This wasn’t a flex call people. He got the go ahead from his wife to get it, but he wanted Dave’s opinion before making an extreme decision. You might be hyped up about an emotional decision but it takes a reputable person from outside to turn it into a logical one.
Anytime someone of means calls into the show, people pile on like the caller just wanted to brag. Says far, far more about the peanut gallery than the person who called into the show.
@@clarifyingquestions he won’t have millions soon if he keeps needing such extravagant purchases the second he can barely ‘justify’ buying it. If he’s considering draining I’m his savings just to own a car that’s worth half his annual income (and dropping) that’s a pretty poor financial decision to me.
I think his wife is on a car fever high and has made a decision to get it soley because it had a place to put her purse. He wants no car and was looking to Dave to set her straight
Figure if he shopped around could get a RR for well under 200K. He needs to brush up on the maintenance cost out of warranty. That's why they are cheap used ,out of factory warranty. Endless money pits as they age....SK.
@@marcuss6737 There is nothing wrong with what he is doing. There is no standard American thinking in what he doing. He is just thinking about a luxury item that he has the resources for. He could have bought the car already and have 1.5 million or more in retirement fund and still have the $200,000 in the bank.
Lincoln make really nice cars as well. There is also Cadillac, Mercedes, jaguar an BMW. It would be interesting to know what sort of experience he has with cars.
He has the resources to buy the car no doubt about that. He has a good retirement fund and plenty of savings. I would advise him to ease of on the retirement fund for the next few years and get the car of his dream. He is close and with a little bit of patients could have an amazing car for himself. I would love to know what his general lifestyle is like and where does he live as in what sort of area.
I like Dave’s advice, but a lot of his “fans” miss the BIG picture. Life isn’t about stacking money up to the ceiling all the time. This guy obviously works hard and has a lot of money. He has been eyeing this car for a while and I think once the house is paid off he should definitely get it. If the car brings a smile to your face every time you drive it/look at it and you can afford it without putting strains on your budget, I say go for it. Life is suppose to enjoyed. At the end of the day money is just a tool meant to be used. So use it. Take that trip. Buy that car. I took up a second job to be able to afford the car I wanted. It’s not even a lot of hours, just an extra 20-30ish hours a month, but I got a car I wanted. Every time I get in, it brings a smile to my face and it makes a thing people really hate (driving to work) enjoyable for me.
The remaining mortgage is not the issue. His issue is he does not have enough money saved at this point to buy the car. If he puts in a few more years he could easily afford the car if he wants to.
The problem with a luxury car purchase is that the upkeep is expensive. If you are still paying on your house, a $25,000 repair bill with nothing left in the bank is painful, and will cause your $220k car to be a garage paperweight until you can afford to fix it. Rolls Royce is a nice luxury car. But the repair bills can be huge as they are a limited production item and the parts are not at all common... and therefore expensive. A friend of mine paid more for a repair on one of his cars than he paid for his first house. These cars are wonderful to own, fantastic to drive and often are gorgeous in ways that are difficult to understand unless you experience them firsthand. They just aren’t something that is a good idea to buy unless you are debt free and it won’t hurt you if they completely die.
I sold an Audi for the simple reason that no regular mechanics will work on them without trying to get paid a months worth of profit off my single repair. Bringing a Toyota or economy car to a mechanic, they'll make reasonable quotes and only repair as needed. Driving Audi, nobody will cut a deal on repairs, they assume I have money to blow.
A friend of mine is currently paying $4000+ in expenses monthly and is also in credit card debt. He's currently in the process of moving into his parents house. He has three cars. A Durango, challenger, and a pick-up truck. I suggested selling two of them and the response was incredible. He absolutely refused to give up either.😂😂😂 At this point in my life I'm not doing any arguing if you ask me for advice and I give it to you and your response is to resist it. I'm just gonna tell you "okay have fun with that" and keep it moving.
This guy and his wife are in no position to buy a $220k ride. That requires you to have multi-millions in cash that you can drop $220k and not notice it. Get a nice Benz S-Class or a BMW 7-series for $80k and call it a day.
Have you not see how many athletes manage their money? Doctors? Attorneys? Many of them might be talented in what they do, but making a large income does not give you financial acumen.
A coal miner makes well into the six figures with overtime - depending on the state and the politics of coal in the area. I have crazy respect for the job they do, but they're not known to be financial experts.
"So if you buy the car you will have no more emergency fund?" Dead silence "If you pay off the car you will have no more cash, is that right?" Silence "Ooooh you mean...yeah." 🤦♀️idk if he can keep up.
@@JK8 well it makes like 632hp sure its abit or porker but it will move if given enough motiviation in straight line the car is capable of 0-60 in 4.4 and quater of 12.5 not breath taking for a car that price but not slow either.
@@musicman1eanda Maybe one from the 50s , or one that is rare . A new one absolutely not. Depreciates like 60-70% in the next 10 years lol. They are a toy , and nothing more.
Exactly!! I love rolls and high end cars and my future career would allow me to have one. But I would be miserable. Parts are a scare, any breaks or even just maintenance will total more than double the price you paid for it within 4 years. They also depreciate like no other after a number of miles. But the true luxury if you drive a lot is pure bliss. But it's a headache, I wonder if this guy has kids or will have kids. Buying a rolls I don't think so lol
Love how you reach to a conclusion for your answers. And on top, you teach us to apply the same reasoning to “our” scaled down position. You are the best!!!!!
When you have worked really hard to get your money and have achieved certain net worth, it is really hard to spend money on something that before could've been considered a bad decision. This is a good call !!!
Dave needs to have Scotty Kilmer instead of Micheal as his co-host when it comes to car questions. Scotty would tell the caller to just buy a ‘94 Toyota Celiac and I’m sure Dave would agree.
