View Poll Results: Responsible Net Worth for owning a $150K sports car?
$500,000
35
16.36%
$1MM
39
18.22%
$1.5MM
26
12.15%
$2MM
50
23.36%
$3MM+
64
29.91%
Voters: 214. You may not vote on this poll
Responsible Net Worth for owning a $150K sports car?
10-20-2015, 07:04 PM
#121
Banned
Financial planning is absolutely prudent and wise. But in this context, I've never seen a Brink's Armored Truck following a Hearse to the grave. Discussing financial responsibility in an emotional purchase like these vehicles is like discussing the caloric savings of apple sauce vs oil or butter in a cake. It's non-sensical. The purpose of these cars is to step outside of our real lives and into a fantasy world that we embrace and love. Life is finite, and will end. It's a dream state, relish it. If the mathematical cogitations of financial return rule your decision making on the purchase of an automobile, you are in the wrong forum. If the need to apply a mathematical formula is your forte, I commend you for financial fortitude and discipline. However, luxury cars are not by any means, a part of that equation. Emotion has no solvable variable.
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MIDLYF (12-03-2023)
10-20-2015, 09:26 PM
#122
Drifting
Originally Posted by MJBird993
I don't understand why anyone would write that, when so far this year the S&P is down.
And the S&P 500 is equities, so I'm kinda thinkin' that the Common doesn't know what he's talking about.
Big shock. Someone posting nonsense on the Internet.
And the S&P 500 is equities, so I'm kinda thinkin' that the Common doesn't know what he's talking about.
Big shock. Someone posting nonsense on the Internet.
10-20-2015, 09:31 PM
#123
Banned
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10-20-2015, 10:11 PM
#124
Rennlist Member
10-20-2015, 11:31 PM
#126
Banned
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Location: Chicagoland Area
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10-21-2015, 03:39 AM
#127
10-21-2015, 07:58 AM
#128
Rennlist Member
10-21-2015, 02:20 PM
#130
Oh man, jumping in this one--hoping for the best. My 2 cents:
A) no one enjoys being owned by their things. If you have big payments on expensive things and hate your job you have to pay for them, you will not only cease to enjoy life you'll start hating those things endenturing your servitude. But if you love what you do and cash flow enough to have a few nice things while not sweating a monthly payment, what's the harm? You only get one shot at this life.
B) many dream of owning a car like a Porsche, and rightly they should! As I recall, "healthy" debt to income is something like 30% house and all in less than 40%. If you like this rule, and all your non-home bills are less than 10% with a Porsche payment--why not do it? Further, if a Porsche brings you joy and your home isn't a high priority (or you live somewhere with a low cost of living) you could turn down the home 30% and turn up the other 10%, still staying under 40%...
C) if you can write a check for a car, awesome--you were born lucky or worked hard (or both). For the rest of us, life is about trade-offs. I'd rather have a GTS than--for example--travel abroad. Been to Europe, it was great but my preference is a GTS in the garage. The Porsche/no Porsche gap is narrower than folks may think: the average car payment in the U.S. is less than $500. My GTS will be around $1600. That's $1100/mo or about $13,000 a year delta. Most upper-middle class or higher families have $13k in their annual budget for fun: maybe a boat (payment), a time share, that big trip to Paris for 10 days, a week at Disneyworld for a family of 5, whatever. I'd rather start a Porsche each morning and (most importantly) my wife is on board with this.
D) if looking for an outsiders view, Dave Ramsey (I think) champions not having more car than your annual income. Not going into his views on debt, this view holds a $150k car plus any other cars you have (loan, lease, or own) should = your household income. To keep simple, if you are a single person with only this one $150k car, you should gross $150k or more.
A) no one enjoys being owned by their things. If you have big payments on expensive things and hate your job you have to pay for them, you will not only cease to enjoy life you'll start hating those things endenturing your servitude. But if you love what you do and cash flow enough to have a few nice things while not sweating a monthly payment, what's the harm? You only get one shot at this life.
B) many dream of owning a car like a Porsche, and rightly they should! As I recall, "healthy" debt to income is something like 30% house and all in less than 40%. If you like this rule, and all your non-home bills are less than 10% with a Porsche payment--why not do it? Further, if a Porsche brings you joy and your home isn't a high priority (or you live somewhere with a low cost of living) you could turn down the home 30% and turn up the other 10%, still staying under 40%...
