My Venture van has a 3400 V6. The power sliding doors are the only issue on that thing. The motor is rock solid, but a certain dumbass mechanic has cost our pocket books dearly, starting with an inability to do an oil change correctly. Last cost was $320 to pay a (different, trusted and recommended) mechanic to replace the cam position sensor that kept going in and out. Why was it failing? New mechanic found it curious that the sensor was covered in old, dry oil. Go figure.
My new $5000 2003 Cavalier is a great little car. Gets me 28 MPG driving around the town. Sure, it's not anything near my '95 Z with 330 HP, but it's ok. My fault for wrecking the old lady.
But, back to the argument about executive salaries. Execs are in the position of running a company. As a board member, you would want the best executive available, correct? Somebody with a proven track record of making companies successful. But, all the other companies out there - not just car companies, but all companies - want the same thing. If I was a proven executive, I would go to the highest bidder myself. I have the skillsets companies are looking for (as a successful executive) and I deserve to be paid for those skills.
As a company board, I wouldn't settle for anybody less than the best to run my company. But, I would put performance milestones into the equation on the bonuses. I wouldn't simply sign up the best of the best and say after six months or a year they would receive a large bonus - I would say they have to show the same proven performance they have shown with other companies before they get any money. Which, of course, would probably mean I wouldn't get the best of the best - the company down the street promising to simply pay on schedule would get him/her. Which would eventually cause me to change my mind about pay-for-performance and simply hire the best of the best based on their track record, which may or may not at all be attributed to them but the people they formerly worked with.
Executive leadership is of utmost importance to the success of a company. I am finding that out with every new day in my current company, believe me. Wrong decisions are a dime a dozen.