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Forum » If you refer to a car as a "depreciating asset" I have some bad news
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Thread: If you refer to a car as a "depreciating asset" I have some bad news

post 1624371061 12-03-2020, 09:35 AM
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#31
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Originally Posted By MetroBrah⏩
I remember the "car meetup crew" from my local high school. Even after they graduated, they would dump all earnings they made into car modifications. Literally living at home and paycheck to paycheck because of the car obsession. I used to think it was crazy, but I look back at it now and realize those kids had 10x as much fun and life experiences as I did. They are also probably doing just as well, if not better financially than I am at this point, a decade later.

I suggest everyone read the book "Die with Zero", by Bill Perkins. It completely shifted my mindset on how to spend money from early twenties all the way through your old age. Spending should actually be shaped like a curve
Damned if you do, damned if you dont. Know plenty of people who lived for the moment so to speak, and now can't retire, are in debt, in their 30s and cant afford certain trips etc. All people who wished they worked harder and saved more. On the other hand I also have relatives and family friends who lived frugally their entire life to save a boat load only to die, not spend in, and have their kids and grand kids use it to buy jet skis and whatever.


Answer lies inbetween. You shouldn't be living a pathetic and constrained FIRE lifestyle, but there are certainly financial spends that are worth it and those that arent. A good example is international travel. Generally not cheap (1k+), but some of my best experiences in life are going abroad and pushing my comfort zone. Would recommend it to everybody. If someone wants to spend that money on a car then I'd ask the reason why. Are cars their hobby? Will they spend a lot of time in the garage working on it? How will they use it? Will it add to their quality of life every day? Generally, the answer is no - people are just use to the debt mindset and keeping up with the joneses.

If you can truly afford a nice and new car, and that means paying for it in cash, then by all means. But for most people this isn't the case. And most people get in debt over cars they cant afford out of insecurity of some sort
post 1624371111 12-03-2020, 09:35 AM
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Originally Posted By Peacening⏩
If you spend your life accruing income sources, you are a beta poorcel.

No matter how rich you get you will always be impoverished by your mindset.
literal autism level thinking
post 1624371281 12-03-2020, 09:38 AM
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#33
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Originally Posted By MetroBrah⏩
I remember the "car meetup crew" from my local high school. Even after they graduated, they would dump all earnings they made into car modifications. Literally living at home and paycheck to paycheck because of the car obsession. I used to think it was crazy, but I look back at it now and realize those kids had 10x as much fun and life experiences as I did. They are also probably doing just as well, if not better financially than I am at this point, a decade later.

I suggest everyone read the book "Die with Zero", by Bill Perkins. It completely shifted my mindset on how to spend money from early twenties all the way through your old age. Spending should actually be shaped like a curve
I'm going to try and read that book. Its going to be painful for a miser like me but I will try my best.
post 1624371371 12-03-2020, 09:39 AM
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Originally Posted By meanstringbean⏩
Damned if you do, damned if you dont. Know plenty of people who lived for the moment so to speak, and now can't retire, are in debt, in their 30s and cant afford certain trips etc. All people who wished they worked harder and saved more. On the other hand I also have relatives and family friends who lived frugally their entire life to save a boat load only to die, not spend in, and have their kids and grand kids use it to buy jet skis and whatever.


Answer lies inbetween. You shouldn't be living a pathetic and constrained FIRE lifestyle, but there are certainly financial spends that are worth it and those that arent. A good example is international travel. Generally not cheap (1k+), but some of my best experiences in life are going abroad and pushing my comfort zone. Would recommend it to everybody. If someone wants to spend that money on a car then I'd ask the reason why. Are cars their hobby? Will they spend a lot of time in the garage working on it? How will they use it? Will it add to their quality of life every day? Generally, the answer is no - people are just use to the debt mindset and keeping up with the joneses.

If you can truly afford a nice and new car, and that means paying for it in cash, then by all means. But for most people this isn't the case. And most people get in debt over cars they cant afford out of insecurity of some sort
10/10 post and hits the nail on the head on a serious note. The best is to be somewhere in between. If youre living paycheck to paycheck because you spend every dollar, youre going to be chained to your debt your whole life. On the contrary, living too frugal and saving every last dollar you have is only going to lead do you laying on your death bed regretting not getting out and seeing the world and living. In both scenarios, you arent happy and borderline miserable the whole time.
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post 1624372061 12-03-2020, 09:44 AM
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Originally Posted By Peacening⏩
If you spend your life accruing income sources, you are a beta poorcel.

No matter how rich you get you will always be impoverished by your mindset.
got damn. truth bomb lol.
post 1624372241 12-03-2020, 09:47 AM
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#36
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Just LOL at buying a car.

