Luxury Vehicles and Happiness
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- เผยแพร่เมื่อ 27 ก.ย. 2024
- An exciting new purchase may not be exciting for long, and the people around us are also seeking out positional goods. A fancy car feels less fancy when your friend gets a nicer one, and people are in a subconscious arms race to have the nicest stuff.
This hedonic treadmill of conspicuous consumption is difficult to escape. An important question is whether people with luxury vehicles actually enjoy their vehicles more.
Referenced in this video:
The influence of positionality in car-purchasing behaviour on the downsizing of new cars: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/www.utwente.nl...
Why don't we learn from poor choices? The consistency of expectation, choice, and memory clouds the lessons of experience: efaidnbmnnnibpcajpcglclefindmkaj/dornsife.usc.e...
Temporal Adjustments in the Evaluation of Events: The ‘‘Rosy View’’sci-hub.se/htt...
Luxury car owners are not happier than frugal car owners link.springer....
Balance andrewhallam.c...
The Next Millionaire Next Door rowman.com/ISB...
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"Having is not so pleasing a thing as wanting." -- Spock
It is quite fascinating to watch Ben Felix gradually developing himself from stock market guru to evidence based happiness coach. Great content as always!
I think his covering the psychology part of investing, nothing changed
I have always viewed Ben Felix as a very good market analysis with at balanced outlook on life. Having worked with a few such people, I am convinced that one goes with the other...
"Evidence based happiness coach". Love it. =)
I think it's more accurate to say that he's gravitating towards behavioral economics, which is a field interested in the real choices people on the basis of bounded (or limited) rationality. This can be contrasted with the classic view of a market analyst who will assume that actors behave rationally and therefore should (and will!) make the best choice between choices availeble to them. Just the same, I would consider Ben an economist first and foremost, then a coach.
It is quite fascinating to watch Ben Felix.
The exception to this is car enthusiasts, who enjoy the cars not primarily for their quality as a positional good, but for their quality as a collectible.
Or sports cars those have a much stronger effect on driving experience than luxury vehicles. And often times you drive them on weekends just for the sake of driving them
@@safwanreza2387 True for sports cars vs luxury cars. But within the realm of sports cars itself, I am certain that the same thing applies There is no correlation between how expensive a sports car is and how much fun it is to drive if you're a real enthusiast. If you've ever been part of a real driving scene all you have to do is picture the maniacs who thrash Miatas, S2000's, and old civics and tell me that they're not having more fun than the boomers who drive automatic corvettes and 911's and never turn off traction control.
@@coffeeandlifting As someone with both a 911 and a Miata (both late 90s era cars) I can confirm price does not correlate linearly with fun. Miata:Porsche cost of ownership is about 1:3. Fun ratio is more like 1:1.2 sometimes even skewing toward miata depending on the road/track and weather. So why pay to hold on to the Porsche? I ask myself that every time I have to buy parts. P cars just have a little magic that either resonates with the driver or it doesn't. If it does its pretty hard to go back to not owning one. Hard to say whether that justifies the price tag or not, but maybe that's just what makes enthusiasm the exception to the rule here.
@@zakwilson3276 Great insight. Nowadays the equation is even more complicated for enthusiasts because newer cars, despite looking exciting on paper, have lots of weird driver constraints like stability assist and traction control that can never be fully disabled. Or worse, fully-electronic transmissions which don't allow for burnouts, drifting, or any number of other maneuvers unless it is part of a pre-programmed feature. There are posts on every car model forum by desperate owners trying to find out why their car still cuts power during autocross or touge even though they have traction "off." Imagine buying a brand-new "performance" car and then realize that performance is prohibited by the car's computer. What a nightmare.
@@coffeeandlifting I never thought about cpu overriding things. Care to share some of the common sports car people take to autocross/tracks and not be able to do as they please?
I am in China, and buying a Luxury Vehicle means something more than a driving experience, which is also an investment. Many or most small business dealers will simply judge your wealth or the company simply on cars. SO, buying a luxury car is like an entrance ticket to a business environment, even it sounds so stupid.
Yes, but their culture is all about putting on a face. In fact, to "put on a face" is a Chinese expression that Americans picked up.
China is the world's largest consumer of luxury goods for this reason. And the world's largest producer and consumer of fake luxury items too. To include boxed wine put in wine bottles from vintage wine sellers in and sold full price.