Something smells fishy. Usually people with that kind of income are EXTREMELY educated and highly articulate. This guy did not come across that way to me. I’m calling bull@$&% on this call.
One suggestion would be: to pay off the house first, then think about buying a car. Personally, I would not pay that kind of money for a car. I would pay up to about $50,000 for a new car.
Isn't that what Dave said and so much more . Loved the way he explained what a toy is and also no matter what your income and net worth always have a fully funded emergency fund.
@@clarifyingquestions Well, not exactly. Dave seemed to say it's ok to spend $200,000 on a car, which is a little ridiculous in my opinion, no matter how rich you are. Also, a car is not a toy. It is a large machine that can weigh over 5,000 pounds.
@@deanalbertson7203 Each to his own - all about the math;). If it works, everyone has the right to spend their own money however they see fit. Good for the caller if he can buy his dream toy.
i wouldn't, but i'm not a car person, but with all they have, live it up, don't worry about paying off the house, money is cheap and they just keep printing more of it
@@Poomayne Would you have left the same comment if then numbers were divided by 10? ($50k income, $22k car); just because he makes 10x what some commenters make, doesn't mean he has no right to call. For all you know, he could be a physician (i.e. not a financial expert).
I get it. This guy is probably very proud (as he should be) for where he is and he wants something the signifies that. But yea, don't rush into it. That being said I'm not onto cars at all so spending more that 20,000 on a car makes my head explode.
Too each is own. This is just my opinion comment section. I would hold off on any big purchases for the next 2-5 years. We can't even eat inside of a restaurant yet. My gym is still closed in Jersey. With all the uncertainty going on with economy and a 200k+ car is on the menu. He is gonna buy a 200k car for what. We can't leave the country if we leave the state we might have to quarantine. He sounds very bored with life to me.
You make sense the only thing I can think of is maybe at that price the car actually sells for more and would be a good deal? Idk but I can see that happening like sometimes I tell myself that im not making any big purchases but then a really good deal comes outta nowhere
The car would probably be cheaper in a few months or a year from now after production, etc. ramps back up. I was pricing Eco Boost Mustangs the other day and across the board, they were 3-$4000 more than they were a year ago for used ones.
@@Saiyijon so I follow a channel called Scotty Kilmer basically it's a mechanic and back when I used to work on my car is a lot more he has a lot of videos on how to fix things and give you a really good idea but anyways about 4 cylinder Mustang engines he was saying that those particular engines have been having a lot of problems like under a hundred thousand miles so I just wanted to give you a heads-up also like I'm looking into buying the Bronco and he made a video just like a statement basically saying if you're going to get a Bronco get the 6 cylinder because the four cylinders are not having a good track record so maybe just look into it if you're considering getting one of those okay
@@suttsd Ok try and go to Mexico, Canada or Europe. Let me know what happens when you try and cross the border. I will wait for your response take your time.
Go buy 2 or 3 year old certified 7 series BMW, the original owner already took the huge depreciation hit and your getting a like new car with a warranty for less than half price.
Take your time and don’t rush, regardless of what you choose, there will be other luxury cars out there and it is not worth the headache of making a $220,000 mistake! 😊
This was a great call!! Again Personal Finance is basic arithmetic taught in Gr. 4 to all those who think this should be taught in school. Baby Steps 1-7. done
Why do Americans love cars so much??? A $30K car drives just as well. Use that $220K to buy a house and you can actually rent it out and earn income on it. A $220K car is just a dumb purchase that depreciates in value.
The most money I can ever imagine spending on a brand new car is 100-120k personally. A nice Porsche or Corvette or something. Not planning on doing that til: A. My house is paid for. B. I can pay cash C. I got 2 million in mostly liquid assets.
@@justinacase2623 He could easily keep the car for 10 or 15 years. Rolls are that sort of car but he would need to factor maintenance and if he has access to the right type of service.
Rolls Royces are timeless (I think he was referring to the Wraith or Sliver Ghost), but Rolls tend to suffer more value depreciation than Bugatti, Ferrari, and Lamborghini. This guy can probably buy a similar one for 150-130k in 5 years.
Being a car guy too--Anthony, please share with your viewers the year make & model of that special car that you purchased! Some of us are dying to know!
Maybe with a household income of at least a million a year and another million in assets including cash,investments and paid off house...maybe...theres plenty of nice luxurious cars out there for under 100k
3-6 months of expenses, not income so I don’t think he needs $200k. Especially once his mortgage is gone and he doesn’t have payments, it doesn’t need to be massive.
@@Tcurry04 Someone who makes over $500k/yr, still has over $300k in mortgage, but is considering either blowing all their savings or financing a $220k car is probably spending $20-25k a month in living expenses and other "stuff". This guy in an emergency with only $50k would be in arrears in a few months. So, being on the safe side, $30k/m x 6m and then rounding up to a nice number results in the $200k emergency fund. He needs another $300k to pay off the house, the car is $220k, and then someone driving a RR had better have a car slush fund for all the valet parking, regular maintenance, upkeep, premium gas, roadside service plans, and $10k matching luggage sets required of owning a supercar. It's $1m before he's ready to buy this car.
If he's currently eating out every night, you don't count those expenses towards an emergency fund- I mean, you could if you wanted to still live the highlife in an emergency. But high income generally doesn't mean a high Emergency fund
That’s incorrect. During an ‘emergency’ he’s not going to be spending his typical amount of 20-25k a month. I’m pretty sure he would stop eating out and traveling the world if he lost his job. 200k for an emergency fund is actually too much in my opinion for his income. He should have a smaller emergency fund and invest the rest of that money.
