Cars vs diamonds

[Ionysis]

So can anyone on here explain to me why people (not PS people, other silly people) think that is totally fine to spend $50k or more on a car BUT think it would be INSANE to spend that on a diamond?

Car. Drive it off the forecourt - lose 20% value. Continue depreciating the damned machine every time you take it out for the next X years. Have to spend money on servicing, maintenance, GAS, tires, tax, replacement parts, fixing accidents etc until eventually it is a worthless piece of scrap.

Diamond. Buy wisely. Spend $5 a month on dawn dish soap to keep it clean. Keep it as long as you want. Enjoy it every day totally free if cost. Worse case scenario (if you didn’t buy wisely) sell it for 50% discount in the secondary market 5 / 10 / 20 / 50 years later. Best case (if you’re lucky and clever with your purchase) sell for what you paid for it, maybe less inflation.

WHY is it stupid to spend the same amount on a diamond as you would on a car?! Asking for a friend…..

 

[Rfisher]

I think asking a question like this will get you so many opinions that underscore the fact it’s just opinions on how people differ on what their priorities are. Everyone’s priories are different.
like asking people if they‘d ever suggest to their offspring to get an onlyFan account as their means of income, or not. Just different opinion and outlook.
thank goodness we all can differ.

 

[Slickk]

Well, I love both!
But, my entire family gets to enjoy the car whereas the only one looking at the diamond is me?

 

[dk168]

Each to their own?

Just like some would not buy anything less than earth-mined diamond in D IF XXX or no heat/treatment Ruby/Sapphire/Emerald/etc. from a specific location/mine etc...?

DK

 

[Calliecake]

Everyone spends money on things that make them happy and bring them joy. It‘s interesting though the comments some people make regarding someone purchasing a piece of jewelry.

A comment has caused me to feel guilty about a purchase I’ve made. That’s one of the reason’s I’m thrilled about lab diamonds. All the excitement without the guilt.

 

[RMOO]

WHY is it stupid to spend the same amount on a diamond as you would on a car?! Asking for a friend…..

I would answer that it is not stupid. It's what you (or you friend ) like most and what brings you joy, no different than someone buying a Jaguar, when a Chevy will transport them just as well.

 

[Ionysis]

Whilst I appreciate “everyone’s priorities are different” that doesn’t give me a reasoned argument why buying a car - particularly a second or third vehicle which you don’t NEED logistically - is more sensible / acceptable to do many people than buying a diamond. I genuinely don’t get it. Unless it’s because the person who is buying just likes cars - and the actual fundamental economics are irrelevant to them.

To me the logical premise is what is important. Whilst neither may be a good “investment” like a 401k might be, it just makes more economic sense to me to choose a diamond over a car if everything else was equal. Am I wrong?

 

[Ionysis]

I would answer that it is not stupid. It's what you (or you friend ) like most and what brings you joy, no different than someone buying a Jaguar, when a Chevy will transport them just as well.

Very good point! I just made my husband buy a Skoda when he wanted a Range Rover. Because they both get you from A to B and cars generally are a total throw away financially speaking, IMO.

 

[Ionysis]

Everyone spends money on things that make them happy and bring them joy. It‘s interesting though the comments some people make regarding someone purchasing a piece of jewelry.

A comment has caused me to feel guilty about a purchase I’ve made. That’s one of the reason’s I’m thrilled about lab diamonds. All the excitement without the guilt.

Don’t feel guilty. Your loved ones may benefit indirectly. When I feel extremely stressed and want to shout at my children and throttle my husband (might be peri-menopausal…) looking at my rings, organising my jewellery drawer and getting the ultrasound out makes me a better person to be around.

 

[MissGotRocks]

I know many people that admire pretty diamonds but would never spend the money for one. Cars are a necessity for most folks so there is that. I do appreciate the fact though that it is possible to keep a diamond in the same condition as it was when you purchased it. Cars not so much.
I don’t care what other people think about the way I spend my money and their thoughts or comments have no bearing on how I spend it. I worked for it, earned it and am not asking anyone else to pay my bills. I don’t buy what I can’t afford and have fulfilled my obligations in life regarding my family. Talk away - I’ll be watching my own diamond light show and loving every minute of it - lol!

