FullThrottle64

I think that this is because a lot of people can't do financial math. Someone who understands assets sees $2.5M as ~$100K/year in long-term income, and thus doesn't see that level of net worth as being particularly "rich". Someone who does not understand assets sees it as $2.5M that can be spent, and as such thinks of it as being very "rich", indeed.

JMO.

Harold1898

From the AMG C63 site. Note the OP owns a P care

IAA-C63
Senior Member
Garage is empty, add now

Join Date: Apr 2011
Posts: 433
Drives: C63, Cayman R, Cayenne GTS, 911S (997.1)
If you drive a C63, what is your annual household income (before taxes)?
I've set up a poll asking: if you drive a C63, what is your annual household income (before taxes)?

Keep in mind that your response is totally anonymous, so don't be shy about participating.

chuck911

This whole subject was troubling to me, though for the longest time I didn't know why. Now I do. It became clear to me at about the 1:07:30 mark. (Apologies in advance for stealing 2 hours from the one or two who will find the whole thing absolutely mesmerizing...)

Prelude Guy

I don't think it's so much how much you're worth, but how well your personal finances are setup.

The only reason why I am considering a Porsche is because I have been really good with my personal finances. I have spent over 20 years building up my portfolio and have sacrificed a lot in the name of financial freedom. I am finally to the point where I feel like I am ready. I have a house, real estate investments, IRAs, and have lowered my fixed expenses drastically. Would I like to have more in savings? Sure! I have realized that life is never being fully prepared. There never seems to be a best time.

I am a believer in it's not how much you make, but how you spend it. Sadly, most people are horrible when it comes to personal finances. I see sooo many people making good salaries but are still living paycheck to paycheck. I often wonder how many people driving Porsches are in the same boat.

i911

Thanks for all the responses and perspectives given so far. My take from the poll result, though with limited sample, is that 80% of the people would feel $2MM being a comfortable cushion in net worth before plunging $150K in a 911.

Being financially conservative, I take patience in investing as well as spending. After more than 10 years with my still-fabulous E46 M3, it is about time to reward myself to the next stage with a P-car ownership. I will likely pull the trigger next spring for a late 2014 or early 2015 model. Next challenges will be deciding the spec and negotiate the best possible discount to minimize the depreciation hit. Did I see someone mention 16% off MSRP?

CarManDSL

If you are prepared to wait until the 2015 model which will start production in June 2014, you'll likely get the mid life upgrade to a 991.2

They'll up the HP and slightly massage the exterior, might add some nice new features, but generally fix any issues from the current 991.1.

I am hoping they will make the GT3 PDK-S available in the 991S!

i911

That would be a bonus. I was told by the sales that it is 2016 model year for the 991.2 update. I wish you are right.

Carbon333

One rule I have read is the Ten Times Test,

When buying something you want rather than something you need, e.g. the 911, you should have at least ten times that amount in savings.

CSK 911 C4S

Questions like this is why I hang out with VW/Audi people.

STG

Kind of a dumb post back out of the archives. Just do what's right for your own situation. Can't take it with you boys!

Pull out the AMEX and charge the damn car if that's what it takes before you're too old to get in/out of it

Or .... Find a great used one on "hot for sale pick of the week"!!

There will always be someone with more savings. Is this a pissing contest?

dd356

As a wise man once said, ...............you can't take it with you.

mathfuzzy

My net worth and my Porsches have no correlation. My income and my Porsches do. It's about circumstances and personal priorities. Maybe also about achievements and rewards. In any case, it's not about math. Although God knows, given my handle, who am I to say?

Tapeworm

Every car I have ever bought I though, oh man, these payments are too much. Eventually I realized that there is a certain budget per year that is acceptable, and I now aim for that. If I figure out 'how much per day' the cars are costing me, it's crazy. But I enjoy cars and as long as all the other bills are paid, why not?

Many people I know have expensive family holidays, expensive extensions to their houses or worse - get divorced. Compared to any of these, Porsches are cheap. You can't take it with you and the clock is always ticking, eventually you might not have the health or ability to drive a 911 - or you may get to an age where you just don't care and start to look longingly at Buicks and Oldsmobiles (ok, maybe I can't see that happening,,,,)

Andy

leveragedsellout

Definitely not bad advice - you will be loaded @ retirement - but overly conservative in a ZIRP environment. I'm 32 and my dad always told me, "never finance a depreciating asset". He was not a car guy (I struggle to think of a greater understatement) and that was sound advice, but much more so when new car loans were 10%. 2% money on a used car changes the equation. My savings plan was not altered by $1 when i bought this car and wouldn't be altered if i traded it for an Accord. To each their own.

stratocaster69

A person could do it if they don't live high on the hog, have a decent job, have little liabilities or debt. But you have to take into consideration other things. Say you drop all this money on the car and you are maybe in your 20s or whatever age. You more than likely will be paying interest plus taking a depreciation hit, taxes, insurance, and other costs with the fee of the car. All the sudden that 150k car is really a 200k car, plus or minus, taking into account the whole picture.

Or you take what you make, save and invest it wisely. Time is the biggest thing on your side and the earlier you can get your money working for you the better. Than when you have a huge amount of money, its a lot easier to make the decision with no cagey feelings as to if you can do it. Some will say live your dreams and do it now. Is the glass half full or half empty. Will you die young or live long. That depends on our personalities and or fate. I took the young route and rat holed and worked hard. Didn't blow it on stuff! I am doing fine at 52 and can buy the car no problem, not bragging. Being respectful.

Everyones different, but your retirement should take precedence over your car. Or should it? Its your decision and I am no financial expert. Just maybe letting you see an other angle with everyone else thats posted. I respect whatever decision you decide. I think many people have given their perspective on here, even I have learned some new angles on things. Respect!