A what point do you feel comfortable buying a 200k+ car?
11-22-2022, 12:08 AM
#46
(call this post bs or you are conservative which is totally fine)
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AlexCeres (11-22-2022)
11-22-2022, 06:48 AM
#47
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Tool & Die, we were the first that kept the pull tab on the can (soda and beer) if you are old like me you remember when you would remove and throw away the tab after opening a can, now it stays with the can. All our work was making tooling to make cans for different industry, paint cans, deodorant cans, beer and soda, drums, 15-55 gallon, anything to do with a can we were into, but the tooling only, we do not make cans, our customers did
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11-22-2022, 10:28 AM
#48
Tool & Die, we were the first that kept the pull tab on the can (soda and beer) if you are old like me you remember when you would remove and throw away the tab after opening a can, now it stays with the can. All our work was making tooling to make cans for different industry, paint cans, deodorant cans, beer and soda, drums, 15-55 gallon, anything to do with a can we were into, but the tooling only, we do not make cans, our customers did
Excellent history. Well done !
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hcvone (11-22-2022)
11-22-2022, 05:32 PM
#49
Instructor
Fake post by fake poster. Once one reaches the level he claims to be at, you have at least one FA telling you what you can and can't buy, thereby obviating any need for a post of this (absurd) nature.
11-22-2022, 06:00 PM
#50
Serious question - I’ve never thought to ask my financial advisor about discretionary luxury purchases. I mostly stick to investments/retirement with them.
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AlexCeres (11-22-2022)
11-22-2022, 07:06 PM
#51
Instructor
Quite regularly, actually. Often times the advisor is the one facilitating the transaction. My wife was a CFP for high-net worth persons and families.
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AlexCeres (11-22-2022)
11-23-2022, 06:07 AM
#52
Burning Brakes
When you spend two weeks in the hospital recovering from quadruple bypass surgery and your 71 years old and three friends died at around 65 each in the last twelve months and you have $4,000,000 in assets and only a small mortgage on one of three houses - it is time to buy a toy or two. I still run my business ( portfolio management) where I usually clear over $500,000 each year as well. Two kids have decent jobs so just have to support myself and the wife.
pay cash for cars - so the worst is you can always turn the car back into cash. The danger for a car purchase comes from putting down 10% and make a large monthly payment which depends on your job stability.
If the car value decreases like cars should- then you could get squeezed where the payment becomes a burden but you can’t sell because you would owe the bank a large payment if the car is worth less than the remaining car loan balance.
Time becomes the problem more than the amount of potential loss in a car’s value. The upside with Porsche is that they are very difficult to buy new so they hold their value as some buyers don’t want to wait a year to get the car they want.
I have old geezer friends who will spend $25,000 or a lot more, on a 10 day cruise but if they lose $25,000 on a car that gives them enjoyment everyday they are unhappy.
pay cash for cars - so the worst is you can always turn the car back into cash. The danger for a car purchase comes from putting down 10% and make a large monthly payment which depends on your job stability.
If the car value decreases like cars should- then you could get squeezed where the payment becomes a burden but you can’t sell because you would owe the bank a large payment if the car is worth less than the remaining car loan balance.
Time becomes the problem more than the amount of potential loss in a car’s value. The upside with Porsche is that they are very difficult to buy new so they hold their value as some buyers don’t want to wait a year to get the car they want.
I have old geezer friends who will spend $25,000 or a lot more, on a 10 day cruise but if they lose $25,000 on a car that gives them enjoyment everyday they are unhappy.
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11-23-2022, 06:36 AM
#54
Buying it is one hurdle, the next is driving it knowing there are careless drivers out there. Are you ok with that risk?
11-23-2022, 09:21 AM
#55
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I made that mistake once, got an hour talking to about what a waste of money 99.9% of car purchases were, realizing this was NOT a car guy, we do not talk about cars or car purchases again
11-23-2022, 09:22 AM
#56
Race Car
Well if everyone is going to flex about their money now, we shop for groceries without coupons.
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11-23-2022, 09:32 AM
#57
hahaha. I know right? I mean I can imagine the conversation. “I want to replace a perfectly good 911 that I’ve owned for a year for another one. Oh but this one is older and more expensive. By the way, I may want to modify it and lower its resale value”.
11-23-2022, 09:42 AM
#58
When you spend two weeks in the hospital recovering from quadruple bypass surgery and your 71 years old and three friends died at around 65 each in the last twelve months and you have $4,000,000 in assets and only a small mortgage on one of three houses - it is time to buy a toy or two. I still run my business ( portfolio management) where I usually clear over $500,000 each year as well. Two kids have decent jobs so just have to support myself and the wife.
pay cash for cars - so the worst is you can always turn the car back into cash. The danger for a car purchase comes from putting down 10% and make a large monthly payment which depends on your job stability.
If the car value decreases like cars should- then you could get squeezed where the payment becomes a burden but you can’t sell because you would owe the bank a large payment if the car is worth less than the remaining car loan balance.
Time becomes the problem more than the amount of potential loss in a car’s value. The upside with Porsche is that they are very difficult to buy new so they hold their value as some buyers don’t want to wait a year to get the car they want.
I have old geezer friends who will spend $25,000 or a lot more, on a 10 day cruise but if they lose $25,000 on a car that gives them enjoyment everyday they are unhappy.
pay cash for cars - so the worst is you can always turn the car back into cash. The danger for a car purchase comes from putting down 10% and make a large monthly payment which depends on your job stability.
If the car value decreases like cars should- then you could get squeezed where the payment becomes a burden but you can’t sell because you would owe the bank a large payment if the car is worth less than the remaining car loan balance.
Time becomes the problem more than the amount of potential loss in a car’s value. The upside with Porsche is that they are very difficult to buy new so they hold their value as some buyers don’t want to wait a year to get the car they want.
I have old geezer friends who will spend $25,000 or a lot more, on a 10 day cruise but if they lose $25,000 on a car that gives them enjoyment everyday they are unhappy.
11-23-2022, 03:24 PM
#59
Rennlist Member
Too funny. BTW I did consult m financial advisor before buying the Turbo S but just to determine which account he should pull the money from. He says I owe him a ride along.
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11-23-2022, 06:06 PM
#60
RL Community Team
Rennlist Member
Rennlist Member
Here's my financial situation:
Nevermind...........I think I'll just talk about cars
Anyway, I own an over $200k car and I already forgot about the money. That's a sign that you can pull it off
Nevermind...........I think I'll just talk about cars
Anyway, I own an over $200k car and I already forgot about the money. That's a sign that you can pull it off