 

[Calliecake]

Whilst I appreciate “everyone’s priorities are different” that doesn’t give me a reasoned argument why buying a car - particularly a second or third vehicle which you don’t NEED logistically - is more sensible / acceptable to do many people than buying a diamond. I genuinely don’t get it. Unless it’s because the person who is buying just likes cars - and the actual fundamental economics are irrelevant to them.

To me the logical premise is what is important. Whilst neither may be a good “investment” like a 401k might be, it just makes more economic sense to me to choose a diamond over a car if everything else was equal. Am I wrong?

I see it the same way @lonysis. For whatever reason many people feel jewelry is frivolous. I find it kind of sad especially if someone knows that jewelry brings you joy and they have things they spend equal amounts of money on that bring them joy. Why would they even care what you choose to spend your money on?

That’s why I love Pricescope. No one ever makes anyone feel bad about about purchasing a piece of jewelry they love.

 

[seaurchin]

I think that beyond what most of us on here would probably agree are the basics, it’s all just whatever an individual happens to get enjoyment and satisfaction from, and that varies widely. Unless someone purchases trying to make a profit, which is a different discussion.

So, to me, things like an economy car, plain wedding bands if married, basic apartment or so-called “starter” home, wardrobe from a discount store, etc. are all on the same level.

Then extras, for those fortunate enough to be able to indulge, are on a whole different level and debating about which luxury item is more practical doesn’t even make any sense. By definition, none of them are practical or necessary. Residual value is not the goal and not known until the luxury item is sold anyway.

I consider the money spent to purchase a car beyond economy car, jewelry beyond basic wedding bands, if married, along with non-item splurges like vacations and nice restaurants, all on the same level. Extra, unnecessary luxury (or at least luxury-ish) purchases for pleasure. None better or worse, just differing depending on what brings people pleasure and satisfaction.

I think people are usually just trying to feel superior when they belittle your chosen splurges, unless you share bills and the discussion is about if the splurges are truly in the budget or not. “Which splurge is more practical” doesn’t make much sense imo. If the goal was to be practical, wouldn’t we invest in mutual funds instead of getting any of it.

Idk, to me, it’s like debating about if Fruit Loops cereal or Fritos are more nutritious lol.

 

[jaysonsmom]

Well, I love both!
But, my entire family gets to enjoy the car whereas the only one looking at the diamond is me?

Same. I love my cars and diamonds.

 

[MissGotRocks]

I see it the same way @lonysis. For whatever reason many people feel jewelry is frivolous. I find it kind of sad especially if someone knows that jewelry brings you joy and they have things they spend equal amounts of money on that bring them joy. Why would they even care what you choose to spend your money on?

That’s why I love Pricescope. No one ever makes anyone feel bad about about purchasing a piece of jewelry they love.

It is what makes PS so special! We understand the pleasure that they bring. We are free to share here without blow back from anyone. In my everyday life, I don’t worry about what others think either. I think it is a benefit of gradually growing older. You begin to have an amazing clarity about what is important and what isn’t so it is easy to tune out other people’s negativity. They generally have their own criteria for it and more often than not, it won’t mirror your own.

 

[Ionysis]

I am a banker, so I DO look at it from an economic perspective as well as what makes you happy.

Not that any luxury items are generally safe investments. But I still think some are much better / more sensible purchases than others.

Buy the right expensive bag, for example. The right designer bag can actually be a way more sensible spend than e.g. car or any other electronic device which has built in obsolescence. If you ever NEED to monetise it, it’s much easier to realise value for one than the other. Certain bags tend to hold their value in the secondary market very well.

Personally I never spend money on bags because they are too easily destroyed/ damaged by someone as clumsy as me who also has pets and kids. Risky. Diamonds much more durable.

The point of the thread wasn’t necessarily about who prefers what luxury items. Of course everyone has preferences. It was to suggest, in my opinion, some seemingly “luxury” items which many wouldn’t dream of splurging on - like some of the items we PSers buy - are actually a much more “sensible” spend than things which are commonly purchased for an equivalent price without people blinking an eye about it.

Many of my friends would think it’s UTTERLY BONKERS to spend $30k on an unheated, eyeclean, cornflower blue Burma sapphire but would drop that on a second or even a third vehicle and think it money well spent.

 

[Petalouda]

So can anyone on here explain to me why people (not PS people, other silly people) think that is totally fine to spend $50k or more on a car BUT think it would be INSANE to spend that on a diamond?

