toymobile

We gave my baby sister a 73rd birthday party last weekend and while talking with one of her kids, (he knows I'm a car guy) he mentioned his sister had a Mercedes that had 360 camera coverage when in reverse and a short time when put back in drive, we went to the parking lot and just as he described on the cameras , I asked if he knew the price, I was shocked, to say the least $108,000. I later talked the owner into a ride in the TWIN TURBOed with sport mode and was really impressed with the G force, after talking to her I found out that the $108,000 is for the USED ONE, said they couldn't afford the NEW.

I'm 74 years old and all the houses, cars and trucks I have owned combined didn't cost as much as that USED SUV

Just behind in the times I guess.

Johnny

chip-powell

My Dad said the same thing in 1998 when I bought a new Durango for $30 grand. His response "I only spent 29 for the house!"

I hope that they are very happy with their SUV, and I can only say...better them than me.

D@mn, maybe I'm getting old now too!

oldcutlass

I'm in the camp that I won't spend over $100k for anything I can't live in.

z11375ss

Thank your Federal Reserve for debasing your currency through massive dollar printing and infusion into our economy for the higher price of everything. More dollars means it costs more dollars to buy anything. But, nobody cares or understands. That's why the stock mkt is so friggin high. The dollar was devalued by 7% last year alone.

droldsmorland

^^^^What he said as well as all the Fed safety laws required due to STUPID AND sue happy people AND the "lovely" lawyers chasing their ambulances...granted we have safer cars which IS nice. But its way overboard. I can't get my F250 out of a ditch until I turn off all big brother BS controls. Wish I could delete all this crap and cut the wires! My 95 Jeep GC goes through the snow much better that the Ford. Why...only has antilock brakes that's why. Older IS better. $108K for a used vehicle! She either makes a 7 digit salary or needs a head exam. Pass the acid, please...

oldcutlass

What goes up must come down... I actually look forward to a normalized economy.

droldsmorland

It is supposed to be self-correcting

VI Cutty

Like our prime minister's budget that will balance itself?

stevengerard

Have you heard the saying "you can sleep in a car but you can't drive a house?"

I'm sure she just has the financial means and good for her, but many people do buy a nice car before a house as more people see you in your car than your house. And to some a certain type of car is a sign a success

oldcutlass

I have the means, just can't justify it. I'd rather spend money on other things.

CRUZN 66

I drive through many new developments in our area with high dollar homes and at least two new vehicles in the driveway... They have to be DINKS with very high incomes or in debt up to their eyeballs...

don71

My father and I were riding around in some new neighbor hoods after coffee yesterday. We were discussing this same thing, and how times have changed. Good for them if they can afford it considering todays prices.
Kids, college, house payments... all of that. So much sucking pay checks today, I hope they afford to retire. Or do they think about that?

toymobile

They live on lake Norman(LAKE FRONT) near Charlotte N.C. Doing VERRRRRY well, most of the kids have already graduated collage, 3 boats, new Vet and new Suburban.

They are still down to earth and don't flaunt their wealth. Wish I had some of it but that not going to happen.

Johnny

chip-powell

Obviously, you've never been to the south! Most of their homes have wheels on the bottom.

I look at this from a more practical side. I work with many people that drive Mercedes and BMW's and they all say the same thing. Buy them new and get rid of them before the warranty expires. They cost a fortune to maintain.

stevengerard

That's why I still have my 04 suburban, doesn't cost a whole lot to upkeep. Its loaded and cost an arm and a leg 14 years ago (even more to replace today) but I have had no payments (had 0% financing on it too) for 13 years now. Many people have an issue spending $400 - $800 a year on upkeep on a SUV that's worth 4k. But to replace it I'd be spending that much a month.

That's why some people lease, always have the latest cars with no issues. I personally like owning a car and I usually keep mine @ 10 years or longer.

VC455

And thanks to the FRB for it's Zero interest Rate Policy (ZIRP) that gives outsize benefits to the upper 1%. ZIRP has been the biggest factor in creating income inequality.

I lived for years in a very wealthy neighborhood where few drove Mercedes, BMW, or Audi. They drove nice vehicles, but did not seek to impress others. I think those who grow up with wealth have a different viewpoint.

In response to the OP, the benefit to us from the cars driven by the 1% is that those over-the-top features find their way to our sedans in shorter time-frames than ever.