Why I Have No Desire To Own A Status Car

Photo credit: © Hazboy

I’m not a car guy. I never have been. Growing up where I did in New York, it was certainly liberating but not totally necessary. My father was never a big car guy. Most of my friends weren’t either, so I never got into the whole thing. In fact my first two cars combined only cost about $2,000. Sure, at one point, as I mentioned when detailing my worst money mistakes I went a little overboard with a car, but the car itself wasn’t expensive. Truth be told, I really don’t care about, nor care for the price tag of a vehicle.

 

Cars that supposedly represent a person’s social or financial “status” are just jokes to me. Too often I see someone in a crazy-expensive car, yet when they get out, they look like they’re wearing trash bags or have absolutely no class and decorum whatsoever. So that right there tells me that the idea cars as status symbols is a completely flawed theory. Aside from that , I just have issues with…

 

Care, maintenance, and worry involved

This is quite simple: I don’t want to be bothered with all of the hassles of owning an expensive car. I don’t want to have to be anal about where drive, or what I allow inside. I don’t want to have to carry a towel to wipe it down every time I drive it. I don’t want to have to hassle with going to a specialized shop for routine maintenance. I don’t want to become one of “those’” people who look at their car like it is one of their children. I don’t want to have to deal with any of that stuff.

 

Auto insurance premiums

Many of the most frequent causes of high auto insurance premiums are associated with shiny, expensive, new cars. The price of the car and not coincidentally, the cost of parts/repair is high among those factors. So is the incidence of theft, and where/how the car is parked. Unfortunately, I don’t have a garage in which to keep my car parked, which makes me susceptible to this factor. You can research car insurance quotes to compare the cost of insurance to the cost of luxury cars. Also, be sure to check out tip number 6 in Jeff Rose’s article on lowering insurance premiums for related info.

 

Damage from road debris/parking lots

I’m probably not alone when it comes to being the victim of damage to a car that was truly not my own fault or avoidable. Debris on the road can be kicked up by other cars which has the potential to scratch my own car, cause dents, or even crack the windshield. Trucks that are by law supposed to cover and secure the crap they are transporting often do not, and that stuff flies all over the place. Idiot people who shove shopping carts across parking lots recklessly can scratch and dent cars and not think twice about it. I’ve seen and experienced these things with my own two eyes, and it’s very frustrating to have to deal with after the fact.

 

Other drivers and their bad tendencies

Going back to the parking lots, at one time I came out of a mall only to find that my front passenger-side door was dented, yet no one was around. No note, no witnesses, and of course no security cameras to review in an effort to catch a glimpse of what had happened. I’m the type of person who likes to park far away from my destination, knowing that most people are too lazy to do so themselves. I also like to park against the curb so the possibility of a moron opening their door into mine is limited to one potential side. Sadly, people always find ways to be stupid and careless. Not paying attention when opening their door, being preoccupied on the phone or with others in the car, not being aware of their surroundings or trying to find where their destination is all fall into this category.

 

The elements can be disastrous

When I lived in New York, it was snow that made driving difficult at times, and the road salt which was the enemy of metal parts and a car’s finish. When I moved to south Florida, it become the thunderstorms and hurricanes. In destructive weather, anything has the potential to damage a car. I’ve seen trees and light poles knocked down, resting on top of cars. I’ve even seen street and store signs pulled off of structures and be thrown through windows, landing inside of cars. Even if I did have a garage within which to store a car during these times, it’s not always guaranteed to be safe.

 

Kids playing in the street

This is something I know about firsthand because I  was one of the people I’ve grown to bitch and moan about. Growing up, we’d play football and basketball, toss a baseball and ride bikes or skateboards in the streets right next to parked cars. I’ve crashed a bike, skateboard and even my own body into a few. Now that I have my own car and know how much time and money it would cost to repair if from damage caused by any of those activities, I understand why we got yelled at so often as kids. It still doesn’t change my mind, however. Maybe I’m a hypocrite or out of touch now, but I still don’t want any of the neighborhood kids doing kick flips on their boards, or throwing a baseball across the parking lot when my car is only a few feet away.

