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I was once told that the super-rich never pay cash for things like that. Pay cash and get a lemon, there is only one way out of the deal. Pay on time, and it widens your options.
They don't pay cash because despite what that idiot David Ramsey says, lease are oftentimes a good idea.
Quote:
Originally Posted by jtur88
People in that income class have a line of credit at their bank. They just write a check for it, and it comes out of their credit line, which revolves.
I was once told that the super-rich never pay cash for things like that. Pay cash and get a lemon, there is only one way out of the deal. Pay on time, and it widens your options.
Most people who own a $100K car never use it as a driver. They have something else for everyday use, and the Porsche is for recreational driving. It falls into the same category as their sailboat, which costs a lot more than their car. It never runs up high mileage, so the depreciation is minimized. They get traded often, so a lot of people bought their used. Or else they just lease it, and never go anywhere near the maximum mileage allowance.
People in that income class have a line of credit at their bank. They just write a check for it, and it comes out of their credit line, which revolves. And they have a business manager on retainer who keeps track of it.
I had a big expensive sailboat, lived aboard for 5 years in the Islands.....and my big town car rusted away to almost nothing at the dock! Everyone has a price to pay....its called living.
I was once told that the super-rich never pay cash for things like that. Pay cash and get a lemon, there is only one way out of the deal. Pay on time, and it widens your options. It's like buying a camera with a credit card. If the product is defective, MasterCard will withhold payment pending resolution.
Most people who own a $100K car never use it as a driver. They have something else for everyday use, and the Porsche is for recreational driving. It falls into the same category as their sailboat, which costs a lot more than their car. It never runs up high mileage, so the depreciation is minimized. They get traded often, so a lot of people bought their used. Or else they just lease it, and never go anywhere near the maximum mileage allowance.
People in that income class have a line of credit at their bank. They just write a check for it, and it comes out of their credit line, which revolves. And they have a business manager on retainer who keeps track of it.
Actually, drivers (Lexus, Escalade, etc) are creeping close enough to $100K that that is no longer an expensive car, and the line in this discussion probably ought to be closer to $200K.
Many $100K cars are daily drivers - especially big sedans. A M-B CL-class starts at $105K. S-class starts in the high 80s and these easily exceed $100K.
I agree with most of the posts above - most of these cars are leased or bought with cash. I don't have a lot of rich friends, but the few I personally know own their toys (boats included) outright.
Many $100K cars are daily drivers - especially big sedans. A M-B CL-class starts at $105K. S-class starts in the high 80s and these easily exceed $100K.
I agree with most of the posts above - most of these cars are leased or bought with cash. I don't have a lot of rich friends, but the few I personally know own their toys (boats included) outright.
Agreed. Almost everyone I know with a 100K car uses it as a daily driver, myself included. No way I'm spending all that money and not piling miles on the thing.
Unless you can pay outright for a 100k car,you can't afford one.
Umm..why exactly would you want a 100k car,OP?
It would likely get keyed (more than once)possibly stolen and definitely make you look very insecure.
Are those thing that you need in your life?
i knew this one would come sooner or later. theres always a critic in every crowd.
well i think the other posters in this thread have proved you wrong, if you can afford leases and payments and the consquences of those choices, then you can in fact afford a 100k car, my actual question was "what is the best way to afford a 100k car"
i want a 100k car simply because they are fine machines. take the MB S550 that i drove recently, it picked up gracefully and didn't feel like a boat.
how about a top of the line Audi S5 (not 100k but close) the engine matches the interior leather and ambiance beautifully.
BMW 6 series, and M3, a Maserati Quattroporte, and the king of the hill, the Lamborghini Murceilago.
i've had the chance to drive these cars which are almost at or above 100k. some were at a test drive event, some were personal or professional friends who like to show off their money, however i've never been in good enough with anyone to ask them "how'd you buy that thing?!"
i have dreams of success, owning my own business (in the grand scheme i'm dealing in small change right now but i certainly have no intent to stop)
and i disagree with your statement "make you look very insecure." i have never felt that way when i see a fine car, however i have felt that way when i see a truck with testicles.
i knew this one would come sooner or later. theres always a critic in every crowd.
well i think the other posters in this thread have proved you wrong, if you can afford leases and payments and the consquences of those choices, then you can in fact afford a 100k car, my actual question was "what is the best way to afford a 100k car"
i want a 100k car simply because they are fine machines. take the MB S550 that i drove recently, it picked up gracefully and didn't feel like a boat.
how about a top of the line Audi S5 (not 100k but close) the engine matches the interior leather and ambiance beautifully.
BMW 6 series, and M3, a Maserati Quattroporte, and the king of the hill, the Lamborghini Murceilago.
i've had the chance to drive these cars which are almost at or above 100k. some were at a test drive event, some were personal or professional friends who like to show off their money, however i've never been in good enough with anyone to ask them "how'd you buy that thing?!"
i have dreams of success, owning my own business (in the grand scheme i'm dealing in small change right now but i certainly have no intent to stop)
and i disagree with your statement "make you look very insecure." i have never felt that way when i see a fine car, however i have felt that way when i see a truck with testicles.
and an insured car is replaced when it is stolen.
Critics in this case are just going to be people who don't have the motivation and drive to achieve what they truly want. Bottom line is that if you want the 100k car bad enough you are going to eventually get it, not talking about dreaming because dreaming is for dreamers and that doesn't get you anywhere.
As for something like this being an ego booster... who could honestly say? Yeah there are tons of people who buy expensive automobiles for status but then there are people who appreciate the machine. You sound like a machine kind of person so go for it!
The executive VP's and above at our firm get car allowances & subsidized leases through fleet companies, so SL's & CL's are very common. One guy had a Maserati Quattro but got rid of it after a yr because the auto dual-clutch tranny was clunky & the car was in the dealer shop off and on for 4 weeks. Other ppl I know who own their own business are able to write-off their leases so that $1500/month payment can be cut in half.
As an example, my old buddy Neil owned this car outright:
the F40 in line at one of our local autocrosses...
He paid $249k for it, and over $9k per year to register it. He has a few Ferraris and Alfas. One day we went down to the local Ferrari dealership in Seattle to buy a set of spare wheels for it so he could run dedicated race tires on it, and while we were there, a new 355 Spider was in the showroom. He looked at it, realized he didn't have a convertible in the collection and wrote out a check for it right there. Full amount. Had it prepped and delivered to his house.
Three of those cars in our club, all of them owned outright and parts of larger collections of cars.
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