Is it a good idea given my circumstances?
#61
RL Community Team
Rennlist Member
Rennlist Member
The car doesn't even "cost" $130K - given the resale values, these cars actually cost very little to own. You'll get most of that money back when you sell/trade it. When you pay for college tuition - that money is 100% gone. An expensive vacation, no resale value on that, it’s gone.
Yes, they hold their value well making them less expensive to own than let’s a… Maserati, but the pandemic years of driving it for “free” are gone.
#62
Instructor
Come on now, there's no shortage of $200k houses in Palo Alto. The only problem is that you have to pay $2million for them.
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#63
Rennlist Member
#65
#66
Three Wheelin'
Funded kids’ education?!
Why not ask if they have a nanny, housekeeper, personal chef etc.
Maybe then he can get a 911 but only used one…
Some of the advice here is too funny - it’s $130k car not a million dollar car. Also he is not playing roulette in a casino. You can always sell it and get majority of the amount back.
Why not ask if they have a nanny, housekeeper, personal chef etc.
Maybe then he can get a 911 but only used one…
Some of the advice here is too funny - it’s $130k car not a million dollar car. Also he is not playing roulette in a casino. You can always sell it and get majority of the amount back.
Last edited by Drew46; 12-14-2023 at 06:21 PM.
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detansinn (12-14-2023)
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#68
Thanks for all the responses. Lots of valuable perspectives here. I'm leaning towards just getting the darn thing. Every year I want some new car and every year it gets more expensive. I've progressed from a Miata to a Mustang to a Corvette. Now it's a 911. Every year without fail I don't get the car. I figure if I don't get a 911 this year then next year I'll be begging my wife for a Huracan! The missus approves, admittedly a large extent due to that very reason. Now let's see if I can actually pull the trigger. The new questions is... Carrera or Carrera S?
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#70
RL Community Team
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Thanks for all the responses. Lots of valuable perspectives here. I'm leaning towards just getting the darn thing. Every year I want some new car and every year it gets more expensive. I've progressed from a Miata to a Mustang to a Corvette. Now it's a 911. Every year without fail I don't get the car. I figure if I don't get a 911 this year then next year I'll be begging my wife for a Huracan! The missus approves, admittedly a large extent due to that very reason. Now let's see if I can actually pull the trigger. The new questions is... Carrera or Carrera S?
Regarding the Huracan... 2024 is expected to be the the final model year for the Huracan. So, if that's your actual want, that window is closing. Truth be told, with two young kids, it's hard to justify a two seater, let alone one that typically is out the door right around your expected 2024 annual income. I'd keep the Lambo as something to aspire to when you're beyond the "HENRY" stage of your life, (High Earner, Not Rich Yet).
#71
Rennlist Member
Another S vote but you're increasing your price range. MSRP is $131,300. That's before taxes, fees, etc. for a stripper without ADM. Even a modest spec is likely to come out in the low 150's to 160's all in. Just a data point.
#73
Three Wheelin'
Tuition (and room and board) at private colleges is easily 60-80K a year right now. Add in books, living expenses, travel to and from, etc. it is easy to get close to $100k/year X 4 years X 2 kids. And having my youngest just finishing grad school, I am speaking from first hand experience.
And, historically, the cost of college has increased year on year at rates well above the riskless rate of return. If someone is trying to fully fund a 529 today, $500K/kid is pretty much the target.
And, historically, the cost of college has increased year on year at rates well above the riskless rate of return. If someone is trying to fully fund a 529 today, $500K/kid is pretty much the target.
Last edited by Drew46; 12-15-2023 at 09:26 AM.
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detansinn (12-15-2023)
#74
Race Car
There’s no way I’m spending $500k on a kid to go to college.
Find a new college, 2+2 is the same in every state.
Find a new college, 2+2 is the same in every state.
#75
RL Community Team
Rennlist Member
Rennlist Member
Tuition (and room and board) at private colleges is easily 60-80K a year right now. Add in books, living expenses, travel to and from, etc. it is easy to get close to $100k/year X 4 years X 2 kids. And having my youngest just finishing grad school, I am speaking from first hand experience.
And, historically, the cost of college has increased year on year at rates well above the riskless rate of return. If someone is trying to fully fund a 529 today, $500K/kid is pretty much the target.
And, historically, the cost of college has increased year on year at rates well above the riskless rate of return. If someone is trying to fully fund a 529 today, $500K/kid is pretty much the target.
No debt for us either. A lot of parents get themselves into trouble borrowing for their kid's education, not recognizing that it's a much bigger lift in the 21st century than it was for their own parents.
School is expensive and many kids drop out not being able to pay the bill. My wife and I recently funded a scholarship endowment at my own alma mater to help students in their Junior/Senior year struggling to pay tuition. We're incredibly fortunate to be able to do something like that and you pay that kind of luck forward. Students need every bit of help that they can get. We're a long ways away from the time that you could pay your tuition bill with the money that you'd make with a summer job.
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traju (12-15-2023)