Assuming that's net, I think your income is more than you're taking credit for. Not everyone here can afford to daily drive a 918. You're still young; is your income stable over the long term? And how well do you want to live when you stop giving your work a high priority?

As a simple start point my wife and I decided how much cash and prizes (or net worth and assets) we want at the age of ~60, made the assumption our long term investments will net us 5% effective gains, and with just that we backed out how much money we need to be putting away. Hopefully we all do far better than 5% but keeping that number modest gives a bit of padding for inflation and economic slumps.

Once you are happy with your goals and that you'll hit them it's much easier to decide how to use your discretionary money - save more to improve your safety net and long term outlook, travel or buy depreciating toys and enjoy them, buy assets that function as toys, help out family members as needed, etc.

Hope you're enjoying your GT3!

 

Yes, you need to reprioritize - you need to budget for a retirement plan. Should be able to do that and maintain your standard of living without too much trouble.

 

My 2¢ - It is a function of your age, income, family responsibilities, including any needs for college or special needs for your kids, special needs for your parents, and other possible situations, debt, assets (personal and retirement assets), cost of living in your area - now and at time of retirement - and taxes where you live, and income needs in retirement that take into account all spending needs, other sources of reliable reliable income and benefits.
In short, you would need to discuss with a qualified financial planner, or be able to do your own complete financial plan.

e.g., if you are retired with a couple $million and solid $100k retirement income, with no kids, and in a low tax area with low cost of living, sure u can afford a new TTS.
But if you are in SF or NYC or similar with a $250k income with 2 young kids and big mortgage and debt payments, maybe half a $ million in retirement assets, buying a new TTS might be financially irresponsible.
You need a decent financial plan - not some schemer's plan to sell u something.
I'm retired in that lower income area but decent assets and no future responsibilities, and we have no kids, so i could buy a TTS. But the only way i would do that is if i found just the right 2014 TTS for $125k or so, got a good trade for my 2015 991.1 C2S, and a CPO. My wife would approve, because financial planning has been my hobby for 40 years and she is supportive if I say it is no financial problem. I'm financially conservative and built the assets and income we have because I grew up poor, studied financial planning, and I'm still frugal.....
So, the OP raises a very complex question, in need of serious analysis...

 

I must be in the wrong business! - $30k is $360k/yr. I'm guessing you are above median (maybe not average) for a Rennlister.

A lot of folks' income can peak early, so that's the time to dump as much as you can into investments that will hopefully pay off later on.

 

That is the bottom line. If spending that amount of money on a depreciating asset will have no negative impact on your lifestyle, then if it means that much to you, buy it. If your lifestyle will be negatively impacted or will cause you financial anxiety, then don't.

Purchasing a six figure car is not a financialyl sensible or prudent endeavour. Only to be entertained if it enhances your enjoyment of life.

 

As the Astor Family Patriarch replied DURING THE 1930'S when queried about the costs of the large family Yacht by an interested buyer, "IF YOU HAVE TO ASK, YOU CANNOT AFFORD IT!"

 

This thread has been eye opening and now.... Educational.

I realize I would never have the opportunity to sit at this table with all of you if it weren't for our shared love of these cars. For that I am grateful. Thank you all for your advice.
Your individual experience and success in life is recognized and appreciated here.
Thank you.

 

I would say your annual income needs to be over $220k per year. Or have at least $2MM in liquid assets.

 

Like the net worth question, annual income is wildly variable according to your liabilities and location.

If you have a family, you have to factor in costs of two additional cars, private school (or expensive school district), life insurance, bigger house. Not to mention maxing out 401k (or whatever retirement instrument) and whatever debts you have already accrued.

I think one needs to have liquidity and a reasonable amount of real assets. What constitutes reasonable is up to you. I'd say at least 1-2 million? (again very variable and a function of annual income)

In the final analysis, after all of the above, we have a variable amount of responsible discretionary income - it's up to you how to allocate that. You may be able to get a fancy car and sacrifice some ability to go on expensive trips, buy expensive jewelry or high end audio, or whatever. If you are willing to make those sacrifices (if necessary), then who is to say what is reckless.

 

Hmm - try again. It's called NET worth.

 

DUH, the thread is net worth, net worth is net worth, doesn't have debt in it. WTF

 

this thread is hilarious.

A guy living in bloody ogden utah making $360k a year is telling us he doesn't make much. Other guys saying that if you have to think for a minute whether you want to write a $200k check for a car you can't afford it. Married to supermodels, 12" dingers, etc etc.

money talk always results in this nonsense.

 

LOL... No wonder 2009 financial meltdown happened.

 

...

 

I'm going to just leave this here...

https://en.wikipedia.org/wiki/Net_worth


True dat.