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Definition: 30k Millionaire; "A 30k millionaire is a person, usually a guy, who makes around 30k a year, usually from working at a window tinting shop, loan office, or an occupation that does not by any means require a college degree. With his pitiful a income, he spends it all on bottles of champagne at clubs, a boat,a nice car, and sometimes a 3-day trip to Vegas, only to be left with nothing in his account by overdraft fees and possibly a pending loan." [Urban Dictionary]
What cars do you see as the top choice for this niche group of fellows?
Definition: 30k Millionaire; "A 30k millionaire is a person, usually a guy, who makes around 30k a year, usually from working at a window tinting shop, loan office, or an occupation that does not by any means require a college degree. With his pitiful a income, he spends it all on bottles of champagne at clubs, a boat,a nice car, and sometimes a 3-day trip to Vegas, only to be left with nothing in his account by overdraft fees and possibly a pending loan." [Urban Dictionary]
What cars do you see as the top choice for this niche group of fellows?
Unless it's a really old car (15+) most people making 30k can't afford to buy and repair any of those cars. Just a set of tires will run a few weeks pay. And anyone trying to run those cars on a 30k income is a fool
The Audi S4 is a good one, since the current generation has been around since 2009 or so. They can buy one that is 5-6 years old that doesn't cost much but still looks like a new one.
The $30K millionaire is also known to drive the $279 BMW 320i or Audi A3 lease special. Don't forget, they are living in Mom's basement so there's no rent to pay.
I wager the majority of those folks lease. Luxury brands come with maintenance included for a while, which means the lease period is likely covered. They get to fill whatever voids are in their life with a flashy car, park it in front of their dinky studio apartment, turn in the car after 3 yrs, and lather, rinse, repeat.
^in LA, something to the tune of 80% of luxury cars are leased. A good portion of that figure consists of self employed individuals writing off the payments on their taxes, but, with 72 / 84 month purchase terms now offered by most lenders on <5yr old vehicles, these cars are within reach for a broader audience than one would think.
Last edited by adr3naline; 07-13-2016 at 08:59 PM..
Reason: used "Lease term" instead of intended "purchase term"
^in LA, something to the tune of 80% of luxury cars are leased. Now a a good portion of that figure consists of self employed individualas writing off the payment s on their taxes, but, With 72 / 84 month leases now offered by most lenders on <5yr old vehicles, these cars are in reach for a broader audience than one would think.
Of course not. And the residual would be zero anyway after that much time (on a car that was already several years old). Even 48 month leases on new cars are pointless considering the very low residuals. What bmw (or whichever) wants is to get the car back while still in warranty. The original "owners" also benefit due to the the heavily inflated 36 month (or 30, 24) residuals.
Not lease terms. Purchase terms. I mistakenly typed "lease" which I have since corrected. Apologies for the confusion that ensued.
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