Originally Posted By: bdcardinal
Originally Posted By: grampi
I said a house, not a mansion....
Nowhere near a mansion I assure you. This house in most other states would be nothing spectacular. FWIW thanks to the University of Casual Sex and Beer, my house has lost a couple hundred thousand in value due to their encroachment into the golf course that was next to my house. To give you an idea of the value jump, my grandparents purchased the house in 1968 for $33k. According to Zillow, the median sale price for my zip-code, 93117, is $764,000.
Car sales in this area are interesting. My friends that work at the dealer across the street from mine have a hard time keeping inventory on hand, that dealer sells Audi, BMW, Mercedes, Porsche, Jaguar, Land Rover, Smart, and Acura. They said the majority of their Porsche sales are cash sales. More than once my friend sold BMW M cars to people and their bodyguard brought in a handcuffed suitcase full of cash to buy the car. I have customer that are Kuwaiti royalty and they thought nothing of putting a Raptor and a GT500 on an AMEX.
Let's be clear about "CASH SALES". Don't know about Porches specifically-but most CASH SALES for Chevys, Hondas, Toyotas and the like are coming from home equity loans or similar. There are very few "average types" who have $30,000 laying around earmarked specifically for a new car purchase. There are some yes-but most of that cash is being borrowed elsewhere.