|
DonkeyApple
11,995 posts
38 months
|
J4CKO said: Ok, I sort of get this but if I was rich I wouldn't stop cycling, I wouldn't avoid cars that are a little bit less well protected, I doubt I could buy a much safer car than our Galaxy and one less safe than an old 944 cab.
That said, perhaps some rich people do this and end up with no known predators in their lives, good medical care, good food and no risk, we are driven to risk and nature abhors a vacuum so the rich then think that a Helicopter is a good idea, they then go and find a suitable immovable object into which to fly it ! Sometimes they are smart enough to understand real risk calculations so don't worry about driving around in a banger  There is also the fact that many people who own companies do not permit their employees to know anything about them and will arrive in a modest car that does not match what they have at home. Frank Taylor used to arrive at work in the back of a Ford Grenada, then a Scorpio wearing an old watch some employees had given him. He arrived at dinner in the back of a very different car and wearing a different watch. Why emphasise to your valuable workers just what you have? There are also many people whose wealth is offshore and when in the UK will drive something commensurate with the income they have declared for tax purposes. Then there are plenty of people who don't care about cars. Others will use the wife's car or the dog transport or nanny's car for casual journeys. Many people who have made themselves wealthy have achieved this through not pissing money away and old habits are ingrained deeply. But generally speaking, the car will represent in some manner the driver's level of disposable income at that moment in time in the normal world. although this actually isn't wealth in true meaning just purchasing power.
|
|
|
whoami
7,059 posts
109 months
|
Funny thread. Amazing how many posters know "several millionaires" who all drive s  tters.
|
|
|
Wills2
5,321 posts
44 months
|
And have a canny knack of knowing what people on their street earn or just meet people and instantly know how much they earn.
|
|
|
swerni
19,836 posts
79 months
|
whoami said: Funny thread. Amazing how many posters know "several millionaires" who all drive s tters. I've been to Wentworth, Weybridge and Oxshot today. You know what? It wasn't rammed with s t cars, I was most surprised.
|
|
|
whoami
7,059 posts
109 months
|
swerni said: whoami said: Funny thread. Amazing how many posters know "several millionaires" who all drive s tters. I've been to Wentworth, Weybridge and Oxshot today. You know what? It wasn't rammed with s t cars, I was most surprised. Totally amazing 
|
Advertisement
|
|
|
swerni
19,836 posts
79 months
|
whoami said: swerni said: whoami said: Funny thread. Amazing how many posters know "several millionaires" who all drive s tters. I've been to Wentworth, Weybridge and Oxshot today. You know what? It wasn't rammed with s t cars, I was most surprised. Totally amazing I was shocked. I assume they all belonged to the underpaid staff
|
|
|
MR00PEA
115 posts
24 months
|
- *PH v1.0*** my son has just finished his second day at Eton, and my global business empire is thriving, In fact I am looking forward to been able to pick him up on the 21st in my brand new Lamborghini. After I return from International business.. Spiffing.
- *Reality v1.0*** My boy is on his first week at nursery, he absolutely loves it. I have 13 days 12 hours and 8 minutes until I get out of this st hole of a country ( Papua new guinea ) after a 11 week sentence. Then I will pick him up in our diesel ford focus which he loves and take him to toys are us and let him pick what ever he wants, for 2 reasons,
I have not seen him for 11 weeks. Second as he is now at nursery ( state ) he is saving me money, A lot of money in fact, in childcare costs, This of course is going towards the funding of a BMW 645. so a celebration all round
|
|
|
The GMan
1,953 posts
124 months
|
swerni said: whoami said: swerni said: whoami said: Funny thread. Amazing how many posters know "several millionaires" who all drive s tters. I've been to Wentworth, Weybridge and Oxshot today. You know what? It wasn't rammed with s t cars, I was most surprised. Totally amazing I was shocked. I assume they all belonged to the underpaid staff Ha Ha Ha. I was surprised that I had not seen many s tty cars recently. I then realised that all the eccentric millionaires were in their bedrooms at their mothers house posting on the Internet.
|
|
|
XAF
24 posts
79 months
|
In answer to the OP, I'd say no.
