How much of your wealth in cars?
#17
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ALL MY WEALTH....I even sold my wife...kids...home....tv.....and now I am ponding my golden teeth to mod my P.......
5-10% of your wealth and this coming from a country in which 99% has a debt of 8K and up and buys and lives on credit!!! I have people forking out thousands of dollars for a photoshoot, but they can't pay cash...they drive in brandnew cars (100K and over) but can't take cash out of an ATM...go figure....
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5-10% of your wealth and this coming from a country in which 99% has a debt of 8K and up and buys and lives on credit!!! I have people forking out thousands of dollars for a photoshoot, but they can't pay cash...they drive in brandnew cars (100K and over) but can't take cash out of an ATM...go figure....
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#18
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I waited to get my Porsche until the point where if anything needed attention, I could say without hesitation, "Fix it." I want the car as mechanically sound as it can be. Net worth, I don't know, a low %, but cash flow and bucks-in-bank needed to be there so no one in family is cheated and I don't have to hesitate getting needed parts, tires, brakes, or saying, "Fix it."
#19
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x5rap...that is the right answer!!! That was exactly my position....if car, wife, child or anything else "breaks down" there should not be no financial problems to "fix it".....and there should still be some money left to mod your P!! Get yourself a 62" HDTV...buy your spoiled kid a Xbox 360 (700 bucks???? ridiculous!!...when I was his age.......) and your wife all the plastic surgery she wants, which makes the mods on a P seems like pennies!!!
My P has been at the paint shop for a week....needed some rhino painting....after "facelift" and I NEED IT BACK!!!!!
My P has been at the paint shop for a week....needed some rhino painting....after "facelift" and I NEED IT BACK!!!!!
#21
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live on salary, bank the bonus is my strategy. Spend the 80% of salary (putting away max 401k amts obviously) on mortgage, living expenses, cars, etc leaving about 15-20% as cushion and bank whole bonus. This is how I figure i can live the way i want while also putting building my FU fund. Never, Never, Never, touch the bonus dollars, if the lifestyle needs to utilize bonus dollars, change the lifestyle.
#23
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Originally Posted by care4era
How much of your wealth are you preapred to put in cars?!
#25
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I reckon I am around 15-20% all car crap included. I never go on vacation though, so maybe I am just swapping resources around? I dunno, I drove around with nowhere to go today and smilin' the whole time, so that is worth something.
#26
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Daily driver: volvo 850 (won't quit)
fun car: 996 (currently getting a replacement engine)
Priceless
Collectible ducati's and limited production Moto guzzi ($3000 in maintenance minimum)
In the end, my house never disappoints.
fun car: 996 (currently getting a replacement engine)
Priceless
Collectible ducati's and limited production Moto guzzi ($3000 in maintenance minimum)
In the end, my house never disappoints.
#27
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Originally Posted by riad
So people that have said they spend no more than 5% of their income on cars make about $2,000,000 a year for $100,000 car? I'm very poor compared to you guys.
Not sure how to measure wealth in cars I guess.
#28
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Everybody's right numer can be so different, age, salary, net worth, family, type of income, location.
Bear with me, this is going to got boring:
there are two financial types, first the "income" household where net worth is being built. In this case, you need to look at the total cost of ownership of your cars, including financing (even if you pay cash), depreciation (leave out maintenance, gas and insurance, after all you always need a car), count no more than 15%, 10% being more reasonable.
For the "net worth" financial type, which is a household with high net worth ($1m+) and normal income, no more than 5%, except if you can abide by the 10% of income rule of the other "income" type.
Bear with me, this is going to got boring:
there are two financial types, first the "income" household where net worth is being built. In this case, you need to look at the total cost of ownership of your cars, including financing (even if you pay cash), depreciation (leave out maintenance, gas and insurance, after all you always need a car), count no more than 15%, 10% being more reasonable.
For the "net worth" financial type, which is a household with high net worth ($1m+) and normal income, no more than 5%, except if you can abide by the 10% of income rule of the other "income" type.
#29
Chandler!
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Originally Posted by woody-77
No I don't make $2mm, I wish. Maybe I missed the point of the question. One year of car payments is less than 5% of my salary.
Not sure how to measure wealth in cars I guess.
Not sure how to measure wealth in cars I guess.
#30
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...regardless of what the proper percentage is the beauty lies in the simple fact that according to this "fixed" percentage theory, the more your net worth goes up, the more Porsche(s) you have to own.
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