Car. Drive it off the forecourt - lose 20% value. Continue depreciating the damned machine every time you take it out for the next X years. Have to spend money on servicing, maintenance, GAS, tires, tax, replacement parts, fixing accidents etc until eventually it is a worthless piece of scrap.

Diamond. Buy wisely. Spend $5 a month on dawn dish soap to keep it clean. Keep it as long as you want. Enjoy it every day totally free if cost. Worse case scenario (if you didn’t buy wisely) sell it for 50% discount in the secondary market 5 / 10 / 20 / 50 years later. Best case (if you’re lucky and clever with your purchase) sell for what you paid for it, maybe less inflation.

WHY is it stupid to spend the same amount on a diamond as you would on a car?! Asking for a friend…..

Now that's what I'm saying!

 

[jaysonsmom]

Everyone’s priorities are different, I have a bunch of hiking buddies that spends upwards of 20k for a trip where they are roughing it backpacking….paying thousands for Sherpa’s, gear hauls. They don’t “get” the pleasure I get from seeing a new bling, and I don’t see the value of spending 20k on torturing oneself on a 2 week backpacking trip …..to each their own

 

[AllAboardTheBlingTrain]

I think you make a really good point. Go over to Reddit for example, and you’ll see people shitting all over “frivolous” expenses (that somehow are all traditionally coded feminine) like makeup, jewelry, handbags etc. but in the same vein will drop thousands of dollars on other luxury items like fancy cars, watches and gaming rigs. And I don’t think it’s a coincidence that the kind of luxury spend that’s considered more “socially acceptable” is traditionally coded masculine or gender neutral. I mean, why is it a “better financial decision” (an actual argument I’ve had over on Reddit) to purchase a watch over a piece of jewelry? Jewelry has better longevity than a watch; and while certain brand names and models of watches will command a premium in the secondhand market - so will some pieces of signed jewelry. Accounting for inflation, neither watches nor jewelry are a “good investment” unless you get really lucky, but both are decent stores of value. Yet the same group of people who look down on women for wanting a diamond engagement ring wouldn’t think twice about dropping the same or more money on a stainless steel watch.

And the argument breaks down even further when you come to cars. Sure, a basic car is a necessity and you should definitely take care of that before buying bling if you live in a place which doesn’t have good public transport / pedestrian accessibility; but beyond that, a Mercedes is not a better purchase than a diamond, because it loses half its value the second you drive off the lot; and loses value year after year. Jewelry takes an initial hit for sure, but after that initial hit it remains relatively stable or increases in value.

But you try convincing a Reddit “bro” about that one.

 

[Eli22]

I like both! My hubby benefits from my car obsession (I grew up with dad after divorce). I have never said “no” to any car he’s wanted to purchase. Even when he was looking to me to talk him out of the nth vehicle…I did not. I was truly excited for him/us.

Yet, he pissed on my parade when I showed him a yellow diamond I wanted to purchase. I even came back a day later to show him more yellow diamonds to see if it was that particular ring that elicited his response and his comments were still the same. Not sure how I feel about that…

Whilst I appreciate “everyone’s priorities are different” that doesn’t give me a reasoned argument why buying a car - particularly a second or third vehicle which you don’t NEED logistically - is more sensible / acceptable to do many people than buying a diamond. I genuinely don’t get it. Unless it’s because the person who is buying just likes cars - and the actual fundamental economics are irrelevant to them.

To me the logical premise is what is important. Whilst neither may be a good “investment” like a 401k might be, it just makes more economic sense to me to choose a diamond over a car if everything else was equal. Am I wrong?

Not wrong at all - but I can see why some people think vehicles are “investments” - they see the wins. For example: Hubby purchased and restored a vintage car (total outlay sub-$100k) & it’s been appraised at $250k. My father has a few collectible cars that don’t get used often, that are holding their value and even increasing. However, I don’t think this is common, and even when you think you know the market - peoples tastes and whims change. Some car buys (and holds) are just pure luck. There’s also the other side: I traded in a pristine pagoda 280SL convertible for a VW Jetta once. They just weren’t worth much then and I needed a more “reliable” car. Imagine my surprise when they started selling for 5x the price of a brand new Jetta!

