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I think this great recession has scared the crap out of people and Conservative values will make a big comeback and living on credit will lesson or stop all together.
You just have to look around. Hummers, Escalades, etc. All status symbols. Nobody is ever going to admit to living this way, but many many very obviously do.
You just have to look around. Hummers, Escalades, etc. All status symbols. Nobody is ever going to admit to living this way, but many many very obviously do.
The Federal Government, through changes made in the Tax Code, made purchasing a larger type vehicle (6,000 lbs +) more attactive - to say the least. Through the tax CREDITS offered, through the accelerated depreciation offered, the Fed literally made buying some of these vehicles a no brainer.
My wife and I each have our own businesses - and our own corporations. With the financial incentives mentioned (and more), the Feds LITERALLY paid US to "buy" our two Volvo XC90's.
It is one of the reasons that the HUMMER became so very popular.
You just have to look around. Hummers, Escalades, etc. All status symbols. Nobody is ever going to admit to living this way, but many many very obviously do.
REPLY: Why is success measured in ANYTHING expensive ? Its because America places way too much emphasis on materialism , impressing the neighbors whom you dont really care for anyway, and the ego trip for yourself that accompanies it. The bottom line is : Material things are all fading away and the only thing that will truly last and matter , is ones relationship (or lack thereof) with the Creator ... for we all have an appointment with Him.
It's stupid to judge someone's wealth based on what car they drive, but it's equally stupid to assume that everyone driving a foreign luxury auto is making $500 payments and is in debt up to their ears. The truth is you don't know. The person driving an 80K car might be making 500K a year and affording this vehicle just fine without as much as a ding to their budget. Or he/she may be struggling to make the payments, who knows.. Most importantly - who cares. Just drive what YOU can afford and what YOU like, be it a luxury car or a 10 year old beater. As long as you are comfortable who cares what others think.
It isn't just cars. The car owning aspect of this conspicuous consumption driven US economy is surely one of the biggies, but, the car is just one of the necessary "signals" that the pretentious folk's feel a need for. It's the house that the car rolls up to every day, it's the neighborhood, the boats, the planes, the vast amount of stuff that sometimes is seldom used, but serves as an appropiate backdrop for the entire display of their hard charging drive to accumulate the visual props that scream, money.
For some of those in the upper class it's probably just the fact of their wealth that allows them to drive the car of their choice. Though a Toyota, is a good example of the difference between substance and flash when compared to the Mercedes, the fact remains that cars have been produced on a sliding scale of design and performance, the lowest cost being the least desirable in both areas.
The worst offenders in this "look at me and my $$", show of attitude, however, are the guy's who live in some rundown apartment or house, and drive a car that they really can't afford.
It is stupid to borrow money for a car. If it takes a fancy car to make you feel special, you should spend your money on a therapist--not a car.
I grew up around the car business and often remember my Grandfather counseling young couples looking to buy a car...
His advice was 1 year to pay off a used car or 2 years for a new one... if the payments were too high you were buying more car than you could afford...
He was in the Automobile business more than 50 years and his business was all referrals from satisfied customers...
Rule of thumb... don't go into debt for something certain to be worth less by the time it's paid for...
I would see plenty of people coming in and looking to trade down... they had bought an expensive new car and then changed jobs, got married or had a baby on the way... the sad thing was many were up-side down and owed more than their car was worth... this never happened on the cars my Grandfather sold... and he could sleep well at night.
I grew up around the car business and often remember my Grandfather counseling young couples looking to buy a car...
His advice was 1 year to pay off a used car or 2 years for a new one... if the payments were too high you were buying more car than you could afford...
He was in the Automobile business more than 50 years and his business was all referrals from satisfied customers...
Rule of thumb... don't go into debt for something certain to be worth less by the time it's paid for...
I would see plenty of people coming in and looking to trade down... they had bought an expensive new car and then changed jobs, got married or had a baby on the way... the sad thing was many were up-side down and owed more than their car was worth... this never happened on the cars my Grandfather sold... and he could sleep well at night.
yeah but nowadays u cant pay off any car in a year seems like
its the reason i drive a 20 yr old car (well that and the gas efficiency)
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