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While driving on the highway recently I noticed the vehicle in front of us was a Bentley – an SUV no less. My immediate thought was that this SUV would never be part of an off road adventure – neither are most SUVs for that matter.
I had another thought too. Why would you spend that kind of money on a depreciating asset that costs a fortune to maintain? The price tag is about $279,000. That’s a lot of cash to get from A to B even in comfort.
Connie had another thought. How much money do you need, what income level is necessary to afford such a car?
I did a little research on who buys a Bentley. The information varies and who knows how reliable, but it seems the age group of buyers is 35-55. Buyers typically have an income in excess of $1 million a year and a net worth well above $5 million. They also own several other vehicles. Maybe they only drive the Bentley to church each week.
I don’t meet any of the indicated criteria, but I could buy a Bentley – if I was willing to see a whopping decline in my net worth – not sure the ongoing insurance premiums and maintenance would be feasible though.
Are there folks who would use a chunk of their assets to feel wealthier than they are, to impress? I’m sure there are, but in my case driving a Bentley to the local county public golf course might get me pulled over by the police.
Actually I would be embarrassed, I would feel guilty, I couldn’t explain it to our children. Heck, I can’t even come to a decision whether to replace my ten year old Mercedes.
The question remains, why would anyone spend over a quarter million dollars on an SUV? Just imagine the cost of getting the mud off with weekly detailing. 😎
Actually, my Equinox has much in common with a Bentley; 4 wheels and tires, 7 letters, steering wheel…. Well I could just go on and on.
I live in a 55+ development and find a good number of my fellow neighbors are driving fancy high priced vehicles, such as the Bentley, Porsches, and Mercedes What some of them do is rent the vehicle for a few years to enjoy the car. After they get the Bentley out of their system the leasee will move onto another fancy automobile.
We too live in a 55+ community. Of the 24 cars in our garage only two are not a Mercedes, Jaguar, BMW, or Porsche – no Bentley though. From talking to my neighbors it appears we are the only ones not leasing.
What are the two that aren’t in your list of luxury vehicles?
Actually I forgot two Lexus.
Lexus is the dominant brand in our CCRC including several of their most expensive models.
I’m a big fan. When we moved back to the US in 2012 and needed a car, we started shopping with open minds but ultimately bought a 2008 Lexus from its original owner. When we soon needed a second car we had gotten to know and like our first one, so it was logical to start that shopping with Lexus and we soon owned two. Both preowned of course. Now twelve years later we own one car which is that first Lexus. It usually lives in a storage facility and we’re always glad to have it back whenever we do. My guess is it’s worth $10k now. It works for us. Someday when we have to replace it we’ll be open minded again but Lexus will have an advantage.
Question made me smile. Years ago we had a high school student from Latvia for a school year. I swear he went home with every original dollar he arrived with and more. Never brought books home. Moved him to AP Calc mid year, still no books. 4th in his class ranking. Took him to the Detroit auto show and we come up to the Bentley area and are looking at something that goes for a couple hundred grand. I say to him “there is a car for you”, he stares into his wallet, then looks me in the eye and says “but what would my friends think?” Thanks for taking me back with your article.
It is all relative. Do you own anything that is above the minimum needed for survival? If yes you own your own version of a Bentley. We spend more than the minimum to show off, for our own enjoyment/benefit or a combination thereof. To someone else your home is a Bentley….. We all spend more than we need to on our personal favorite items. Most of us collect something that in most cases are not appreciating assets. Why does Jay Leno collect more cars than he can drive?
In the aggregate you are correct, most Americans are in that category of more of many things than needed, but I think a purchase worth four times the median household income is a bit of an outlier
Who said…
“Why do people spend money they don’t have to buy things they don’t need to impress people they don’t like?”
I bought a new ’24 Hyundai Palisade Calligraphy. It is a three row, luxury edition of Hyundai’s large set SUV. I paid cash for it…$51,300.
Since my wife doesn’t like to fly anymore, we have used this vehicle to visit 6 states on road trips. (VA, NC, SC, GA, TN, FL) In earlier days, I use to drive 10-12 hours a day, as I drove from TX to the Carolinas to visit my folks, but these days, I try to limit driving to 8 hours in a day. It is a large vehicle, but it averages 28 mpg on the highway and 24 mpg around town. It has every conceivable safety system imaginable. Although it is not recommended, it even drives itself hands free, although the dash board will flash at you and tell you to “Place your hands on the Steering Wheel,” when it notices you are driving hands free.
In a few years we will be done driving and traveling and I will replace this vehicle with something the size of a KIA Soul, which is another vehicle I have owned and enjoyed. Based on current values and pricing, I might get the new car paid for by trading this one in on it, since the most fully loaded Soul is only @$33,000. And by then, we will most likely only need a single vehicle, so even bigger savings, and fewer expenses.
A Bently? I think not… Fortunately for me, I am at that stage in life now where I actually think about purchases, since in 15-20 years, someone is going to have to dispose of all this stuff. HA!