Purchasing a vehicle for investment purposes to me means it has combo of provenance/rarity/beauty/performance/popularity (hmmm…starting to sound like gems). Everything else is just for the pure enjoyment of it. I had an EV once - it was fast/powerful but I missed the sound of an engine so now I have an even faster IC vehicle that purrs nicely. It doesn’t have to make sense, I just enjoy it. Same with my jewelry.

 

[VRBeauty]

Having just spent way, way more on a new car than I will ever spend on a diamond…

My hubby and I are enjoying the heck out of my new car as we travel through Europe. It’s comfortable, drives like a dream, has safety features up the wazoo, and looks great to boot. It will be the tow vehicle for the trailer we’ll be picking up later this summer, as well as my daily driver. Could we have met our car needs with a less expensive car? Yes. Will the car (continue to) lose value? Undoubtably. Will we be able to pass this car down to our heirs? Not unless we kick the bucket way,way sooner than we hope to.

We could have got the job done with a far less costly car. Plenty of people will criticize our choice - mostly not to our face, though there may be some of those too - as being frivolous. I mean, a car loses value, it will no doubt require continued maintenance expenditures, and all those bells and whistle come courtesy of computers that could go out at any minute. Not to mention the money we’d lose if it were damaged in any sort of crash or other catastrophe - insurance might cover repairs, but it would never be the same as before.

But I have no regrets. I’m enjoying this little bit of luxury just as much as I’d enjoy another diamond ring on my finger - and way more than I’d enjoy another diamond ring sitting in the safe. If some else would make a different choice, I’d totally get that too.

By the way, we could have decided to use my husband’s ‘69 Chevy C10 as our tow vehicle, but that would be overkill. And besides, she’s worth way, way more than my new car.

 

[foxinsox]

I think you make a really good point. Go over to Reddit for example, and you’ll see people shitting all over “frivolous” expenses (that somehow are all traditionally coded feminine) like makeup, jewelry, handbags etc. but in the same vein will drop thousands of dollars on other luxury items like fancy cars, watches and gaming rigs. And I don’t think it’s a coincidence that the kind of luxury spend that’s considered more “socially acceptable” is traditionally coded masculine or gender neutral. I mean, why is it a “better financial decision” (an actual argument I’ve had over on Reddit) to purchase a watch over a piece of jewelry? Jewelry has better longevity than a watch; and while certain brand names and models of watches will command a premium in the secondhand market - so will some pieces of signed jewelry. Accounting for inflation, neither watches nor jewelry are a “good investment” unless you get really lucky, but both are decent stores of value. Yet the same group of people who look down on women for wanting a diamond engagement ring wouldn’t think twice about dropping the same or more money on a stainless steel watch.

And the argument breaks down even further when you come to cars. Sure, a basic car is a necessity and you should definitely take care of that before buying bling if you live in a place which doesn’t have good public transport / pedestrian accessibility; but beyond that, a Mercedes is not a better purchase than a diamond, because it loses half its value the second you drive off the lot; and loses value year after year. Jewelry takes an initial hit for sure, but after that initial hit it remains relatively stable or increases in value.

But you try convincing a Reddit “bro” about that one.

Honestly I was coming here to say exactly this. Items traditionally coded as feminine are generally considered less serious and therefore worthy of spending serious money on (unless it’s a gift from the man to his woman). Cars have a utility purpose alongside their fun side so are easier to defend but as they’re also are coded as masculine, they’re therefore worthy of spending money on.
For every exception in this thread of women who prefer cars etc, we’ve probably all had the experience of going to buy a car and the salesperson expecting it’s the man who’s the customer in the transaction.

 

[Gloria27]

Because doing stuff (driving experience) beats looking at stuff (observing rocks)...

 

[RMOO]

Speaking in generalities only (I know there will always be an exception) I agree with @AllAboardTheBlingTrain and @foxinsox, that beyond the differences in priorities between individuals and what they choose to spend their disposable income on, there is a societal component that belittles anything traditionally coded as a feminine interest and legitimizes anything coded as a masculine interest. And it goes beyond the opinion of the item/activity, to extend to the character of the person.

