Radhika Gupta, Managing Director and Chief Executive Officer of Edelweiss Mutual Fund, recently explained why she chooses not to own luxury cars, despite being able to afford them. While she appreciates high-end vehicles, she is deterred by their depreciation, opting instead to drive an Innova.
In a podcast, the Shark Tank India judge reflected on her upbringing in a middle-class family and how she once felt insecure about not owning designer items. Now, as one of the youngest CEOs in India, she no longer feels the need to prove her worth through luxury purchases.
"I can't bring myself to buy a luxury car. I can afford it, but I just can't," Ms Gupta shared. "Every time I think about buying one with a bonus, I remind myself that a car is a depreciating asset. I don't even drive, and the moment I take it out, 30 per cent of its value is gone."
She also recalled how, 18 years ago, fresh out of college, she would feel insecure when people pointed out her lack of expensive items. "Now, if someone asks why I drive an Innova, I can confidently say, 'My life, my choice.' I no longer feel the need to prove anything," she emphasised.
Earlier, Ms Gupta took to X (formerly Twitter) to express her thoughts on how today's young people are funding luxurious lifestyles by making risky investments. "I have seen people in their 20s saying they don't need to work because they are busy doing F&O. Young women who say their lifestyle and handbags are funded by trading gains," she wrote.
In her post, Ms Gupta also shared a screenshot of the Economic Survey 2023-24, saying, "The Economic Survey highlights this in some very strong language. Other regulators have also rightly and repeatedly warned us about this." She claimed that since this type of liquidity is hazardous for individuals as well as the economy, it is finally time for action to be taken.
