Feeling a little foolish and weird for spending $150k on a car
08-29-2017, 03:06 AM
#166
yo dawg don't feel to bad about spending 150k on a car. Cuz .. you know 150k ain't much money these days ... and frankly Porsche Carreras are not exactly higher level exotics like mclaren Ferrari or lambos that start at 200k without any options.
08-29-2017, 10:06 AM
#168
Not a big deal at all if you have the means.
my golden car pursching rule is this.
do I have enough or will I have enough in my savings to retire with same standard of living I currently enjoy?
do I have enough money to go to Hawaii on vacation (at least once a year with the wife) - I like snorkeling and diving
do I have enough for my California trip once or twice a year.
do I have enough for F1 race attendance at COTA
Wifes trip to see family in Seattle.
do I have enough for my 5 track days a year?!
if answer is yes to all of the above - I'm not effecting my standard of living AT ALL.
i purchase - shrug
however I have a golden rule. I never ever buy new car
my golden car pursching rule is this.
do I have enough or will I have enough in my savings to retire with same standard of living I currently enjoy?
do I have enough money to go to Hawaii on vacation (at least once a year with the wife) - I like snorkeling and diving
do I have enough for my California trip once or twice a year.
do I have enough for F1 race attendance at COTA
Wifes trip to see family in Seattle.
do I have enough for my 5 track days a year?!
if answer is yes to all of the above - I'm not effecting my standard of living AT ALL.
i purchase - shrug
however I have a golden rule. I never ever buy new car
Last edited by snake eyes; 08-30-2017 at 01:36 PM.
08-30-2017, 07:58 AM
#169
I must feel guilty on a subconscious level as well... whenever anyone asks about my car I always find myself pointing out that is preowned, that it was not so expensive... and back in Spain only close family or friends that have visited here know about it, I haven't even told most of my close friends fearing they would not understand it.
Fact is, if I was still in Spain I wouldn't have considered owning one, it would have been considered a total show off thing (and the cost would have been higher as well).
In Miami, they are a dime a dozen and nobody cares, and I definitely can afford it (specially since it is preowned), but I still have to remind myself from time to time that it is OK to enjoy life a bit while you can.
Fact is, if I was still in Spain I wouldn't have considered owning one, it would have been considered a total show off thing (and the cost would have been higher as well).
In Miami, they are a dime a dozen and nobody cares, and I definitely can afford it (specially since it is preowned), but I still have to remind myself from time to time that it is OK to enjoy life a bit while you can.
08-30-2017, 10:16 AM
#171
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08-30-2017, 10:25 AM
#172
Rennlist Member
I must feel guilty on a subconscious level as well... whenever anyone asks about my car I always find myself pointing out that is preowned, that it was not so expensive... and back in Spain only close family or friends that have visited here know about it, I haven't even told most of my close friends fearing they would not understand it.
Fact is, if I was still in Spain I wouldn't have considered owning one, it would have been considered a total show off thing (and the cost would have been higher as well).
In Miami, they are a dime a dozen and nobody cares, and I definitely can afford it (specially since it is preowned), but I still have to remind myself from time to time that it is OK to enjoy life a bit while you can.
Fact is, if I was still in Spain I wouldn't have considered owning one, it would have been considered a total show off thing (and the cost would have been higher as well).
In Miami, they are a dime a dozen and nobody cares, and I definitely can afford it (specially since it is preowned), but I still have to remind myself from time to time that it is OK to enjoy life a bit while you can.
08-30-2017, 10:46 AM
#173
Nordschleife Master
Well, since you asked, no, if my income was in the $200k range, I would not spend $150k on a car, unless my liquid net worth was in the mid 7 figure range. But that's just me, and financial decisions are inherently personal. Nobody can tell you what is right for you except you. In these situations I just trust my gut. It never lies to me.
08-30-2017, 12:59 PM
#174
Rennlist Member
I used to work for billionaires that drove Audis and Fords. Then again, they weren't car guys. A single guy (car guy) I know has very little net worth that owns a Lamborghini. Another acquaintance who made a million dollars in a single year wanted to spend $200k on an Aston, but I told him he shouldn't. His average yearly income was closer to $100k than $1MM. And he had a family to support.
Last edited by Mike Murphy; 08-31-2017 at 12:38 AM.
08-30-2017, 01:29 PM
#175
Okay..
Want to add the financial calculation I live by.
This is HOW you truly know if you can afford a car.
The easy-to-remember rule:
Put down at least 20%
Finance the vehicle for no more than four years -Five years is MAX-
Keep total monthly vehicle expense - including principal, interest, and insurance - under 10% of gross income - BAM done.
Obviously us 911 people don't need this calculation - but just in case.. whatever
Lastly make friends who also love cars and dont give a **** what people think.
Want to add the financial calculation I live by.
This is HOW you truly know if you can afford a car.
The easy-to-remember rule:
Put down at least 20%
Finance the vehicle for no more than four years -Five years is MAX-
Keep total monthly vehicle expense - including principal, interest, and insurance - under 10% of gross income - BAM done.
Obviously us 911 people don't need this calculation - but just in case.. whatever
Lastly make friends who also love cars and dont give a **** what people think.
08-30-2017, 01:39 PM
#176
08-30-2017, 05:42 PM
#177
I don't make anywhere near that and pulled the trigger on a 2105 GTS. My brother in law just had a stroke at 52 and my cousin at 50 just got diagnosed with pancreatic cancer. This is just some recent samples. Me I have money saved and I'm living for today. You never know.
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maschinetheist (10-18-2020)
08-30-2017, 06:02 PM
#180
Thanks for posting, LMAO about the data, specially the average ages, and the 61 years average for the Macan owners...
I guess us 911 owners are more attractive and, hence, are married in a higher percentage?
I guess us 911 owners are more attractive and, hence, are married in a higher percentage?