Gus_Smedstad

I think this is an unavoidable problem.

When I was 30, I saw cars in the company lot that cost $30k-$40k, which was way more than I could imagine affording.

Later on, I bought a very lightly used 1997 Toyota Supra for $38k. 3400lbs, 320 HP turbocharged inline 6. I'd never driven that much car before, and the acceleration scared me at first.

Eventually it became the "new normal" for me. I think this always happens.

I do appreciate your comments. I hadn't really intended this to be a "do you approve?" thread, it was more a "does anyone else know this feeling thread?", if you understand the distinction I'm trying to make.

Gus_Smedstad

I guess I don't, because the information still seems very vague, and not helpful for, say, identity theft.

I sure hope that proves not to be the case. I did ask about whether they actually had an allocation, or had to trade for one, before I signed the purchase agreement. Mainly because I was giving up my car. If they delayed that wouldn't bother me so much if I still had my existing 4S to drive.

What they said about reimbursed allocations made sense, and I believed them. Hopefully I'm not being too trusting here.

Guzzgreg

HATE THAT EX WAITRESS SEE YOU NEXT TUESDAY!!!!

arter

Gus, I feel much like you and I am in a similar position:
retired, not rich, and with a GTS on order.

I am moving up from a cayman so I stop and think about whether this is too much expense for what I am used too. Did consider a grand sport ( Z06 over heats too much on track), but I like the look, feel, and style of the GTS better.

Bottomline, this falls within my budget so I should get what I want

Keadog

If you have no kids, don't you want your last check to bounce anyhow?

Loft23

Good for you OP. If you are comfortable spending it without impacting or sacrificing your way of life, then by all means do it. I'm still in the work force and far from retirement. I make a decent income, a little more than what you said on base, but I also get stock equity on top. I own a house in San Francisco proper that I'm spending < $2000 in mortgage payments with a few years left. This was due to a large down payment, additional principal payments over the years and multiple refinancing, down to a fixed 3%. The average rent in SF is $3,800 to $4150 for a 1bd room, depending on neighborhood. So I consider myself very fortunate to have bought a place, that has doubled in equity, and paying less for a larger property than most are renting. Prior to my 2018 C2S order, I was driving a 2014 M5 which I paid for in cash. It was $106k with discount and after taxes and fees about $116k. Even if you feel comfortable spending that kind money, you always feel bad because cars are the worst luxury items you can get for its depreciation. Like someone said earlier, anything more than a used Camry is stupid. We buy luxury and sports cars because it makes us happy. You are now retired, no kids, what else are you going to do with all the wealth that you collected.

I've realize now that buying cash for cars is stupid. Especially for anything greater than $40k. When you can get a PenFed loan for 1.49% or most loans which average 3-4%, there are better ways to spend that large down payment or full cost that can make you 5% or more. I still haven't taken delivery of my 991.2 yet, but the car is ready and I'm currently on vacation. I still haven't fully decided whether I want to lease or buy the car with a 4 yr loan. Porsche leases are horrible. I was given buyers rate at .00020 (4.8%) but still that is higher than the average interest rates today. So therefore I'm torn. I can get a PenFed for 1.49% 3 years or 2.49 4 years. I don't want to pay full CA tax on the full car or risk diminished value if in an accident on a $135k car. Either way, I will not have to dip into savings and the $60k I have from selling the M5 is going to be invested or used towards the loan if I decided that route. The house payment + lease payment will still be less than a 1bd room in San Francisco. My base income alone should cover that just fine and I don't have to adjust my lifestyle. The smart thing to do was to keep that M5 for 8 years as I have only put 24,600 miles in 4. Life is too short and as long as you spend responsibly go and enjoy it. My financial advisor tells me that I have all finances aligned (house, investments, retirement) and to use the extra disposable income I have to enjoy life. Sure I can make more money, but no point to keep making more money and not being able to enjoy it or enjoying it when you are older.

