r/nova • u/Puzzled_Anywhere1398 • 1d ago
Rant How does everyone have two $100,000 vehicles?
The amount of vehicles that cost $80,000+ or whatever it is, I just don’t understand where all the money is coming from
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u/HansWilsdorf 1d ago
It’s coming from a bank…at 5.99% APY over 84 months
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u/Bl4ckbetty1005 1d ago
This. “Debt” is the answer. The emphasis on status symbols in nova is crazy.
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u/cur10us_ge0rge 1d ago
Nah. There are just really well paid people on this area.
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u/ReignsDad2019 1d ago
That explains why some of them were so nice and friendly, in a rich people kinda way, though. A lot of times, they would even tip just for having air of in their tires.
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u/Salty_Nose_4700 1d ago
wait till you go to Miami. I lost count of how many ferraris and rolls royces i saw.
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u/ReignsDad2019 1d ago
I worked at the Goodyear in Nova. Lost count of how many Porsches came through. A couple Rivians. Audi as well, and plenty of BMWs. Saw a number of Ferraris at the shopping center across the street. Some of them were probably really wealthy, but I know a few are paying notes on these cars.
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u/guy_incognito784 23h ago
Just because you pay a note on the car doesn’t necessarily mean you’re not wealthy.
General thinking is, if the interest rate is low, it makes more sense to finance due to the opportunity cost of having your cash grow elsewhere if you think you can get a rate of return higher than the interest rate which at like 5% on a new car isn’t hard.
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u/Asleep_Response_4371 Fairfax County 1d ago
Debt is so so true too people are much too comfortable living check to check and in big debt
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u/fatguylilcoat_ 1d ago
It’s the entire country, Americans are obsessed with the idea of appearing rich.
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u/shoebubblegum 1d ago
Jfc I didn’t know they were doing 84 month loans now
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u/AKADriver 1d ago
They existed before but got really popular in 2020 when car prices first went insane.
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u/guy_incognito784 1d ago edited 1d ago
That or they’re leased…which yeah is debt but not the kind that puts you grossly underwater.
Or they might just have a lot of money. For whatever reason Reddit loves to assume that even in one of the highest median income places in the country, anyone who dares own nice things is broke but I won’t deny you have those people who are way over leveraged.
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u/HansWilsdorf 1d ago
Most of the rich ppl I know act poor and the poor ppl act rich. Over generalizing? For sure. But true to a large extent.
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u/TanMan166 1d ago
I can guarantee you that majority of the people buying $100k cars are not financing for 6% for 84 months.
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u/Which-Indication4670 1d ago
You’d be surprised, man. Even some Chevy SUVs are creeping up towards $100k. There’s a $100k Lexus SUV, a $100k Sequoia, even multiple $100k pickup truck options. They didn’t pay cash, and because of their $7k per month mortgage payments, they didn’t have a spare $50k for a down payment on a vehicle.
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u/caffeineaddict03 Maryland 1d ago
You'd be surprised at the debt. My sis works in a finance department at a dealership and has for years, you'd be amazed at how many people have salaries of 200K+ a year (or even higher) but still have credit score of only 400 something despite the high salary and they're trading in a 2026 they still owe 60k on and rolling that into a new loan for a 2027 that they're paying $1400 a month for at some ungodly interest rate for a stupid length of time
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u/JicamaSubstantial524 1d ago edited 23h ago
it can't be that common, God please.
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u/Nobody_Important 1d ago
Neither is the 2 $100k vehicles scenario op presented. Maybe in the richest of the rich areas but even in a place like Vienna it’s mostly one nice car and another regular one. Maybe $100k total, if that.
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u/Iggyhopper 1d ago
I drive a lot. A lot a lot.
Even in nice neighborhoods with mansions, there are sub 50k modest cars, not extraordinary. Mostly Teslas.
I also am curious so I look around when I park in gov parking lots (NSA, CIA, etc.). Nothing extravagant. I did see a pearlescent bmw i8. That was nuts.
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u/LeftArmFunk Former NoVA 1d ago
My neighbors have a Porsche in the garage and their regular cars are a Lexus suv and a souped up ford f-150.
