Quote:
Originally Posted by lovcom
Nothing wrong with wanting a nice expensive luxury car.
However actually buying one is profoundly bad for one's financial future in regard to building wealth, and security....
...unless of course, one is already there financially.
The single biggest reason the middle class buy luxury cars is to make this statement to their friends, family, and neighbors: I am better then you!
This is mostly an American phenomena, and it is indicative of our materialism, status-by-car, and other shallow thinking.
Oh, and don't feel bad if you can't afford a Lexus, Mercedes, or BMW, because more then 75% of those that bought these cars can't afford them either.
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I don't agree that people buy nice cars to impress their friends and neighbors. I think most people buy them because they like them.
That said, I do agree with you that most people spend way too much money on their cars and it negatively impacts their financial well being.
You are also right about this being a largely American phenomenon. Go to any other developed country and you will hardly see any of the monstrous size vehicles that folks here insist that they "need" to get around with their families. Somehow, families in plenty of other places get around just fine without a Lincoln Navigator or Hummer.