is truly inspiring. I'm curious, what are some of the key factors that you consider when making investment decisions? Do you have any tips for those of us who are just starting to dip our toes into the world of investing? Thanks for sharing your story!
Do you mind sharing info on the adviser who
assisted you? I'm 39 now and would love to
grow my portfolio and plan my retirement
@@สมรักษ์อินทร์ตา-ม7ฑ Sarah Jennine Davis is highly recommended
You most likely should get her basic info when you search her on your browser.
@@mayor-o1wHow do I access her ? I really need this
+156
4:18 “low 6 figures”. Sheesh I’m here at the Amazon FC like FML 😂
Keep grinding young king
Don't worry, in this context, he isn't saying that's a low salary. He's saying it's a low salary to try and finance and maintain a new Aston Martin when you're already $100,000 in debt on an old Aston Martin that's worth $50,000 with.
I feel you. I finally made it into the lower 6 figures in my early 30's and never thought I would. Ironically on the way the dollar became worth a lot less so that figures 😂
As a former Trillionaire, i can relate. Pisses me off to know the number of people faking to pass off like us 🙄 really shakes our bubble
Former trillionaire?
Zimbabwe 🇿🇼 dollars don't work anymore 😅they're now novelty at the coin shop
@@TreeofLife-r3d Yeahbut, he's actually 108 years old and he was also a quadzillionaire in Germany around about January 1923. The cups of coffee he was having, boy, what a life!
Hahahaha
In russian rubles 😅😂😂
I’m 59 and about to be retired in about 6 months. I’ve bought three cars in my life. Acura Integra 13 years - Honda accord 13 years way over 200k - current car 2009 Honda accord - one of the biggest mistakes in wealth building is a car payment, especially with interest. Most millionaires see cars as a means of travel, not as a luxury item. Unless you have more money than you know how to spend (not a million dollars) investing is the greatest wealth builder.
Some people really like cars and view them as an indulgence. Some people are okay with working and use some of their income to purchase something they want to reward themselves. One does not need to live as cheaply as possible to plan for the future if one has a high cash flow and plans to work until mid-60's. What would be the point of living frugally, retiring early and living the rest of their life as a cheapskate? Sounds awful to me.
@ totally not what I said or implied. I never mentioned those words. Huge difference if you have a high cash flow, than borrowing with money you don’t have. Also, indulgence is all relative. Having a 100,000 car would be indulgence for the vast majority of people. Spending 250-500k on a car is a totally different situation. You heard what he said about people being broke. I know a decent amount of wealthy people, none of them drive a Lamborghini. Some do drive BMWs - Porsche and Mercedes. Most have nice cars, but can easily afford them.
@@chattingwithshap8010 Fair enough.
I heard these cars suck as daily drivers because all the roads are terrible and they're too low to the ground
no fuckin shit
0:43 also: ‘can you afford to maintain it?’ 😂40k Maserati still costs Maserati money to keep it mint!
Never judge a book buy it's cover. Not everyone shows their wealth.
couldn´t be truer here in germany. Only if you drive into parts of the city where the mansions were build you get an understanding of who has the big money - while a golf 7 parks in front. Some happen to have 5 ferraris in the garage, but most don´t. They look like ordinary people and live their lifes unter the radar.
I'll stick with my Honda Fit.
👍🏿
I got a 2009 acura tsx
me too. It is basically a Formula 1 car with its paddle shifters :) ( Gen 3 owner ) I did prefer Corvettes when I had money, lots of fun and not too expensive.
My Honda Fir is great…
You can drive that Honda Fit for 3 years and not depreciate.
When I bought a used lotus in 2013 the salesman was not interested in even helping me. He was mad I wasn’t buying a 100k car. He even said that to me. I asked “how many have you sold this month?” He said he’d never sold one. Lol
Most people lease the cars and claim they own them. It's usually a front to make it seem like they have a lot of money.
What's wrong with leasing?
