Crossing the magic 40K price point?
09-26-2017, 09:18 AM
#81
Why these 5 billionaires still drive these cheap cars
21 Sept 2017
Here are five remarkably modest vehicles owned by five of the world's wealthiest people:
Warren Buffett
The CEO of Berkshire Hathaway is well-known for his frugal quirks. He never spends more than $3.17 on breakfast, and he lives in the same house he bought for $31,500 in 1958 (or $260,000 in today's dollars).
In 2014, he reportedly bought a Cadillac XTS, a car with a retail price of around $45,000. It was an upgrade from his previous car: a 2006 Cadillac DTS, which he decided to get rid of when his his daughter Susie told him it was embarrassing.
The business mogul justified the delay, as you might expect, pragmatically, telling Forbes: "I only drive about 3,500 miles a year so I will buy a new car very infrequently."
Mark Zuckerberg
The founder and CEO of Facebook, the world's largest social networking platform, is often seen driving a black Acura TSX, a car valued around $30,000. He says he prefers the choice because it's "safe, comfortable and not ostentatious."
He also reportedly has a Volkswagen GTI, a car of similar value.
Alice Walton
Heiress to the Wal-Mart fortune, Alice Walton is now the wealthiest woman in the world after Liliane Bettencourt passed away this week. Her vehicle of choice is a 2006 Ford F-150 King Ranch, with a modest price of around $40,000
Her late father Sam Walton, the founder of Wal-Mart, drove around the 1979 version of the same truck until he died in 1992.
Ingvar Kamprad
For two decades, he drove a 1993 Volvo 240 GL. He only gave it up recently when someone persuaded the now 91-year-old that driving it was too dangerous.
Steve Ballmer
The owner of the Los Angeles Clippers and former CEO of Microsoft has proudly driven Fords throughout his life because his father was a manager at Ford Motor Company.
In 2009, Ballmer was personally delivered a new Ford Fusion Hybrid by Ford's CEO at the time, Alan Mulally, in celebration of their one-millionth vehicle equipped with SYNC, an in-vehicle communications and entertainment system.
The car's original retail price was around $28,000.
21 Sept 2017
Here are five remarkably modest vehicles owned by five of the world's wealthiest people:
Warren Buffett
The CEO of Berkshire Hathaway is well-known for his frugal quirks. He never spends more than $3.17 on breakfast, and he lives in the same house he bought for $31,500 in 1958 (or $260,000 in today's dollars).
In 2014, he reportedly bought a Cadillac XTS, a car with a retail price of around $45,000. It was an upgrade from his previous car: a 2006 Cadillac DTS, which he decided to get rid of when his his daughter Susie told him it was embarrassing.
The business mogul justified the delay, as you might expect, pragmatically, telling Forbes: "I only drive about 3,500 miles a year so I will buy a new car very infrequently."
Mark Zuckerberg
The founder and CEO of Facebook, the world's largest social networking platform, is often seen driving a black Acura TSX, a car valued around $30,000. He says he prefers the choice because it's "safe, comfortable and not ostentatious."
He also reportedly has a Volkswagen GTI, a car of similar value.
Alice Walton
Heiress to the Wal-Mart fortune, Alice Walton is now the wealthiest woman in the world after Liliane Bettencourt passed away this week. Her vehicle of choice is a 2006 Ford F-150 King Ranch, with a modest price of around $40,000
Her late father Sam Walton, the founder of Wal-Mart, drove around the 1979 version of the same truck until he died in 1992.
Ingvar Kamprad
For two decades, he drove a 1993 Volvo 240 GL. He only gave it up recently when someone persuaded the now 91-year-old that driving it was too dangerous.
Steve Ballmer
The owner of the Los Angeles Clippers and former CEO of Microsoft has proudly driven Fords throughout his life because his father was a manager at Ford Motor Company.
In 2009, Ballmer was personally delivered a new Ford Fusion Hybrid by Ford's CEO at the time, Alan Mulally, in celebration of their one-millionth vehicle equipped with SYNC, an in-vehicle communications and entertainment system.
The car's original retail price was around $28,000.
