Edelweiss' Radhika Gupta says she doesn't own luxury cars: ‘I have Innova as…'

Edelweiss Mutual Funds CEO Radhika Gupta, despite being able to afford luxury cars, prefers not to buy them due to their depreciating value.

Edelweiss Mutual Funds CEO Radhika Gupta revealed that she does not own luxury cars although she can afford them. Luxury cars are a depreciating asset and this bothers her, Radhika Gupta said while sharing that she currently owns an Innova.

Radhika Gupta, CEO of Edelweiss Mutual Funds, chooses not to own luxury cars as they depreciate in value, she said. (Instagram/@iamradhikagupta)

In a podcast, Radhika Gupta reflected on her middle-class upbringing which made her feel insecure initially as she did not own fancy or designer items. Although now she does not feel the need to prove her worth to others by buying expensive goods, she said.

“I can't get myself to buy a luxury car. I can afford it, but I can't buy it. Every time I tell myself 'I'm going to get a bonus, I'll buy myself a fancy car [but] I think a car is a depreciating asset. I don't drive and even if I drive it out of home, 30 percent of the value will be gone,” she said.

Explaining how her relationship with money has changed in the past two decades, the Edelweiss MF boss said, “Eighteen years ago, when I graduated from college and people would say 'Oh! You don't have a fancy handbag?' I would feel insecure about it. Now, if someone says: 'Why are you driving an Innova?' I'm at a point that I can say, 'My place, my life'. I think it's because I don't have anything to prove [to anyone].”