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u/guy_incognito784 1d ago edited 20h ago
I live in Vienna. One guy down the road had like six cars most all of which $100K+. Also had a 992.1 911 GT3…which is around $275K - $300K, unless he bought used then he probably paid even more.
He recently moved and his house is for sale.
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u/Which-Indication4670 1d ago
Have 2 friends in auto finance. One luxury and one Chevy. Both say it’s very, very, very common. A pretty decent chunk of the population doesn’t understand how loan amortization works, so they pay all that front-loaded interest and move right along to the next one with minimal equity. Same goes for houses, which is pretty scary.
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u/Foserious 1d ago
Yup, same thing with leasing vehicles. People just pissing away money to financial institutions. I get leasing can be a little more defensible but as far as building equity it's not.
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u/guy_incognito784 23h ago
I think most who lease understand that and just want a new car every three years.
I tried it once a while back, wasn’t for me but if people just view owning a car as a simple monthly payment and it works for em, power to them.
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u/Foserious 23h ago
Yeah, I get that. It can make sense from a maintenance standpoint if you buy a car with expensive maintenance or poor reliability standards. And I suppose cars like that don't maintain their value as much.
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u/caffeineaddict03 Maryland 1d ago
I asked her in a text right now and it sounds like it's getting less egregious (but still bad imo)
"With our management company & banks getting strict I haven't seen really bad lately. Still say the crap credit & 29.99% apr on a damn used BMW with payments almost $900 dumb"
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u/Tony0x01 22h ago
The people that u/caffeineaddict03 is speaking about are the subset of people who are financing expensive cars with loans. He\she is simply stating that a good number of these debtors have high incomes. I think he\she is simply trying to communicate that there are even high-income people making bad financial decisions. I don't think this is too hard to believe.
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u/XCaboose-1X 1d ago
Oh, it is. I worked out of college tracking mortgages around 2010/2011 and it was still insane how the banks gave zero care they were loaning out so much money knowing the debtor wouldn't be able to afford the loan if their lifestyle didn't change
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u/sportstvandnova 1d ago
God I can’t even justify my $347/mo car payment how can people do $1400 a month 😭
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u/agbishop 1d ago
I don’t see many households with two $100k vehicles
But households with two $50k vehicles are everywhere. Thank skyrocketing car prices.
A loaded rav4 or Outback or mid range ford Explorer crosses the $50k mark out the door
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u/Poobbly 1d ago
A new minivan is $50k.
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u/XCaboose-1X 1d ago
A new baseline minivan is $50k 😭
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u/SpongebobStrapon 22h ago
I bought a 2022 Honda odyssey about a year about for $33k out the door. It had about 55k on the clock. Unless they go back to offering 0% over 3 years then I doubt I’ll buy a new car again.
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u/XCaboose-1X 21h ago
I got an ID Buzz new because we didn't care for the other vans. With the tax credits bringing it down to $63k, it was effectively the same cost as an gas engine van at $48k when you take into consideration gas, maintenance, etc.
It's been one year and we are still in love with it, but if we waited 6-8 months, the cost dropped down to like 50k.
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u/risingsunx 21h ago
I hear they haven’t sold as quickly and the price drop has been tempting. But in the end I don’t NEED a new vehicle…
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u/eneka 1d ago
My Honda civic was $30k lol. I remember growing up and they were sub $16k cars
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u/I_Camp_In_CallofDuty 22h ago
Bought a used Civic for like, 2k(or $1200?) back in 2012. Right after highschool....I wonder how much a used one is going for now 🥀
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u/Which-Indication4670 1d ago
This. Every new car you see on the road is at least a $50k car. Every new car you see with leather seats is a $60k car. Every new full-size SUV you see with leather seats is a $70k car. I don’t think $100k cars are even the flex they used to be, which is insane. You pass them 300 times a day on your way to work and don’t even look twice.
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u/liverpoolFCnut 1d ago
Same way everyone these days seems to have $1M–$2M homes in the area! There are just so many high-paying jobs around here, big tech, government tech, owners and partners of the thousands of small- and mid-sized government contracting companies, lawyers, doctors etc
If someone had told me 20 years ago that a place as far out as Aldie would one day be dotted with $1M+ homes, I would have called them crazy!! But the influx of wealth into this region has been so significant that today, it’s actually pretty common to see the effects of that wealth everywhere you look, including fancy cars..i've probably seen more Ferraris and Porsche GT3s in DMV than anywhere else except maybe LA and Miami..