Why in the world would you ever buy a car for cash if you have this much in investments? Use a car loan at an interest rate that's less than your investment returns.
Why hasn't he considered a used RR? Rolls are notorious for EXTREME depreciation. A ten year old rolls royce will give you 99% of the experience of a brand new one. Furthermore unless you live in the Hamptons not many people can tell the difference from a 2012 RR phantom to a 2023 Phantom.
My wife and I also make around $500,000 with a net worth a bit under the caller's, but I drive a 9 year old minivan. I might eventually buy a luxury car, but maybe an $80,000 car. A car that's 10% of my net worth is a year's worth of saving / investing. I think if I was determined to maintain this income until I was 65 that could be okay, but I'd rather pile up money to retire early.
This is a cool answer. He should get a black SUV and pay someone 35-40,000 a year. (Avg Uber driver makes 33k a year so pay a little higher. Get a 90,000 suv. And boom you get a driver for 3 years.
Why is it that EVERY time someone who is very wealthy calls in with a question, half the comments are "He just called in to flex and brag!" Seriously, just listen and TRY hard to get to that level. That's what I'm trying to do. What can I LEARN from these people to help my situation?
I’d be curious as to his age and how long that income has been sustained. 5x your income invested isn’t a whole lot looking relatively depending on age. Hope he gets the RR with no regrets.
I'm here debating if I'm going to get pool this year...no more 10k....I got my house paid off....I can't imagine that big of a purchase....but I guess he has a solid income but needs to paid off the house first....
If he had maybe 10m net worth It wouldn’t be a major issue, but that car would equate to 10% of his current net worth, which isn’t enough to justify a car of such extravagance
I’m a medical Doctor who has lived and worked in the U.S for the past 14 years. While I certainly appreciate material things that are of a good quality, I also understand there needs to be balance. Maybe it’s my moral conscious at play but having seen third world poverty first hand, I personally just can’t ever see the need to buy something like a Rolls Royce, as fine of a car it is. I recently purchased a new (well 6 months old) Toyota Camry in cash, to replace my 2009 Honda Accord which has served me well. As long as the car is safe, comfortable, reliable and affordable to your personal circumstances what else really matters?
$220k car is a yes if your net worth is over $1.1 million dollars. (And also if you hate money. Because you can always drive something cheap and make more in investments.) That's the 20% net worth rule. Also the "you only live once" rule. If you have this much money though, you could always rent an expensive car a few times a year to "satisfy your needs" and come out ahead.
A car like that will cost 15k if the air suspension fails and even brake jobs and struts cost thousands. They are money pits. Buy a three year old certified nice car for 65 0r 70k with a three year warranty
I’d say a net worth of at least 20 million and an Income if at least 2 million before you justify buying a Rolls Royce. However, there are plenty of idiots making low 6 figures who will go and lease a Rolls Royce for 3500 a month and try to look the part of a business mogul. Be rich, don’t look rich. A net worth of 2.5 million in today’s age is pretty common.
Maybe for people who are well into adulthood and planning to retire. For people 25-40 having a 2.5mil net worth isn’t common whatsoever. I’d say he can pay for the car, but he needs to be fully debt free first.
@Alex Alex no. You can get relatively low rates on cars like that... and you shouldn't put 250k cash down on a car. To have so much cash tied down in a single asset is pretty foolish. Definitely take a loan
3yrs old RRolls at 220k? “The target isn’t how expensive you buy it, but how cheap you can find it.” Also, “all your devaluating toys” should be less than 50% of income, not just this one car.
The upkeep on a rolls royce is super expensive. You cannot get an oil change anywhere except a rr dealership. You can't get your car inspected anywhere except a rr dealership. We're talking like $300 for an oil change, at least. Just because you can pay for one does not mean you can afford one.
Me: I’d like to buy a pack of Ramen Noodles and a bar of soap, should I make the purchase? Dave: what’s your net worth? Me: about $4.37 Dave: and if you buy the noodles and soap will you have an emergency fund left after your purchase? Me: uhhhhh no Dave: if I were you I’d starve to death a filthy man and save up for it. Me: 😳
The car gets you from point A to point B. Much like a Rolex, which you look at to see what time it is... you only buy expensive stuff like that to show off. Period.
Oh yes, I'm judging him Dave. It's like you knew the comments that would transpire, before they transpired. The reality is, all humans judge all humans. It's just that few humans are game enough to admit it.
Casey Burns Investing My net worth is double theirs but I would still never waste 220k on a car unless I had at least 7 million in the bank. Their net worth is not high enough yet where they can throw away 220,000 dollars down the toilet on a car purchase. This is almost 10% of their net worth. That’s insane.
His net worth is nowhere near high enough to just a 200k+ purchase on a toy. That’s like almost 10% of his entire net worth. I’m worth double and would never buy a 220k unless I had at least 7 million in the bank.
Very true. Most owners of RR and Bentley have drivers. I don't think it's going to impress people as much as he would think. Although, they are pretty sweet cars
The guy wants to buy a 2 door RR, so either a Wraith or a Phantom drophead or a Dawn. Who wants to put the seat down and clamber in the back of the 2 door RR so someone else can drive? lol
Caller: I want to buy the sun
Dave: well, what's your annual income?
Haha
😂🤣😂🤣😂🤣😂
🤣🤣
Hey Dave, how do I talk to my wife about aborting our child?
"well, what's your income?"
😜😜😜
This wasn’t a flex call people. He got the go ahead from his wife to get it, but he wanted Dave’s opinion before making an extreme decision. You might be hyped up about an emotional decision but it takes a reputable person from outside to turn it into a logical one.
Exactly - this is why this caller has a net worth over 2 million. He thinks first!
