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Old 02-13-2014, 03:28 PM
 
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In truth the same is true for old money.
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Old 02-13-2014, 06:47 PM
 
Location: Los Angeles (Native)
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It is not surprising ,especially as others mentioned if one is in construction or owns an industrial type of business.

I think the idea of not wanting to give the employees the wrong impression is a smart one too.

Showing up in a Ferrari when your employees are in beat up old cars would probably make them a little bitter or jealous.

Also cars are pretty much always a depreciating asset...unless they are rare collectible cars which MIGHT go up..still iffy though.

Of course there are business owners buying the flashy high end cars too but it's likely not the norm.

I live in L.A and it's amazing how many luxury cars are around. I always wonder if people can comfortable pay for these cars or they are struggling to pay for them. Sure, a lot of them are likely Leases...but even leases for new BMWs ,audis,mercedes are not cheap!

I've heard of a person working at a nail salon (not in L.A ) making payments on a $60k+ Mercedes... not the owner but an employee.. just insane!

Meanwhile they were living in an apartment while they could of bought a house with the money going towards the car!

They said when they got in the car it "made them feel really important" ...
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