View Poll Results: What % if your PNW would a $150K GT3 purchase represent?
<5%
79
56.83%
5-10%
31
22.30%
10-15%
9
6.47%
15-20%
9
6.47%
20%+
11
7.91%
Voters: 139. You may not vote on this poll
What % of Net Wealth would a 991 GT3 purchase represent?
11-09-2013, 02:34 AM
#61
Rennlist Member
11-09-2013, 10:24 AM
#63
Race Car
Join Date: Mar 2004
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Ha! true.
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I bought my first GT3 (996) with borrowed money and as a notable % of my PNW. It was a stressful purchase cause I felt like I stretched and felt a bit guilty. Especially with two kids and the college funds not fully funded. But I'm a car guy and I wanted it. If this thread was posted back then, I probably would protest it b/c it would have it a nerve with me.
My 997 GT3 purchase and my Ferrari purchase were more comfortable but still a stretch but backed up by really strong cash flows from my business and a manageable burn rate at home.
Now, almost ten years later from the first GT3 purchase, this more expensive GT3 will be a cash buy, and represents a modest portion of my PNW. For the first time I approach my purchase with ease and calmness, despite how badass the new metal will prove to be.
Just my personal experience.
-------------
I bought my first GT3 (996) with borrowed money and as a notable % of my PNW. It was a stressful purchase cause I felt like I stretched and felt a bit guilty. Especially with two kids and the college funds not fully funded. But I'm a car guy and I wanted it. If this thread was posted back then, I probably would protest it b/c it would have it a nerve with me.
My 997 GT3 purchase and my Ferrari purchase were more comfortable but still a stretch but backed up by really strong cash flows from my business and a manageable burn rate at home.
Now, almost ten years later from the first GT3 purchase, this more expensive GT3 will be a cash buy, and represents a modest portion of my PNW. For the first time I approach my purchase with ease and calmness, despite how badass the new metal will prove to be.
Just my personal experience.
11-09-2013, 10:48 AM
#65
Rennlist Member
Join Date: Mar 2007
Location: West Los Angeles & Truckee, CA
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Luckily Rennlist wasn't around when I bought my first Porsche. I think it was more than 100% of my NW! But I was young, single and starting to make good money. Magic of leasing. Plus you're bulletproof when you're young - right? Now in a vastly better spot but I still think long and hard about buying toys when you have other commitments (kids, college, wife, dog, Mom, etc)..
11-09-2013, 11:06 AM
#66
Rennlist Member
Ha! true.
-------------
I bought my first GT3 (996) with borrowed money and as a notable % of my PNW. It was a stressful purchase cause I felt like I stretched and felt a bit guilty. Especially with two kids and the college funds not fully funded. But I'm a car guy and I wanted it. If this thread was posted back then, I probably would protest it b/c it would have it a nerve with me.
My 997 GT3 purchase and my Ferrari purchase were more comfortable but still a stretch but backed up by really strong cash flows from my business and a manageable burn rate at home.
Now, almost ten years later from the first GT3 purchase, this more expensive GT3 will be a cash buy, and represents a modest portion of my PNW. For the first time I approach my purchase with ease and calmness, despite how badass the new metal will prove to be.
Just my personal experience.
-------------
I bought my first GT3 (996) with borrowed money and as a notable % of my PNW. It was a stressful purchase cause I felt like I stretched and felt a bit guilty. Especially with two kids and the college funds not fully funded. But I'm a car guy and I wanted it. If this thread was posted back then, I probably would protest it b/c it would have it a nerve with me.
My 997 GT3 purchase and my Ferrari purchase were more comfortable but still a stretch but backed up by really strong cash flows from my business and a manageable burn rate at home.
Now, almost ten years later from the first GT3 purchase, this more expensive GT3 will be a cash buy, and represents a modest portion of my PNW. For the first time I approach my purchase with ease and calmness, despite how badass the new metal will prove to be.
Just my personal experience.
Although I'm not sure I'm going to pay cash. The ROI from the business is >20% with endless expansion opportunities so that's where the cash should stay. But I can't decide whether I'll feel worse having it financed or paid for if I stuff it into a wall at some race track
11-09-2013, 12:10 PM
#67
Rennlist Member
That's what track insurance is for
11-09-2013, 01:18 PM
#69
Rennlist Member
11-09-2013, 01:55 PM
#70
Rennlist Member
I'm a firm believer in the old adage that if you can't afford to walk away from a total loss don't bring it (or insure it).