Anytime someone of means calls into the show, people pile on like the caller just wanted to brag.
Says far, far more about the peanut gallery than the person who called into the show.
@@clarifyingquestions more like she gave in because he keeps obsessing over it.
@@clarifyingquestions he won’t have millions soon if he keeps needing such extravagant purchases the second he can barely ‘justify’ buying it.
If he’s considering draining I’m his savings just to own a car that’s worth half his annual income (and dropping) that’s a pretty poor financial decision to me.
I think his wife is on a car fever high and has made a decision to get it soley because it had a place to put her purse. He wants no car and was looking to Dave to set her straight
Caller: Dave, I want to marry your daughter.
Dave: Well, what's your annual income.
Lol
My annual income is just little over 100 million a year can I buy a 1 million dollar car?
@@Skykitten246 no you have to go on rice and beans, beans and rice
@@youngfinance6319 ohh oaky thanks for your advice Dave but I might still go ahead and buy it in the future
That would be a reasonable question lol
“I’m going to buy a Rolls Royce to look rich while having ZERO cash in the bank” ...standard American money management thinking
This is literally everyone in Los Angeles
Yep. In america, making 100k and spending 300k is making it..
Figure if he shopped around could get a RR for well under 200K. He needs to brush up on the maintenance cost out of warranty. That's why they are cheap used ,out of factory warranty. Endless money pits as they age....SK.
🤣🤣🤣
@@marcuss6737
There is nothing wrong with what he is doing. There is no standard American thinking in what he doing. He is just thinking about a luxury item that he has the resources for.
He could have bought the car already and have 1.5 million or more in retirement fund and still have the $200,000 in the bank.
Suffer through with a beautiful $60,000 Lexus for a couple years.
Exactly lol
Lincoln make really nice cars as well. There is also Cadillac, Mercedes, jaguar an BMW. It would be interesting to know what sort of experience he has with cars.
@@bighands69 Yup, wish Dave would've asked what he currently drives.
To a man like him, Lexus is Pedestrian.
@@Scorpiomaj27889 good call
He definitely wasn't going to pay cash for that car
Kaitlyn Roberts nope. Probably was going to drop about 50k on a down payment and thinks he got a great deal 😅
We know
They don’t believe in financing because you don’t actually own it.
Prince he would have a great deal if he manages the miles properly and resells it within a few years
He can easily afford the car, but why? This is beyond stupid.
He's probably planning to finance it not buy it outright.
He has the resources to buy the car no doubt about that. He has a good retirement fund and plenty of savings. I would advise him to ease of on the retirement fund for the next few years and get the car of his dream. He is close and with a little bit of patients could have an amazing car for himself.
I would love to know what his general lifestyle is like and where does he live as in what sort of area.
I noticed that they never asked if he was paying cash for the car. I assume he was planning on getting a loan.
@@bighands69 Exactly. That income in SF is not close to a small midwestern state. House being worth 750k is a tip but not enough info.
@@smokesgtp it says David | Chicago, IL at the bottom of the screen
@@evanh1223 there you go, thank you.
Pay off debt, mortgage, first. Keep savings, and then buy toys.
Exactly
I like Dave’s advice, but a lot of his “fans” miss the BIG picture. Life isn’t about stacking money up to the ceiling all the time. This guy obviously works hard and has a lot of money. He has been eyeing this car for a while and I think once the house is paid off he should definitely get it. If the car brings a smile to your face every time you drive it/look at it and you can afford it without putting strains on your budget, I say go for it. Life is suppose to enjoyed. At the end of the day money is just a tool meant to be used. So use it. Take that trip. Buy that car.
I took up a second job to be able to afford the car I wanted. It’s not even a lot of hours, just an extra 20-30ish hours a month, but I got a car I wanted. Every time I get in, it brings a smile to my face and it makes a thing people really hate (driving to work) enjoyable for me.
Did exactly the same exact thing make 28 per hour before tax in my main job and got a job at Costco to get a Kia stinger GT 2018 for 30k
Well said
scotty kilmer: I’ve been driving for over 50 years and the sum total of all cars I’ve ever owned doesn’t exceed $7000. Hahaha! (Horse teeth)
1994 celica haha
Scotty Kilmer is hilarious!
❤️😂😂😂
@@timothygibney5656 yeah if it's a Failing FIAT Chrysler product
Love Scotty! I drive Honda's though.
Caller: "...300,000 remaining on the mortgage"
Dave: "mmmmmm"
Dave having an internal panic attack but keepin' it cool.
The remaining mortgage is not the issue. His issue is he does not have enough money saved at this point to buy the car.
If he puts in a few more years he could easily afford the car if he wants to.
@@bighands69 You're right
(SCREAMING INTERNALLY)
Well, he has a huge net worth and a good income so he didn't feel the same way about it.
The problem with a luxury car purchase is that the upkeep is expensive. If you are still paying on your house, a $25,000 repair bill with nothing left in the bank is painful, and will cause your $220k car to be a garage paperweight until you can afford to fix it.
Rolls Royce is a nice luxury car. But the repair bills can be huge as they are a limited production item and the parts are not at all common... and therefore expensive.
A friend of mine paid more for a repair on one of his cars than he paid for his first house.
These cars are wonderful to own, fantastic to drive and often are gorgeous in ways that are difficult to understand unless you experience them firsthand. They just aren’t something that is a good idea to buy unless you are debt free and it won’t hurt you if they completely die.
I sold an Audi for the simple reason that no regular mechanics will work on them without trying to get paid a months worth of profit off my single repair. Bringing a Toyota or economy car to a mechanic, they'll make reasonable quotes and only repair as needed. Driving Audi, nobody will cut a deal on repairs, they assume I have money to blow.
