If you’re part of the mass affluent crowd, pondering which car to park in your driveway, I’ve got some insights that might help. As someone who reads about personal finance for fun, you’re likely well-educated and upwardly mobile, traits often found in the mass affluent. So, let’s dive into the car-buying journey together, shall we?
First off, let me share my own car dilemma. After a decade with my trusty Land Rover Discover II, affectionately called Moose, it’s time for an upgrade. Moose has been reliable, surviving even the harshest snow storms, but the laundry list of issues like malfunctioning warning lights, a stuck sunroof, and a temperamental CD changer (to name just a few) are pushing me to look for something newer.
In the past three years, I’ve shelled out around $1,100 on repairs, and I’ve decided that any future repairs over $500 just won’t be worth it. It’s tough to let go, but it might be time.
Given this backdrop, I’m considering what kind of vehicle matches the mass affluent lifestyle without being overly extravagant. Here are some thoughts:
1. The Practical Choice:
– Honda Fit: This model is a solid pick for city dwellers. It’s compact, making parking a breeze, and is fuel-efficient, which means more money stays in your pocket. Priced around $21,500 out the door in California, it’s an economically wise choice, though it’s now made in Mexico, which may or may not influence your decision.
2. The Aspirational SUV:
– Land Rover Evoque: This SUV caught my eye with its sleek design and powerful engine. It’s compact enough for city life but spacious and safe enough if family is in the cards. However, with a starting price of $44,500, it’s a step up in terms of investment.
3. The Fun Electric:
– BMW i3: Driving this was a thrill, and it’s certainly a conversation starter. The i3 is priced between $45,000 and $52,000, and with evolving electric vehicle technology, leasing might be more sensible than buying.
Each of these vehicles has its pros and cons, from the economical Honda Fit to the stylish yet pricey Evoque, to the innovative but range-limited BMW i3. While I lean towards a fun driving experience and appreciate a good looking car, I’m also mindful of not overspending just for the thrill of it.
Ultimately, choosing a car as a mass affluent buyer means balancing desires with practicality. You want a car that reflects your status but also makes sense for your lifestyle and budget. Whether it’s the practicality of the Honda Fit, the luxury of the Evoque, or the cutting-edge technology of the i3, the best choice is one that you’ll be happy with for years to come, without regretting the expense.