I had a lovely A5 - paid for in full (secondhand of course), but I sold it last Jan and have been running round in my 12 year old Puma ever since. The other half hates it, as does my friend who two very nice cars, but I love it. No depreciation, no hassle, no one is gonna nick it, no one assumes you're an Audi 'cock' (anymore!!) and every few months I take it on track and thrash the living daylights out of it. Is it quick? No, but it' bloody fun and cheap.
I'm not saying that if I had stacks of cash in the bank I wouldn't buy an expensive daily car, but for me £10k a year in depreciation? Not for me even if I could stomach it financially!
|
|
|
SuperHangOn
1,655 posts
22 months
|
swerni said: whoami said: Funny thread. Amazing how many posters know "several millionaires" who all drive s tters. I've been to Wentworth, Weybridge and Oxshot today. You know what? It wasn't rammed with s t cars, I was most surprised. Depends if you see a white RR Sport with 22" chrome wheels as a s t car or not
|
|
|
busta
4,456 posts
102 months
|
icetea said: Then they'll feel very foolish about that car choice when they've had both their legs amputated as they chose to drive around in a wreck of an old car. Fair enough some people have no choice but to risk that as they can't afford anything else, but if you're a multi millionaire its absolute madness to drive around in anything other than something modern and safe. Your own driving might be perfect but you've absolutely no idea who you're going to encounter coming the other way... A lot of people are wealthy because they take risks. Why do you think the relatively low risk of driving an unsafe car would be any sort of a concern to them? I hope if I ever become wealthy I don't also become boring and unnecessarily risk averse.
|
|
|
icetea
846 posts
11 months
|
busta said: A lot of people are wealthy because they take risks. Why do you think the relatively low risk of driving an unsafe car would be any sort of a concern to them? I hope if I ever become wealthy I don't also become boring and unnecessarily risk averse. No, a lot of people are wealthy as they took calculated risks. If you're worth £10m+, there is only an upside to spending 0.2% of your net worth on a car worth £20k that very well might save your life one day, or that of your family. The financial cost of it is so small its non existent. If you're in that position why would you possibly want you or your kids running around in a car that might kill you if someone else crashes into you? Its nothing to do with being a bore either - I'm not saying rich people should stop driving a 15 year old TVR and drive a 62 plate Passat instead. The upside of his TVR is he presumably enjoys doing it, so its worth the risk. I'm saying someone driving a 15 year old already boring car should get rid of it and drive a brand new boring car.
|
|
|
C8LNJ
222 posts
46 months
|
I dont think a car says anything about how much you earn or your lifestyle really, you just pay your money take your choice I think everyone will always try to justify their way as being best though.
Just now I lease a bmw 3 series but only do so because its relatively cheap motoring without any hassle of ownership. I looked at Ford and Mazda before getting the beamer and found them to be miles behind bmw in terms of service and attractive offers. It costs jointly about 6% of our household income, everything inclusive apart from tyres.
Ive bought cars outright. Paid them up. Hired them just whatever seemed best at the time. I dont think theres a right or wrong.
I'd love a 911 Turbo for weekends however cannot yet justify the expense, keep telling myself next year!
|
|
|
FLASHG1981
101 posts
12 months
|
icetea said: No, a lot of people are wealthy as they took calculated risks. If you're worth £10m+, there is only an upside to spending 0.2% of your net worth on a car worth £20k that very well might save your life one day, or that of your family. The financial cost of it is so small its non existent. If you're in that position why would you possibly want you or your kids running around in a car that might kill you if someone else crashes into you?
Its nothing to do with being a bore either - I'm not saying rich people should stop driving a 15 year old TVR and drive a 62 plate Passat instead. The upside of his TVR is he presumably enjoys doing it, so its worth the risk. I'm saying someone driving a 15 year old already boring car should get rid of it and drive a brand new boring car. If this was his attitude they probably never would have become rich in the first place. A rich person sees a car as a liability because it costs them money and the reason they are rich is because they put their money into things that provide them with an income or appreciate in value. I'm not rich but have enough investment income to live off modestly. I started my share portfolio with £20k if I had spend that on a car instead of invested it I would probably have no assets today. You only get rich by being keeping your basic outgoings to a minimum and invest your money in income generating assets or things that will appreciate in value. The people driving flash cars are usually not rich but typically middle class professional or business owners etc.
|
|
|
icetea
846 posts
11 months
|
FLASHG1981 said: If this was his attitude they probably never would have become rich in the first place. A rich person sees a car as a liability because it costs them money and the reason they are rich is because they put their money into things that provide them with an income or appreciate in value. I'm not rich but have enough investment income to live off modestly. I started my share portfolio with £20k if I had spend that on a car instead of invested it I would probably have no assets today. You only get rich by being keeping your basic outgoings to a minimum and invest your money in income generating assets or things that will appreciate in value. The people driving flash cars are usually not rich but typically middle class professional or business owners etc.
