Correlation between cars and finances

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amother

Sun, Nov 27 2022, 10:02 am

Curious what kind of car you drive (and husband if you have 2 cars) and your annual income. Was talking to someone and we disagreed on the correlation. If you can include the year, make, model, and if it's a lease, finance, or bought

amother

Yellow

Sun, Nov 27 2022, 10:09 am

We lease a 2022 Honda Odessey. Monthly payment is $779 due to Covid inflation. We make a combined annual income of 300K, but only need one car.

We chose this make/model as it’s best suited for our family of 7.

amother

Apple

Sun, Nov 27 2022, 10:10 am

We drive 2 used cars- the newer one is a 2010, and we bought for 6k in 2018. I won't even say how old the older one is, but we got it for 3k. Household income of 115k, but we bought them when it was much lower. We both have jobs that aren't reachable by public, so cars are a necessity.

amother

Jade

Sun, Nov 27 2022, 10:21 am

2011 sienna
2013 Avalon

About $450k

We spend a good amount on our house 😂 we just could not care less about our cars.

amother

Whitewash

Sun, Nov 27 2022, 10:23 am

We're both driving old Hondas - mine a 9 year old minivan; his an 8 year old sedan. They were new when we bought them and now they've been paid off a few years and it's great not having car payments (minus occasional repairs). Our combined salaries are around $275,000. Fancier or newer cars are not a priority. So long as I have a/c in the summer and heat in the winter I'm happy.

amother

Broom

Sun, Nov 27 2022, 10:26 am

Over a million dollars. A minivan that is over 15 years old.

amother

Chambray

Sun, Nov 27 2022, 10:29 am

What are you attempting to prove?

To some extent, if people have more money they can afford to own nicer things but not everyone is that into cars.

There are millionaires who drive Honda Accords because all they care about is a reliable comfortable car. Or maybe they splurge on a Lexus.

My multi multi millionaire friend drives a 5 year old Suburu and her husband drives a 15 year old Lexus.

There is even a book on economics called The Millionaire Next Door which discusses the reality of how many wealthy people don't appear to be wealthy because they retain their relatively modest outward lifestyles because that is what they are comfortable with.

Of course the corollary is that many people who are driving flashy cars are leasing them versus wealthy people who are driving Hondas which they paid cash for.

amother

Babyblue

Sun, Nov 27 2022, 10:30 am

amother OP wrote:

Can you tell us what your thoughts were?

amother

Feverfew

Sun, Nov 27 2022, 10:30 am

2008 suburban
2022 Tesla model 3

280k combined

notshanarishona

Sun, Nov 27 2022, 10:32 am

2012 corola
2004 camry (hoping to replace soon)
Annual income around $40,000.

amother

Currant

Sun, Nov 27 2022, 10:32 am

We made 250k this year.
A 2014 Camry
A 2015 sienna

amother

Moonstone

Sun, Nov 27 2022, 10:36 am

we have one car a financed 2022 Honda Odessey. We make about 300k. This is what works for our family. We can definitely afford a more expensive car but what for?
I can tell you that with dh friends, the first thing they spend on is their car. every single one of them is hocking around with a huge luxury car money or in debt no difference.

amother

Currant

Sun, Nov 27 2022, 10:37 am

amother Moonstone wrote:

Do you actually know personally that any of the friends with luxury cars are in debt?

I know one family that drives an Audi and a Volkswagen that are in debt but that’s it.

amother

Lemonlime

Sun, Nov 27 2022, 10:37 am

Over 1 mill after tax this year iyh.

A used 2019 highlander and a 2016 Camry we bought new. Looking to buy a minivan or suburban iyh.

amother

Bellflower

Sun, Nov 27 2022, 10:38 am

We live in Israel.
Combined income 175K USD.
We have 1 car, a 2022 Mitsubishi Outlander which cost the equivalent of almost 60K USD.
We financed it.

amother

Garnet

Sun, Nov 27 2022, 10:48 am

We make combined 90k but we drive a cadillac. Not sure year but its in great shape. People always think we are better off than we are but they dont realize that we drive this car because dh's grandma lost her sight and offered for us to use it because she is no longer driving. Weve gotten strange looks before when we were going to the WIC appointments during covid pulling up in a cadillac. My FIL aptly named it the "Welfare Cadillac" after the country song.

amother

Papaya

Sun, Nov 27 2022, 10:59 am

280k

2008 toyota sienna

2016 honda odyssey

amother

Topaz

Sun, Nov 27 2022, 11:43 am

Around 100K. We have an old 2007 Honda accord. It's still running and hope it continues to do so. We can't really afford another car.

amother

Leaf

Sun, Nov 27 2022, 12:08 pm

Amother Broom,

You said over a million annually, and your car is a 15 year old minivan.
Curious what you would if your kids told you they’re embarrassed of it.

staten islander

Sun, Nov 27 2022, 12:16 pm

About 500k a year after taxes. Our cars are paid off,a Toyota minivan and a Lexus,2016 for both models

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