If one has to worry about how much parts & labor will cost on a Rolls when you bring it to the shop, then you probably can't afford that car, period.
If I remember correctly their income is over half a million a year. He can afford to fix it bringing in over $40,000 a month.
I would rather rent for a weekend, never buy
I THNK WE NEED A CAR TOUR DAVE!!! SHOW US YOUR RIDES
he sold them all
Please make this happen
@@evanrolfe9374 lies
He drives a 94 Toyota celica
@@ChadKirk REV UP YOUR ENGINES
Being out of debt is the best feeling. Then you can do or buy anything you want. That is true freedom.
Exactly
So true. Now just trying to figure out what to do with the savings or else it’s tempting to splurge it all like this guy.
A friend of mine is currently paying $4000+ in expenses monthly and is also in credit card debt. He's currently in the process of moving into his parents house. He has three cars. A Durango, challenger, and a pick-up truck. I suggested selling two of them and the response was incredible. He absolutely refused to give up either.😂😂😂
At this point in my life I'm not doing any arguing if you ask me for advice and I give it to you and your response is to resist it. I'm just gonna tell you "okay have fun with that" and keep it moving.
I’d pay the house off and live entirely “DEBT FREE”..... later for the stupid car!! 🤷♂️
👍, paid for house, is a awesome feeling.
"stupid"?
Never buy it and live debt free
Yup!
Probably the mortgage is low interest, so finishing off the loan early is good, but not necessary in this case
This guy and his wife are in no position to buy a $220k ride. That requires you to have multi-millions in cash that you can drop $220k and not notice it. Get a nice Benz S-Class or a BMW 7-series for $80k and call it a day.
You don’t ever what to have that much cash….
How does this guy make 6 figures and can’t figure out if this is a good purchase 😂
I'd say makes a quarter mill a yr, sounds more official lol cause a lot of jobs can get you 100k yr.
Have you not see how many athletes manage their money? Doctors? Attorneys? Many of them might be talented in what they do, but making a large income does not give you financial acumen.
A coal miner makes well into the six figures with overtime - depending on the state and the politics of coal in the area. I have crazy respect for the job they do, but they're not known to be financial experts.
Making money doesn’t mean you can manage money. Even if you make $30,000 a year you can still squander it.
Kenny Nofal you clearly dont watch enough of this guy
Dude it’s a waste of money. That car is going to tank in value and you’ll have a difficult time reselling it
People get bored with cars, and they get older. Lots of people sell their “dream cars”. You don’t have to call me stupid either, “Dr”. Grow up
Many super cars are worth more than their original value
MICHAEL CRAWLEY not true at ALL. Only rare, classics
@@dr.bradshaw Ford GT, 918, P1
@@GR-uc1gq True
"So if you buy the car you will have no more emergency fund?"
Dead silence
"If you pay off the car you will have no more cash, is that right?"
Silence
"Ooooh you mean...yeah."
🤦♀️idk if he can keep up.
He was planning on financing the car
- "RR goes fas" I don't think you know about the Wraith. It is not fast lol
At that moment he knew....
Lmbo
@@JK8 well it makes like 632hp sure its abit or porker but it will move if given enough motiviation in straight line the car is capable of 0-60 in 4.4 and quater of 12.5 not breath taking for a car that price but not slow either.
$220K depreciating asset.
so? He wants to keep it. Not everything you touch is an investment, people want to enjoy stuff
Don't most Rolls Royces go up in value?
@@musicman1eanda no. take a look at hoovies garage on youtube.
@@musicman1eanda Maybe one from the 50s , or one that is rare . A new one absolutely not. Depreciates like 60-70% in the next 10 years lol. They are a toy , and nothing more.
@@calebniederhofer6529 Gotcha. I know nothing about high end cars so I asked.
Maintaining a Rolls Royce is a whole different story.
Especially a modern one!
From my uncles experience.
Exactly!! I love rolls and high end cars and my future career would allow me to have one. But I would be miserable. Parts are a scare, any breaks or even just maintenance will total more than double the price you paid for it within 4 years. They also depreciate like no other after a number of miles. But the true luxury if you drive a lot is pure bliss. But it's a headache, I wonder if this guy has kids or will have kids. Buying a rolls I don't think so lol
William Nett yah yah
Maintaining anything without readily available parts or service is a bad idea.
Does your uncle have a marriageable daughter? 😁
Love how you reach to a conclusion for your answers. And on top, you teach us to apply the same reasoning to “our” scaled down position. You are the best!!!!!
He should consider a S550 as well!
Caller: I wanna buy a Bentley
Ramsey: Enjoy driving your Bentley while eating rice and beans
When you have worked really hard to get your money and have achieved certain net worth, it is really hard to spend money on something that before could've been considered a bad decision. This is a good call !!!
A fool and his money are soon parted.
you can tell this dude is for real
not like some people who call just to show off
Live humble in these times or you will have a target on your back.
Egos are expensive
Dave needs to have Scotty Kilmer instead of Micheal as his co-host when it comes to car questions. Scotty would tell the caller to just buy a ‘94 Toyota Celiac and I’m sure Dave would agree.
Haha exactly! 🤣 🤣
@@johnsantiago4810 Scotty is a millionaire, and he has a really high chance to really stay one. That's why we need him
EH Celikok yes I know he’s a millionaire. That’s why I agree that Dave needs to have Scotty as his co host.
Scotty recently moved to Tennessee so that’s perfect 👌🏼
or a $3000 Lexus with 60k miles on it.
Stop flexing, start investing
Stop being jealous, start working
He is investing. Didn't you listen?
