Many purchasers of luxury cars spend a disproportionate amount of time researching (sometimes for months at a time) a particular vehicle before buying it. If they had spent even 25% of that time planning their investments, they could be much wealthier today.
Such buyers often argue that they got the vehicle at cost or even below cost, but when they talk about paying as much for a car as you do for your house, they are still hugely out of pocket – despite the discount. It’s all a question of focus. Leonard is a qualified financial planner and regional head at Citadel Wealth Management