6 Cars That Can Make You Look Rich Even If You Are Broke

But keep in mind that they can be endless money pits that will make you wish you kept your Celica instead.

(Image via Getty)

In a previous column, I made the case that people should resist the urge to purchase an expensive car for the wrong reasons. Those being: wanting to look rich, just getting admitted to the bar, or to impress people. But I get the feeling only a few people took it seriously.

So fine, I’ll write about what some of you really want to see. I picked a few cars that I think look nice and sold for an affordable price. But be careful what you wish for because the costs of upkeep can turn the car into a financial crutch.

In making my choices, I looked at several factors. First, the car should be easy to find. So I excluded cars that are seldom on sale. I also looked at depreciation. I selected cars that have taken a large loss in value after a number of years. I am not including entry level cars such as the BMW 3-series and the Mercedes-Benz C-class.

Lexus LS Sedan or Lexus RX SUV. As Toyota’s luxury division, Lexuses generally have the same solid reputation for reliability. Even one with over 100,000 miles should not be much to worry about so long as the previous owner has kept an impeccable service record. However, its reliability can be a double-edged sword when it comes to flexing. Since there are still a fair number of these on the road, don’t expect this car to turn heads or be a conversational piece.

BMW 5 Series. For the people whose first priority is staying trendy, the 5 series could be the car to get. This is because design upgrades are rare and subtle. So a 2010 model doesn’t look too different from the current year’s model. In fact, the E39 models produced from 1995 to 2004 are considered by enthusiasts to be the best looking 5 series of all time. Reliability is questionable, but the common problems are documented on the internet.

Maserati Quattroporte. Any Maserati in general will get people’s attention. Some will be fascinated by its looks. Others will want to check out its exhaust sound. But a number of people will look at it and cringe when thinking about the maintenance costs. Yes, Maseratis are notorious for expensive maintenance costs, and that is the main reason why these cars depreciate so heavily. But the people buying them probably know what they want, know what they are getting into, and prepare accordingly.

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Mercedes E Class. Unlike its rival BMW whose cars focus more on driver engagement with the road, the Mercedes E Class focuses more on comfort and giving an aura of statesmanship. And also, unlike BMW, its design changes are noticeable. Thus, the outgoing older model will depreciate hard. Probably the most famous E Class is the W211 model made between 2003 to 2009. Most will remember it as the “Men in Black” car driven by Agent K. While an older E Class is no longer the new hotness, it is still hot.

Porsche 911 (996). The redesigned 996 version of the famous Porsche 911 replaced the 993. It is generally considered the least desirable modern Porsche 911. Most of the disdain was due to its looks which most found generally boring. As a result, many 996s — even with low miles — can be purchased for around $25,000. Even the turbo versions can be purchased for less than $50,000. Some have suggested that the value of the 996 will skyrocket in the future. I don’t think that will be the case anytime soon, but provided you got it for a negotiated price, you can probably sell it at the same price a few years later even if has been driven a few thousand miles.

Porsche Panamera and Porsche Cayenne. While Porsches are known for their iconic two door sports cars, they have recently released four-dour sedans and SUVs. These cars have been produced in fairly large numbers and were generally sold for less. Because of this, used Panameras and Cayennes have depreciated significantly, and some can be found for a reasonable price.

I should note a few things about the cars I mentioned. Since these are high-end cars, routine maintenance costs will be higher than for basic economy cars because of the belief that if you can afford this car, you can also afford to maintain it. Also, many of these cars have common issues that can be found when searching on the internet. They can be endless money pits and can make you wish you kept your Celica instead. Therefore, some of these cars should not be daily drivers but instead driven only for special events or weekends.

Take your time and do your research. Check out all of the cars’ quirks and features. Then take them out on the road: drive them and then score them based on weekend and daily use. Then choose the car that’s right for you. Or wait until the prices go down.

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Next, some of you should learn to do some minor maintenance work yourself. And for the harder work, find a good, reputable, independent mechanic. The dealer will usually charge a premium. Go to car forums on the internet to get advice on how to fix minor issues and for referrals to mechanics.

Finally, to those who have these cars, please, please, keep them clean. A clean, well-kept, older car will impress me far more than a new car gathering dust or covered in bird droppings or sap.

So there are a few relatively low priced cars in my opinion that will make you look rich. I know I missed a lot of great cars, but I don’t get paid by the word. Keep in mind that while you can show off with these cars, you have to fix what you flex. Those maintenance costs might interfere with your retirement fund or your plan to pay off your student loans early. And don’t expect a bankruptcy judge to be sympathetic to your student loan discharge case when explaining why you purchased a stage four turbo kit for your 200,000 mile Porsche.


Steven Chung is a tax attorney in Los Angeles, California. He helps people with basic tax planning and resolve tax disputes. He is also sympathetic to people with large student loans. He can be reached via email at stevenchungatl@gmail.com. Or you can connect with him on Twitter (@stevenchung) and connect with him on LinkedIn.