ISFpat

iTrader: (10)

Well if you can afford a 200k car, you're most likely making double or more the amount of the car (pretty much 500k a year). And if thats the case, you're easily in the 1%.

A 200k car means you are rich IMO (super car territory). Anything less is relative.

On the other hand, some of my friend's families are worth millions but are driving Toyota Camrys lol.

VtotheJ

iTrader: (2)

Not necessarily. It's not like a house, where typically what you can afford is 2.5 times your salary. People can buy cars that are equivalent to their salary with loans. Is it smart? No, but people do it all the time. I know a few people with $90K+ cars that are in their late 20's. Are they making $200K? Hell no.

jkeifer3

It's all about your priorities. When I was young my family would take cross-country driving trips and we would go through towns where people were living in shacks and there was a brand spanking new Caddy in the driveway.

ISFpat

iTrader: (10)

Of course there are different circumstances but IMO once you get to 200k car territory (which are only super cars/high end luxury vehicles), you have to have the salary and credit to back it up. In that case, I doubt a person making 200k would dump their entire year's salary on one car.

This obviously doesn't apply to car's under 100k.. where I'm sure its more lenient to achieve a loan.

IAGS400

Some insurance companies have plans that offer a replacement if you are in a wreck. When they do this they total it.

I was at a local salvage yards and they had a totaled 2013 Ford Escape that only needed a front bumper cover and fog light.

robertrios

iTrader: (11)

that's funny because that's not how it works, I've consulted for insurance companies and trust me that is not how it works at all. Far from it. I am not going to go into details but common sense should indicate that even if the insurance company decided to be nice enough to replace your car for a fender bender like you described...why wouldn't they fix and re-sell the car that they now acquire from you? Additionally when banks are involved, as they probably would be in a 2013 the bank wouldn't allow it.

darbs242

iTrader: (5)

Haha same here.. I have a couple friends like that

rapsquared

iTrader: (2)

People thought I was rich when I drove my 25k Lotus Elise, with the Lexus they just think im doing ok...

G9N

iTrader: (2)

Either they're idiots and don't know how to post things appropriately or they're con-artists. I wouldn't even risk buying this car for a track car unless I had another $15k for potential repairs. If they car was salvaged or rebuilt, it sustained serious damage. Even if it was only flood damage you could be in for an electrical nightmare.