<p>So the strivers are the people buying expensive cars while the actual rich (non striving, I presume) drive beaters?</p>
<p>I haven’t read much of this thread, so I’m not sure how it became a discussion about cars. In any case, driving an old beater can easily be more expensive than driving a newer car. For example, I used to date a girl who had an older Mustang. It was a great car, with a sort of classic style, but it was incredibly expensive to maintain. She spent 5-figures on car repairs in a matter of months. In contrast a Ford GT supercar would likely be worth $100k+ more now than when it was purchased new and would be less expensive to maintain. The long term return of the beater Mustang would be negative 5-figures, while the long term return of the GT supercar would be positive 6-figures. While Ford GT is somewhat of an anomaly, it’s not the only rare model to increase in value over time. I own a different rare exotic, which is worth now more than when I purchased it. I expect to make a small longterm gain when I sell, making it less expensive over the longterm than an older beater.</p>
<p>I work at an engineering company that includes some “hardcore engineering/CS folks,” as well as some with children in college. The vast majority of the cars in the parking lot are reliable, newer models, such as less than 5-year old Hondas and Toyotas. Top-level persons in the company generally drive the same type of cars as lower-level persons. Lots of people list their alma mater on their cars/plates, but there is no obvious correlation with type of car and college or public vs private.</p>
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<p>Depends on the model and especially if the owner can do all his/her car repairs without going to the mechanics. The latter especially can really add to one’s savings and provide an enjoyable activity for one inclined towards hands-on engineering/techie/mechanical work.</p>
<p>“I don’t know that it is an American value. I do know a lot of Asian Americans driving old cars well after their kids graduated to pay off the loans they have taken on for their kids.”</p>
<p>It’s certainly a German-American value.</p>
<p>Standard-issue Protestant work ethic.</p>
<p>I am looking at it differently from work ethic. Indian Americans believe that they are required to pay for their children’s education and just the way their parents did for them. It would mean that if there are student loans, the parents pay for them.</p>
<p>Jewish Americans, too.</p>
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<p>Really?! Do you expect them to take care of you when you get old?</p>
<p>Me personally? I am doing just fine. I do like driving older cars though. :p</p>
<p>It is not the parents paying for college that is funny, it is that Americans tend to measure their sacrifice by their ability to forego buying a new car. It makes it sounds like a “first world” problem, as they say. “I drove a beater for 10 years so little Billy could go to college. Boo hoo poor me.” It is silly. If people were say, reduced to eating dog food or living in a tent, now that would be an impressive “sacrifice.”</p>
<p>I told my kids that I had to sacrifice buying new bags. They definitely got it.</p>
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<p>Sounds like many immigrant and ethnic communities I know of. The usual corollary to the parental/extended family’s obligation to pay for all their children’s education…including graduate degrees is the younger benefactors are then obligated to render financial and other forms of assistance to elders and less successful family members along. Participation in setting up and working family gatherings are also expected and taken for granted from such folks as well. </p>
<p>To some extent, this applies to my extended family as well. One great bit of silver lining from not benefiting from the “family scholarship” with its exceedingly high academic and other standards is that there’s a good understanding that I’m not on the hock for any of that. </p>
<p>Freedom because of that and by being one of the youngest members of my generation is sooo sweet. Especially when any contributions of time and finances on my part to extended family members/events are regarded with much gratitude on their part because “they made a mistake on me” regarding underestimating my academic potential during my late HS years as one of the older relatives put it. :)</p>
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<p>Gotta love America. ;)</p>
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<p>That reminds me of the time an older male cousin chased me around while I was 8 because after going on a long annoying rant about not having enough money for a nice car, I suggested swinging by the local junkyards in the tri-state area to pick one up for next to nothing. :D</p>
<p>Later that year, an older female cousin chased me around after she made a similar rant about not having enough money for a nice bag and I suggested picking some plastic ones up for free from the local supermarket. :D</p>
<p>Just injecting some levity here. :)</p>
<p>Knowing oldfort’s tastes, I am guessing those bags can be replaced by some cars for the same price.</p>
<p>I am looking at it differently from work ethic. Indian Americans believe that they are required to pay for their children’s education and just the way their parents did for them. It would mean that if there are student loans, the parents pay for them.</p>
<p>I think you are generalizing. I am an Indian American & 1st generation immigrant. My parents did not pay for my education in the US. Luckily, I did not have loans but an full ride. However, I have a number of friends who are either paying their loans themselves. It all depends on the financial situation of the family. Any parent who pays the loan on behalf of their kids, is not teaching them life lessons or responsibility. </p>
<p>And BTW - I drove beaters till they would go no more but sent one of my kids to a private school in CA. In that sense, I guess that you are right - most indian parents would put a higher value on education over driving some fancy car.</p>
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<p>We need to figure out a way for Americans to both pay for education and drive a fancy car. That way, both Harvard and Detroit can stay in business. :)</p>
<p>“I think you are generalizing. I am an Indian American & 1st generation immigrant. My parents did not pay for my education in the US. Luckily, I did not have loans but an full ride. However, I have a number of friends who are either paying their loans themselves. It all depends on the financial situation of the family. Any parent who pays the loan on behalf of their kids, is not teaching them life lessons or responsibility.”</p>
<p>Not sure whether you are saying your parents live in US but did not pay for your college.</p>
<p>My parents did pay for my education in India and part of US. By means they were well off but gave the kids whatever they had without saving for their futures. We expect to do the same for our kids. I do know many in US who do the same. </p>
<p>Obviously we believe in different things and apparently have different sets of friends. May be the belief system results in finding the different flocks?</p>
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Probably not in the same league as oldfort’s bag but I told my wife (half jokingly) that when our D starts college next year no new bag until our D graduates. We’ll be in poverty mode for 4 years.</p>
<p>No - my parents do not live in the US. They paid for my undergrad education in India - but I chose to go to a small midwestern school that offered me an assistantship over other more prestigious schools that I was admitted to. You are assuming that all indian parents have the means to pay back loans taken for an education - not true. I do not think that that is a reflection of different values - just reality.</p>
<p>I believe that they will take on whatever they can. FWIW, when I came to US without any Aid initially with the belief that I will eventually get there, my parents gave me their entire lifesavings at that point without worrying about retirement, future living etc. I have many local friends who continue to work past retirement because they have done the same for their own kids.</p>