09-26-2017, 09:26 AM
#82
Wow, and here I was thinking I was the baller for graduating, landing a six-figure job, and buying a $28K car...
09-26-2017, 09:30 AM
#84
09-26-2017, 09:37 AM
#85
Chapter Leader (Southern Region)
09-26-2017, 09:39 AM
#86
Chapter Leader (Southern Region)
09-26-2017, 10:41 AM
#87
Racer
My boss who recently passed away and is worth close to a billion dollars last drove an Acrua RDX. His previous car, which the company still has, is a Caprice station wagon, wood paneling and all...we figure it's about an early 2000's. And the RDX was passed down to another executive in the company. He would see his employees driving late model BMW's, Mercedes, etc and he would always say "I obviously pay you too much!"
09-26-2017, 11:05 AM
#88
I think there are extreme examples of very wealthy people driving rather unwealthy cars. To quote Dave Ramsey (who I'm not always in agreement with) it's all about ratios. If you're making 400k a year then it's no sweat to buy a 40k car. However, at 40k a year it's a different story. I think personally one reason I feel its important to give the "financial" opinion is that I know people who making 60k a year or so (resident doctors in training) who go out and buy/lease a fancy 50k car and end up struggling to make the payments. On paper it looks like it works but when the rubber hits the road (no pun intended) it can be tough.
09-26-2017, 11:37 AM
#89
I think there are extreme examples of very wealthy people driving rather unwealthy cars. To quote Dave Ramsey (who I'm not always in agreement with) it's all about ratios. If you're making 400k a year then it's no sweat to buy a 40k car. However, at 40k a year it's a different story. I think personally one reason I feel its important to give the "financial" opinion is that I know people who making 60k a year or so (resident doctors in training) who go out and buy/lease a fancy 50k car and end up struggling to make the payments. On paper it looks like it works but when the rubber hits the road (no pun intended) it can be tough.
09-26-2017, 12:10 PM
#90
Suzuka Master
Join Date: Sep 2006
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Quick & dirty way to figure it is take the MSRP & double it for income. If you get into high end cars like an MB S class triple it.
Not an exact formula but will be right more than wrong.
Not an exact formula but will be right more than wrong.
09-26-2017, 12:21 PM
#91
You'll Never Walk Alone
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I guess for car enthusiasts it's a little bit different though. Some of us see cars as expensive toys though I could argue if a TLX A-Spec is really an enthusiast's car. But if the person likes it much then I guess that's all it matters.
09-26-2017, 01:02 PM
#92
Moderator
I'm not trying to be anybody's "Dad" here - but I had a buddy who got a pretty good job when he was 20 (relative to his age) and went out and bought a brand new loaded Trans Am (dating myself here!) which was super nice. At first he loved the snot out of it - he got tons of attention and enjoyed it all. After a couple years when the shine started to wear off he hated being strapped to the payment and insurance and gas bills - which he technically could pay - but took away from other more important parts of his social life. Making the monthly payment is very different from being able to afford something - especially a depreciating asset like a car.
Anyways - not trying to talk the OP out of anything - simply offering real world experience. Hindsight being 20/20 and whatnot. Personally - if I could go back and do it over again I would take the money I spent to pay my way through college and buy Microsoft stock with it (early 80's) - I wouldn't have had the good jobs I've had in my life but I'd be a multi-millionaire!
Anyways - not trying to talk the OP out of anything - simply offering real world experience. Hindsight being 20/20 and whatnot. Personally - if I could go back and do it over again I would take the money I spent to pay my way through college and buy Microsoft stock with it (early 80's) - I wouldn't have had the good jobs I've had in my life but I'd be a multi-millionaire!
09-26-2017, 04:21 PM
#93
Burning Brakes
I'm not trying to be anybody's "Dad" here - but I had a buddy who got a pretty good job when he was 20 (relative to his age) and went out and bought a brand new loaded Trans Am (dating myself here!) which was super nice. At first he loved the snot out of it - he got tons of attention and enjoyed it all. After a couple years when the shine started to wear off he hated being strapped to the payment and insurance and gas bills - which he technically could pay - but took away from other more important parts of his social life. Making the monthly payment is very different from being able to afford something - especially a depreciating asset like a car.
