View Poll Results: Responsible Net Worth for owning a $150K sports car?
$500,000
35
16.51%
$1MM
39
18.40%
$1.5MM
26
12.26%
$2MM
50
23.58%
$3MM+
62
29.25%
Voters: 212. You may not vote on this poll
Responsible Net Worth for owning a $150K sports car?
10-11-2013, 09:48 AM
#31
Race Car
Personally I would never drop 150k on a mass produced 911. If I was to drop 150k however, there would be 2 conditions.
1) 6 - 8 Million USD cash in the bank.
2) The 911 would be a very rare edition such as an RS 4.0. I would feel like a fool paying 150k for a product that will lose 50% of it's value over the next 5 years.
That's just me.
1) 6 - 8 Million USD cash in the bank.
2) The 911 would be a very rare edition such as an RS 4.0. I would feel like a fool paying 150k for a product that will lose 50% of it's value over the next 5 years.
That's just me.
10-11-2013, 04:32 PM
#34
Three Wheelin'
I owned my first new 911 when I was young and didn't have even close to $6-8 million USD in the bank.
The memories were well worth the struggle and I have never regretted that decision to stretch a little to drive my dream car.
The memories were well worth the struggle and I have never regretted that decision to stretch a little to drive my dream car.
10-11-2013, 05:16 PM
#35
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Oh please!..... You can get a new, very well equipped 991S for not that much over $100K. A cherry used one for less. If your demographic were correct Porsche wouldn't be selling that many cars. It all depends on where and how you spend your money. Big house, boat, second home, fancy clothes, jewelry and watches, golf, vacations...yada, yada, yada. If cars are a part of your lifestyle and you don't care that much about the above, then go for it. Not saying Porsches are cheap, but financial responsibility is relative to your lifestyle. I am often amused ( and see it often in my business) at supposedly "rich" people that are actually financially tapped out, and living well beyond their means in order to maintain the "appearance" of wealth. They need high income to keep afloat, but have little "net" worth. Reminds me of a book I read years ago called the Millionaire Next Door. They coined a phrase..."big hat and no cattle". That has long been my catch phrase for being too big for your britches. As long as you have the basics covered there is absolutely nothing wrong with enjoying your life...you can't take it with you! Get that Porsche if you can, if it's within your means, you won't regret it.
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10-11-2013, 06:04 PM
#37
Drifting
Personally I would never drop 150k on a mass produced 911. If I was to drop 150k however, there would be 2 conditions.
1) 6 - 8 Million USD cash in the bank.
2) The 911 would be a very rare edition such as an RS 4.0. I would feel like a fool paying 150k for a product that will lose 50% of it's value over the next 5 years.
That's just me.
1) 6 - 8 Million USD cash in the bank.
2) The 911 would be a very rare edition such as an RS 4.0. I would feel like a fool paying 150k for a product that will lose 50% of it's value over the next 5 years.
That's just me.
10-11-2013, 07:07 PM
#38
Race Car
When it comes to cars that are mass produced I don't believe in buying new period. The only exception to this is if I was 55 years of age or older. At that point waiting five to seven years for a car to depreciate wouldn't be worth it, I'd want it then and now. When it comes to buying brand new cars from a dealer though generally I want something that is nearly impossible to get and or has extremely rare limited numbers....
A bit extreme and I think you could generally be fine buying a brand new 991 with a solid 400-500k net worth (granted you don't have a huge mortgage or college bill) I just don't think it's a wise decision.
10-11-2013, 07:20 PM
#39
Race Car
lol, well at least you picked one that will hold it's worth!
I know cars are almost never a good investment, they are toys but still no reason why you can't be frugal.
My perspective changed after I watched a man in Chicago sell me his $110,000 option loaded 997S with 10,038 miles for 51k back 2009. That had to sting!
I know cars are almost never a good investment, they are toys but still no reason why you can't be frugal.
My perspective changed after I watched a man in Chicago sell me his $110,000 option loaded 997S with 10,038 miles for 51k back 2009. That had to sting!
10-11-2013, 07:32 PM
#40
Knew a lot of folks last couple of yrs who got cancer and died in 50s and early 60s. Changed my perspective on life. Life is short so do what u enjoy within your means. That said I would never borrow 6 figures for a car. If I ever need the money I'm sure I can sell the car at or near what I purchased(didn't buy it new)
10-11-2013, 07:48 PM
#41
Race Car
Knew a lot of folks last couple of yrs who got cancer and died in 50s and early 60s. Changed my perspective on life. Life is short so do what u enjoy within your means. That said I would never borrow 6 figures for a car. If I ever need the money I'm sure I can sell the car at or near what I purchased(didn't buy it new)
BTW I purchased and read just about every magazine with the GT2 RS on the cover, i'll bet it's amazing in real!
10-11-2013, 08:05 PM
#42
BTW I purchased and read just about every magazine with the GT2 RS on the cover, i'll bet it's amazing in real!
U should try getting a test drive u won't regret it. Ur bank account might
U should try getting a test drive u won't regret it. Ur bank account might
10-12-2013, 06:39 PM
#43
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That's why generalizations and internet advice isn't worth very much. In the US you can deduct your mortgage for a tax break, so you may choose to have one even if you could just write the check and not have one.
when I bought my first 911 I was 28 and single. And same for my second. Once you have kids, game changes. $200K each for college plus 18 years to get there. You cannot say what NW you need. It depends on age, commitments and responsibilities.
My advice buy a 911 when you are young and doing well. Work hard and have assets and income streams that allow you to still have one, when you get married, own a home and have kids. At this stage, you need enough assets or cash (balance sheet) and income to take care of essentials and save for retirement, BEFORE you get one. A 911 now should not factor in to your financial situation. So if you have to worry about the $1,500 a month payment or the cash to just buy it, you shouldn't do it. You should be able to get out easily (payoff your remaining lease payments) or sell it if something unforeseen happens, without it affecting your life.
So no matter what, a 911 (toy, hobby) should not tax you financially. If you have commitments, You should be able to unwind it - no matter how - if you need to, with no pain.
10-12-2013, 06:53 PM
#44
Kind of reminds me of the ING commercial that was playing about a year ago asking the question "what is the number I need to retire?" It is a different number for everyone and often difficult to know for sure.
10-12-2013, 09:07 PM
#45
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A 911 now should not factor in to your financial situation. So if you have to worry about the $1,500 a month payment or the cash to just buy it, you shouldn't do it. You should be able to get out easily (payoff your remaining lease payments) or sell it if something unforeseen happens, without it affecting your life. So no matter what, a 911 (toy, hobby) should not tax you financially. If you have commitments, You should be able to unwind it - no matter how - if you need to, with no pain.