"First prize is a Cadillac El Dorado ... second prize is a set of steak knives. Third prize is your fired."
1 minute in
"You drove a Hyundai to get here tonight. I drove an $80,000 BMW, that's my name!"
2:40
"You see this watch? That watch costs more than your car."
Alec Baldwin in Glengarry Glen Ross.
Great movie scene. Gets you pumped up.
I don't care if you bite. I'm not here to brag, I was merely stating facts so people understood where I am coming from on this topic. I am in finance (quant equity to be exact), I am happy to answer any questions about the subject.You are correct, my boss makes more (or to be exact. about the same as I do). I was thinking of friends as those I know. Not that it matters but in my particular case, any one individual's bonus is limited to a certain percentage of the bonus pool, so in fact the most senior people in the company do take home about the same amount of money. My boss's fixed salary is slightly higher than mine.
kartelite wrote:
notkidding wrote:With bonus, I normally make over $750k a year...
I drive a 12 year old car that is probably worth less than $5k. Cars are absolutely the biggest waste of money. I am better off than literally anyone I know, and I still can't understand spending $50k on a car. What a waste of money? It is not that I care about my piece of crap or that I dislike nice cars, I just can't get over what a tremendous waste of money they are.
But that is just me, I have always been a value investor and a value buyer.
Hold on...
1) You make over $750k a year
2) You are better off than literally anyone you know
3) You receive a bonus
So, from this we are to assume that you make a shitload of money and aren't self-employed (due to the bonus), but you obviously aren't in finance or anything because then you would know lots of people making more than you, and you either don't know your boss (the guy who decides your bonus) or he pays you more than he pays himself?
Unless you are some superstar at a small sales firm, I have a tough time biting.
Ideally I'd go with one who has a 15 year old Subaru. I don't know what the difference between the phones you mention are.
I drive a 1997 Honda Civic I paid $1000 for with 122k miles. Looks ratty, but, I have virtually no debt on a single income for a family of five. I wear nice clothes because it's what the office attire happens to be and my iPhone allows me to keep my job. So what if I don't have a nice car? I think paying a lot for a car is a complete waste of money. Some folks just really don't care about that stuff. I am one of them. I'd rather have a really nice Gibson F-5 mandolin (Sam Bush knockoff preferably) than a $35,000 car that will be replaced in 3-5 years. Put money and energy where it matters is my motto. Family. Health. Books. Musical instruments. Etc, etc.
Rocky Mountain Hi wrote:
454554 wrote:He spends all that money to look "good" when out in public, yet he drives a piece-of-crap car. What?!!?!?!!?!?!
Are you suggesting this fellow trade in his $800 worth of electronics for a $50K car?
Moreover, having an iphone/ i pad with internet access is a good investment. Having access to the internet on your person is a huge resource. you can apply to new jobs, do research for an interview, research jobs, learn new things in general.
thus, compared to a person with no other assets accept a big screen tv or a shiny new sports car, i think the iphone or ipad is actually a very smart use of $500 to $1000. access to the internet is empowering
Sounds like others feel similar to how I do about cars. But I will concede that if you cart clients around in your car, you do have to drive something 'nice'. But you don't have to get too crazy here, a new Camry or even Prius would probably get the job done just fine.
I never understood why people act like iPhones are some extravagant luxury. It is $199 for the top-of-the-line phone, for Pete's sake. That is less than I spend at the grocery store in a week and the phone will last 2 years and is probably the most utilitarian object I own, seriously.
My dad does this all the time and it bothers me.
He is retired and lives at the beach with a bunch of other rich people. A few of his buddies got hit by the recession and he is always bitching about how they "have no money but they walk around with those fancy iPhones."
LOL.
You seriously would prefer that your realtor drive potential buyers of your house to see it in an old car rather than a nice car?
I remember once looking at house and this guy drove us in an old car that had a dent in one door and we had to slide accross to get in because the one door didn't open.
This guy had no confidence and I felt like he wasn't good at his job.
We used someone else the next time we wanted to look at a house. I would't want that guy representing my business interests.
People can value what they want.
But to say that they prefer a cheaper and older car if the price were the same is just being contrary for the sake of being contrary.
Letsrunners really pride themselves on their cheapness.
No Jalopy wrote:
Cars are more important than phones.
Look at all of the people walking around with smart phones and tablets.
Now how many people do you see driving $40K cars?
Not so many.
A man's car is his single most important piece of property.
It's a reflection of his personna.
You will be sized up instantly by the kind of car you drive.
No one is going to bother with your investment portfolio, net worth or sense of frugality.
A good watch is every bit as important as a proper car.
comonow wrote:
Your post says more about you then it does about the guy you saw. And it what is says is that you are jealous loser with crappy priorities.
Yep, this ^^^^
This thread didn't need to evolve past the first reply.
PS. iPhones and iPads aren't exactly status symbols. Teenage girls have them.
No Jalopy wrote:
But to say that they prefer a cheaper and older car if the price were the same is just being contrary for the sake of being contrary.