Anyways - not trying to talk the OP out of anything - simply offering real world experience. Hindsight being 20/20 and whatnot. Personally - if I could go back and do it over again I would take the money I spent to pay my way through college and buy Microsoft stock with it (early 80's) - I wouldn't have had the good jobs I've had in my life but I'd be a multi-millionaire!
Anyways - not trying to talk the OP out of anything - simply offering real world experience. Hindsight being 20/20 and whatnot. Personally - if I could go back and do it over again I would take the money I spent to pay my way through college and buy Microsoft stock with it (early 80's) - I wouldn't have had the good jobs I've had in my life but I'd be a multi-millionaire!
09-26-2017, 04:40 PM
#94
Intermediate
Thread Starter
It seems to me the TLX (especially the A-Spec) is a bargain at its price point. I can’t think of another car with all the luxury, safety, reliability, features, handling, good looks, and rarity for the same price.
You guys are making way too big a deal out of this.
So anyway, did the OP buy the car yet?
You guys are making way too big a deal out of this.
So anyway, did the OP buy the car yet?
09-26-2017, 06:21 PM
#95
Chapter Leader (Southern Region)
I'm not trying to be anybody's "Dad" here - but I had a buddy who got a pretty good job when he was 20 (relative to his age) and went out and bought a brand new loaded Trans Am (dating myself here!) which was super nice. At first he loved the snot out of it - he got tons of attention and enjoyed it all. After a couple years when the shine started to wear off he hated being strapped to the payment and insurance and gas bills - which he technically could pay - but took away from other more important parts of his social life. Making the monthly payment is very different from being able to afford something - especially a depreciating asset like a car.
Anyways - not trying to talk the OP out of anything - simply offering real world experience. Hindsight being 20/20 and whatnot. Personally - if I could go back and do it over again I would take the money I spent to pay my way through college and buy Microsoft stock with it (early 80's) - I wouldn't have had the good jobs I've had in my life but I'd be a multi-millionaire!
Anyways - not trying to talk the OP out of anything - simply offering real world experience. Hindsight being 20/20 and whatnot. Personally - if I could go back and do it over again I would take the money I spent to pay my way through college and buy Microsoft stock with it (early 80's) - I wouldn't have had the good jobs I've had in my life but I'd be a multi-millionaire!
More like.. he overpaid for an Acura that garnered no attention..
The following users liked this post:
TacoBello (09-27-2017)
09-26-2017, 08:32 PM
#96
Nov- early Jan prob. best time to buy. I'd say stay away from tax season, more $$ in people's pockets around that time(those that still get tax refunds). I won't give advice about your age and if you can afford it or not. At any age, if you've got the cash and are not financing a car that's more than half your yearly salary you're good.
However, I will say that there is some really decent financial advice here that shouldn't be ignored(from people that no longer get a tax refund).
However, I will say that there is some really decent financial advice here that shouldn't be ignored(from people that no longer get a tax refund).
09-27-2017, 12:18 AM
#97
Intermediate
Thread Starter
Nov- early Jan prob. best time to buy. I'd say stay away from tax season, more $$ in people's pockets around that time(those that still get tax refunds). I won't give advice about your age and if you can afford it or not. At any age, if you've got the cash and are not financing a car that's more than half your yearly salary you're good.
However, I will say that there is some really decent financial advice here that shouldn't be ignored(from people that no longer get a tax refund).
However, I will say that there is some really decent financial advice here that shouldn't be ignored(from people that no longer get a tax refund).
General consensus seems to be purchase between November and end of year for best deals, thank you to everyone who has contributed.
With sales so poor I can only wonder what the holiday specials will be.
09-27-2017, 02:45 AM
#98
I'm not trying to be anybody's "Dad" here - but I had a buddy who got a pretty good job when he was 20 (relative to his age) and went out and bought a brand new loaded Trans Am (dating myself here!) which was super nice. At first he loved the snot out of it - he got tons of attention and enjoyed it all. After a couple years when the shine started to wear off he hated being strapped to the payment and insurance and gas bills - which he technically could pay - but took away from other more important parts of his social life. Making the monthly payment is very different from being able to afford something - especially a depreciating asset like a car.