C) if you can write a check for a car, awesome--you were born lucky or worked hard (or both). For the rest of us, life is about trade-offs. I'd rather have a GTS than--for example--travel abroad. Been to Europe, it was great but my preference is a GTS in the garage. The Porsche/no Porsche gap is narrower than folks may think: the average car payment in the U.S. is less than $500. My GTS will be around $1600. That's $1100/mo or about $13,000 a year delta. Most upper-middle class or higher families have $13k in their annual budget for fun: maybe a boat (payment), a time share, that big trip to Paris for 10 days, a week at Disneyworld for a family of 5, whatever. I'd rather start a Porsche each morning and (most importantly) my wife is on board with this.
D) if looking for an outsiders view, Dave Ramsey (I think) champions not having more car than your annual income. Not going into his views on debt, this view holds a $150k car plus any other cars you have (loan, lease, or own) should = your household income. To keep simple, if you are a single person with only this one $150k car, you should gross $150k or more.
10-21-2015, 04:09 PM
#133
Burning Brakes
Oh man, jumping in this one--hoping for the best. My 2 cents:
A) no one enjoys being owned by their things. If you have big payments on expensive things and hate your job you have to pay for them, you will not only cease to enjoy life you'll start hating those things endenturing your servitude. But if you love what you do and cash flow enough to have a few nice things while not sweating a monthly payment, what's the harm? You only get one shot at this life.
B) many dream of owning a car like a Porsche, and rightly they should! As I recall, "healthy" debt to income is something like 30% house and all in less than 40%. If you like this rule, and all your non-home bills are less than 10% with a Porsche payment--why not do it? Further, if a Porsche brings you joy and your home isn't a high priority (or you live somewhere with a low cost of living) you could turn down the home 30% and turn up the other 10%, still staying under 40%...
C) if you can write a check for a car, awesome--you were born lucky or worked hard (or both). For the rest of us, life is about trade-offs. I'd rather have a GTS than--for example--travel abroad. Been to Europe, it was great but my preference is a GTS in the garage. The Porsche/no Porsche gap is narrower than folks may think: the average car payment in the U.S. is less than $500. My GTS will be around $1600. That's $1100/mo or about $13,000 a year delta. Most upper-middle class or higher families have $13k in their annual budget for fun: maybe a boat (payment), a time share, that big trip to Paris for 10 days, a week at Disneyworld for a family of 5, whatever. I'd rather start a Porsche each morning and (most importantly) my wife is on board with this.
D) if looking for an outsiders view, Dave Ramsey (I think) champions not having more car than your annual income. Not going into his views on debt, this view holds a $150k car plus any other cars you have (loan, lease, or own) should = your household income. To keep simple, if you are a single person with only this one $150k car, you should gross $150k or more.
A) no one enjoys being owned by their things. If you have big payments on expensive things and hate your job you have to pay for them, you will not only cease to enjoy life you'll start hating those things endenturing your servitude. But if you love what you do and cash flow enough to have a few nice things while not sweating a monthly payment, what's the harm? You only get one shot at this life.
B) many dream of owning a car like a Porsche, and rightly they should! As I recall, "healthy" debt to income is something like 30% house and all in less than 40%. If you like this rule, and all your non-home bills are less than 10% with a Porsche payment--why not do it? Further, if a Porsche brings you joy and your home isn't a high priority (or you live somewhere with a low cost of living) you could turn down the home 30% and turn up the other 10%, still staying under 40%...
C) if you can write a check for a car, awesome--you were born lucky or worked hard (or both). For the rest of us, life is about trade-offs. I'd rather have a GTS than--for example--travel abroad. Been to Europe, it was great but my preference is a GTS in the garage. The Porsche/no Porsche gap is narrower than folks may think: the average car payment in the U.S. is less than $500. My GTS will be around $1600. That's $1100/mo or about $13,000 a year delta. Most upper-middle class or higher families have $13k in their annual budget for fun: maybe a boat (payment), a time share, that big trip to Paris for 10 days, a week at Disneyworld for a family of 5, whatever. I'd rather start a Porsche each morning and (most importantly) my wife is on board with this.
D) if looking for an outsiders view, Dave Ramsey (I think) champions not having more car than your annual income. Not going into his views on debt, this view holds a $150k car plus any other cars you have (loan, lease, or own) should = your household income. To keep simple, if you are a single person with only this one $150k car, you should gross $150k or more.
Thats doin' a LOT of thinkin'!!!!
10-21-2015, 05:45 PM
#135
So if responsible is defined as buying an expensive car only when you have a net worth of at least the median net worth of the owner of that car model, then many 911 owners are not responsible. But I doubt many of us would look at it that way. If a person has sufficient funds to take care of his family needs and has $150K of disposable income, then net worth is irrelevant as far as I'm concerned.