This remind me on how private equity actually give founder liquidity premium when buying their business, to make sure the founder have some money. This is not just to make the founder be financially motivated but also make sure the founder is living a luxurious enough life to make other investors find the business legit.
Which in some sense makes sense.
In China, on the road, people will cut you off, or pass you in annoying ways when you're driving an el cheapo volkswagen, but never so if you drive a porsche.
Even in America there's a group of people whose brains work this way. It's annoying to think how shallow most people are.
@@cat-.- This makes sense, can you imagine the insurance payout if you ding those cars? Also, you could be screwing with someone powerful. It's not shallowness, it's just innate/subconscious risk management.
Shameful part of our culture, it's very primitive. It's ironic that it's happening in the communist People's Republic of China, and not to the same extent in the free Republic of China.
Most people live their lives based on envy. It's not only luxury vehicles. Do we need a 4000sq ft house for a family of four? Great video!!!
My home is 525 square feet. I live alone yo.
yes we do. need to stay away as far as possible when wife is angry.
Illusion of middle class dream to sell things we don’t need to impress those we don’t (and do) know. Shrewd corps have used prof’l psychologists for marketing since early 1900s. It worked and still does.
Just my view but I really admire folk who don’t spend to impress and have a humility about them. Great video Ben.
Last year, I bought myself a new truck, which is a luxury item for me. I have to say, I love driving it more than my old Honda, more enticed to travel places if I use it, and love getting it washed. For me, it heightens the driving experience. I get the data, but there’s also the side that people just love driving great cars, and respect the engineering marvels they are.
This is me
"love getting it washed" This is NOT the driving experience. You're enjoying the hedonism, the feeling of owning something you feel is more than others have. The "driving experience"... dude, you bought a truck, not an 86, not a Miata, not an Elise. Yes, exactly as he said about the studies, when asked about the experience later on and you think about it, you evaluate the experience as being better, likely for a variety of reasons, including things like confirmation bias. But when asked just after completing drives... the data is that those drives aren't actually more enjoyable. Sure, maybe you're just an outlier, but everything you're saying sounds very typical of what people report that don't enjoy driving their cars more in the studies.
As a guy who went from a barely functional rust-bucket to a fancy Mazda6, I NEVER take it for granted.
So maybe it's the jump from decent car to luxury car that's not so grad. Happiness plateaus and status quos and all that.
Wʜᴀsᴀᴘᴘ ᴍᴇ^^^👆
Yeah as somebody who's had tons of car problems i feel this comment
I don’t think it’s controversial to say it’s worth it to have a reliable car or features you care about like AC
This.
I've driven cars that felt like they were beating my kidneys.
I drove another econobox that felt smooth and wonderful.
It's not the cost. It's the value you get for your dollar that matters the most.
I never knew Mazda6 were considered luxury cars. It’s more of a premium commuter which is a perfectly practical car
Great video. Best vehicle is the one that fits it's needs and it's reliable. Everything else doesn't matter.
WOW!!! The last sentence you said was …. 🤯 I wish I could be as articulate as you so I could help educate my friends around me!!!
Going from a ford escape to a BMW X5 last year i can assure you... I do not take my car for granted. I actually enjoy driving now and my wife takes my car more than her own. (Also a luxury vehicle). I agree with this concept for most people. My circumstances are different which puts me in the exception category. The extra 20k I paid for my luxury vehicle is worth the thrill/enjoyment and comfort of the drive for me.
Love big and get a Lexus 😄
Yep same here! I went from toyota to BMW and while i appreciate both the experience of the drive is much better in the BMW. From feeling safer, to better control, to just the comfort. The only thing my corolla had a one up was the how quickly the ac got cold! 🤣
@Amber Mihalski yeah whats up with the ac in BMWs? The heat is the surface of the sun in minutes.
If you can buy “luxury” without putting a financial burden on. Then yes! Buy luxury.
Well, the "Millionaire Next Door" author died in a Corvette, worth probably way more than $35k.
Thank you for your advice, Ben Felix. I want a Volvo.
I agree with this video although I think there is a point of diminishing returns In terms of happiness with regards to a vehicles quality. A piece of junk will cause plenty of stress independent of hedonistic adaptation. But a brand new Camry will likely bring about a similar amount of happiness compared to a brand new Cadillac, especially over the long term.