Anyways - not trying to talk the OP out of anything - simply offering real world experience. Hindsight being 20/20 and whatnot. Personally - if I could go back and do it over again I would take the money I spent to pay my way through college and buy Microsoft stock with it (early 80's) - I wouldn't have had the good jobs I've had in my life but I'd be a multi-millionaire!
Anyways - not trying to talk the OP out of anything - simply offering real world experience. Hindsight being 20/20 and whatnot. Personally - if I could go back and do it over again I would take the money I spent to pay my way through college and buy Microsoft stock with it (early 80's) - I wouldn't have had the good jobs I've had in my life but I'd be a multi-millionaire!
09-27-2017, 08:21 AM
#100
Chapter Leader (Southern Region)
OP can afford car.. but can OP afford insurance too?!?!?
09-27-2017, 08:23 AM
#101
Chapter Leader (Southern Region)
That's average.. average is assuming a 20 year old is driving a hooptie.. I'm sure it'll be higher in OP's case..
09-27-2017, 09:21 AM
#103
Burning Brakes
The following 2 users liked this post by pyrodan007:
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09-27-2017, 09:50 AM
#107
Azine Jabroni
09-27-2017, 10:45 AM
#112
Three Wheelin'
OP, see if the dealer throws in the all-weather mats and the trunk tray. My dealership always includes those for free on every car I’ve bought. They’re great for the approaching wet and cold season. Be sure to remove the nice standard mats underneath first before putting the all-weather ones in, otherwise the grommets won’t fit over hooks properly.
09-27-2017, 11:59 AM
#113
Instructor
I cannot confirm, but I believe there is an additional $1750 Acura cash available for leasing. The email advertisement quotes I received from a dealer stated that for purchases, add $1750 for the TLX.
09-27-2017, 12:44 PM
#114
Azine Jabroni
Engineers at our company heavily favor German though what with the actual engineering. There's one TLX is the whole 1000 employee office.
09-27-2017, 05:20 PM
#115
Here's another: This NFL starting quarterback drives a dented van he bought from his grandma for $5,000
Washington Redskins quarterback Kirk Cousins made $19.9 million last year. This year, he'll earn $23.9 million. But you wouldn't guess his salary based on what he drives: a dented GMC Savana passenger van with more than 100,000 miles on it.
Why? Simply put, he's careful with his money. Kirk Cousins bought this van from his grandma for $5,000 in 2014. He believes it's better to buy appreciating assets than depreciating ones. That means: no yachts, no sports cars.
And he makes a good point: the moment you drive a new car off the lot its value depreciates by about 20%.
But why should a starting quarterback in the NFL be worried about his finances? At the end of the day, "You don't know how long you're going to play. You've got to save every dollar even though you are making a good salary. You never know what's going to happen so I try to put as much money away as I can."
Washington Redskins quarterback Kirk Cousins made $19.9 million last year. This year, he'll earn $23.9 million. But you wouldn't guess his salary based on what he drives: a dented GMC Savana passenger van with more than 100,000 miles on it.
Why? Simply put, he's careful with his money. Kirk Cousins bought this van from his grandma for $5,000 in 2014. He believes it's better to buy appreciating assets than depreciating ones. That means: no yachts, no sports cars.
And he makes a good point: the moment you drive a new car off the lot its value depreciates by about 20%.
But why should a starting quarterback in the NFL be worried about his finances? At the end of the day, "You don't know how long you're going to play. You've got to save every dollar even though you are making a good salary. You never know what's going to happen so I try to put as much money away as I can."
09-27-2017, 05:41 PM
#116
Chapter Leader (Southern Region)
Another reason to like Kirk Cousins.. That's great.
09-27-2017, 06:13 PM
#118
Racer
09-28-2017, 09:59 AM
#119
Team Owner
That is from the perspective of a homeowner with two kids to educate and putting away robust retirement savings for my wife and me.
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09-28-2017, 10:18 AM
#120
Chapter Leader (Southern Region)