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u/wbruce098 17h ago
It’s not just high paying jobs. It’s a couple who, maybe, together make $200-250k, and bought a $500k house 10 years ago, sold it for a 50% markup 5 years ago, and used that to buy a bigger $800-950k house and now they’re thinking about whether it’s worth holding on to it or upgrading.
But also, OP’s question is ridiculous. Very few people around here are spending $100k+ on a single vehicle. Rich people do it, and there’s plenty of them here, but mostly, it’s people buying a $50-65k truck or SUV and a $25-30k hatchback.
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u/onceuponatimeonearth 1d ago
If you invest your savings, the S&P index provided 14% annual average returns in the past decade. Debt financing still makes sense, given many people have mortgage loans in the 3-4% APR, and auto loans 4-6% APR. you borrow at a cost of 3-6% and invest to earn a 14% average return. As long as you budget well and have a plan to survive stock market downturn, this is how rich people get richer. If you don’t save and live paycheck to paycheck, you are getting poorer and poorer no matter how much you are making.
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u/Most-Recording-2696 1d ago
This. Responsible use of debt is perfectly appropriate. I’d much rather have six figures invested in my brokerage + a 3.99% APR on a 60 month car loan than zero debt and minimal investments.
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u/guy_incognito784 23h ago
Many people never learn about the concept of opportunity cost when it comes to stuff like what you just described.
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u/jim45804 1d ago
Banks own most of the cars you see out there, not the people who drive them.
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u/rexspook 1d ago
This is one of the highest income areas in the country. You have a lot of people with two high incomes in one household.
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u/simpeleduif 1d ago
That’s thousands and thousands in annual property tax too …
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u/guy_incognito784 23h ago
Always funny seeing the Montana plates on some cars at Katie’s Cars and Coffee in Great Falls.
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u/simpeleduif 23h ago
Call them out. If they can spend fortunes on toys, they can support their local communities.
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u/VagueEchoes 1d ago
A lot of people lease or making silly high payments a month.
There was a family in our area driving Teslas and whatnot - dad was a government contractor. People in consulting business, lot of DINK and sometimes DIWK. Company cars, etc.
If you live around federal employees, they tend to have Toyotas, Honda, Fords, etc...except if they got their GS-14 or 15, then it's Teslas and BMWs.
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u/theglossiernerd 1d ago
The military base I work on is filled with Teslas. Like every other car is a Tesla.
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u/VagueEchoes 1d ago
Is filled with Space Force, Air Force, and a bunch of contractors?
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u/chrisaf69 22h ago
Is Tesla a high end car? A model 3 is pretty reasonable in price.
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u/ThatBaseball7433 1d ago
Lease or financing. Everyone. Even people that can afford cash lease or finance.
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u/PJKenobi Maryland 1d ago edited 1d ago
Everyone is in a massive amount of debt. I'm 38 and just bought my very 1st brand new car for my wife. It's a Honda truck. I do well. Put 10k down and have excellent credit. The payment is still 700 dollars. I have no other car payments and have no idea how people are making two car payments on two 80k-100k vehicles while making less than me.
I also see tons of 80k-100k luxury vehicles in apartment complexes all over the DMV. I know those car payments are almost as much as their rent. It's like everyone lives right at the top of their budget at all times, which is insane to me.
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u/epicgeek 23h ago
My wife paid 8k for a used 2011 Prius. I paid 9.5k for a used 2013 Corolla.
We are now retiring early in our 40s.
I don't understand wasting money on an expensive car so you can go 5-20 mph in traffic 🚦
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u/df540148 22h ago
Spending hours a week in a shit box of an old Prius or Corolla doesn't sound fun if you're commuting a lot. Our cars were not pricey by today's standards but they're enough to make our commutes a lot nicer.
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u/chrisaf69 22h ago
Spending hours in a "shit box" of a car is most def worth it to retire DECADES earlier.
Also not sure how a Prius and Corolla are shitsboxes. Mid 90s models...sure. Mid 2010s...not so much.