@sanjivjhangiani3243 nothing if you are honest about it. Most exotic car owners don't actually own the cars but say they do.
@@BigJoe5.0 leasing cars is so dumb unless it’s an EV.
@Mac-pluto i agree. Throwing money away like with renting but if thats what someone feels is best for them oh well lol
@@Mac-pluto It used to be, but modern cars are worthless garbage after 5 years anyway. The electronics and turbo engines blow up and cost a fortune to maintain, you are better off renting it or replacing it every 5 years.
A student asked me "If you make so much money as a teacher, why are you driving an old Toyota Avalon." "I drive an old Toyota because I like to keep the money I make."
Kids won't get it as they are hellbent on having high status and showing who they are. It's the 'adults' who own tech companies and NASDAQ that never grew out of that phase.
Make so much money as a teacher? They top out at like 70k around here
@@derricklawhorn5447 110k my last year.
Material things- like these types of cars-the novelty wears off very quickly. These types of cars are very temperamental, very expensive to maintain, insure, and are prone to break. When you drive one you are constantly worried about damaging it-uneven payment, speedbumps, potholes.
Precisely. Even if I could own a Lambo or Ferrari, I wouldn't want one. I told me wife, it's crazy that someone would want to buy an expensive car, worry about scratching, worrying about it getting stolen, hitting a pothole, etc. And you can't drive it fast unless you're on the Autobahn, so why bother?
@@romanmichaelhamilton8729 That’s because you are not a car person, and there’s nothing wrong with that.
@@SYMvermillionSYMcrimson I’ve been driving for near 60 years,,, the thrill hasn’t worn off yet 😃
All that isn't a problem if you're actually rich
@@patrickdunn8918 I agree with Patrick. I just bought a GT350R (my 2nd car paid in full upfront with Bitcoin).. and it's insanely enjoyable to drive. And obviously, I'm going to keep it garaged and in mint condition pretty much 100% of the time. I detail it immediately or shortly after every drive. It glimmers, is masculine as h*ll, sounds amazing, and takes curves on rails.
My father was self employed pretty much all his working life. He owned and ran a successful fish market with adjoining fish cafe’ for 40 years. He never bought himself a new car once and only drove a truck which he used to transport his fish, crabs, prawns and oysters around. After he retired he bought a fairly new used Renault which he keeps on a little Greek Island of which he has a beautiful seaside villa which he uses to get around in. Couldn’t care less about cars, only good food, wine and great company to share it with.
I have fifty Lamborghinis at home but i prefer to always drive my 20year old honda civic
Dang, same here bro. I also have a 20 room mansion in Malibu, but I prefer my 1960 mobile home in the park.
I have a few supercars but my daily is a scooter. It is more practical. Something to consider.
I bought a 16 year old mercedes s500 Long, one owner 76k mile, with £2 coins I'd saved in a jar over a year (£1600). Some guy paid £89,000 for it once, he basically did the heavy lifting for me. I now get to drive round in a car that is only just broken in, with double glazing, automatic remote cabin cooling, cooled/heated seats, cylinder shut down, air suspension , etc. Itook it to Switzerland once and was cruising at just under 160mph, on the autobahn for basically a weeks wages! 😂 The fuel economy isnt even a problem, as i do 70% of my motoring in my van.
If you are not in the financial market right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation
Same here, I believe the Bitcoin ETFs will be life changing opportunity with my current portfolio of 132k made from my investments with my personal financial advisor I totally agree with you
YES!!! That's exactly her name (Maria Williams ) so many people have recommended highly about her and am just starting with her from South Savo
She is my family' personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
She's always active on whats~appp..
+136
So what you're saying is...most young people under age 40 who actually have money are STILL overpaying for under-performing, unreliable, poor-to-appreciate in value, and expensive-to-maintenance "Euro-lemons" like BMWs, Audis, and Mercedes?
Hey hey, don’t y‘all discriminate us 😂!!