 

Perhaps if I had more money than I knew what to do with, and I could own a fleet of cars if I so desired, I would reconsider. It’s doubtful that would ever be the case, though, as I could think of numerous other things to do with that kind of money. Who knows what can happen in the future, but even though I tend to stick to my convictions, I will never say never.

About Eric J. Nisall

Former NY'er, accountant & business consultant, founder of GreenBridge Advisors. Blogging about personal financial, small business topics, and other fun topics at DollarVersity. Fan of the NHL and everything hockey! Follow me on Twitter, Facebook, and on Google+

  • AverageJoe

    I’m with you. The status symbol of driving an expensive car doesn’t compare to the great feeling I get when I think about the fact that I don’t have an expensive car payment.

    • http://www.dollarversity.com Eric J. Nisall – DollarVersity

      I just don’t see a car as being meaning anything. With so many people having nothing more than a car to their names, it means even less–if people with nothing can drive one, just how prestigious can it be?

  • http://www.sooverthis.com Andrea @ SoOverDebt

    I’ll be honest – I’ve always wanted a Mercedes. Not because of status but because they’re just beautiful, classy cars. But I’ll never own one – I’m WAY too hard on my vehicles. I bought my current car (Toyota Yaris) new in 2009 and the poor thing has all kinds of dents, scratches, and missing paint, not to mention the 87k miles I’ve put on it in 3 years. I like my little car with its low payment and incredible gas mileage – I’ll drive it until the wheels fall off, then buy another similar car.

    • http://www.dollarversity.com Eric J. Nisall – DollarVersity

      I’ve never been into Benz very much. If anything, I would want one of Audi’s new lines from an aesthetic view, but that’s just my style. I never thought about it until your comment, but now I wonder about the sense behind driving a car “into the ground”. Everyone knows that performance decreases with age, but when you consider all of the mileage and road wear, even fuel efficient cars have to lose much of their benefit after a certain point and become money pits of repairs and maintenance, no?

      • http://www.sooverthis.com Andrea @ SoOverDebt

        I drove my first car until so many things were broken it got annoying. It had over 300k miles and was 15 years old, but it still got good mileage and ran okay. But the air conditioner died, the radio didn’t work, and the speedometer would quit working randomly. Since the repairs would have cost more than the car was worth, I traded it in (got a whopping $300 for it). I never paid a dime beyond routine maintenance. When you buy little Japanese cars that last forever, it’s totally worth it to drive them until the wheels fall off. For the record, a guy who works at the dealership where I traded that car spent $1k fixing it and still drives it to work every day. So it’s now 21 years old and still on the road, with no major repairs required.

        • http://www.dollarversity.com Eric J. Nisall – DollarVersity

          I have no problem betraying my country for a better value lol. You should totally interview that guy. I’m pretty sure a ton of people would be interested in reading his story!

  • Http://www.sixfiginvestor.com

    When i was a kid luxury cars really were a status symbol because credit wasnt generally available – you needed to pay cash. Today most people wouldnt be able to pay cash. The status is gone because most cars are leased or financed.

    I really like the design and engineering of the german cars- they are just so expensive to own and maintain.

    • http://www.dollarversity.com Eric J. Nisall – DollarVersity

      I can appreciate a car for it’s design and craftsmanship–I will never say otherwise. But the price to pay for owning one isn’t in my realm of interest. Besides, even if it’s a leased or financed vehicle, the monthly payments are astronomical. I have a guy who pays over $1500 a month for a Land Rover. That’s insane to me!

  • http://www.modestmoney.com/ Modest Money

    I kinda fell into the trap of buying too expensive of a vehicle partly as a status symbol. My problem was that I was working in the automotive industry where there was a lot of added pressure to drive something nice. Also at the time my finances looked to be going up and up with little chance of dropping. At least I didn’t go super expensive to the point that I am wiping it down every day or stressing out about any potential minor damage. I do find it amusing when someone spends a whole lot of money on a nice car and then are too worried about it to really enjoy it.

    • http://www.dollarversity.com Eric J. Nisall – DollarVersity

      I see it so often with performance or modded cars. The morons spend so much money on the car, yet can’t drive it over a speed bump without damaging the chassis. When I was growing up, my friends all had new cars for their firsts and mine was much older but there was one thing I had that they didn’t–freedom. It was 100% mine so I could use it whenever and where ever I wanted, even though it was an utter disgrace if they were to be viewed side-by-side

  • Marissa @ ThirtySixMonths

    If I had the money I would buy either Lambo Mercy or Audi A6.