Super_K

If your liquid net worth is 1.7M and you have no debt and ~200k in income then you have enough to afford the car imo. You can separately consider whether the total benefit you get from the car is justified by not just the total amount of money you have to 'park in the car' but it's real cost which in terms of how much value it will lose over the time you are likely to own it. If you feel that spend is justified vis a vis the personal pleasure benefit to you then it's worth it. In other words, if it's not worth the 10-20k / year in declining value then it may not have been the best choice.

trayvon

$1.7 million liquid net worth not including house, no mortgage, no kids, $200k+ yearly income, $150k leftover after expenses, retired, and you're worried about an $80k upgrade... Lol.



This isn't meant to sound rude but if anyone is making judgements on what car you can afford by your yearly income alone, they should probably get a financial advisor or accountant, because that's really not how that decision should be made. I mean, some 35 year old doctor might be making $500k a year, but might also be mortgaging a $2 million home, having $500k in med school debts, and already be married with 2 kids going to private school. Yet - it's easy to think "that doctor makes $500k, they can afford a $100k Porsche".... But it's actually you yourself who would be in a better position to buy.

I'd say you are more than fine. In fact in your current financial position you could have kept your C4S and bought the GTS on top of that car and still been more than fine.

docmalone

Every time I buy something I consider expensive I feel remorseful and a bit panicked that I spent $$ on something I want instead of something that is a "need." Very common and very human response. But, we get one life to live and enjoy, so if all needs are met and all obligations taken care of, I am all for getting the occasional extravagant gift for yourself.
I ordered a Targa 4GTS and yes, I absolutely feel the occasional twinge of remorse/guilt for buying something so expensive while some people are literally starving. It's a little strange that I set myself a limit (morally and ethically, I tell myself) that I will not purchase a car over $200k, but under that limit I can live with. I am also not extravagant in any other area of my life, just a Porsche-phile.

So, you are very " normal" with your reaction, and I also say, enjoy it!!

LexVan

I completely understand Gus, and agree. These cars are stupid money high. Thanks for your candor. You're fine. Proceed as planed. Enjoy!!!

*does the GTS have the PowerKit standard? If not, add it.

shake1

I think you're completely fine financially after seeing the rest of the thread. Hopefully you'll keep longer than 18 months this time, but if you don't you'll get hurt less this time since you went with GTS this time around, which seem to depreciate a lot less.

Anyways, glad you opened the thread since I'm sure many feel like you. I don't think it's taboo to share finance figures if you are okay with it, feels like it makes conversing and having context compared to using generic figures.

trayvon

Also, this is good advice...

Not that difficult for someone to figure out who you are using your average posting time/time zone, any pictures that give a clue as to where you live, a profession or area of work, a net worth, and the color, model and year of your car. And that's not even considering actual analysis... And the fact that your browser fingerprint is something like 90% likely to be completely unique. You should consider anything you say on a forum to be public and essentially have your name on it.

dflowerz

I had the same thoughts about spending so much for a sports car, but after a year of driving the car I am happy my wife and I did it. Kind of strange for us as we are both in our early 60s and been working in the same place for 30 years and saving like crazy for retirement. One kid who is now early 30s independent and doing well. A couple of years ago we realized we were set in terms of savings. Only debt is the car lease. We leased because we were not sure we would want to keep the car and wanted an easy out option. Current plan is to pay off the car at lease end, but that is still two years away. I am still aware I am driving a car that most people can only dream about owning, but life is short so I am really enjoying the car.

Unconscionable

Well, I would normally laugh at someone who has earned $210k and wants to buy a $155k car, but if you really can afford it and keep your other expenses low, that's great.

Cars have gotten more expensive. To get a great vehicle, one must spend a lot more money, so you're paying what you must to play.

Could you have waited and gotten one used? Yes. But you're paying a premium for the chance to spec it to your choice and be the first *** to wrinkle the leather. It is what it is. I don't think it's silly at all as long as you're SURE you can afford it and have enough money saved.

SacJoe

well put!