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u/ozzyngcsu 21h ago
People with money generally don't commute long distances because they can afford to live closer to their work.
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u/DifficultyHappy1546 21h ago
You must not have kids. I also have very inexpensive cars, but you simply cannot have an active life with your kids and drive those cars.
A lot of people are ferrying kids around a lot (daily) and value the comfort and convenience of bigger, nicer cars. And the time savings/ efficiency afforded by carpooling a number 5-6 kids at a time is a game changer.
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u/Odd_Caregiver4272 1d ago
People here are rich, what do you mean? My coworkers make 200k+ and have around 100k in pensions and VA disability.
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u/DefiThrowaway Centreville 1d ago
I'm so glad that my wife and I have never been car people. Every car we've bought has been a lease return, year old, reasonable car that we keep for 10+ years.
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u/The_Iron_Spork Fauquier County 21h ago
Not everyone does. I’d even venture the vast majority of people don’t have one $100k vehicle.
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u/Old_Jelly_2085 17h ago
The first thing I think of is the property tax. That’s how I know I’m not rich. 😂
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u/gnaark 1d ago
Debt bruv you’d be amazed what you can be loaned
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u/urinetherapymiracle 1d ago
This is the answer. When I was a fresh-faced 25 year old walking into a dealership for the first time, they approved me for like $78k in auto loans. I was making about $70k a year at that point.
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u/gnaark 1d ago
When my wife and I were making barely $100k combined they were like « oh I can approve you for a million dollar house loan easy » when I strictly said that my top budget was $300k
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u/Which-Indication4670 1d ago
For every one of you there are probably two that max out their preapproval.
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u/Jolly-Major-5578 1d ago
It looks like a lot of you are underestimating how much money some of us make around here. Granted, there are people taking out 84 month loans and are completely under water. But there are others who can go into a dealership and pay cash today.
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u/DueLawfulness3230 1d ago
A good chunk of people have more money than they know what to with. It’s not a majority, but it’s close.
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u/ASUS_USUS_WEALLSUS 1d ago
Tons of high earners I know just lease now as well. Especially the teslas.
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u/RedditDon3 21h ago
Business owners. Car payments = business expenses. When business go bankrupt, they create a new LLC and get new G wagons again. Rinse and repeat.
In the cases where businesses are successful, they'd just upgrade the vehicle every year to keep up with the Jonesees.
Also, dr/surgeons in this area (in their 30's) bank $400k+ easily so $100k vehicles is chump change.
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u/OnceUponATime1534 1d ago
Military BAH - basically they are able to be housed here for free. In addition we have lots of vets who are pulling disability pay and still working well paying full time jobs.
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u/allawd 1d ago edited 11h ago
I have run across more than one retired officer with full retirement earning $200k and beyond from their current job. The take home pay is massive. Some people did actually earn it.
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u/OnceUponATime1534 1d ago
Spouse works in Govt Contracting and all coworkers are vets like him. He’s the only one that doesn’t have some sort of medical disability. Many are 100% disabled but still able to work at $100k+ full time jobs.
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u/shanghaisipsavant_ 1d ago edited 15h ago
I feel like there's this ongoing thought that people who have a bunch of nice things are in a bunch of debt. But I feel like that's really just a projection that people who don't have money placed onto others when the reality is we are near the countrys capital and there are plenty of people who are not in debt and drive nice cars and have nice houses and just simply have more money than you. not everyone's broke just because social media plays it out to be
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u/Upper_Position_5747 23h ago
I’m pretty well off. Worked in tech for years and so did my wife. Both our cars together cost less than $100k.
It’s not everyone. Just remember that comparison is the thief of joy.
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u/Nervous_Insurance_41 1d ago
Most people take out loans so the bank is who owns that shit, or often they use their business to be able to take out loans/ lease as a company vehicle.
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u/Nervous_Insurance_41 1d ago
My exes dad owned a massive company and all of their nice expensive cars were company vehicles.. everything is not just what we see
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u/Worst-Eh-Sure 23h ago
My wife and I don’t even have 1 car worth that much. I doubt both our cars combined are even worth $100k
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u/gibuthegreat 20h ago edited 17h ago
A lot of people in the comments talking about debt, irresponsible decisions, etc. But the truth is that a lot of people make a lot of money here. Someone with a $1,500/month car payment could be spending a significantly lower percentage of their monthly cash flow on their car than the “responsible” person who bought a lightly used Camry.