I believe vehicles that bring about experiential benefits like motorcycles can certainly be a good investment in terms of happiness. Experiences such as exploring beautiful riding destinations and relaxing Sunday cruises can be hard to quantify, but they certainly don't get old.
I've owned both luxury cars and regular cars and I will say regular cars are much less stressful. The worst place to be is a mechanic shop getting bullshitted and/or ripped off. A reliable car that minimizes your exposure to needing maintenance and repair is the least stressful.
Still driving my 2008 RAV4 with 177K miles on it. The tire pressure need topping up every few days & it burns oil, but there's no way in hell I'm getting anything different in this crazy 2022 car market.
I like cars and like driving and I do like Luxury vehicles. However you can get older luxury vehicles for pretty cheap prices, which give pretty much the same experience for pretty cheap.
NEW cars are a silly money pit that have massive depreciation. Sure older cars can need a little more maintenance, but the new cars are not without issue either. Driving an 80k car for 5k because it's an older luxury vehicle gives all the comfort, power and 95% of the prestige, because most people see the size, marque and quality :D
I own a 2003 BMW X5 which was considered a luxury vehicle at the time and it feels amazing to drive. The build quality is very good, it looks and feels nearly as new. The interior is in mint condition and everything works. Of course, I had to spend a total of 20k including the purchase price and repairs which is nearly half, but it is worth it. You can't buy an X5 in better condition with that money. The only problem I have with it is the fuel efficiency of the V8.
The problem with this video from the outset is failure to define “luxury” which is subject to the extreme.
If I was on a desert island, I wouldn't want a luxury car.
I'd want a luxury boat.
My luxury vehicle is a bike and I enjoy the financial freedom of not owning a car.
Theres so many brands orbea, canyon, trek, bianchi, cannondale, pinarello…i cant choose my mid-high tier road bike 🤯 too many choices, but one thing for sure ill never buy a car. With gaz going up in price no thanks.
If you forgo owning a car, you save $805.50 a month on average. That's enough for avocado toasts every single meal every single day.
Wʜᴀsᴀᴘᴘ ᴍᴇ^^^👆
“Would you still want your luxury vehicle If you lived alone on a desert island”
Love that!
Been wanting a Tesla but this made me reevaluate that..
We don’t live on desert islands though. I wouldn’t want even a cheap car on a desert island.
Its a good thought experiment, but not really a valid argument to not buy a vehicle you want. On a desert island the things you'd want would be things such as a knife, spear, rope, and tons of other things you dont care about on a daily basis... An extreme circunstance doesnt tell you how you should live your normal average days.
Ngl I'd totally get a Porsche 911 Dakar if I lived on a desert island.
In my case the argument falls flat because of my interest in Cars 😂
Finally finished binging all your videos!
I owned a brand new Toyota Camry and I I felt great owning it right off the lot. I now own a brand new luxury vehicle and I feel even better about owning it than when I had my Camry. Upgrading my car and being able to afford it is a reflection of my life upgrading and it brings me pride and joy in my accomplishments. I would choose this particular luxury car again even if I was driving on a dessert and didn’t see anyone else. I work hard so I could care less about who is impressed with my car, I’m impressed with my dream car and that’s all that matters to me.
I know people who's happiness decreased with a luxury vehicle. Due to factors like worrying more about pot holes, minor dings etc. Plus the financial burden. Worried about actually driving or parking the car because they want to baby it. At the end of the day it ends up becoming added stress for a lot of owners.
Buying status symbols have always increased happiness and life quality, for rich people it is permanent, for broke people it is temporary
Then that is proof that they couldn't afford it. A truly rich person buying a luxury car does not worry about its maintenance.
@@sagarshah4214 You're clearly not among the rich if you think that. Maintenance is a pain in the ass if only because it takes time, and time is most valuable of all. Even if you send staff to do it, that is time that vehicle is being useless to you. And pot hole damage can be more than minor dings. Some of these vehicles are also quite low, which is another set of challenges... I know of cases where they've gotten stuck going over a speed bump where no wheel is still touching the ground. No amount of money saves you from worrying about that shit happening.
