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, 09:00 PM
#77
Rennlist Member
I'm guessing we have all done this. I remember my first p car purchase. It was a stretch at the time, but no regrets. I have had so many good times in this car, that looking back now, it was one of the best investments I ever made. I am a firm believer that investments in life experience are far more valuable than any monetary investment can ever be.
Oh and I'll never sell it.
Oh and I'll never sell it.
11-09-2013, 10:53 PM
#78
I used to buy a car I could not afford with a 90 day note, rolled the note once and hopefully sold at a small profit. My banker liked me a lot. I would not council this now. LOL
11-09-2013, 11:30 PM
#79
Burning Brakes
I anticipate to purchase either a 991 gt3 or rs in a few years. Im in the younger crowd and it is going to be a stretch. I don't mind the stretch because I live a fairly simple lifestyle and generally use good judgement. My wife is fully supportive. Planted it in her mind for 2 years. I won't be a cash buyer.
Life is too short, and i am a car nut. When I saw someone close to me save save save, retire, and just as they retired, came down with a rare disease and is no longer able to do what they had saved so much for, my take on life changed. Proceed onwards with what makes you happy...
Life is too short, and i am a car nut. When I saw someone close to me save save save, retire, and just as they retired, came down with a rare disease and is no longer able to do what they had saved so much for, my take on life changed. Proceed onwards with what makes you happy...
11-10-2013, 12:46 AM
#80
Instructor
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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!
Tried to plan the factory collection trip with my father too. (Un)fortunately Porsche advised against it. My car would be ready around january and the weather really sucks with those tires.
11-10-2013, 02:50 AM
#81
Instructor
Interesting and varying points of view. What the heck, I'll share mine...
You should look at your financial health the same way an analyst evaluates a company's finances. Yes, balance sheet is important (net worth) but so is the P&L (your salary/expenses), cash flows, and ability to make money in the future.
Take a holistic view and don't focus on a single item (eg, net worth or salary), and as others have said, life is short and meant to be enjoyed so don't succumb to analysis paralysis.
You should look at your financial health the same way an analyst evaluates a company's finances. Yes, balance sheet is important (net worth) but so is the P&L (your salary/expenses), cash flows, and ability to make money in the future.
Take a holistic view and don't focus on a single item (eg, net worth or salary), and as others have said, life is short and meant to be enjoyed so don't succumb to analysis paralysis.
11-10-2013, 03:54 AM
#82
GT3 player par excellence
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no wonder subway aint cheap anymore. used to have subway salad lunch with my secretary everyday. well, dont really remember what she ordered for me. i was busy looking at her.
i should sell my gt cars and invest with you.
move to canada and yu give me a few franchises.
11-10-2013, 03:57 AM
#83
GT3 player par excellence
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11-10-2013, 09:48 AM
#85
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Whether buying the car is a good decision depends on how things turn out, and there can be uncertainty there. If you buy it with a loan, have little savings, have a good income, then lose your job, can't find a similar job, and meanwhile wreck the car without insurance, then it's a bad decision. If the same scenario but you keep the job, put a little money in savings every month, and don't wreck the car, maybe not a bad decision at all.
Personally, I'm financially conservative so I don't like to make depreciating purchases like this without a good cushion in savings and/or income which is well above expenses. If that means waiting years to buy certain things, I'm OK with that because meanwhile there are plenty of things that can bring satisfaction in life that don't cost a lot (time with family and friends, hiking, reading, music, etc.).
Personally, I'm financially conservative so I don't like to make depreciating purchases like this without a good cushion in savings and/or income which is well above expenses. If that means waiting years to buy certain things, I'm OK with that because meanwhile there are plenty of things that can bring satisfaction in life that don't cost a lot (time with family and friends, hiking, reading, music, etc.).
Last edited by Manifold; 11-10-2013 at 10:23 AM.
11-10-2013, 08:49 PM
#86
Rennlist Member
This question is not based on the proper premiss. The car will not "cost" $150k. The "cost" is the annual depreciation + the opportunity cost of the capital + any carrying costs + variable operational costs…assuming that you are paying cash! I paid $135k for my past RS and sold it for $115k. My cost was $20k + $6-$8k the $135k could have made me in a risk free investment over 2 years + insurance + upkeep. All in the car "cost" me about $35-$38K for 2 years of fun. 
(That is the logic that I use to get my wife to let be buy all this ****!) LOL
(That is the logic that I use to get my wife to let be buy all this ****!) LOL
11-10-2013, 09:11 PM
#87
Rennlist Member
Thread Starter
Ok. A matter of semantics then. What % of your Net personal Wealth does the outlay to purchase a new GT3 represent? Actually upon looking at the original post this is exactly the question that has been posed.
11-11-2013, 01:26 PM
#88
Burning Brakes
I don't think anyone thinks of cars or any recreational toy as an investment. So evaluating it's value as a % of your net worth is only a concern when your stretching your finances to purchase it. I think the majority's attitude will be, I can afford this so I'm buying it. Let's just say that if you can afford to pay cash for these purchases then, your finances are in good shape.
11-11-2013, 01:43 PM
#89
Race Car
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With a 100 people voting, and fully acknowledging that people can click on whatever they want and that this poll is statistically unsound, I'm actually surprised by the vote so far based on the overall tenor of this forum.
IMO, those in the <5% category tend to be lurkers or post infrequently.
IMO, those in the <5% category tend to be lurkers or post infrequently.
lol