Originally Posted by jacobsed
The shortest path to building real wealth is to be debt free. Your most powerful wealth building tool is your income and the more of that you have available then the more wealth you will build. Pissing money away on new cars is like dropping an atom bomb on most people's personal finances. I agree that buying a new car is OK if you're already a millionaire. Most people think they can afford a car just because they can make a payment but they really can't and will never have any real wealth. Most everyone who drives around in a new luxury car is a poser because they are leasing or financing.
I purchased a used one owner, dealer serviced 2006 330xi with 100K miles on it for $15K cash out the door last January. I've driven it 25K miles and not a single issue. Other than the odometer reading you can't tell its a used car. What a sweet ride! Any repairs it might need in the future will be paid for out of pocket with cash and I'm sure those will be minimal. Look at all that money I saved buying used and my income isn't tied up making payments.
OK you win NOT - people who by a new $50/100K cars on credit are posers and not intelligent people conserving their capital base while someone who buys a $15K, 6 year old 100K mile used BMW that no one can tell is really a used car is not a poser. Do you have any idea how silly that sounds?
Time to leave the thread.