You can write off the depreciation of a real vehicle (7700 GVWR & up) under Section 179 of the tax code if you use it at least partially for business.

Carcels, when will they learn.
post 1624372921 12-03-2020, 09:54 AM
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Originally Posted By DeputyDong5⏩
richest guy in my family drove like an 06 Camry until he retired and then got a 3 series. Net worth 8 figures easy. It's actually quite the opposite, it's usually poorcels spending money on cars they can't afford.
Absolutely. Wealthy individuals actually understand money and know that a car is, indeed, a 'depreciating asset'. Which means it should be a purchase like clothes, food, or whatever and just come from fun funds. Vast majority of people dont have the $$$ to actually afford the car they drive
post 1624373131 12-03-2020, 09:57 AM
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Originally Posted By 2am⏩
Mental gymnastics to justify having no ambition
Quite the opposite. I posses total self-confidence in my ability to make money easily therefore if I want to spend an extra $10, 000 on a nicer car I don't bat an eyelash because I know I can.
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post 1624373141 12-03-2020, 09:57 AM
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#39
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Originally Posted By eatmycrackers⏩
Yeah fukkers call my Rambo Lambo a depreciating asset one more time. I swear.... *******s



Spoiler!
Was <$100k will be $1M+ in a few more years... wish I got one before the run-up srs
Ugly tho
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post 1624373431 12-03-2020, 10:02 AM
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Originally Posted By MetroBrah⏩
I remember the "car meetup crew" from my local high school. Even after they graduated, they would dump all earnings they made into car modifications. Literally living at home and paycheck to paycheck because of the car obsession. I used to think it was crazy, but I look back at it now and realize those kids had 10x as much fun and life experiences as I did. They are also probably doing just as well, if not better financially than I am at this point, a decade later.

I suggest everyone read the book "Die with Zero", by Bill Perkins. It completely shifted my mindset on how to spend money from early twenties all the way through your old age. Spending should actually be shaped like a curve
Looking back I would laugh at how hard I worked / saved and spent all my free time & money on car parts and tuning. But honestly it literally brought me so much joy to have a hobby I really enjoyed. Then for a while all I did was work and save. Savings were huge but I was not happy. Now I've learned it's about balance.

Experiences are just as important as having a nest egg.

Hopefully I get another project car soon to distract me or I've been entertaining getting into gokart racing.
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post 1624373531 12-03-2020, 10:04 AM
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#41
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Originally Posted By littlemissy⏩
Looking back I would laugh at how hard I worked / saved and spent all my free time & money on car parts and tuning. But honestly it literally brought me so much joy to have a hobby I really enjoyed. Then for a while all I did was work and save. Savings were huge but I was not happy. Now I've learned it's about balance.

Experiences are just as important as having a nest egg.

Hopefully I get another project car soon to distract me or I've been entertaining getting into gokart racing.
I got an experience for you bb.
Originally Posted By Peacening⏩
Quite the opposite. I posses total self-confidence in my ability to make money easily therefore if I want to spend an extra $10, 000 on a nicer car I don't bat an eyelash because I know I can.
"Extra 10k" on a nicer car.

Roll bread confirmed.
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post 1624373741 12-03-2020, 10:05 AM
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#42
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Originally Posted By DeputyDong5⏩
richest guy in my family drove like an 06 Camry until he retired and then got a 3 series. Net worth 8 figures easy. It's actually quite the opposite, it's usually poorcels spending money on cars they can't afford.
dumb thing to do since the camry wasn't as safe as many other vehicles
Make Europe Germany Again
post 1624373921 12-03-2020, 10:07 AM
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#43
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Originally Posted By twovalvekid⏩
I got an experience for you bb..
Soo... our first date will be going to F1 at cota? We can go to torchy's afterwards and satisfy your mexican fix.
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post 1624374121 12-03-2020, 10:09 AM
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#44
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Originally Posted By littlemissy⏩
Soo... our first date will be going to F1 at cota? We can go to torchy's afterwards and satisfy your mexican fix.
Such a tease. Why you do dis.
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post 1624374181 12-03-2020, 10:10 AM
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#45
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Originally Posted By MetroBrah⏩
I remember the "car meetup crew" from my local high school. Even after they graduated, they would dump all earnings they made into car modifications. Literally living at home and paycheck to paycheck because of the car obsession. I used to think it was crazy, but I look back at it now and realize those kids had 10x as much fun and life experiences as I did. They are also probably doing just as well, if not better financially than I am at this point, a decade later.

I suggest everyone read the book "Die with Zero", by Bill Perkins. It completely shifted my mindset on how to spend money from early twenties all the way through your old age. Spending should actually be shaped like a curve
You sure about that brah? All the people I grew up with who spent it on those types of things at a young age are still renting out apartments - not by choice - and barely getting by. Some of these people are also the same that go to restaurants 2-3x a week and out drinking. It's fun for a while, but RL will come at you faster, so be prepared for any unexplainable occurrences (like we are going through right now). These are also the people complaining about housing prices, but many of us did it np.

