Edelweiss Mutual Funds CEO Radhika Gupta on why she doesn't own luxury cars: 'I can afford it but...'

Radhika Gupta has recently revealed why she does not own luxury cars despite being able to afford them. The Edelweiss Mutual Funds CEO and MD said that it's not that she does not like expensive cars, but the fact that they are a depreciating asset bothers her. Gupta currently owns an Innova.

Speaking at a podcast, Gupta said that growing up in a middle-class family she would initially feel insecure if she did not have fancy, designer items, but now, as one of the country's youngest CEOs who manages investments worth crores, she does not feel the need to prove her worth to others by buying expensive goods.

"I can't get myself to buy a luxury car. I can afford it, but I can't buy it," Gupta said on the podcast. "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."

Elaborating further on her relationship with money over the last 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]."