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Actually it was very close to what I was expecting. 80% of each list were what I would consider luxury cars, BMW, Mercedes, Lexus, Porsche. Pretty much every list had at least one hybrid or one flashy new economical car.
However hybrids are expensive to average Americans. And new cars in general are a little more rare in the typical American zip code, so by the premises that these are all probably brand new or newer cars I am not all that surprised.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by Fargobound
You don't stay rich by buying BMWs or Porsches.
Just look at how many sport and music stars wash out and go BK after stardom has passed.
True, they are looking for what is practical for them like most everyone else. Medina, WA which is near us, is big on SUVs and minivans because they tend to have kids, and we get snow/ice at times. We do have several luxury car dealerships in Bellevue which is next to Medina (Medina has no businesses to speak of) and they are doing well but sell more to mid-salary-range people in high tech that have no kids, and like to show off. They may have a $200,000 car but live in a modest for the area $3,000/month rental condo. We see nerdy looking people driving Lamborghini or Ferrari all the time, even Tesla roadsters. Tesla has a showroom in the Bellevue Square Mall, just a mile or so from Medina.
I remember the time I was at a red light in Redmond next to a Ferrari, in my '72 El Camino and couldn't resist a jack-rabbit start. I was at the next light stopped before the guy in the Ferrari even made it through the first intersection.
Actually, luxury cars tend to be built better than other kinds of cars. That's why they also last longer.
It's probably more economical to buy one solid luxury car and keep it for 20 years than buy 3 or 4 lesser cars that don't last as long over the same time period.
Rich people lease. They know it's dumb to have $100,000 of cash tied up in a vehicle. That $100K invested can pay for their lease payment, making that S550 rental practically free. Keeping cash liquid to be able to jump in a lucrative investment is key to building wealth.
Actually, luxury cars tend to be built better than other kinds of cars. That's why they also last longer.
It's probably more economical to buy one solid luxury car and keep it for 20 years than buy 3 or 4 lesser cars that don't last as long over the same time period.
Ask any BMW 7 series or Mercedes S class owner about depreciation. These care also deliver repair bills that call for Preparation H.
I’m also willing to bet the survival rate is lower when compared to plebian transport appliances. It only takes one major repair outside of warranty for some of the luxo barges to hit the dumpster. This is what I seen first hand as a tech.
Rich people lease. They know it's dumb to have $100,000 of cash tied up in a vehicle. That $100K invested can pay for their lease payment, making that S550 rental practically free. Keeping cash liquid to be able to jump in a lucrative investment is key to building wealth.
A lot of truth here... they buy hobby cars but for daily transportation it makes sense (if dollars is not top priority) to go with a short term (even prepaid) lease of a top range car. I know a wealthy individual that owns his Ferrari but leases a new MB or like every year.
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