This is completely wrong when you’re young . If your young and a high NW individual ( me 24M 500k+) , it’s the best experience ever , gets connections , turns heads , and gets ladies. All while in thr comfort that driving a luxury vehicle is completely within my means
I think this makes sense, with one caveat that I learned from a financially savvy fellow a few years ago - this logic applies to luxury v. economy, but I think an important category is considering safety. Often more “expensive” cars have more safety/security features (with diminishing returns, of course). And for many people, driving is one of the most common, and actuarially unsafe things they do consistently day to day. There’s nothing more important to me than my life and the lives of those I love. There’s no price I can put on that. To that end, purchasing/leasing new vehicles every few years with significantly improved safety outcomes, may be more worth it than driving a beater into the ground and investing the unspent capital. The latter just gets you more money. The former potentially gets you more time with the ones you love.
But in that case wouldn't it be a discussion between new versus old?
A current Corolla has possibly more active and passive safety items than a Volvo S80 from the 00s
That is a really good point. Thx!
I think nowadays the less expensive/ moderately aged cars are just as safe as the pricier ones. They have the airbags, seat belts, etc. The risk of getting an accident and getting more injured in that accident with a better priced car is minimal.
My car is an '06 and I fortunately have never had a desire to have a better one. I've always said I'll drive my car into the ground until I can buy a true self driving car. Helps that I rarely have to drive though.
2009 Prius here 😂
What's Thio doing here!
2009 here. Self-driving is not enough to convince me, it has to be a revolutionary tech that reduces cost of operation at least 25%.
It's about money, status and freedom, who has these things has higher status, better women and therefore better life, study Jordan Peterson research about animals, evolutionary things stay same with humans too
@@armanidesigner Jordan is woke
Always great to get your views on various topics! Hope you can create more videos
As someone who has owned both, I like luxury vehicles for the safety and comfort they provide that I didn't feel we could get as easily elsewhere. We're on our third luxury vehicle, buying them all with cash, used, and all way less than those averages cited at $30K and $40K averages. I prefer driving a slightly older, well-built luxury vehicle over a slightly newer standard vehicle with fewer safety and comfort options. I see no need to change.
A run of the mill Toyota is often safer than many luxury brands. No idea where you weirdos get your safety perceptions from.
@@zvxcvxczBoring!
best car in the world is the company car.
This is the exact information I was in need for.
I own a 2017 Corolla XSE. Moonroof, heated seats, navigation built in. All that I really need and not worried about it getting a dent like I would a luxury car. Plus parts are cheaper and the car will last me.
Makes sense on a high level Ben as this falls under the umbrella of buy experiences over material good.
But if you are not entrenched in your viewpoint, there is a caveat to this.
The Car Enthusiast.
When they buy a luxury car say like BMW they also are essentially joining a community. An enthusiast community they meet with and can enable people to become friends with like minded people and even become long term friends.
Ben also says to get that coffee which is not congruent with other gurus out there. I think the thinking behind that is it gives hedonism-style pleasure (which is important for happiness) at a low price most people can afford.
@@SuperFlamethrower I mean when you join a car community you can also go to track days (Usually requires and expensive car or at-least performance oriented). This can give you a repeated sense of feel good. But I think if you are buying for the sake of status then yes this can be very true.
The whole luxury thing doesn't really apply to car enthusiasts imo. Turn up to your average local car meet and its full of 90s Japanese shitboxes and heavily abused/badly modified German cars. Nothing luxurious about it. Don't have to spend much to buy a fun car.
I've owned two cars, my first car that I drove for nearly 12 years (a toyota corolla) and now own a BMW 320i. I would say that the message and study (for me) is only partially true. I consistently enjoy the features of driving a "luxury" car, even looking at it makes me feel satisfied because i think a lot of cars now a a days look like they're made of plastic and the BMW looks like a quality machine. The BMW also has depreciated slower. Though, I also thoroughly enjoyed driving my toyota corolla and it took a lot of convincing for me to sell it and buy another car.
I think it's just happy people are happy, and less satisfied people are just that - what you wear, what you drive, where you live is mostly relative.
BMW, a quality machine my ass. Have you not seen the fake chrome shit they design around every exhaust. It looks utterly ridiculous, cheap, and tacky. Maybe if you've got an old BMW in pristine condition, but the new ones are full of plastic crap, likely even moreso than many of the cheapest brands.