11-09-2013, 02:42 PM
#71
11-09-2013, 02:45 PM
#72
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Join Date: Nov 2013
Location: illinois
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It's one thread! not the forum. It just happen to be this thread for my first post. I didn't realize I had to agree with the thread . There is room for both sides right?
11-09-2013, 03:52 PM
#73
Race Director
I'm happy to answer this, as I may be a bit different from most, a bit wreckless if you will. My income varies but in a good year should come to about $100k PRETAX more than the purchase price of the car.. This is significantly less than most here I'm sure, and I have mortgages on land and real estate "investments" I made while in my 20's which have cost more more than crashing 3 gt3 at a track without insurance. The bad taste this has left, makes me realize how fleeting money is, and while I try to save and be frugal... all I need is to have one stock purchase go wrong one day, and there goes 2 monthly payments on a gt3... Conversely, this year I rode the TSLA and FB waves and made some really good money in the market (I'm a momentum speculator)... Last yr I walked into the dealership asking ab $70k 996 gt3... and was happily talked into the purchase of a new one for double the price. This means ill realistically finance half of it, and maybe get a roommate to help me cover half the rent as I'm spending the same as a gt3 payment just by indulging in a very large SF apartment all by myself. Oh... And the startup I work for is shutting down in January... They can't all be success stories and I may be out of a job. By conventional financial ratios should I buy a gt3?.. No, it would amount to a significant portion if not all of my after California tax income. However, the knowledge that once I have kids and. Wife that this will be a much tougher proposition, I'm happy to lose $20-$30k in depreciation and interest over a year or two and have the memory of owning an amazing amazing car. Building a custom cafe racer at the moment which will cost me $30k anyway.. So, the gt3 might end up being the best "investment" I ever made. Am I bit crazy?.. A little.. But I'm happy with my 35 year old child impulsive decision.
Oh, and I get to surprise my Porsche loving father with a surprise trip to the factory to pick up a car which even in his wildest dreams he would never purchase... Just that 2-3 week euro trip and the look on his face will be worth the price.
This is a no-brainer for me.
The tough part remains... What color LOL!
Oh, and I get to surprise my Porsche loving father with a surprise trip to the factory to pick up a car which even in his wildest dreams he would never purchase... Just that 2-3 week euro trip and the look on his face will be worth the price.
This is a no-brainer for me.
The tough part remains... What color LOL!
11-09-2013, 04:58 PM
#74
Rennlist Member
Thread Starter
CAlexio. Admire your brio on this purchase. Also your honesty on this thread. Frayed, Mike, Myself Im sure we have all done this. Cant think of a better car to do it with, even if you only end up owning it for a year you will loose very little money and tick off some huge bucket list items. Im a firm believer you cant take it with you and as you cay it all changes once you have family, wife & responsibilities. Enjoy in good health mate and I may even see you in Europe during your collection!
11-09-2013, 08:42 PM
#75
Race Director
Ha! true.
-------------
I bought my first GT3 (996) with borrowed money and as a notable % of my PNW. It was a stressful purchase cause I felt like I stretched and felt a bit guilty. Especially with two kids and the college funds not fully funded. But I'm a car guy and I wanted it. If this thread was posted back then, I probably would protest it b/c it would have it a nerve with me.
My 997 GT3 purchase and my Ferrari purchase were more comfortable but still a stretch but backed up by really strong cash flows from my business and a manageable burn rate at home.
Now, almost ten years later from the first GT3 purchase, this more expensive GT3 will be a cash buy, and represents a modest portion of my PNW. For the first time I approach my purchase with ease and calmness, despite how badass the new metal will prove to be.
Just my personal experience.
-------------
I bought my first GT3 (996) with borrowed money and as a notable % of my PNW. It was a stressful purchase cause I felt like I stretched and felt a bit guilty. Especially with two kids and the college funds not fully funded. But I'm a car guy and I wanted it. If this thread was posted back then, I probably would protest it b/c it would have it a nerve with me.
My 997 GT3 purchase and my Ferrari purchase were more comfortable but still a stretch but backed up by really strong cash flows from my business and a manageable burn rate at home.
Now, almost ten years later from the first GT3 purchase, this more expensive GT3 will be a cash buy, and represents a modest portion of my PNW. For the first time I approach my purchase with ease and calmness, despite how badass the new metal will prove to be.
Just my personal experience.
No guilt this time around.
Oh yeah, brother!