@@dete503 ok
@@michaelc7014 oh
@Dr. Johnny Sins ok
It’s not just the purchase of the car he has to think about. He also has to think about the upkeep of the car (i.e. repairs, oil changes)
"I can afford to buy a Rolls Royce, but I'll be broke if I do."
Weird flex, but ok.
He can buy it. He cannot afford it.
I agree don’t rush it a car can be fancy yet when the new ones come out you’ll desire a new one-
I suspect it is a dream car for him. Rolls have been producing cars for a long time and the changes in them have been small.
A 15 year old rolls looks the same as the newest one from 50 feet away, they don't change much.
Exactly it’s a 2017 it’s not even worth 220k that’s a rip off you could get a Ferrari, Lamborghini, etc
@@startingtech3900 a new rolls is like 550k, you can't even compare a rolls to a Ferrari
@@drpepper3726 dude he said a 2017 rolls thats not NEW and those things expensive as they are go down in value quick
Should have more money if your buying a Rolls. Get a nice top of the line Lexus or Mercedes.
He cannot afford that! Look up how much rolls Royce repairs are!
500k annual income I think he can afford the repairs..lol
“I want to buy you Dave”
“Ok and what’s your annual income”
Something smells fishy. Usually people with that kind of income are EXTREMELY educated and highly articulate. This guy did not come across that way to me. I’m calling bull@$&% on this call.
Agreed
Not at all. Many are idiots and got to where they are due to social skills in the office. Not through their intelligence
Spiritual lesson at 7:25 is my highlight of the video
One suggestion would be: to pay off the house first, then think about buying a car. Personally, I would not pay that kind of money for a car. I would pay up to about $50,000 for a new car.
Isn't that what Dave said and so much more . Loved the way he explained what a toy is and also no matter what your income and net worth always have a fully funded emergency fund.
@@clarifyingquestions Well, not exactly. Dave seemed to say it's ok to spend $200,000 on a car, which is a little ridiculous in my opinion, no matter how rich you are. Also, a car is not a toy. It is a large machine that can weigh over 5,000 pounds.
@@deanalbertson7203 Each to his own - all about the math;). If it works, everyone has the right to spend their own money however they see fit. Good for the caller if he can buy his dream toy.
@@deanalbertson7203 Ps Dave does not judge, if the math works!
@@clarifyingquestions Lots of "millionaires" have gone bankrupt, using that logic.
i wouldn't, but i'm not a car person, but with all they have, live it up, don't worry about paying off the house, money is cheap and they just keep printing more of it
Cars like that drop in value big time! Insurance and maintenance are going to be killers.
So what, caller is not buying it as an investment
When people like this call you can see the insecurity it brings to the surface in some people who are presumably less wealthy.
I've noticed that! Lol
Blah blah we get it. You don’t think all these “peasants” should be complaining brag calls that most people couldn’t relate to.
@@Poomayne Would you have left the same comment if then numbers were divided by 10? ($50k income, $22k car); just because he makes 10x what some commenters make, doesn't mean he has no right to call. For all you know, he could be a physician (i.e. not a financial expert).
@@dete503 who said that he has no right to call?
They be mad, I be curious and motivated
I reacted much harsher than Dave did when he said “$300k left on the mortgage.” WHATT??! PAY YOUR HOUSE OFF before buying a Rolls, man!
I get it. This guy is probably very proud (as he should be) for where he is and he wants something the signifies that. But yea, don't rush into it.
That being said I'm not onto cars at all so spending more that 20,000 on a car makes my head explode.
Great Video....What car did Anthony get???? Would love to hear his story for inspiration and how to purchase the car the right way.
Too each is own. This is just my opinion comment section. I would hold off on any big purchases for the next 2-5 years. We can't even eat inside of a restaurant yet. My gym is still closed in Jersey. With all the uncertainty going on with economy and a 200k+ car is on the menu. He is gonna buy a 200k car for what. We can't leave the country if we leave the state we might have to quarantine. He sounds very bored with life to me.
You make sense the only thing I can think of is maybe at that price the car actually sells for more and would be a good deal? Idk but I can see that happening like sometimes I tell myself that im not making any big purchases but then a really good deal comes outta nowhere
The car would probably be cheaper in a few months or a year from now after production, etc. ramps back up. I was pricing Eco Boost Mustangs the other day and across the board, they were 3-$4000 more than they were a year ago for used ones.
Who says we can't leave the country?...nd not all the country is locked down. Pretty much everything is open as far as I can see
@@Saiyijon so I follow a channel called Scotty Kilmer basically it's a mechanic and back when I used to work on my car is a lot more he has a lot of videos on how to fix things and give you a really good idea but anyways about 4 cylinder Mustang engines he was saying that those particular engines have been having a lot of problems like under a hundred thousand miles so I just wanted to give you a heads-up also like I'm looking into buying the Bronco and he made a video just like a statement basically saying if you're going to get a Bronco get the 6 cylinder because the four cylinders are not having a good track record so maybe just look into it if you're considering getting one of those okay
@@suttsd Ok try and go to Mexico, Canada or Europe. Let me know what happens when you try and cross the border. I will wait for your response take your time.
Saving this video when I'm in the position to buy my Manual Audi R8.
Go buy 2 or 3 year old certified 7 series BMW, the original owner already took the huge depreciation hit and your getting a like new car with a warranty for less than half price.
Just from what I've seen on auctions, nothing depreciates faster than a Rolls Royce
Take your time and don’t rush, regardless of what you choose, there will be other luxury cars out there and it is not worth the headache of making a $220,000 mistake! 😊
Spending that much on a depreciating asset is wild. At the very least, get a Mercedes and invest the price difference.
He can get a $60,000 to $80,000 car and pay that in cash and still have a substantial savings. It is still a luxury car.