Also note that, "makes me feel satisfied because i think a lot of cars now a a days look like they're made of plastic and the BMW looks like a quality machine." is not an evaluation of how happy you were while driving the vehicle, it's pre/post hoc evaluation and is exactly like the studies said (those were more positive, remember?).
2005 toyota echo paid off cheap, reliable and I really don't care but some industries do require a vehicle that represents it. Buffet is the master of what a frugal life means long term. Don't lease it is a waste of money.
Subaru leased. Best thing I did.
Has no one ever heard about "keeping up with the Jones's" . JEEZ ! Buy what you need, not what you want. ( Even if I had tons of money to squander, I could think of better uses for it than a Lambo, etc.).
Yep, the founder of IKEA drove round in a 20 year old Volvo estate apparently. Real wealth doesn't necessarily care about looking rich. In fact I knew a very wealthy barrister and landlord, that drove 95% of the time in an old hatchback.
Would a large vehicle, like a Suburban, be considered a "luxury" vehicle? I like mine for the room and the safety but it's also 18 years old.
As someone who drives an exotic sports car, I love every second.
That's what I figured xD
I should buy a bike and bike to work and enjoy the commute. I like eating cheap foods like homemade burritos and pb & j sandwiches. If you can value and enjoy cheep things then saving and investing money becomes easier.
I know some people who own luxury vehicles, they don’t use them for daily commute, but more as a hobby.. they take it for a ride on the weekend, sure it’s a hella expensive hobby, but still
I sort of enjoy the idea of maximizing the incongruence between myself and my car. Looking poor but not being it is kind of fun.
Oh I am so with you on that one.
I drive a 2007 Toyota Corolla and have since barely brought it to the garage other than for regular maintenance. THAT'S the satisfaction I strive for in a car, nothing else.
I drive an Audi S4.... totally worth it!!! Vroom....
The hard cut at 3:01 while Ben pulls himself together after that take had me rolling
Was looking for this comment. Too funny haha
I love Lexus cars 🤩
⬆️⬆️
I’ve always had several vehicles. I have my daily commuter (Toyota Prius prime), my weekend car (Tesla Y) and my motorcycles (Harley, triumph, Ducati & Honda). In Ca it’s always traffic everywhere so daily driving sucks, but on weekends when I drive my Tesla or my motorcycles, I love it and I really enjoy the experience.
Wʜᴀsᴀᴘᴘ ᴍᴇ^^^👆
Can I ask why you don't drive the Tesla as a daily? Your battery will depreciate whether you drive it or not.
What is the definition of luxury vehicles? For me something above 50k would be luxury especially since i dont need it but i want it. Any new bmw/audi etc would be considered luxury in my view. Going from an old rusty ford with 60hp to my first proper car with 150hp was an amazing feeling and still makes me happy whenever i go for a drive. Its not a very expensive or luxurious car but i do look back at it in the parkinglot and smile. Im certain that a more expensive and nicer car would increase my enjoyment of it. Also considering it would most likely be less prone to breaking down. In general i enjoy driving and if there was a magical car that would look like a lambo to me but an old civic to anyone else it would still increase my enjoyment of it simply because i like looking at it, i dont need it as a status symbol or anything like that.
A friends of mine has a 120k € AMG and that doesn't diminish my enjoyment of my car at all, quite the opposite its fun to see him enjoy his car and talk about cars with people that like their own too.
I think using a house or a car to improve perception of yourself is a flawed idea in general, ofcourse people that want attention will get some of it but does that actually fullfill you in any way beyond that initial spark? Im proud to say i worked for something have bought like an expensive gaming pc or having a good amount of money saved up for emergency yet i dont feel better for telling people. In fact nobody that hasn't been in my home would know that i keep any valuables. I get more fulfillment from beeing able to say i am happy and healthy than shoving money into people's face to compensate for insecurities
Let’s be honest here, the true joy of a vehicle is only felt by those who enjoy driving and care about the experience. A normal person who uses their car to get from A to B and doesn’t care much about what it looks like, how it drives or how fast it goes won’t care about a luxury vehicle. But someone who enjoys to drive, wants to drive fast and looks forward to driving will greatly enjoy something with say 300 horsepower compared to a Toyota Camry.
You can actually get a Camry with 300 horsepower these days.
