Should I Buy a $220,000 Luxury Car? 

Caller: I want to buy the sun Dave: well, what's your annual income?

A fool and his money are soon parted.

He cannot afford that! Look up how much rolls Royce repairs are!

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?

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.

My first thought of necessary net worth for a 220k car to make sense was 10 mil. He's not yet financially independent. 500k income is great but with no taxable investments he's probably barely saving 100k per year, if that. Buy a 75k car like an Audi, step up savings and pay off the house. Buy a rolls when you've got 5 times your current net worth and no debt.

$220K car will be worth $30K when a genius rear ends you. No Insurance company will reimburse 100% of that purchase. Buy a "poor man's" 5 series BMW and buy another brand new one if an eminent driver totals the first.

Agree with Dave. Congrats on caller’s (and Anthony’s) success. You can’t be poor enough to help save the world and just leaves you unable to help anyone incl yourself. Pay it fwd or give back religious or not.

Is the annual income take home or gross?

Mmmmm this is probably a dumb question but he didnt think of financing maybe half the car ? Would that change the situation of the emergency fund?

Caller: Dave, I want to marry your daughter. Dave: Well, what's your annual income.

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)

“I’m going to buy a Rolls Royce to look rich while having ZERO cash in the bank” ...standard American money management thinking

Suffer through with a beautiful $60,000 Lexus for a couple years.

Caller: "...300,000 remaining on the mortgage" Dave: "mmmmmm" Dave having an internal panic attack but keepin' it cool.

He definitely wasn't going to pay cash for that car

I THNK WE NEED A CAR TOUR DAVE!!! SHOW US YOUR RIDES

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.

He's probably planning to finance it not buy it outright.

How does this guy make 6 figures and can’t figure out if this is a good purchase 😂

Pay off debt, mortgage, first. Keep savings, and then buy toys.

Caller: I wanna buy a Bentley Ramsey: Enjoy driving your Bentley while eating rice and beans

I’d pay the house off and live entirely “DEBT FREE”..... later for the stupid car!! 🤷‍♂️

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.

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 can afford to buy a Rolls Royce, but I'll be broke if I do."

$220K depreciating asset.

Dude it’s a waste of money. That car is going to tank in value and you’ll have a difficult time reselling it

"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.

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: 😳

“I want to buy you Dave” “Ok and what’s your annual income”

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.

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.

Being out of debt is the best feeling. Then you can do or buy anything you want. That is true freedom.

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.

Live humble in these times or you will have a target on your back.

Even if I had millions I'd never buy a $220,000 car. 😨🤪

Stop flexing, start investing

You already know he's gonna buy that car anyway.

Maintaining a Rolls Royce is a whole different story. Especially a modern one! From my uncles experience.

Rich people make investments, poor people make purchases!

I get the feeling this guy is exaggerating his net worth.

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?

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.

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.

Egos are expensive

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.

He should consider a S550 as well!

Thorstein Veblen called it Conspicuous Consumption You will look ridiculous driving that Rolls Invariably it will get keyed by the envious you triggered in showing off in the McDonlds parking lot

When people like this call you can see the insecurity it brings to the surface in some people who are presumably less wealthy.

I hate these filthy bragger callers. Why don't they call and ask how to start a charitable foundation? Why don't they ask about a good charity to give to? Why don't they ask if they should take a loss for a few years to keep employees employed? Why don't they ask for a good way to donate property? Oh that's right, because they just want to brag about their millions and their $200,000 car.

If he waits a year or two that car will probably be worth 60k less so it will work in his favor waiting.

What a stupid question.

All I know is me and my wife make 450k a year and drive a nice luxurious hyundai

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.

My god why buy a rolls royce? SAVE YOUR MONEY FOR YOUR FAMILY AND STOP BUYING FLASHY ITEMS

He can’t afford it. There are billionaires that wouldn’t make that purchase.

l guess being wealthy makes it difficult to decide on buying a car😂 my advice is to find other sources of good passive income but this is advise is for those who's goal is to be wealthy in a near future.

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.

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.

you can tell this dude is for real not like some people who call just to show off

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 !!!

Cars like that drop in value big time! Insurance and maintenance are going to be killers.

some of these people cleary call to show off....about the mountain of debts.. then there's those losers with high net worths who call to embarrasingly ask to buy an extra roll of toilet paper and feel horrible about it.

That’s a lot but they make a lot.

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.

THIS is how rich people go broke.

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.

Just flexing on this call

Caller: “ Dave, I wanna buy all of the infinity stones from thanos & rule the universe & wipe out half the planet “ Dave: “What’s your household income?”

Just imagine the cost of maintenance on a Rolls Royce!

Another flex call.

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.

Just from what I've seen on auctions, nothing depreciates faster than a Rolls Royce

I want to buy slaves Dave: whats ur annual income?

lol imagine owing a rolls Royce and don't even have atleast 5k saved up.

“2017 Rolls Royce 2-Door” yeah, you shouldn’t buy it. If you refer to the model as a 2-door, you’re buying it just for the name.. lol

Driving around in an expensive car can attract trouble. Thieves can follow you wherever you go and strike. The rewards are bigger (in their minds) going after you. Do you really want that kind of attention?

net worth at $2.5 million, income $500k, home not paid off. Wants a $220k car to feel good about his income/net worth and to have something to show for it. My only question is HOW OLD ARE YOU because 1. either you're as young as you sound and received an inheritance/large gift or 2. you should have a much higher net worth.

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.

I repeat, what a stupid question. And the only non-enabling answer that DAVE should have given is, “No, you idiot, NOBODY “should” buy a car that costs that much, even if they - unlike you - can afford it. It’s a stupid purchase. Give the money to charity or go on a trip or just SAVE it. Now get off the phone and go for a walk to clear your head!”

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 used to feel so guilty about owning a $90k car until I started watching these. Mainly because of jealousy from family members. But my cars are less than 30% of my income. It’s amazing how shitty family can be sometimes.

Rolls Royce while still in debt? Then asking people for some Grey Poupon? 😏

So you want to put 10% of your net worth in your driveway? Lol if he was 60 or 80 years old it wouldn't matter but this guy isn't old. And on the middle of a pandemic/recession? How did these people end up millionaires? Lol

Should have more money if your buying a Rolls. Get a nice top of the line Lexus or Mercedes.

Not hating at all, but what’s the point of a $200k car? I mean if you’re worth millions sure but even then it’s just a depreciating asset.

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%.

Use the 100K of 200K and pay off most the house yeesh. Why waste time? As long as his job is ok during to thr pandemic. Pay off that house. Then save up buy the car cash. Then get back to saving, giving, and investing.

I'm not judging him for what he wants to purchase, I just want to know what he does for a living. 😆

I read the title and I immediately face palmed 🤦‍♂️

The advice they gave is absurd im starting to lose faith in y'all ! The caller is an idiot 200K in liquid and wants to blow on a 220k Rolls Royce when he should focus on building his savings and paying off the house.. then reward yourself w/ a car.

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

Why would you buy a six figure car with only 2.5 networth. That's not smart at all. Maybe when you have 5 mill you can think about it.

Great Video....What car did Anthony get???? Would love to hear his story for inspiration and how to purchase the car the right way.

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.

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.

Dumb advice. He could have an "emergency fund" in one month

If I’m ever that rich... I sure hope I keep my senses enough to never consider buying a car worth more than a house. WOOOW! Lol