Regards from Berlin 👋
Here in Europe, these lemons are even more expensive than they are in the US. BMW 330 medium equipped, with TDI-engine cost you € 70k😮
@@axwest1 Und deshalb stehen die ganzen Autos die zu Tausenden im Verkehr mitrollen in keinem Verhältnis zu dem Einkommen der Mehrheit der Leute. Auto teurer als das was man verdient und sich tatsächlich leisten kann. Auf Kante genäht und im Alter keinen Notgroschen mehr. Vom BMW bis zum Ferrari, dessen Finanzierung und Ursprung noch nie so fragwürdig war wie heute.
I used to work in a coffee shop for which one of our sister stores was in a really high-end mall where people could also live. My coworkers would relay stories about how the people who lived in those apartments were in debt just trying to pay the rent and the irony is that while those apartments were undoubtedly very nice, the mall itself was outdoors and it is one of those places where people like to go just to draw attention to themselves or have say they shopped even if they were just buying something inexpensive whether it was a greeting card or a decent but low-cost meal. It is not a place where people live for comfort; you won't enjoy any real peace or privacy sitting on the balconies and yet residents are willing to go into debt just to be able to say they lived there.
I paid significantly less for my Ferrari than i paid for my Wrangler, but everyone seems to think im loaded when I'm driving the Ferrari. 😂
You don't buy a Ferrari to drive - they are too expensive to maintain - rather, you buy a Ferrari to show off, which is important in dating supermodels.
In my 40s now and learned how to save money the hard way. In my 20s I thought I made it big with a six figure job right out of college and I went out and bought fancy cars (S7, 911, E65 and others). I spent thousands a year just to maintain them. Today I drive a Tesla even though I could buy a few Ferraris in cash if I wanted to. Now I work to invest every penny which hopefully will allow me to retire sooner.
wow. what a boring story.
@@schmitty1944 and a tesla to boot lol.
Host: How many people walk into the Lamborghini dealership pretending to be rich?
Lambo Sales Guy: You mean like you?
People with real money will do their best to hide that fact.
yep, a relative disagrees but hes the guy with an OTT BMW paying massive payments a month and is scared to drive it and put miles on the car and worried about depreciation
You mean that people who own more than 10 supercars are vain and poor?
@@quantativefm9118 That person only exists on social media and they're probably renting everything, lol.
Real money and power moves in silence. When people are being loud they aren't coming from the place they are selling to the world.
You can always tell when a comment is written by a 17 year old.
lol
so whos buying lambos? poor people
@@Jimmy33561 or a 71 year old
My boss owned like 100 houses, had 2 factories and an abattoir. He drove 1967 mercedes, standard one nothing special. Henworked alongside me every day, he didnt wore any designer clothing and was interested in how it was where I came from. Guy was cheap but very good as a boss. You would never tell he was that rich
I live in an apartment complex where I KNOW some of these car owners are making a terrible financial decision 😂 If your rent is $1400, you should not be making $1100 car payments. And they don’t even have a private garage for it
The amount of C8 Corvettes I've seen in apartment complexes is hilarious, it seems like its the 70k a year special
If you're renting, you shouldn't be buying a lambo lol
I have a corvette and could easily buy a house but I live in an apartment.
@@Himothy704save them chips, I seen a new jag truck in apartment I know they got bread!😂
@@sportbikeguy9875lambo a eye cartcher 😂
People buying lambos makes me feel way better about the debt that I have. It’s peanuts next to this sort of foolishness.
Spot on.
Its all relative your peanuts is possibly my don't give a shit.
Purrari Ferratti 😂 no lawsuit; still no freedom.
Atleast they are living their lives and make themselves an experience every day. Debt is bad one way or another, but it's also bad to justify your own situation by comparing it to an even worse one. Won't get far with that mindset.
@@SpiriTBladE9i6 Cope.