$60k/$80k car is luxury for a person making $120k not luxury for a person making $500k with $millions in retirement
This has to be a set up, surely.
If not, tell him to buy not one, buy 3 if those hollow toys.
What an Einstein.
If he waits a year or two that car will probably be worth 60k less so it will work in his favor waiting.
Rolls Royce wrist worth 60k? In two years ?
@@angelhighlight5154 I think you failed math. 220-60 does not equal 60.
Kevin McMullen won’t go down that much lol. Prob $150k in 2 years
This was a great call!! Again Personal Finance is basic arithmetic taught in Gr. 4 to all those who think this should be taught in school. Baby Steps 1-7. done
Why do Americans love cars so much??? A $30K car drives just as well. Use that $220K to buy a house and you can actually rent it out and earn income on it. A $220K car is just a dumb purchase that depreciates in value.
The most money I can ever imagine spending on a brand new car is 100-120k personally. A nice Porsche or Corvette or something. Not planning on doing that til:
A. My house is paid for.
B. I can pay cash
C. I got 2 million in mostly liquid assets.
It seems cut and dry. Why can’t people make their own good decisions?
75k emergency fund is about the cost of a major service and a significant engine repair on the Rolls
You already know he's gonna buy that car anyway.
This is a reasonable question, honestly.
Not all luxury cars are the same. Buy a Ford gt/ lexus lfa you might only lose 5-10% buy a rolls and lose 30%.
It's a USED rolls. It already lost the 30%.
More like half! The wholesale on them is nill. Like buying a diamond.
@@justinacase2623
He could easily keep the car for 10 or 15 years. Rolls are that sort of car but he would need to factor maintenance and if he has access to the right type of service.
@@bighands69 absolutely, but the cost of parts and repairs are high. Something us Toyota owners have no clue about
Rolls Royces are timeless (I think he was referring to the Wraith or Sliver Ghost), but Rolls tend to suffer more value depreciation than Bugatti, Ferrari, and Lamborghini. This guy can probably buy a similar one for 150-130k in 5 years.
I actually bought my Rolls Royce ghost for 165 and I thank god that I waited the car was originally listed for 190 a few years back.
@@mohidsultan7175 ah neat and thank you for the reply. Any advice for getting to a point where I can buy luxury cars like you?
Being a car guy too--Anthony, please share with your viewers the year make & model of that special car that you purchased! Some of us are dying to know!
Bentley
Maybe with a household income of at least a million a year and another million in assets including cash,investments and paid off house...maybe...theres plenty of nice luxurious cars out there for under 100k
Just lease it for a year or two. That cool stuff always gets old. my dream car only cost $75k done up. I make 150k a yr. GTR R33.
His emergency fund should be more like $200k. He needs to flip this script by about $1m before he can comfortably purchase this car in cash.
3-6 months of expenses, not income so I don’t think he needs $200k. Especially once his mortgage is gone and he doesn’t have payments, it doesn’t need to be massive.
@@Tcurry04 Someone who makes over $500k/yr, still has over $300k in mortgage, but is considering either blowing all their savings or financing a $220k car is probably spending $20-25k a month in living expenses and other "stuff".
This guy in an emergency with only $50k would be in arrears in a few months.
So, being on the safe side, $30k/m x 6m and then rounding up to a nice number results in the $200k emergency fund.
He needs another $300k to pay off the house, the car is $220k, and then someone driving a RR had better have a car slush fund for all the valet parking, regular maintenance, upkeep, premium gas, roadside service plans, and $10k matching luggage sets required of owning a supercar.
It's $1m before he's ready to buy this car.
If he's currently eating out every night, you don't count those expenses towards an emergency fund- I mean, you could if you wanted to still live the highlife in an emergency. But high income generally doesn't mean a high Emergency fund
That’s incorrect. During an ‘emergency’ he’s not going to be spending his typical amount of 20-25k a month. I’m pretty sure he would stop eating out and traveling the world if he lost his job. 200k for an emergency fund is actually too much in my opinion for his income. He should have a smaller emergency fund and invest the rest of that money.
Why in the world would you ever buy a car for cash if you have this much in investments? Use a car loan at an interest rate that's less than your investment returns.
Why hasn't he considered a used RR? Rolls are notorious for EXTREME depreciation. A ten year old rolls royce will give you 99% of the experience of a brand new one. Furthermore unless you live in the Hamptons not many people can tell the difference from a 2012 RR phantom to a 2023 Phantom.
Came for Dave’s reaction and the comments!
My wife and I also make around $500,000 with a net worth a bit under the caller's, but I drive a 9 year old minivan. I might eventually buy a luxury car, but maybe an $80,000 car. A car that's 10% of my net worth is a year's worth of saving / investing. I think if I was determined to maintain this income until I was 65 that could be okay, but I'd rather pile up money to retire early.
You don’t buy a Rolls Royce to drive it yourself.
Buy a volvo xc90 excellence and use the extra $120k to hire a driver for a couple years.
This is a cool answer. He should get a black SUV and pay someone 35-40,000 a year. (Avg Uber driver makes 33k a year so pay a little higher. Get a 90,000 suv. And boom you get a driver for 3 years.
@@matthewweismann4212 What exactly would be the point of a driver? Does it save time or just hassle?
suppeboy saaid just hassle.
@@matthewweismann4212 or just use Uber if you don't drive that much.
Why is it that EVERY time someone who is very wealthy calls in with a question, half the comments are "He just called in to flex and brag!"
Seriously, just listen and TRY hard to get to that level. That's what I'm trying to do. What can I LEARN from these people to help my situation?
