$100k+ For a Vehicle?
What should your net worth be before it is appropriate to buy a $100k+ vehicle?
I have a buddy who is an executive for the Lincoln Motor Company and I went with him to check out the Lincoln Experience Center located in the Fashion Island outdoor mall in Newport Beach, CA. Here is a link to the Lincoln Experience Center https://www.lincolnexperiencecenter.com
The Lincoln Experience Center was highly impressive. I have been to Tesla's similar concept of a "dealer" in the mall where they showcase everything they have, and you can get access to test vehicles, though it is not a formal car dealership. This Lincoln Experience Center was massive in size (much larger then any Tesla locations I have seen) and held all their latest vehicle models with exhibits showcasing their latest and greatest technologies and innovations. They had high end everything, including a barista who would knock the socks off any Starbucks barista. In fact, they were saying that the Starbucks and other coffee shops in Fashion Island were complaining, as potential customers were going to Lincoln and getting the full coffee shop experience for free while they checked out the latest from Lincoln.
I was able to spend some time checking out the latest models and vehicles and had some good discussions with the sales representatives - since I was with "their boss" so to speak, they were bending over backwards to make sure I received the full experience - all very impressive.
I did a full build out on a huge flat screen (took up a whole wall) of the make and model I wanted - I created my own custom Black Label 2018 Lincoln Navigator!
I got really into it, and at the end the sales rep asked if I was ready to sign the paperwork for the purchase so they could start custom building my vehicle. I said "maybe, but what is the final price so I can run this by my wife...". The answer: $103k before tax and fees. WOW! I guess I have expensive taste.
I declined the purchase, but it got me to thinking - what would my net worth need to be before I felt comfortable buying a $100k vehicle? For me personally, I felt I needed to get my net worth to $3 million before I would feel this is an appropriate purchase. Leave a reply and let me know what you feel is the right net worth for a vehicle purchase this size - I will give you an upvote!
In the end, I did not walk out empty handed - I was given a Black Label Yeti travel mug with the understanding that I would be picking up a Black Label Lincoln Navigator when my net worth gets to the right number ($3M for me). I am young and doing well so far and I hope someday to reach the point where I can make a purchase like this, thereby fulfilling my commitment when I accepted this mug!
Thanks for reading and please engage!
Brian
Man that is 60 percent of what I paid for my house
That car better drive itself and make you breakfast in the morning for $100k...
That is such an interesting question! And wow, that's quite a vehicle. I think I'm lucky that cars don't do much for me. I hate that it's the most expensive depreciating asset anyone will own so it would take a substantial net worth for me to fork over $100k for a car. I think $3 million is the right ball park though. Although for me, I'd say it would be more like $4-5 million. It also depends on what that money is doing. If the money is diversified and making an income, the cost of the car should be covered over the length of the loan.
Good thoughts my friend. Like you mention, perhaps if the vehicle is generating an income then the net worth number would be different.
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