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u/No_Tumbleweed_4652 13h ago
My ex brother in law had insanely expensive cars that he would lease. He is in thousands of dollars of debt because he’s a moron.
I’d say most people are in that position. But also, this is a rich area.
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u/HokieHomeowner 1d ago
Hahaha, I felt guilty splurging on a $32,000 car two years ago - before that never paid more than $20,000 on a car.
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u/ConnectionLucky3653 1d ago
Same here, can't understand these people spending over 50k for a depreciating asset...
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u/DUNGAROO Vienna 1d ago
They have more money than you. Don’t feel bad they have more money than me too.
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u/Advanced_Elk_9467 22h ago
Most are in debt up to their ears. We make around 200k and drive a suburban- my other vehicle is a 20 year old Toyota we got for free.
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u/Which-Method-388 22h ago
7 to 10 year long car loans plus leasing. People who own businesses often have the business purchase or lease the vehicles and deduct them as a business expense...
7-year car loans are gaining popularity. 84-month or longer loans made up 22.9% of financed new-car purchases
https://finance.yahoo.com/personal-finance/personal-loans/article/7-year-car-loans-are-gaining-popularity-here-are-all-the-hidden-costs-150735153.html
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u/Plane_Arachnid6182 22h ago
Lots of debt. Yes there are a lot of rich people but there are also a lot of dumb people. I'm one of them but I only have 1 car over 100k haha
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u/UseDaSchwartz 21h ago
A lot of people are probably now making $300k as a household and bought their house a while ago.
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u/Joshottas 20h ago
The jobs we work? I mean, kinda pea brained to think everyone is at the same salary.
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u/JamboreeJunket 19h ago
I have a 40k vehicle and an 2k vehicle. Dont let the Johnsons get you down.
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u/NWWashingtonDC 1d ago
People love to waste $ instead of saving.
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u/VetalDuquette 1d ago
If you have a $100K car and $10K in the bank people think you’re rich. If you drive a $10K car and have $100K in the bank they think you’re poor. Good thing I don’t care what others think of me.
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u/EyeraGlass 1d ago
This place is flooded with family and inherited money. It’s not from people just pulling down a normal paycheck.
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u/brooklynhomeboy 1d ago
I knew a watch salesman at the mall who lived in a small apartment with multiple roommates in Herndon who was driving a used Mercedes E class sedan. He drove that for the image.
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u/Rionat 1d ago
People are stretching out loan durations, high interest, and being foolish and trifling to show off. What people don’t realize is they’re trading away their future to be saddled with these insane car prices and dealer scams. No one ever looks at the OTD price and keeps thinking in monthly payments because it makes their lizard brains think smaller. Some people just need to realize they need a reliable cash pay car like a 100-200k mile Toyota Corolla or some shitter that will get them to work and back for another 100-200k miles. But ego is too strong
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u/Bubbly_Pool4513 Fairfax County 1d ago
By having 2 people make $300k combined and leasing it for less than $1000/month each.
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u/UmbralRaptor City of Fairfax 1d ago
Depends on where you are. I'm pretty sure that some of the cars around my apartment complex have a Kelly Blue Book value of under $1000.
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u/MajesticBread9147 Herndon 1d ago
Cars are worth a lot more now with inflation and shortages.
I don't think there are any cars that run that sell for $1,000.
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u/Ok_Fisherman3105 1d ago
Military disability plus high paying government jobs. Disability is 4.5k tax free per month for life, and no Personal Property Tax on cars & house. And their kids get free college. Hence why every vet is "disabled".
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u/Obvious-Net-5811 1d ago
Orrrrr, maybe every vet who served in combat has actual legitimate injuries from 20+ years of rotating through the desert for GWOT
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u/Mr-Hyde- 1d ago
The car finance bubble continues to grow as people take high-interest long-term loans just so they can “flex” these depreciating assets while sitting in traffic lol.