@@theoriginalstinger yeah, and it costs as much as a luxury car like a BMW or Mercedes. Lol
@@theoriginalstinger yes but you can’t use those horses since it doesn’t turn right or have decent breaks
Horsepower isn't all it's cracked up to be. The Lotus Elise, Mazda Miata, and Toyota 86 are all true drivers cars and didn't need 300 horsepower to earn their reputations. None of them would really be described as a luxury vehicle either.
This video is golden
Wʜᴀsᴀᴘᴘ ᴍᴇ^^^👆
You could argue that if we spend all our lives debating whether we are living in the house that makes most financial sense (or whether to rent or not), or what car to drive in order to maximize our savings, we are not really living, aren't we?
As a car enthusiast that's also passionate about investments and FI, I acknowledge that I spend a big chunk of my money on cars (money which could otherwise go into a cheap sp500 fund which would compound to blah-blah in 30 years). However, knowing I live in a house I really like and more importantly (for me) driving a car I really enjoy, modifying it and whatnot, really pays off for me mentally. The rest, I do the best to my knowledge to make financially wise decisions.
The key is not to overstretch yourself. I could buy a Porsche with my savings but I will be in a significantly worse place financially.
@@ronniep9272 That might be but money are used to buy things/services with it. To what use are your money if you get buried with them?
I don't know your financial situation or your future sustainability but I'd be much happier overall in a Porsche than in a Corolla but with 50-100k less money in my bank account (again, unless that's my last money and/or it'd for sure compromise my future plans)
........waiting........waiting...........
This study is regarding luxury vehicles. A sport rocket like the 992 GT3 RS is not included in this equation guys 😂
I think in large part this video is representative of how people drive their cars. Governing out my parents minivan as a kid gave me a similar thrill to surpassing those speeds on my daily commute to work. Important aspect to life, have fun, no matter what you're doing or how you're doing it. You decide how you're going to interpret stimulus.
I love racing.
Driving a Tesla and feeling the acceleration hits different than this video suggests. Worth it!
Meh, it becomes normal fast.
Going in to this video, the great surprise would be: "Yes!! Totally worth it!"
Love it. Here in Hong Kong, it’s a perfect example of trying to keep up with your neighbour to the point where everyone is driving crazy expensive cars. Teslas are now mediocre, it seems. I drive a plain old VW golf proudly. BTW, Ben, your Chinese pronunciation could use some work. ‘Xu’ in Chinese is pronounced like ‘shoe’ - there’s no j sound anywhere.
Why would you buy a car in HK
Just use public transit
lol I was literally deciding whether to buy a Lexus or Hyundai last week, ended up choosing Hyundai, and loved to see your video confirming my choice!
Why not buy a Toyota since Lexus IS owned by them?
Huyndai makes good cars nowadays, but Lexuses are good choice too, especially used ones are a bargain.
You cross-shopped a Lexus and a Hyundai? That’s… bizarre. Any particular models behind the reason you narrowed it down to those two?
Lexus is not a luxury vehicle. It’s slightly better Toyota. With low cost fabrics, plastic instead of aluminum. All the money goes on advertising and margins. Try to compare similarly priced Lexus LX with GLS or X7. It should cost at least half of the price of the Germans cars. In such case you made good choice buying Hyundai at least you didn’t overpay for your car.
@@maxmastter I agree with the statement that “Lexus is not a luxury vehicle”, but BMW and Mercedes also is not. Those are just premium brands. Luxury is Maybach, Bentley, Rolls Royce and Aston Martin
Interesting video Ben. However, in the list of the most wealthy you failed to include their actual luxury vehicle… their private jet.
'Would you still want X if you lived alone on a desert island?' is a great thought exercise for any possession.
I get that some people like it but not for me. I just see cars as something of a burden that you have to maintain. Dream is to live in a country with great public transit or super cheap taxi fares, and never drive again unless I want a weekend rental.
Reminds me of Lacan's object of desire
너무 좋다♥️
what a great channel ☀️
You have to separate luxury from quality, although there is certainly correlation between the two. My happiness while driving increases with the overall quality of the vehicle (smoother ride, tighter handling, better acceleration, more comfortable interior). These returns quickly diminish, for instance simply having heated seats in a cold climate is a big improvement, but marginal improvements to existing heated seats are hard to distinguish and justify by higher prices.
