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Old 02-19-2005, 12:47 AM   #61
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Originally Posted by akhbhaat
It's fairly obvious that "ownership" is an awfully skewed concept around here. Perhaps I should throw something out, here:

If your name is not on the title... (I guess that rules out 95% of the 16 year olds here.)
If you are leasing the car...

Then, quite simply, you do not OWN the car. Period!

And also, if you're making finance payments, then the bank technically owns the car (as collateral) until you've paid off the loan, even if your name is on the title.

Learn to distinguish between assets - something you possess on which you owe nothing or owe less than what it is physically worth - and liabilities/debt - something you possess on which you owe more for than it is actually worth (your true worth is measured by your assets minus your liabilities). The guy with the ASSET actually has more than the guy with the LIABILITY, even if the "asset" in this case is a 1999 323i and the "liability" is a 2005 M3. Personally, if I can't pay cash for something that depreciates (like a car), I consider it to be beyond my means...because technically, it is.

Once you see things like this, it shouldn't be surprising that most of the older guys around here are driving "cheaper" cars - 325's, 330's - instead of brand new M3's. I know how easy and tempting it is for some guy fresh out of college with his first real job, maybe making as much as 60k (or even more) - to go out and start making payments on an M3 or 997 or something else (even just a 330 or some such) and then get a fake E46Fanatics "baller" label. But all you're REALLY doing is incurring considerable debt on a rapidly depreciating asset. Not very smart from a long term perspective.

Sorry to be so blunt, but having something on credit or loan is NOT the same as owning it in full as an actual legitimate asset.
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