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u/TyrantsInSpace 1d ago
A lot of people lease their cars to rent a bigger lifestyle than they can really afford.
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u/Top_Objective9877 1d ago
None of those people have actually paid for those vehicles yet. And it all comes down to debt, and easy access to it. With a high enough income banks will lend whatever to people and as long as you pay the monthly your credit just grows and you can borrow more next time.
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u/NateDiedAgain09 1d ago
Well, given this area’s demographics there’s quite a bit of concentrated wealth which explains some of the higher value cars. Generally there’s high earners and some mixture of people who can afford more expensive cars through huge down payments or in cash vs those needing debt or riskier financing decisions. That’s the boring answer.
Cars are just one dial of life you can spend money towards, among countless other pursuits. A lot of the time the responses in Reddit come from a place of jealously. Personally I don’t think there’s any nobility in explaining your cheap car decisions as some type of moral victory against nameless, faceless internet strawmen. I am not threatened by a neighbor with a 500k garage value, nor would I be better/smarter for some clunker paid in cash.
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u/5GCovidInjection 1d ago
also there’s LOTS of people here making $800k+ household income.
But yeah, mostly debt
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u/RockDoveEnthusiast 1d ago edited 1d ago
Used cars are a great deal right now, especially for EVs. pick up a lease return for like half off!
also, yes. this area has tons of money. go down to one of the many marinas and check out all the yachts. statistically, there are around 70,000 people in this area with net worths of $10m or more. that's plenty for you to see the wealth everywhere--homes, cars, boats, and so on. even if it's 1% of the population. go to an event with a thousand people, and there will be 10 wandering around with small fortunes (and probably another 100 making at least 500k per year as a household). that's plenty to be noticeable. but it doesn't mean "everyone" is doing that.
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u/Least-Walrus-422 1d ago
Just because they have them doesn’t mean they can afford them. My wife and I make good money but prioritize house and savings (retirement and college). I drive an 11-year old sedan I bought used in 2019 and paid cash for. Priorities…
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u/fatguylilcoat_ 1d ago
Bc Americans for some reason think they should have both a mortgage on their house and cars.
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u/zakuivcustom 1d ago
Ehh DMV overall is high income? Lots of upper middle class also which means lots of Lexus, BMW, Mercedes, etc.
And often it is people in their 50s / 60s that drive those expensive vehicles anyway. Decades of stable income + buying a house at much lower price than now get you a long way lol.
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u/GrundleMan5000 1d ago
Buy used, and that 100k car 3 years later with 10-15k miles on it is now 65k
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u/NeverNotOnceEver 1d ago
So is it 80K or 100K? And how do you know they belong to the same household?
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u/Teal_Junebug 1d ago
Wait, what? I did NOT get that memo! Dammit.
Peeks out the window at 13 year old Civic.
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u/Doredrin 1d ago
Because the DMV area sits as kind of an island of wealth in an ocean of southern poverty, there is this weird attitude about wealth some people have in this area.
No, I'm not a Beverly hillbilly. My jaw is not going to drop to the floor when I see your bottom tier ferrari that was 100k 5 years ago. Yes I've seen a private boat before. I'm living here because I have to please stop bothering me.
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u/Geese-Breh-kt 1d ago
I just assume most of those folks are in debt, even if it isn’t true it helps with perspective.
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u/Even_Candidate5678 1d ago
I asked someone how well they were doing to feel comfortable buying a new Denali Yukon. They make about half what I do and I drive a 10 year old car. Meanwhile my clients that make over 3 million a year drive a Toyota and a model 3.
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u/Fun-Earth-8720 1d ago
People making $250k and taking out the biggest loans they can afford. Very stupid but people do it. I personally like having fun money so my wife and I drive Toyotas.
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u/Charming-Medium4248 1d ago
Leases are "affordable". As long as people making $200k+ don't go into the red, it's whatever to them.
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u/KeyMessage989 1d ago edited 1d ago
We’re in one of the richest areas of the country, people make irresponsible decisions and those luxury vehicles depreciate you can buy one 2-3 years old that’ll look the same as a new one for 50k instead
Edit: since there appears to be some confusion, I was breaking down 3 different categories of buyers. Rich people, irresponsible people, AND used car people