How many cars do you own?

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.)
-or-
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.

04 325Ci **Paid Off**
05 Nissan Murano **Paid Off**

Please dont yell at me

I have 2 under my name
1. BMW e46 328i (paid off)
2. Mitsubishi eclipse Turbo (Paid Off)

I have 7 in my home (Indonesia) right now
1. Merc S class 2001
2. Merc E Class 2000
3. BMW e46 325i 2004
4. Jaguar S type 2000
5. Nissan X trail (SUV) (Not Available in the U.S)
6. Merc C class 2003
7. Ferrari Modena 360
all are paid off (of course my dad, not my self).
hope this includes to the category

2001 330ci 5 sp (Paid off 1 year after purchase)
2004 Audi S4 6 sp (Paid cash)

MB S5000
Honda Civic
Lincoln Navigator
Ram Truck
330i
Escalade (soon)

2 project cars, 2 beaters, a Cannondale, and possibly a Duc this summer too. I owe nothing on all of them except the coupe (will be paid off soon) As a single guy, I hate paying insurance on 4 cars though...

See sig. And all bought in cash, so yes, they are mine.

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.)
-or-
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.

Words of wisdom!
I'm one of the "young guys" out of college. (well, 5 years ago)
And I'm definately not planning on working with this sub-100k salary for the rest of my life.
As I get more and more experience in my field of business, soon enough I can stop working as a "slave" and start my own business.

I dont' have any kids, I have a wife-to-be who makes decent money as well, I don't drink too much or smoke, so 1500/month for a car payment is really a peace of cake.

What comes to financing, I have made such a good profit on my house that I could easily pay cash for a new Turbo Porsche. However, there's no sense in doing that since I can finance the car with home equity and put my money towards something that yeilds more than the interest I'm paying on the car. i.e. sell the house and buy a bigger one.

My point is that your way of thinking is a little bit oldfashioned.
Sure if my life didn't change a bit during the next 30 years, your way of thinking would be the only way for me to gather assets. But that's not my plan...

i have 1 donkey, 1 horse, and 2 camels and two legs

2005 BMW 325i, ED, Mystic Blue/Black, Manual, ZSP, CWP, power mem seats, OBC, brushed aluminum, HK
1970 Triumph TR6 PI: Pimento Red/Black, Fuel injected, Manual, built in Belgium for Euro market, restored in '94 in Germany, imported to U.S. in '97, bought by me in '03 (my third TR6)
2001 BMW X5 3.0i: TiSilver/Black, sport, premium, cold weather & activity pkgs, & steptronic

One

Me - Soon to be M3 ZCP
Bro - Soon to be my old facelift 325i
Mom - S55 AMG
Dad - Cayenne Turbo

Originally Posted by Juha 323Ci

Words of wisdom!
I'm one of the "young guys" out of college. (well, 5 years ago)
And I'm definately not planning on working with this sub-100k salary for the rest of my life.
As I get more and more experience in my field of business, soon enough I can stop working as a "slave" and start my own business.

I dont' have any kids, I have a wife-to-be who makes decent money as well, I don't drink too much or smoke, so 1500/month for a car payment is really a peace of cake.

What comes to financing, I have made such a good profit on my house that I could easily pay cash for a new Turbo Porsche. However, there's no sense in doing that since I can finance the car with home equity and put my money towards something that yeilds more than the interest I'm paying on the car. i.e. sell the house and buy a bigger one.

My point is that your way of thinking is a little bit oldfashioned.
Sure if my life didn't change a bit during the next 30 years, your way of thinking would be the only way for me to gather assets. But that's not my plan...

It is old-fashioned, but I wouldn't have it any other way. It simply comes from the way I was raised.

The sooner I can retire, the better.

2004 Lincoln Navigator
2002 BMW 330i
2000 MB S430

5 in Total For Me......
1995' Mercedes Benz 500SL - Imola Red
1998' Mercedes Benz CLK320 - Hyper White
2000' Honda Accord 3.0 - GunMetal
2001' Bmw E46 330i Sedan - Sienna Red
2001' Mercedes Benz ML55 - Kirana Black

Only The Honda Is for my everyday use to work

2004 325i
2005 Lancer Evo MR
1998 Integra GSR
1998 Montero Sport

I've got two, which are the first Bimmers I've ever owned:

2003 BMW 325i (daily driver)
2003 BMW Z4 (weekend toy)

11

4 in boxes and trailers, mostly complete. 3 incomplete. 1 taken over by bees and racoons. 1 is not driven on road, only used for plowing. 1 summer and 1 winter driving.

Originally Posted by Jcabigas

4 - my bimmer, Acura Integra, 4runner & a corolla.

So you are playing insurance on all 4 cars, seems like a waste of money dont you think???

2 cars....1999 Honda Accord for the daily driver and 2002 996TT for the weekend/go out car...