Are there a lot of Rich BITOGers?

[JeffKeryk]

It only spends once. Save it. Save the heck outta it; invest in long term assets.
Then when you get to a point later in life, you will be OK.
OK is better than not OK.

Don't ask me how I know.

 

[SeaJay]

Originally Posted by ad244


I see some people on here with some impressive rides. Corvettes, Porsches, Buicks etc


How on earth do Buicks fit into this list, Buicks are a whole different price category than Corvettes & Porsches.

 

[RDY4WAR]

How do I do it?

 

[Cujet]

By modern standards, BITOG members are significantly richer than the worldwide 4 Billion people who earn less than $2.50 per day.

By historical standards, BITOG members are a very elite club, likely in the top 1% of all humans that ever lived.

However, in first world nations, I'd guess BITOG members fit right in the median income range, with a number of outliers on either side of the bell curve.

I own (outright) a small airplane (Cessna 177RG) , so I'm in an exclusive club, as only 1 in 17,000 people worldwide own an aircraft. I guess that makes me uber-rich.

 

[Mr Nice]

Originally Posted by SeaJay
Originally Posted by ad244


I see some people on here with some impressive rides. Corvettes, Porsches, Buicks etc


How on earth do Buicks fit into this list, Buicks are a whole different price category than Corvettes & Porsches.

He probably meant BMW.

 

[PimTac]

A lot of us don't spend all our money on Amazon and the sellers there.

 

[Donald]

Very simple, older men whose kids are done with college and on their own. If frees up an incredible amount of money and time.

And after about 10 or 20 years of that you are back to being frugal as you realize you have not saved enough for retirement.

 

[Skippy722]

Originally Posted by Eddie
Maybe Prudent, smart, frugal and a little psychotic tossed in. Ed


Just a small dash

 

[Dave9]

You had me until Buick. You can get those at a car auction for $2000.

It's easy to pile up a collection of cars if you have storage space because you hate letting them go... if you take good care of it, it's worth more to you than the book value, unless it rusts out. You can try to keep rust at bay but some of us have to drive salted winter roads, which is another reason to have more cars so you pick the ones that get punished by that, and you won't be as upset if some texting teenager slides 50 yards on ice and plows into it.

 

[PandaBear]

Keeping up with the Jones is tiring. Some people have mid life crisis so they want to get something just once and for all, that doesn't mean they are rich. You can get my cars (and my wife's) for about $10k, $14k, $2k at today's market value, a new Corolla is cheaper than that. My stash is about $2 a qt, you can afford it too.

 

[Andrew1972]

Never judge a persons wealth by vehicle owned.

Typically the people with a ton of wealth tend to drive older used normal vehicles. My neighbor with a $2million home and sold his tech company to Siemans for $30Million drives a beige 2008 Sienna cloth seats and a 2000 Mercedes SUV that is rusting away.

 

[Vern_in_IL]

Well, you don't get rich spending your coin on depreciating assets!

 

[RooflessVW]

Originally Posted by Vern_in_IL
Well, you don't get rich spending your coin on depreciating assets!

Which is why I like to buy them at the bottom of the curve.

I bought my Porsche for Hyundai Accent money.

Which would you rather have?

 

[oldhp]

I have over 250 1/24th scale NASCAR die casts. Plus other sizes, plus anything else connected to NASCAR. 90% Dale Earnhardt......10% Dale Jr. I need to sell all of these............

 

[fdcg27]

Originally Posted by rooflessVW
Originally Posted by Vern_in_IL
Well, you don't get rich spending your coin on depreciating assets!

Which is why I like to buy them at the bottom of the curve.

I bought my Porsche for Hyundai Accent money.

Which would you rather have?


As a daily driver?
Neither.

 

[Burt]

Originally Posted by RamFan
BITOG has a relatively high median age.


Somehow I don't think millennials give a lot of thought to those appliances we call cars, or to the oil in them.

My son-in-law gives a perplexed look when I ask him to hand me a crescent wrench or Philips screwdriver.

 

[Lolvoguy]

Originally Posted by fdcg27
Originally Posted by rooflessVW
Originally Posted by Vern_in_IL
Well, you don't get rich spending your coin on depreciating assets!

Which is why I like to buy them at the bottom of the curve.

I bought my Porsche for Hyundai Accent money.

Which would you rather have?


As a daily driver?
Neither.

 

[CR94]

Originally Posted by Burt
Somehow I don't think millennials give a lot of thought to those appliances we call cars, or to the oil in them.

My son-in-law gives a perplexed look when I ask him to hand me a crescent wrench or Philips screwdriver.
He certainly should, unless the tools you're referring to actually bear those brand names.

Agree with your first paragraph.

 

[RooflessVW]

Originally Posted by Lolvoguy
Originally Posted by fdcg27
Originally Posted by rooflessVW
Originally Posted by Vern_in_IL
Well, you don't get rich spending your coin on depreciating assets!

Which is why I like to buy them at the bottom of the curve.

I bought my Porsche for Hyundai Accent money.

Which would you rather have?


As a daily driver?
Neither.

No, he's kinda right.

I'm looking for a 3.6 Cayenne to match.

 

[ecotourist]

Originally Posted by rooflessVW
Originally Posted by Vern_in_IL
Well, you don't get rich spending your coin on depreciating assets!

Which is why I like to buy them at the bottom of the curve.

I bought my Porsche for Hyundai Accent money.

I paid less for my BMW (used) than the Accord (new).

In "The Millionaire Next Door", the author discusses trying to determine the habits of millionaires, by inviting people who have a lot of money to get-togethers. But poorly dressed folks turn up who don't even know what to do with the fancy food and drink on offer. One of the group trying to figure out the millionaires eventually asks, "Where are all the millionaires that look like millionaires?"

Point is, many people with real folding money have modest habits. And many people with lots of expensive stuff are just able to make the payments.

In Alberta they used to say, "Big hat, no cattle." Appearances can be deceiving and often are!

Many of the best posts on BITOG are made by average guys who like cars, and are trying to take good care of theirs.