4x4ord wrote:
Skid Row Joe wrote:
fj12ryder wrote:
I guess if you make several hundred thousand dollars a year it's no big deal to spend that kind of money and watch it disappear in depreciation over the next couple years. I just don't have that kind of discretionary income I guess.
There's more to consider than the incomes of those that buy expensive pickups. There have been some very productive savers among American workers, past and present, regardless their incomes. Income, isn't wealth. Assets are wealth. Depreciation isn't as important as some think it is to many prodigious savers and wealth accumulators.
I read some financial guru claim that you shouldn't spend more than 10% of your annual income or 5% of your net worth on a vehicle. If he was right you'd have to make $700k per year or have a net worth of $1,400,000 before you should purchase a new $70k truck. I think he is full of poo. A retired person with a net worth of $1,400,000 might not feel he can afford a $70k truck but something is wrong if a person making $700k annually isn't able to afford a new diesel pick up.
But does that consider the salvage value? Lol