My Bentley story…but not my Bentley! I was involved in purchasing a business from a gentleman for a large sum of money. He was wealthy before this transaction but he became very wealthy afterwards. He came back to visit his former business and we had heard that he had bought a new car. He already owned several: Cadillac, Mercedes, Lexus, etc. He had let us know when he would be arriving so we all gathered at the windows to see about the new car. He parked in the far back of the building lot and we struggled to see it was a Bentley! He did not want to talk about it. He was somewhat embarrassed about the whole deal. Especially, after he realized that everyone knew how much he received for the business. As a public company, it was all disclosed.
That headline (a little misleading, but maybe written by Jonathan) really pulled me in. Yes, where is the “humble” in driving a Bentley? I wouldn’t mind a ride in one sometime, especially if my companion was adorable Princess Charlotte, with whom I share a birthday, but other than that, no thanks. (Anyone with contacts in Buckingham Palace, please let them know that I’m good with kids and wouldn’t mind at all if Mom, Dad or Gramps joined us on our birthday ride).
That was my headline and it seems to have done its job. 😎
Indeed it has. And I just realized that I may have confused the Royal luxury vehicle of choice: maybe Princess Charlotte and I would be in a Rolls Royce, not a Bentley 😂
Yup, it’s a Rolls for the Royals
For those who can be tempted by the fantasy of owning anything really expensive, a little internet research can often help you get out of the fantasy and back into reality. There is a guy in FL who shops the auctions for “bargain” vehicles like Bentley. He’s a gifted mechanic and sometimes finds one that was totaled in error. In his process, he strips the fantasy. He posted a recent one about a Bentley SUV…..
https://youtu.be/Yjwc-G4CcH4?si=OfJVZuqPox-XbYdC
I recently read that the life of a Bentley is only about 140,000 miles. That doesn’t seem too good for the money and supposed quality. My old long ago Impala lasted 200,000 before the engine blew.
My car phases are as follows:
1) When I was a teenager I saw an add saying new VW Bugs were selling for $1,900, had the cash from savings cutting lawns, didn’t pull the trigger.
2) While raising my children always wanted a Volvo, but at the time could only afford to pay what they cost 4 years earlier (this was during the days of buying American cars and trading them in after the warranty expired because they we such crap).
3) Buying either new, or two year old Japanese makes and keeping them till they died because they are built so well (last one got rid of was a 2002 Tacoma I sold to my brother in ‘20- he’s still driving 2 miles to work, and to the dump).
4) Buying top of the line Toyotas, what will possibly our last car, truck (partially due to all the safety features).
Now Richard hold on a minute. You didn’t mention how old or new that Bentley was. Bentleys and Aston Martins have a depreciation curve similar to a typewriter thrown out of a tenth floor office. Their interiors are works of art and their rides legendary. I have a frugal friend who is on his third Bentley, never having paid (cash) more than $90,000 and he swears by (not at) them.
The physician next door to my clinic has driven a series of luxury cars, including a Bentley. He’s been a patient of mine and has also treated my wife. I know he’s in a lucrative specialty, but I suspect the cars are leased. He’s a very nice man, great company, but I always avoided any interaction with the Bentley.
i know a 30 something who drives a leased Bentley. He doesn’t have health insurance!!!!
It’s nice to have a good car, but I think you reach that “point of diminishing returns” way before you get to $100k. Not to mention that the most reliable cars on the road are not necessarily the luxury brands.
Robin Williams used to tell a joke about “Cocaine being God’s way of telling you you had too much money”. Substitute a Bentley.
But I did see a pretty sweet Aston Martin last night in the parking lot (taking 2 spots) as we left the restaurant. Think it was a DB12.
Most luxury marques are firmly in the generic SUV game these days – Lamborghini, Maserati, Aston Martin, Rolls Royce etc. Funnily enough a number developed by 3rd party supercontractor Magna Steyr in Austria.
I broadly think there are 5 categories of buyer on top end vehicles.
Those where the cost is truly immaterial so they might as well have ” the best”
Those where it comes with the role/image: sports stars, drug dealers, influencers/ blaggers etc.
True enthusiasts who might sacrifice elsewhere to own.
Those overextending themselves to represent a lifestyle. Big lease payments.
Hoarders/ investors who won’t actually drive them.
For me, in my win the lottery fantasy, I usually end up deciding on the fun of a fleet of Abarths.
I love your five categories. It’s a great way to think about the motivation of buyers of luxury goods — and it highlights an important point: Only the enthusiasts are purchasing the item because they truly appreciate the quality.
Fix It Again Tony?
Probably not as bad as stablemates Jeep & Chrysler these days. My mother has an 09 regular 500 in mint condition that barely sips gas and has only needed tyres doing. Requires proper gear changing on windy roads too so tremendous fun.
I will never be buying a Bentley but seeing such high cost vehicles reminds me of the bargain I get with my umbrella liability policy.