Most people, myself included, who enjoy luxury cars would probably be just as happy driving a well-appointed mid-range that costs thousands less up front and in maintenance.
Entirely agree. A friend convinced me to get a certain make of vehicle because of its reputation for safety. It may be psychological, but every time I'm driving it, I feel more secure. Its AWD system performs much better than the Subaru's, which was so poor it put me in some precarious situations. Also its heated windshield is a blessing in the winter. The only trade-off is that it requires premium gas in these economic times, but I still think it's worth it.
My dream is not a luxury car but a enough land so I can ride go karts on my property. :p My own track would be awesome.
Great Video!
Wʜᴀsᴀᴘᴘ ᴍᴇ^^^👆
Hi Ben Felix
Can you touch on optionsstrategies for retail investors? Such as LEAPS, PMCC, The wheel
unless you're a car person, then no, an expensive car won't make you happier
What about luxury vehicles with self driving features? Would that really help to reduce commute stress and increase happiness?
It's purely theoretical at this point. You have to wait even after they are real to allow time for the matter to be studied.
Personally I think it depends on how much attention is required. If I can sit back and read a book like on the bus then yeah that would be a nice QoL improvement. If I'm required to watch the road honestly I think it would put me to sleep or drive me crazy from boredom. I find the act of driving stimulating and kind of fun.
Buying a car that fits your budget, irrespective of whether thats luxury or not, makes you happy. Buying things outside of your budget and then needing to cut down on other stuff makes you feel miserable.
Car should be 3-4% net worth, IMHO.
If you really need it and that % is not enough. 4000$-5000$ is the sweet spot where most depreciation is done but also it won't break every other day.
@@NoName-to5xl I would argue that cost of maintenance needs to be factored.
3-4% is an interesting number and how did you determine this or is it somewhat arbitrary?
What is your % for housing costs or value of home.
@@M.-.D arbitrary. the question to answer is " how much % of my net worth am i willing to put in a depreciating asset?" My answer is 3-4% wich is crazy high. But, then my net worth is 300k, so i have a 10k car.wich seens rational to me.
% may change for different net worths.
@@M.-.D agreed with the cost of mantainance. Wich means i am way overexposed to this money-suck.
There's another channel run by a guy who runs a luxury car rental place and he's full of stories about what happens when people drive luxury cars. Hint: It involves a lot of tire burnouts, a lot of scams, and a lot bad money decisions.
A video on things that make people persistently happy would be very informative.
Investing in Happiness
th-cam.com/video/iNZk-N6uDcg/w-d-xo.html
I prefer bicycling and walk.
Really depends on if you enjoy driving or not. MOST people don’t really enjoy the driving in and of itself.
In my case, I volunteer to drive people places bc it’s pleasurable to me. I can get fun out of an economy car, but it’s definitely increasingly more enjoyable the sportier the car.
There’s probably a limit to that of course, but I haven’t found it yet. Money is scarce like you said, haha.
Fun video anyways.
I got a luxury vehicle (for my financial status, it's not luxury by any means to the average high income earner): the VW Touareg. It is amazing, because it does three things well:
- It's not a common car at all, and so it feels premium even though it's "just a VW". To me, nothing ruins the "luxury" status more than seeing your car everywhere on the road.
- It shares its chassis and a lot of components with more premium cars like the Porsche Cayenne or Audi Q7, and this shows in the pleasant and very, very quiet ride. It's just exceedingly comfortable. The quietness of the ride, even at highway speeds and bad asphalt, is what I associate with luxury.
- Because it is not a well-known vehicle that got discontinued in north america, I got it for very cheap. It gives me a feeling of making a smart purchase - I did my research, and got rewarded with a better vehicle than the money can buy on average.
I'm not sure I would consider it a luxury vehicle. For your last point... just to make sure, you also researched replacement parts and maintenance costs?
I had a BMW 330i and while it wasn’t super luxury I enjoyed driving it more then the VW Golf we currently own, however it wasn’t enough to justify the price of it. Cool vid
I get it, rationally speaking. But damn there's something about revving my Corvette! Not my daily driver and strictly used for recreation so maybe falls into a different category?