Perception is key in life. OP is self-aware enough to widen their view in their perspective and come to a realization and be a bit humble about whatever situation he’s talking about. It’s more nuanced than just saying “oh that sucks, glad it’s not me!” like you’re suggesting.
“How it relates to my other goals”?? It’s a car I’m going to drive it…
From $37K to $65K that's the minimum range of profit return every month I think it's not a bad one for me, now I have enough to pay bills and take care of my family
How please?
Yeah, since meeting Shellane Maxwell, I now agree that with an expert managing your portfolio, the rate of profit is high, with less risk.
I will advise you stop trading on your own if you keep losing… i don't trade on my own anymore, I always required help and assistance
Sounds familiar, I have heard her names on several occasions.. And both her success stories on wall street journey!
She's my family personal Broker and also a Broker to many families here in the United states, she is a licensed Broker
If you think you need to work your way up to affording a 6 figure car to have fun and enjoy yourself you are not a car enthusiast or probably dont even know much about cars in general. Its a social status symbol to you. The sooner you come clean with yourself on that the happier you will be.
if you think financing a 6-figure car over 12 years is a good idea, because you have no where close to the amount of hard cash required to purchase it, you're a car enthusiast who will have to work until you die. Whether that results in a happy death or one haunted by regrets is the only question...
Been working for a FAANG company as a software engineer for a decade now, net worth 8 digits.... drive a 2011 Subaru WRX hatchback. Very fun car to drive around, very sharp looking car, and got the AWD for when I head to my cabin in Tahoe during ski season.
I paid cash for my used Camry 😂
Very intelligent!
I’m a 40-yr old MM driving a 6-yr old Forester. Hoping to get another 100k miles out of it before getting a Highlander or Rav4…. Dave Ramsey deleted the word “finance” from my vocabulary years ago 🤣
We had two Foresters back to back. Good cars, but trouble with the wheel hubs started on both at about 90k miles. We just got a new Rav4. Nice car, but the steering is a bit twitchy, like the reviews say, and the tech in it is irritating and burdensome. It doesn't bother the wife that much, but it bugs me.
@@maxjohnson1758 thanks for the response.. I've had a number of issues such as axle, two wheel barings, catalytic converter, front speakers so I'm back/forth w/ keeping or getting rid of it.
Those Lamborghini cars in the background, especially the aqua blue one, are drop dead gorgeous.
I sold cars and he’s absolutely correct here. 1:07
I went into Ed’s dealership in fact, but after he had left…with wild hair, and everyday street clothes….but like he had said before about Lotus buyers (try to talk them out of it), and put a deposit on an Emira. I worked hard and saved, AND INVESTED wisely, the key to it all, and took delivery and paid in full all the while dressed like a Bum. They were nice to me the entire time.
What an excellent video. Great job guys and yes nail on the head. I’ve been in the exotic car game a very long time this is spot on.
Owing a $100,000 on a car is financial suicide.
The debt people get themselves into just to look good in a car is beyond words.
I’m a multimillionaire and my new car is a Ford with 101,000 miles on it, I paid $6,500 and I absolutely love it.
My "new" is a 2014 Ford Taurus SHO 😊👍
Right
Same here, and I proudly drive a Toyota 4-Runner. Good, practical and reliable.
How much is your multi million and how much is tied in your primary home?
@@OnlineSupportTeam I don’t think I’m going to show you my bank account but it’s a minor percentage and my primary residence is also a dual income producing farm on acreage. If I ever retire and downsize to a normal residence it’s going to net me significant extra profit from the sale. In my 40’s I can choose to never work again and be more than comfortable while still adding money to investments.
Try so hard to get to 6 figures, then someone calls you "Low 6 figures" then you realize you're still broke.
lol, yup. your dollar is worth less than before. hence requirement is more. $400K+ is the new $200K.
@@PrimaryIgnition Yeah you're right. No worries. Will get there.
