PTS

The bigger variable is at what age are you worth that $10 million.

If I'm 40, worth $10 million, and want a car, I'm getting that car. There will be many opportunities to deploy capital into dips and if you're 40 at that level of wealth, you're very likely to create much more. In 10 years, they won't be making cars like this

If I'm 65+, worth $10 million, and retired or near it, different decision process.

But you're right, these uncertain markets will certainly weed out many buyers

AlexCeres

As others have observed, the markets in some sectors are still up 100% over 3 years ago. There are a lot of people for whom a 20% correction means they’re still cashing in mega winnings. Lots of different circumstances out there. I’d suspect in the medium sized markets, this bodes a lot better for prospective buyers than the major world leading metropolises. NY, SF, LA, London. Washing out 30% of buyers still hasn’t even halved the wait lists.

Ssbowtie1

Crazy times for sure. Supply chain breakdown, plus low interest rates, plus lockdowns leading people to funnel their money into goods, plus a massive bull run, plus people feeling like their cash is devaluing daily plus massive stimulus, mainly PPP loans that turned into tax free profits for business owners led us to this point.

Things are different today though. Every point above is in process of correcting, which we need and will hopefully bring things back to a pre-Covid normal over the next 12 months.

McLaren997

The vast majority of people posting here are well educated but there are a few that need to read the following sentence and learn the meaning of loose and lose. I like loose women but I don't like to lose money.

Freddie Two Bs

If a I'm 65+ and worth 10 bucks, I'm getting three cars. All properties are paid off many times over, all kids are out of the house and I've already moved to a low tax state. Maybe I even get four or five.

993TurboS

Yes, I agree. I disagree with the earlier post. If all expenses are behind you, and you are sitting on wealth that you'll never spend, hurry up and blow it. The younger guy who has massive future expenses should blow less on a gt3 than a guy who has no current or future unfunded expenses.

SWxSec

As with everything, it depends. Imagine a 35 year old making $2m a year in a corporate job. They expect to continue earning at their current level, and even higher, for decades to come.

tomingrassia

I have investments in ARK funds and I am still getting a Targa 4S!

Bucketlistx911

Brooklyn, get yourself a big damn garage and fill it up with Porsches!! Not a shabby inheritance for your heirs, much more interesting than stocks and bonds.....

PTS

If you're worth $10 million at 40 years old, your earnings potential and time remaining to grow and accumulate wealth is far superior than someone worth the same at 65 + years old. Your logic doesn't track. If you're at $10 million at 40 and you're still at $10 million at 65 years old, you f*cked up, royally.

If you're 65 and worth $10 million, you have to make that $10 million last for your entire retirement, and whatever you wish to pass on (if that's your thing). A $500k correction in this scenario is more impactful than it is for the 40 year old. The 40 year old has many more decades to recover and grow.

Diablo Dude

And here we are on May 18th just 4 months since my "the bubble is popping" post with the SPX cratering 165 points to 3,923
Nasdaq off 4.7% and 566 points to 11,418.

The negative wealth effect that the FED is looking to achieve to bring inflation under control is currently in process.
Anyone thinking that this wont impact the ADM situation is terribly mistaken.

993TurboS

I know lots of people whose income peaked before they were 40. People who were living huge and bought the big house because they were sure that they would make even more later.

On the flip side are all of the 70 year olds who never spent and have this huge wealth. They are certainly not f-d. Plenty of money to last the rest of their life. If they have the capability of still enjoying an expensive car, I'd encourage them to do it.

The 40 year old who believes they can always make 2m a year forever... I suggest they read history. Yes, some will crush it on an ongoing basis. Many will not.

PTS

When we're speaking in the realms of 8-figure wealth, more often a portion of that is accumulated via investment gains, stock options (if applicable), etc., as much or more than from annual comp. If you hit that milestone at around 40, and you're not doing significantly better by 65+ in terms of net worth, you likely made significant errors in that multi-decade span, experienced very bad luck or a combination of those. We're talking averages not outliers.

There's just no way you can argue that in the hypothetical of a 40 year old and 65 year old with the same net worth, the 65 year old has more purchasing power for cars like these. The younger has decades more of future earned income (whether peak or not), investments, etc., to grow wealth. We've both made our points and can agree to disagree

993TurboS

I can and I am.

PTS

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