Own the Car/SUV or Lease
 

I live in a fairly affluent neighborhood (500K-15 million)
I drive a 24 year old Mercedes my wife a 16 year old Mercedes. I have very little debt and refuse to keep up w the Jones'. 95% of the people drive brand new MB's, BMW's, Escalades ect.

I would love to know if these people actually own or lease these vehicles.

My guess is lease.

From what I understand, most of them lease. I have several friends that live in quite well off areas and are car collectors, but often lease their daily drivers to, as you say, "keep up".

Personally, I CANT stand having something that I don't own, and/or be able to sell. That's just me, but If someone has that much money to throw away, that is their prerogative.

-Nick

Coto de Caza, CA


Isn't that where they film "The Real Housewives of Orange County?"

Have you ever seen any of them? That Jo is smokin' HOT!!! ;)

I caught that on TV the other day, I swear one of them used to be a porn star! I didn't watch long enough to see her name.

Yes I live in "The Real *****es of Orange County" Neighborhood. I know several of the Characters.
Do you like the show?
Gina used to be a Playmate many years ago. I think Jo is a *****.

Doh! Five letter asterisk or not, Jo is a hottie. ;) So are you "behind the gate?" Sorry for the off topic subject matter.

Oh, by the way, most high end cars are leased so they can write them off or paid by their businesses. The rich are crafty. :D


http://forums.pelicanparts.com/uploa...1172512514.gif

Yes, I am behind the gates, really its not that big of A DEAL.
I have a business too, still cant justify a large lease payment.
I love my older cars, no payments, very little maintenance, low registration fees, hell my insurance premium for my 1984 MB is $350.00 per year.http://forums.pelicanparts.com/uploa...1172512997.jpg

There's no telling. Some folks are truly well off, and some folks are living paycheck to paycheck. The book 'Millionaire Next Door' details characteristics of millionaires, and flashy homes, cars, and possessions are not on the list. In fact, I do recall the section about automobiles. Many millionaires own large American, rear-wheel drive sedans. The distinguishing characteristic was vehicle weight/$, with millionaires owning vehicles with the highest weight/$.

It's interesting because when I lived in Cal, Coto de Caza was considered a middle-cost area housingwise, at least in cost per square foot. Something like 1/2 the cost per square foot from areas like Newport or Laguna, and less per square foot than places like Irvine.

Re check your #'s things have changed, I have been in Coto since 1990

Why the interest if others lease or buy? I don't think it detracts from their wealth. Go figure what the lease on a brand new 911 turbo for 3 years is. Im figuring close to $2000/mo so you aren't going a argue that their using the vehicle on the cheap. Leasing very expensive cars is the best option if you want a new vehicle every 2-3 years. Buying one outright and selling it in a few years is a much worse financial decision. Generally 75% and higher of high line cars are leased for that same reason. Now if you going to lease a Impala for 5 years, thats an entirely different story.

I hate to say it but new cars "age" so quickly you have to lease them. We leased an 06' 330i for three years for the sole reason that I cannot imagine what maintiance will cost on that thing. Plus the look are far from classic.

In 2 more years I will drop it off at the dealer and pick up another.

I leased my 2005 A6 because I would never own an Audi out of warranty. When the lease is up next year I am dropping it off and not looking back.

I am done leasing. For a while unless I need a writeoff.

Damn Audi! I love it so much and hate it too. I will probably look for an older S4 and get an extended warranty on it.