Years ago I walked into a Chevy dealership looking to buy a corvette. No one helped me, I asked a salesman to unlock it so I could sit in it, he told me to put a deposit on it and he would open it. Left, drove to the Porsche dealer and purchased a 911 Carrera S cash. Drove back to the Chevy dealership, asked for the sales manager, told him the story and showed him the salesman. Have not stepped foot in a GM showroom since. 😊
I have to say I do feel like a millionaire when I drive my Hyundai hatchback😂😂😂
Worked at a dealership before, its always the people with poor credit who care about status and will put themselves in debt with bad APR. I also noticed its always the people with good careers like lawyers, doctors or nurses who lease.
I’ve always wanted a Lamborghini growing up, always love the sound and aesthetic of them. Right around college I performed a show for a guy who owns a luxury car rental place in Chicago. They have a few Lambos and I got to see the insurance, maintenance, and upkeep on these vehicles which made me think about it a lot more. I was able to drive a Lambo and it was cool but that feeling wore off. For most I believe it’s just to flaunt and say look what I have rather than being fanatics of the brand. Plus I wouldn’t wanna own anything that I can’t drive like it’s intended. It’s easier to rent for a track day and have fun without breaking the bank.
Exactly. I was looking at Lambo's because it was a childhood dream of mine. But the thought of parking it anywhere, or God forbid getting in an accident, gave me anxiety just thinking about it. I don't want that kind of attention. I bought a Porsche 911 turbo s. Gives me supercar performance in a more subtle design. I will save the Lambo's and Ferrari's for track day rentals and let someone else deal with the maintenance and insurance.
@@deepg7084that just means you cant afford it
I was similar in the fact that I had always wanted a Lamborghini, I got a chance to drive one at one of those exotic car experience things and realized that it was still just a car, not the magical experience that I thought it would be. I had been saving for a while and was able to buy a C6 Z06 cash and it has been the best experience. It is pretty much as fast or faster and costs nothing to keep up with compared to the Lambo..
Yeah rent it for a little while and bring it back without the great bills that come with it
@oooooba8343 Maybe. I paid 200k all cash for my turbo s and that is a very small percentage of my liquid assets. It would not have hurt me to double that to 400k if I wanted. It's not as much about affording it as the anxiety that comes with it. I'm not just buying the lambo, I'm buying all the headaches, attention (which I DO NOT want), and dealing with crappy drivers and minimal parking in a very high traffic city.
As much as I wanted one in my imagination, when it came to real-life practicality, it made less sense. That's why the majority of Lambo owners spend more time staring at their car in the garage than actually driving it. I own a car that can beat an Aventador and I can drive it daily without the attention. Porsche's are built to be driven. A Lambo with 20k miles is well driven. A porsche with 20k is just broken in.
With repair and insurance costs plus the depreciation, I'd rather own a nice Toyota or Lexus than a Lamborghini. Maybe a few million in net worth and it might be justifiable.
I walked into a Lambo dealer - sweatpants, sandals, and a plain white T-Shirt that looked like bought at Walmart. I was given the 5 star treatment. 😏
Good, successful salesmen can smell money on you.
They don't pay much attention to what you are wearing.
my networth is 10k. no way am I going buying a lambo!! these idiots going broke
Probably time to invewt in degenerate Crypto MEME coins my friend..
And no im not being sarcastic😂😂
@@RammingSpeed-lk8kkyes invest & lose $
So you wouldn’t buy a nice car? think big ! bro I’m about to spend 10k on a chain 😎
@cashgogetter6737 the way I look at things is in terms of assets/liabilities..
For example, if I can buy a LUXURY purchase and it holds(or even appreciates in value), then its technically an (asset).
For instance, a PURE gold chain(considering metals are going up in value), would actually be an ASSET instead of a liability.
The only way it would be a "liability" is "impermanent loss"....for example,,,yes I could buy a gold chain and yes it might rise 10% in value. But...had I bought Bitcoin, Bitcoin could rise 100% in value in a year. So the Gold chain is a LOSS (relative to other asset classes)
I'm not too far ahead of you. When I hear some people crying the blues about how they can barely afford their fancy car/truck/boat/RV, I think, "Walk a mile in my shoes. Get some SENSE, man!".