I totally agree with your first and last points, but the one I quoted above just is not true.
If I am not using the car for work, I actually prefer driving a beater. I am being 100% serious. I am not even cheap, either. I like nice things.
I want a reliable care, mind you, but I just do not care about caring for the car on a material level, so I'd never want to own a nice BMW or Mercedes. I would always worry about dinging it or cleaning it. I have the money to buy pretty much anything (within reason), but I choose not to.
I just bought my wife a brand new 2012 Volvo XC90 R-Design a few months ago, but I drive a 2004 Jeep Grand Cherokee. I rarely wash it and never worry about parking it, etc. I keep it clean inside, but if something spills in it I really do not care. i give it a clean and go on with my day. I would rather just not worry about it. Cars are just not on my list of worries. If it is safe and reliable, I am fine with it.
I also want to point out that I am not a slob. I am actually borderline OCD, which is a contributing factor to this outlook. I like to keep things nice and clean, but with this I just let it go and it feels better. I never worry about my wife's car b/c I rarely drive it. Plus, everyone with a kid knows there is no hope for a mom's car. It is always disgusting no matter what you buy them. She takes it to get detailed once a month and it is trashed within days.
Fitter, Happier wrote:
If I am not using the car for work, I actually prefer driving a beater.
I should clarify. I do NOT use a car for work. I work in Marketing/PR and half my office takes public transportation to work.
I would have a different outlook on cars if I had to drive clients around town. I would probably just own a nice car for clients and still drive a beater on my own, though.
Take a look at what Buffet gets around in and tell me the man doesn't command respect regardless of what he drives. I don't make 750K but I often see what people pay for their cars as a function of my profession and it is often the guy/gal leasing the $45k-55k 2yr old luxury car that is flat broke, redlining in debt, and whining about taxes and china and poor people and my billing fees. Folks that have their shit together generally don't sink $50K into non-income producing assets just because it looks nice in their driveway. That, or they pay cash because they're ballers.
No Jalopy wrote:
Cars are more important than phones.
Look at all of the people walking around with smart phones and tablets.
Now how many people do you see driving $40K cars?
Not so many.
A man's car is his single most important piece of property.
It's a reflection of his personna.
Where the hell do you live if you think a $40K car is impressive?
formidable doer of the nasty wrote:
No Jalopy wrote:Cars are more important than phones.
Look at all of the people walking around with smart phones and tablets.
Now how many people do you see driving $40K cars?
Not so many.
A man's car is his single most important piece of property.
It's a reflection of his personna.
Where the hell do you live if you think a $40K car is impressive?
I work in state government in the midwest. $40k is impressive, if not unattainable unless you have no kids and are near retirement. My boss drives a Saturn. I saw somebody drive around a Volvo once in the parking garage.
an Amen. Cars are terrible investments. My backpacking gear is worth more than the vehicle I tote it around in. Different priorities.
Gotta give the OP credit for wording his post just right to get responses. (I'm not the OP)
$20K is just the right number.
You can obviously get a nice car $20K, it certainly wouldn't be crappy. Most people would be very happy with that.
But the elitist looks down on it.
I'm no elitist and really wouldn't mock someone for their car.
But I do value a nice car.
And think it is important for anyone that sees clients.
Personally, it makes my commute better and it's something to enjoy outside of work and to represent the fruits of my labor.
http://www.youtube.com/watch?v=VO48Vr4KIc8
Pulp Fiction scene
Chet Morton wrote:
Frank Hardy wrote:My brother Joe and I drive a jalopy, and we strike terror in the hearts of smugglers worldwide. I'd be careful what you say about jalopies and the people who drive them.
Awesome.
Well, Chet, I see you've taken up distance running. Keep it up and we might have to stop calling you "big boy"!
Can I hear wrote:
an Amen. Cars are terrible investments. My backpacking gear is worth more than the vehicle I tote it around in. Different priorities.
Yeah, I used to beat around in an '87 Honda Prelude. Great car. Had it up over 239,000 miles. I got one of those $99 paint jobs on it after I fixed some rust on. This was in maybe 2003. I used to drive it to triathlons. I had a QR Kilo -- not a high end bike, maybe $1200. The running joke was that my "low end triathlon bike was worth double my car".
F$@! those guys anyway. Posers.
First of all, the price will never be the same. Even if you can get a flash car for the same money as an older one you'll have higher insurance premiums and maintenance costs will likely be higher. And if you live in New England you'll pay a lot more for your annual excise tax.
Most people with expensive cars seem to live in fear that the car will get banged by a shopping cart at the supermarket's parking lot or another car's door will bung into it. I like never worrying about that stuff. And while some people may like showing off what sort of new and fancy car they can have, I sort of like seeing how many miles I can put onto a car.
As to the realtor, I like the guy in the old Subaru because I suspect he may be smart enough to know that it's stupid to think you can measure a person's worth by looking at their car. And if I saw a house I wanted to buy at a price I could handle, I'd buy the house regardless of the car the realtor is driving. I can't imagine there are all that many potential buyers who are too stupid to do the same.