    • http://www.dollarversity.com Eric J. Nisall – DollarVersity

      My response to Andrea was that I prefer the styling of Audi’s new lines to Benz! Actually, I would love to own a Maclaren F1, but if money was no object, I would just a well buy a Bentley or Maybach–you know, cars to be driven in so I could just chill in the back and not have to deal with the stress of driving.

  • http://twitter.com/add_vodka Daisy

    Every time I see a young guy in an expensive car, I always think to myself that he probably lives in his mom’s basement because he can’t afford to buy anything EXCEPT the car. It’s probably true, too. I’m a fan of nice cars, but by nature am a little modest, so if I did get a status car it would be a low key mercedes.

    • http://www.dollarversity.com Eric J. Nisall – DollarVersity

      I appreciate them from afar. I’ve gone to auto shows to admire the bodywork and styling, but then I realize I can put more into a mid-range car for less than the least expensive status car.

      I also judge people based on the car and their appearance (although I know it’s not nice). Down here, a lot of kids at my cousin’s high school got high-end cars when they were 16 but also had everything else they wanted handed to them. Most of them were the most spoiled rotten little punks I had ever met too.

  • http://twitter.com/MarriedWithDebt John | MarriedW/Debt

    Nowadays you can lease a $40,000 car for less than a car payment on a $15,000 car, so it’s getting easier for the fakers. I’m with you. The only way I’d own a status car is if I won the lottery. I drive a 7 year old paid off silver sedan, very unimpressive. If I had learned these lessons before I bought two new vehicles a few years ago, I’d be in a lot better shape today.

    • http://www.dollarversity.com Eric J. Nisall – DollarVersity

      The reason is because they are in more demand, so the volume makes up for it John. A Honda dealer once told me that even though the Accord is a better and more expensive car than the Civic, they will continue to give better deals on the cars with the highest consumer demand. I’m pretty sure that would hold true for most manufacturers.

  • http://twitter.com/SenseofCents Michelle

    One main thing that I HATE about buying a brand new car is that I DREAD parking. No matter where I go, I know someone will hit it or door ding it. It’s like my car is invisible.

  • http://twitter.com/MoneyLifeMore Lance@MoneyLife&More

    I would love to have one but would never want to spend the money or worry about it. So, I don’t think I’ll ever have one. It is fun to dream though and I’m sure they’d be a blast to drive.

  • http://twitter.com/nickelbynickel Andrea

    The only way I’ll ever own a bmw if if I can pay cash to get it, which may mean that I end up buying a 20year old one… hey it’s still a bmw! I’m perfectly happy with my 2004 Aveo… my sisters scoff at it but hey, they’ve got payments and I don’t. Hah!

  • Marie at FamilyMoneyValues

    I once went to the luxury car lot in town (the one that sells the $100,000 cars) and really shopped for one. I found most of them to be less comfortable inside that what I wanted! I just want my car to work without a lot of care and get me where I want to go.

  • Geoff SS

    Unlike you, I am really into cars (not working on it though) but I avoid buying cars as status symbols. Besides, cars that have prestigious status does not have alot of bang for your buck. I care more about the value. For example, you can find a Mercedes, BMW, or Audi with their Japanese and now recently Korean equivalents. Yes, I prefer Germans when it comes to automobiles, but their maintenance costs and reliability have driven me away from getting one. In fact, you can get an oil change for your Acura at your Honda dealership, same with Infiniti at your Nissan dealership. Hence, getting an oil change for your Acura is the same price for a Honda. I’m just glad that I have choices when it comes to buying the right cars for my needs and wants.

  • http://cashflowyourcollege.com/ Kayla@Cash Flow Your College

    Don’t forget the depreciation of “status symbol” cars. Good grief – they’re obsolete when the next year’s model comes out, new and improved. Granted, you could probably find a good, slightly used one that’s a year or two old… but what’s the use? You can buy multiple great, reliable cars for the price of that one status symbol.
    I agree. Not. worth. it.