I always knew Mclaren cars were junk. thanks for confirming it Ed.
WERE
I knew a mechanic who said that the guys who buy the cars have them in the shops every month or two because the engines have to be driven the way they are built..... meaning theres no way you should drive these for daily, regular use.
Dude makes great points. Especially about the idea that millionaires drive Toyotas. Most middle class retirees are millionaires by net worth. Also about financing - when I bought my S65 AMG and my SL63 I financed every single dime of it cause the rate was 3% or less and I knew I could beat that all day in the stock market. Positive leverage and just amortize it out to match depreciation. Now days with auto loans between 6% -10% it’s a totally different equation deciding paying cash vs borrow.
Auto loans are still 5% if you're not a loser.
🙄 ok 5% -10% Mr “winner” my point still remains. Also depends on the collateral. My point was however, that higher borrowing costs make the decision to use cash vs finance tougher. At 2.5% I know I can beat that by investing my cash without assuming hardly any risk. Higher rates, you’re adding risk to the decision.
Me pulling into the dealership in my 97 Cherokee and nobody even talks to me.
I do alotnof work for rich people and I’ve almost never seen one of them buy something cash out. They’re always getting loans.
They are rich but not wealthy. They stuck on the grinding to maintain their upgraded lifestyle.
Exactly. Every dollar is a "worker" . If a guy puts down 50k on a 200k car , he has 150k workers still making him capital. A guy who pays the 200k car in full, lost 200k that could be gaining him capital.
@ in the last couple years one guy I’ve worked for owns a string of car washes. He is indeed wealthy. Each car wash costs about $5-$6 million. They see on average 700 cars a day and most people do the $15 wash. He puts down what he has to to get a decent loan with balloon payments. Even tho he could literally build them out of his checking account. Come to find out a lot of the commercial projects I’ve done are this way. Last year we built a new location for a local municipality. So that’s all tax money. A couple huge shops, new office building, truck wash, etc. it was a $5 million project. The municipality went and got a loan for it only putting down what they had to of OUR money.
My CEO drives an old Pontiac vibe as his daily. His toy is a Shelby he had the Super Snake package added onto, I think it's a 2008. He likes 20's era cars a lot better.
My neighbor had a corvette (here in the Netherlands) he mostly drove his Opel Kadett ....and sold him after 3 years adjusting it (the noise ..) remember a German movie of a homeless man who saved secretly to "get away" to a warmer country. When he had the money he didnt want to leave anymore, but spend it on his friends (who were worse off) to find meaning and sense.
The poor stay poor pretending to be rich, the rich stay rich pretending to be poor. Don't know where this quote came from, but is so true.
Some guys ENJOY owning and driving specialty vehicles. For them it's about the driving experience, and has nothing to do with status.
There is nothing wrong with having an expensive hobby that brings you joy. As long as you can afford it.
Doing things you enjoy but can't afford is not OK. I mean - everyone is free to do it, I'm free to point out it's a stupid idea.
@@nikolatasev4948 Buying anything you can't afford is a stupid idea. Some people can afford, and do enjoy owning and driving exotic cars, and don't do it for status.
In my experience, you don’t need the car full time, all you really need is just to rent one for a weekend and take it through the hills on a joyride.
When did this trend of not wearing socks with dress shoes start? Can we end it?
They’re loafers dawg. You don’t have to wear socks with loafers
@@rvc25 well it looks weird and it should stop
Amen!!!! It’s hideous!!!!!
@@LuKiSCraft depends on the loafer and how your pant legs are tailored. If the pant leg is more of a European style cut and looks trim through the calf, it can actually look pretty nice I think.
This is what we call $30000 millionaires down in texas
Big hat, no cattle.
Arkansas too....lol