Ninja_Bum

I mean, yeah maybe if they are just financing all of it. But if they've saved up a large toy nest egg and, say get it to a comfortable 1000-1500/month level or even saved up enough to buy it cash, ignoring the usual "oh well that money is better served in the market" angle I don't see anything wrong with that. Somebody in that 200k-300k area is making probably 11k-16k a month after taxes most places? Assuming they haven't neglected their investments, home didn't grow exponentially with regard to their income growth, etc, I just don't see that as a big issue if they are passionate about cars and have the rest of their life in order.

Now if they have a 4k/month house payment, a 4k/month car payment then sure I can see that being a poor choice, but there's absolutely ways to make it work where it's not a liability to destroy your life or put you in a precarious situation.

LexVan

Do you guys think dealerships will be asking ADMs for the new GT3 models? Asking for a friend.

M3Inline6

Agreed!


Yes! Without a doubt. When don’t they ask ADM on GT cars?!?

Freddie Two Bs

And where you are in life. $300k a year at 25 or 75, you can YOLO the **** out of it. At 50, maybe not as much.

phow

Again... for the third or maybe even fourth time now... I’m speaking “generally”.

Yes, there will always be exceptions in every situation but for the majority of people, it would be a poor financial move to earn 200-300k a year and purchase a 200k toy based on the average net worth of individuals in that income bracket.

However, it’s your life and your money. You do you.

But I will say this, not making such purchases back when I could just barely swing them and instead investing in my portfolio as well as my own businesses, among other things, is a big reason why I can freely make these purchases today. I’m a big fan of delayed gratification so my opinion will always lean in that direction. I also don’t pay for these purchases with earned income but that’s an entirely different topic.

LexVan

konaforever

You just described my situation. Dual income no kids here. Maybe around 370k or so in Boston. I have a 2200/month payment on a GT3. Have a 2700 mortgage and still save 30 percent of my after tax income that I invest in the market. My net worth is growing without issue.

redmonkey928

Ha, here it comes...

Ninja_Bum

Yeah I'd agree with that in general terms. Speaking as someone who was financially oriented for a few years and found myself kind of bored and depressed, though, it's nice sometimes to make decisions that weren't based on their value proposition once in a while. You don't want to be working until you die to support a lifestyle, but you don't want to forego living a bit while you're younger just for the sake of always making the logical financial choice all the time. There's definitely a healthy balance to be had. I had a great uncle who lived in a run down house and when he died he left millions behind, he just invested and never spent, never experienced life. Definitely don't want to wind up like that fellow either.

I figure some working stiff who saves for a few years to get into a nice car is experiencing delayed gratification for sure.

NYCGT3

Remember, you can sleep in your car, but you can’t drive your house…..

pookiemalibu

Completely disagree with the latter point. How many people REALLY have 10 M's in the bank? Like what percentage of the adult population have that kind of liquidity? To make the top 1% of earners you'd need to make approx. $538,926/year. I agree with earlier posters that this kind of salary goes a bit farther in smaller cities with lower costs of living and for those of us without kids. On the other hand, if you're a basic W-2 employee without many deductions living in a state with an income tax, two kids in private schools (let's assume one in a private day school and one at a private college), that new 992 GT3 might be a bit more of a stretch. Juxtapose that with the guy making that same amount in FL (where I am, with no state income tax) maybe a young kid but not grade school age, and a ton of ability to deduct their vehicle (either through Section 179 or via the actual expense method) and that Porsche may be a "good" investment relatively. As other posters have said, you only live once and you can't take it with you. I've watched for the past 20 years as certain immediate family members of mine have driven ****ty cars but lived in mutli-million dollar mansions. They couldn't care less about a Porsche but could easily afford one.

I think it's all about lifestyle choices and what you value. Personally, I'd rather drive a Porsche than have a 10,000 sq. ft. house. But that's just me and there are equally valid tax arguments on both sides. I think skew younger than a lot of the other Rennlisters and it appears as though a decent segment of folks on here seem to view a Porsche, particularly a 911, as a reward for decades of hard work. I view a car as a tax write off that I might as well be happy in, regardless of costs. Should I buy a GT3? Probably not. Can I buy a GT3? Absolutely.

As my Dad says (and probably stole from another old guy doling out sage advice): you've never seen a Brinks truck following a hearse.

raymort

Dang! Lots of judgment going on how other people decide to spend their money.

Not everyone has big debt service as the others.

Avoid a thirsty wife, kids, and state income tax…the cost of any one of these would pay off a loaded GT3 with a fat ADM.

Yippiekiaye

Like, I dont know what percentage of population have that kind of liquidity. Its irrelevant as my point still is valid. Its an arbitrary number to prove a point.

Ninja_Bum

Yeah, we're building our next house in Washington instead of Oregon and just moving across the state line will probably save us half the payment of a GT3 in state income taxes that disappear every month.

LexVan

Way too much house.