I've known plenty of people I worked with who retired early, because they got worried about their future health and didn't want to be a work to their grave. From what I've heard, they're content with retirement.


Don't get me wrong, you should enjoy your life and spend it on experiences, but most finance/business books will explain how much money is wasted on useless things that you can put towards other stuff.
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post 1624374471 12-03-2020, 10:13 AM
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#46
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Originally Posted By twovalvekid⏩
"Extra 10k" on a nicer car.

Roll bread confirmed.
I never said I have expensive taste.
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post 1624375671 12-03-2020, 10:23 AM
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#47
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If you can only afford appreciating assets, you've failed at life.
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post 1624375721 12-03-2020, 10:24 AM
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Originally Posted By twovalvekid⏩
Such a tease. Why you do dis.
Just planning ahead. Be there?
Originally Posted By DeputyDong5⏩
richest guy in my family drove like an 06 Camry until he retired and then got a 3 series. Net worth 8 figures easy. It's actually quite the opposite, it's usually poorcels spending money on cars they can't afford.
The only time I've ever regretting buying a car is not buying an even better one. The guy driving the camry isn't a fan of cars so probably could care less.

My friend's FIL just recently sold his 911 bc he said he never drove it and went back to a dingy used bmw. Said he didn't want to worry about beating it up. He spent all of his time traveling for leisure. Literally was never home. Not everyone cars about vehicles.
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post 1624375781 12-03-2020, 10:25 AM
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#49
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nothing wrong with spending $$ on a car but lol just lol at buying a 2020 car.

electic steering
electric braking
electric suspension
cant fully disable traction control
cheap screens everywhere
permanently linked to internet
collision avoidance brb cant smash my way out of trouble
car beeping and bonging all the time eapecially when reversing
post 1624375881 12-03-2020, 10:26 AM
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#50
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your reps will be depreciating tomorrow morning
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post 1624376081 12-03-2020, 10:27 AM
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Originally Posted By darkninja67⏩
your reps will be depreciating tomorrow morning
Says the ******* who gets 8 new perfume bottles in a day.
Originally Posted By littlemissy⏩
Just planning ahead. Be there?
I can be.
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post 1624376361 12-03-2020, 10:31 AM
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#52
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Originally Posted By twovalvekid⏩
Says the ******* who gets 8 new perfume bottles in a day.
negged


go post your SOTD you man lover
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post 1624376631 12-03-2020, 10:33 AM
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So lol at calling a car what it is?
I'm back, bitches!
post 1624377011 12-03-2020, 10:36 AM
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#54
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only the poorest of poorcels view a car as an asset in any capacity

rich people call them toys for a reason
Official LTC representative
post 1624377501 12-03-2020, 10:42 AM
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Originally Posted By ayyy⏩
only the poorest of poorcels view a car as an asset in any capacity

rich people call them toys for a reason
And here you are with a 5 figure income. pls go.
post 1624377771 12-03-2020, 10:45 AM
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It’s an asset that depreciates in value
Drive the car off the lot, it depreciates 10–15%

After one year, it will have depreciated a total of 20–30%

After three years, it will have depreciated a total of 40–50%

After five years, it will have depreciated a total of 60–70%
See you tomorrow
post 1624380121 12-03-2020, 11:08 AM
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Originally Posted By darkninja67⏩
negged


go post your SOTD you man lover
Polo Red Extreme, you glorious winged pillow biter.
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post 1624380581 12-03-2020, 11:12 AM
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car: depreciates in value the second it leaves the lot
op: Ur A ******* BrOke BiTCh If U tHiNk CaRs R DePreciATE
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post 1624381021 12-03-2020, 11:16 AM
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Originally Posted By Peacening⏩
You are a beta poorcel with a severe confidence deficit. Possibly autistic.
LOOOOOL. 1000%

Honestly whenever I hear stuff like that from a person they're driving an old beat up altima, wearing beat up clothes while working for 35k/year and getting laid 5 times a year.

How about just try at life and work and enjoy the fruits? Min maxxing to the most bland and sad existence is terrible
post 1624381161 12-03-2020, 11:17 AM
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#60
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IDK what you're on about OP but it's a well known fact that once you drive it off the lot it loses a significant amount of value if you want to re-sell it.

Unless it's some vintage classic, that hunk of metal is not gonna be worth any more than the day you take it.

Maybe you're talking about it's value as utility to get you to someplace to make money, or cart stuff around but this thread really seems kinda daft.
I have sampled every language and French is my favorite to curse in.

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