There are some that do call to flex, but this is not one of them. Most of these people are just bitter they don't make that much
I’d be curious as to his age and how long that income has been sustained. 5x your income invested isn’t a whole lot looking relatively depending on age. Hope he gets the RR with no regrets.
I'm here debating if I'm going to get pool this year...no more 10k....I got my house paid off....I can't imagine that big of a purchase....but I guess he has a solid income but needs to paid off the house first....
Hi Dave, I make 10MM a year and wondering if I should buy this Bic lighter or should I get a little crazy and buy a Zippo?
Will you wipe out your emergency fund with that purchase?
If he had maybe 10m net worth It wouldn’t be a major issue, but that car would equate to 10% of his current net worth, which isn’t enough to justify a car of such extravagance
Just imagine the cost of maintenance on a Rolls Royce!
it’s just a bmw
I’m a medical Doctor who has lived and worked in the U.S for the past 14 years.
While I certainly appreciate material things that are of a good quality, I also understand there needs to be balance. Maybe it’s my moral conscious at play but having seen third world poverty first hand, I personally just can’t ever see the need to buy something like a Rolls Royce, as fine of a car it is.
I recently purchased a new (well 6 months old) Toyota Camry in cash, to replace my 2009 Honda Accord which has served me well.
As long as the car is safe, comfortable, reliable and affordable to your personal circumstances what else really matters?
Caller: i’m thinking about purchasing Mexico. My wife is iffy about it but I believe it will be a good purchase.
Dave: well, whats your annual income?
$220k car is a yes if your net worth is over $1.1 million dollars. (And also if you hate money. Because you can always drive something cheap and make more in investments.) That's the 20% net worth rule. Also the "you only live once" rule. If you have this much money though, you could always rent an expensive car a few times a year to "satisfy your needs" and come out ahead.
*Why did he even bother calling? I havent seen and i know the answer*
A car like that will cost 15k if the air suspension fails and even brake jobs and struts cost thousands. They are money pits. Buy a three year old certified nice car for 65 0r 70k with a three year warranty
Just flexing on this call
I’d say a net worth of at least 20 million and an Income if at least 2 million before you justify buying a Rolls Royce. However, there are plenty of idiots making low 6 figures who will go and lease a Rolls Royce for 3500 a month and try to look the part of a business mogul. Be rich, don’t look rich. A net worth of 2.5 million in today’s age is pretty common.
Maybe for people who are well into adulthood and planning to retire. For people 25-40 having a 2.5mil net worth isn’t common whatsoever. I’d say he can pay for the car, but he needs to be fully debt free first.
You shouldn't pay cash for a car like that.
@Alex Alex no. You can get relatively low rates on cars like that... and you shouldn't put 250k cash down on a car. To have so much cash tied down in a single asset is pretty foolish. Definitely take a loan
Spend half and get a BMW MERCEDES OR LEXUS outright w/no monthly payment and a bumper to bumper warranty for 5 yrs.
Can you please tell me what you do for a living I need to jump on that.
Probably doctor or lawyer
3yrs old RRolls at 220k? “The target isn’t how expensive you buy it, but how cheap you can find it.”
Also, “all your devaluating toys” should be less than 50% of income, not just this one car.
If you have to ask then the answer is probably no
The upkeep on a rolls royce is super expensive. You cannot get an oil change anywhere except a rr dealership. You can't get your car inspected anywhere except a rr dealership. We're talking like $300 for an oil change, at least. Just because you can pay for one does not mean you can afford one.
Me: I’d like to buy a pack of Ramen Noodles and a bar of soap, should I make the purchase?
Dave: what’s your net worth?
Me: about $4.37
Dave: and if you buy the noodles and soap will you have an emergency fund left after your purchase?
Me: uhhhhh no
Dave: if I were you I’d starve to death a filthy man and save up for it.
Me: 😳
😄🤣😂😆
shower only with water , or use your dish washing soap to bathe and wash dishes. 👍🏽
Shower with cold water only or when it rains ...
@@mrvjalbert that works too 😄👍🏽
The car gets you from point A to point B. Much like a Rolex, which you look at to see what time it is... you only buy expensive stuff like that to show off. Period.
Oh yes, I'm judging him Dave.
It's like you knew the comments that would transpire, before they transpired.
The reality is, all humans judge all humans. It's just that few humans are game enough to admit it.
They have soooo much money and hardly investing 😩🤦🏾♀️. I can’t imagine.
That’s a lot but they make a lot.
Casey Burns Investing My net worth is double theirs but I would still never waste 220k on a car unless I had at least 7 million in the bank. Their net worth is not high enough yet where they can throw away 220,000 dollars down the toilet on a car purchase. This is almost 10% of their net worth. That’s insane.
Speaking Truths username checks out! I completely agree with you here.
Speaking Truths what do you do? Show me the way lol
Speaking Truths 💯
My Dream car is the Bentley Continental GT Mulliner. Once I got 3 million stacked ill buy it.
I read the title and I immediately face palmed 🤦♂️
His net worth is nowhere near high enough to just a 200k+ purchase on a toy. That’s like almost 10% of his entire net worth. I’m worth double and would never buy a 220k unless I had at least 7 million in the bank.
IMHO it's dumb to buy a Rolls Royce or Bentley to drive it yourself. I would want to ride in it with a chauffeur lol.
Very true. Most owners of RR and Bentley have drivers. I don't think it's going to impress people as much as he would think. Although, they are pretty sweet cars
Agree 💯
auxis totally 💰
Rolls are really nice to drive as are Bentley. There are no other cars on the market like them.
The guy wants to buy a 2 door RR, so either a Wraith or a Phantom drophead or a Dawn. Who wants to put the seat down and clamber in the back of the 2 door RR so someone else can drive? lol