Are there advantage "to keeping up with the joneses"? (pay, savings)

[jj102]

I am graduating this May with a professional degree and I secured a job that pays relatively well. All of my close friends think I should buy a fancy car (and I am sure most of my future colleagues drive luxury cars) but I say a honda or toyota will do.

Is there some advantage to conformity?

[Themanwithnoname]

Yea, fitting in.


I'd rather be the oddball who retired years earlier than everyone else!

[hoffdano]

If you don't have to drive clients in your car, I think a sensible car says more positive things about you than spending money on a luxury car.

A nicely equipped sensible car, well maintained and clean, says a lot of good things. You aren't ostentatious, risky (debt), and pay attention to details.

[packer43064]

If you want to go broke....sure. get that 45k car and that 450k house all while making 60k a year.

[jghorton]

A lot of people who were trying to "keep up with the Jones's" ... are now "keeping up with the Jones's debt."

[jj102]

I wont drive clients but I may take colleagues to lunch in the car once in a while. Oh and if it matters I will be making in the low $200s. However, I still think a honda accord will do but I want to hear from you all whether there is direct or indirect value "to keeping up with the joneses".

[shamrock847]

It depends. There isn't that much of a difference between a $30k Honda and a $50k BMW, it's just how you choose to spend your money. If you were driving a rusty 20 year old car with stuff falling off that might be a different story.


There are plenty of people who make much more than you who drive very plain cars, just like there are people whose car payment is 1/2 their monthly take home.

But yeah, in certain jobs there is an expectation that someone will dress a certain way and display a ceratin lifestyle and it may count against you if you stray too far from that model. But a nice, new Accord isn't going to be perceived as way off base.

[NJBest]

Originally Posted by packer43064

If you want to go broke....sure. get that 45k car and that 450k house all while making 60k a year.

That just seems careless. One shouldn't be making just $60k/year.

[NJBest]

Originally Posted by jj102

I wont drive clients but I may take colleagues to lunch in the car once in a while. Oh and if it matters I will be making in the low $200s. However, I still think a honda accord will do but I want to hear from you all whether there is direct or indirect value "to keeping up with the joneses".

You only need a certain amount of money to guarantee financial success in 99% of situations. $200k is a decent amount of money to be making but it's not a lot. You're just out of college, so it's not expected for you to be rolling in $$$ yet.

Unless you've managed to save a decent amount of cash already, you should probably start out with a low end car like a Honda Accord or Toyota Camry. A few years down the road when you have a comfortable amount of savings, you can upgrade.

Don't worry about what others say.

[packer43064]

Originally Posted by NJBest

That just seems careless. One shouldn't be making just $60k/year.

Plenty of people make around 60k and it is hardly carless. Are you a 1%er?

Just because YOU need to spend 100k a year doesn't mean the rest of America does.