 

[wildcat03]

I know people who find joy from driving their cars the same way some of us do from looking at a beautifully cut diamond. I have a short commute that is mostly highway so I drive a 9 year-old Nissan and hope it lasts another 9 years. However, some of my friends have longer commutes and enjoy the feeling of a luxury car. I don't personally get it.
Other people consider a "nice" or late model car to be an important representation of their persona regardless of the financial strain (just as people do with diamonds). I have a friend who works the same job as I do. She made the same as I did back when we each worked 1.0 FTE. My husband and I bought our house and paid it down as much as we could, and now we are just floating along with a 15 year mortgage at 2.125%. She bought a bigger house in a "fancier" area and had to sell some investments to have enough for a down payment. Mortgage is larger, interest rate is higher. Meanwhile, she is on her THIRD car since 2017. I cut back to 0.8 FTE (and took a pay cut to do so) to allow my household to run more smoothly. She keeps on talking about how she wishes she could, but she can't afford to! She's probably spent 45K in car payments alone in the last 6 years. Meanwhile I paid my 2014 off in early 2015 and have invested/saved that cash.

 

[canuk-gal]

Having just spent way, way more on a new car than I will ever spend on a diamond…

My hubby and I are enjoying the heck out of my new car as we travel through Europe. It’s comfortable, drives like a dream, has safety features up the wazoo, and looks great to boot. It will be the tow vehicle for the trailer we’ll be picking up later this summer, as well as my daily driver. Could we have met our car needs with a less expensive car? Yes. Will the car (continue to) lose value? Undoubtably. Will we be able to pass this car down to our heirs? Not unless we kick the bucket way,way sooner than we hope to.

We could have got the job done with a far less costly car. Plenty of people will criticize our choice - mostly not to our face, though there may be some of those too - as being frivolous. I mean, a car loses value, it will no doubt require continued maintenance expenditures, and all those bells and whistle come courtesy of computers that could go out at any minute. Not to mention the money we’d lose if it were damaged in any sort of crash or other catastrophe - insurance might cover repairs, but it would never be the same as before.

But I have no regrets. I’m enjoying this little bit of luxury just as much as I’d enjoy another diamond ring on my finger - and way more than I’d enjoy another diamond ring sitting in the safe. If some else would make a different choice, I’d totally get that too.

By the way, we could have decided to use my husband’s ‘69 Chevy C10 as our tow vehicle, but that would be overkill. And besides, she’s worth way, way more than my new car.

How are you getting your new ride home?

 

[missy]

To each his/her own. I love bling. I love cars. But I won't spend a fortune on something that has a very finite life. I attribute my thought process to my childhood where my dad always taught us a car is to get you from point A to point B. Nothing more and nothing less. Personally I would rather spend on diamonds than cars. But there is no right or wrong. Rather it's what is right for each individual.

 

[VRBeauty]

How are you getting your new ride home?

We purchased through Volvo’s international delivery program. Very nice program, and only available in the US and Canada. We ordered and paid for the car through our local dealership. Volvo provided flew us to Sweden, put us up in a very nice hotel for two nights, and provided four weeks of auto insurance so we could drive the car in Europe. (We paid for additional insurance and stayed in Europe a total of six weeks.) Tomorrow we’ll drop the car off where we picked it up, and the next day we’ll fly back home. Volvo will put the car on the next boat out and get it to our local dealership. The only hitch is that you have to buy at MSRP - but the model we bought is in such high demand that haggling wasn’t going to be an option anyway. And we’re not sure whether we’ll next see the car in two weeks, or two months, but fortunately that won’t be an issue for us either.

 

[canuk-gal]

We purchased through Volvo’s international delivery program. Very nice program, and only available in the US and Canada. We ordered and paid for the car through our local dealership. Volvo provided flew us to Sweden, put us up in a very nice hotel for two nights, and provided four weeks of auto insurance so we could drive the car in Europe. (We paid for additional insurance and stayed in Europe a total of six weeks.) Tomorrow we’ll drop the car off where we picked it up, and the next day we’ll fly back home. Volvo will put the car on the next boat out and get it to our local dealership. The only hitch is that you have to buy at MSRP - but the model we bought is in such high demand that haggling wasn’t going to be an option anyway. And we’re not sure whether we’ll next see the car in two weeks, or two months, but fortunately that won’t be an issue for us either.

Cool!!!! You are very well treated!!! My dear friend just took delivery of her new S60. It is a LOOKER!!!!!

Safe travels!