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  #26  
Old 10-01-2012, 09:45 AM
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Chris90 Chris90 is offline
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Originally Posted by Spike Holmes View Post
+1. I fall between the top 5% and top 1% and I'm still a ways from plunking down 100 large for a vehicle. I buy my cars used. And even then none of them were 100K when new. I'm sure I could easily qualify for something in that neighborhood based on my income and my expenses but, why? Don't get me wrong I really really really admire a finely engineered piece of machinery. Did I mention that I really like cars? Maybe someday when I'm very comfortably in the 1%. Even then if I'm spending anywhere near 100K on a car, it will probably still be used.
I don't know if it's the same for you, but we don't trust our income to be around forever. We're not union, or doctors, or Feds, or whatever jobs that seem like they have 100% job security.

So unfortunately, no matter how much we have saved, I don't think I'd ever feel comfortable spending $50k, much less $100k on a vehicle, at least until we retire.
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  #27  
Old 10-01-2012, 09:48 AM
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That doesn't sound like Chris' talking...
There's no doubt that some of it is people who can't afford it buying on credit, but with the wealth gap widening greatly, particularly in the last 4 years, I think it may be more than that.

When I was in college, it seemed like only a few cars were priced for the 1%, Ferrari, Lambo, Porsche maybe. Nowadays everyone is offering several cars in the $100k range, even BMW.

It's strange.
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  #28  
Old 10-01-2012, 09:59 AM
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cmac2012 cmac2012 is offline
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they may be priced for the 1%, but the 10% buy them
And there are the peasant/tinkerers like me who buy them when they're well broken in, perhaps around the 200K mile mark.
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  #29  
Old 10-01-2012, 10:11 AM
Spike Holmes Spike Holmes is offline
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Originally Posted by Chris90 View Post
I don't know if it's the same for you, but we don't trust our income to be around forever. We're not union, or doctors, or Feds, or whatever jobs that seem like they have 100% job security.

So unfortunately, no matter how much we have saved, I don't think I'd ever feel comfortable spending $50k, much less $100k on a vehicle, at least until we retire.
I fall in that same boat. I am also none of the above. Luckily my wife is very conservative financially. She grew up with a family who did very very well. You would never know it by the looking at their cars or where they lived up until a few years back. Consequently we have never bought a house that even came close to what we could afford to spend if we wanted to. They have been nice and in nice neighborhoods but, nothing fancy by any stretch.
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  #30  
Old 10-01-2012, 10:15 AM
Spike Holmes Spike Holmes is offline
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And there are the peasant/tinkerers like me who buy them when they're well broken in, perhaps around the 200K mile mark.
Nothing at all wrong with that. If somebody is good with their hands, they can fix just about anything. I'ved tried to teach my kids that they can drive nice cars if they are willing to turn a wrench once in awhile.
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  #31  
Old 10-02-2012, 06:01 AM
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Last edited by Dave 330i; 10-02-2012 at 06:16 AM.
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  #32  
Old 10-02-2012, 06:27 AM
Griffoun Griffoun is offline
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Originally Posted by Chris90 View Post
There's no doubt that some of it is people who can't afford it buying on credit, but with the wealth gap widening greatly, particularly in the last 4 years, I think it may be more than that.

When I was in college, it seemed like only a few cars were priced for the 1%, Ferrari, Lambo, Porsche maybe. Nowadays everyone is offering several cars in the $100k range, even BMW.

It's strange.
When people with median income start to lease or loan new cars that cost 20K MSRP, how hard is it to imagine those who earn 100K-200K to lease or loan one that cost 50K and up without saving up for emergency fund?

Not everybody is fiscally conservative or responsible like you and me.
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  #33  
Old 10-02-2012, 06:50 AM
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Chris90 Chris90 is offline
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Originally Posted by Griffoun View Post
When people with median income start to lease or loan new cars that cost 20K MSRP, how hard is it to imagine those who earn 100K-200K to lease or loan one that cost 50K and up without saving up for emergency fund?

Not everybody is fiscally conservative or responsible like you and me.
I'm sure that's true, but the top 5% in household income is $159k. Are there really enough 5 percenters to buy all these $50-100k cars? Especially when you rule out the fiscally conservative ones.
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  #34  
Old 10-02-2012, 06:58 AM
Griffoun Griffoun is offline
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I'm sure that's true, but the top 5% in household income is $159k. Are there really enough 5 percenters to buy all these $50-100k cars? Especially when you rule out the fiscally conservative ones.
You're talking about 110m households in the US as of 2010, ie 5 million that makes 160K and above, and there're not many options (models) for that group to choose from.

Then you also have to factor in the supercars with extremely limited amounts being scooped up by the riches (the top 0.1%) around the world...

3-series and C-class are the new Honda Civic and Toyota Corolla.
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  #35  
Old 10-02-2012, 07:05 AM
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Chris90 Chris90 is offline
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Originally Posted by Griffoun View Post
You're talking about 110m households in the US as of 2010, ie 5 million that makes 160K and above, and there're not many options (models) for that group to choose from.

Then you also have to factor in the supercars with extremely limited amounts being scooped up by the riches (the top 0.1%) around the world...

3-series and C-class are the new Honda Civic and Toyota Corolla.
Yeah, maybe it's that simple, the $40k households are buying $30k cars, and the $150k households are buying $60k cars. Median new car price is like $30k now.

I read yesterday that in Europe they are selling new luxury cars as used at big discounts so they can pad new car sales.
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