Wʜᴀsᴀᴘᴘ ᴍᴇ^^^👆
LOVE IT
Wʜᴀsᴀᴘᴘ ᴍᴇ^^^👆
Can you prove to me that currency is a scarce resource?
It's as scarce as we want it to be.
audio is too low
Is air conditioning in a vehicle a luxury item? I remember when there were some features that make me very happy that used to be considered luxury. It seems difficult to sort this part out. Today most luxury vehicles don't really have meaningful feature differences, but that is not always the case.
I'd say it is a necessary item nowadays.
Nah it's not luxury man... Luxury is leather and allummenium dials and nobs and seat warmers etc lol
@@RobC1999 heated seats are a subscription now in some luxury car models. You pay more for the same features and then pay monthly to keep them
I assume he meant the luxury brands like Lexus, BMW, Mercedes, etc.
my AC broke and its not worth fixing it on an old car and it made the experience much worse I really wish i had it back
Ben, i just want you to know, you are awesome!
I can tell you there's bliss on not worrying about your beater car getting a door ding at the parking lot ( or straight out key scratched out of jelousy) . On the other hand the luxury vehicle has to get parked away to avoid damage. The list of worries goes on
On the bright side it's a wellness initiative to walk further if you park further away 🤣
@@donf3058 or the automakers would gladly sell you, at a premium, the "sentinel" feature to watch after your car...it's all conveniently thoguht.
I don’t worry about all those things with luxury car. You are owning the car not wise a versa. If something happens you could restore it’s look same way as Toyota’s.
@@anaestereo810 Unless it comes with a security guard to watch the vehicle it seems pretty pointless.
I can confirm that driving a luxury car feels better. I might be part of the low percentage, but I don't agree that they don't provide a better experience
Agree 100%. At one point I owned a 1989 Jaguar and it was great, and at one point I owned a 1971 VW camper van, that regularly left me stranded, and it too was great. But without a doubt the VW contributed more to happiness and happy events than the Jaguar.
“So I should get a used car?!?” lol impeccable timing with today’s CPI report
Luckily I'm a sucker for fuel-efficient vehicles, which tend to be cheaper than outright luxury/sport vehicles
Get the Aston Martin Cygnet. 47mpg.
@@travis1240 looks like a great car! I drive a Honda Accord Hybrid which gets a similar 48mpg*
If you really want to feel something new. Buy a motorcycle and then switch to a bigger one. The difference on a daily basis is shocking
2:53 hahahaha
It’s worth it to some people and not worth it for some others.
He told me he doesn't like you.
I have diesel 2009 volkswagen Polo, I do not want a new luxury car. But some safety tech are very useful, especially with kids... Not to mention reliability and maintainance, that is hard to find on cheap cars. Moreover, my car cannot enter in some city like Milan (italy) due to pollution policy. A good alternative should be a Toyota Yaris, but right now cost more than 18k. CRAZY!!
Thank you for the video! As always, you are immaculate in your succinct research-ridden presentation.
There's a psychologist/therapist/professor named Kirk Honda (whose channel is called Psychology in Seattle), and he's touched on this topic across several videos, usually tangentially. He's very careful with making sure that what he says aligns with recent literature.
All this is to say that your video lines up with what an accomplished psychologist shares!
Which is great, but not unexpected -- I'm always impressed by how thorough you are with your research. It's one of the many things that make your content outstanding. Thanks again!
Can go 60 in 2.9 seconds n 180, can only go 50-75 by law
Not a coincidence that the cars driven by "The Millionaire Next Door" survey participants are the most reliable. A great way to save money and drive it for over 10 years.
I have a 2022 Mercedes’ Benz GLE 350 and love it.
The is an old saying: you never buy liabilities. For example luxury cars, big homes, expensive holidays, etc. as against say for example inspected used cars with some guarantees, etc. It is simple to calculate costs and compare say the monthly cost of the luxury purchase including depreciation and possible investment returns on the extra moneys involved. The book rich man poor man comes to to mind also.
Love this Ben, will share!
📩🆙⬆️⤴️
Can you do a similar video in the future about 'are bigger homes worth it?' Maybe you find literature with an "optimal" average surface area per person for different households. With my personal thougt that houses in the US are in general way too big (as seen in media, I am Dutch)
I do touch on that here th-cam.com/video/q9Golcxjpi8/w-d-xo.html