Your example is a bad one as nobody is suggesting someone should spend all of their assets on a car. A rich person won't see a car as a liability - someone who likes to pretend to be rich will. If they genuinely are rich then spending £20k on a delivery mileage / new car that will keep them safe is an irrelevant number, they won't miss it. They don't live in a crack den neighbourhood and they'll have good security on their house etc... its foolish to not have a safe car to drive around in also. "You only get rich by being keeping your basic outgoings to a minimum and invest your money in income generating assets or things that will appreciate in value." - not true at all. You get rich by earning far more than you spend. If you earn enough, your outgoings are irrelevant. If you're either good at what you do, or you get lucky, you won't need to care about your outgoings.
|
|
|
FLASHG1981
101 posts
12 months
|
icetea said: Your example is a bad one as nobody is suggesting someone should spend all of their assets on a car. A rich person won't see a car as a liability - someone who likes to pretend to be rich will. If they genuinely are rich then spending £20k on a delivery mileage / new car that will keep them safe is an irrelevant number, they won't miss it. They don't live in a crack den neighbourhood and they'll have good security on their house etc... its foolish to not have a safe car to drive around in also.
"You only get rich by being keeping your basic outgoings to a minimum and invest your money in income generating assets or things that will appreciate in value." - not true at all. You get rich by earning far more than you spend. If you earn enough, your outgoings are irrelevant. If you're either good at what you do, or you get lucky, you won't need to care about your outgoings. I think it depends on what people class as being rich. I class someone who has £2,000,000 worth of rental property with no mortgages which bring him in an income of only £100,000 a year after costs much richer than someone who earns £200,000 a year from a job or business which in 6 months time he could be made redundant or his business could go bust. The person in the first example is more likely to buy the cheaper car than the person with the higher but less secure income.
|
|
|
FLASHG1981
101 posts
12 months
|
FLASHG1981 said: I think it depends on what people class as being rich. I class someone who has £2,000,000 worth of rental property with no mortgages which bring him in an income of only £100,000 a year after costs much richer than someone who earns £200,000 a year from a job or business which in 6 months time he could be made redundant or his business could go bust. The person in the first example is more likely to buy the cheaper car than the person with the higher but less secure income. This is an interesting article which backs up my own experience that most millionaires are very tight with money. http://www.cbn.com/finance/MMWmillionaire.aspxhttp://en.wikipedia.org/wiki/The_Millionaire_Next_...
|
|
|
icetea
846 posts
11 months
|
FLASHG1981 said: I think it depends on what people class as being rich. I class someone who has £2,000,000 worth of rental property with no mortgages which bring him in an income of only £100,000 a year after costs much richer than someone who earns £200,000 a year from a job or business which in 6 months time he could be made redundant or his business could go bust. The person in the first example is more likely to buy the cheaper car than the person with the higher but less secure income. Neither of them are rich, so I wouldn't be shocked if either of them chose to drive around in a s t old car. £2m of property is nice but its not liquid, and might not be worth anywhere near that a year from now.
|
|
|
FLASHG1981
101 posts
12 months
|
icetea said: Neither of them are rich, so I wouldn't be shocked if either of them chose to drive around in a s t old car. £2m of property is nice but its not liquid, and might not be worth anywhere near that a year from now. Agreed but the super rich are few and far between. When people in this thread are describing people who are rich and what cars they drive I presume these are the sort of people they are talking about.
|
|
|
Colonial
9,733 posts
74 months
|
Once again, why the f k is it the business of anybody to cast judgement on someone based on how much they spent on a car? Are your lives that petty and meaningless that you have to live vicariously through others?
|
|
