how much income do you need to buy a 997
#61
Chandler!
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Originally Posted by SilverSteel
If you can't pay cash, get another ride. There's no need leveraging yourself for a car, a fine car, but a car. Keep your priorities straight and work hard. Your dream car will become a reality.
#62
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Originally Posted by fpb
Worst thread ever.
Imagine walking into the dealer and asking: "Can I afford this car?"
Imagine walking into the dealer and asking: "Can I afford this car?"
Leasing and financing give you inroads to pleasures reserved for a few. I'm quite sure there are many who border on the "don't qualify" list. Do I think stretching yourself thin to buy a dream car is worth it? Personally, no way. But the little cousin was happy with his M3, crappy 1 bedrm rental and his big computer and monitor. He came to me for advice, I told him forget it. But he also remembered the story of me buying my first Porsche (90 964 Targa) by refinancing my newly purchased house (1 year into payments) at 22
![ooops](https://rennlist.com/forums/graemlins/icon501.gif)
So yes I was stupid when I was young but luckily I made it through well.
It's nice to have the security of buying a toy without worrying about payments, and that's the only way I'll buy most anything now. Problem is now the wife is itchy for an italian exotic!
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#63
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I recall seeing a guy on TV one time who wrote a book saying you should endevour to "die poor". By that he meant spend all your money before you die, enjoy it and don't horde money you may never use. The only problem with this philosophy is that you don't know how long you are going to live. You don't know what resources you will need in the future. My take on this is the exact opposite of ScottS. Because life is unpredictable you may well outlive your resources. The only thing worse than dying with a lot of unspent money is outliving your resources. Think about it.
Now I really don't care ultimately what people do with their money but if someone is asking for advice I'll give it. It seems to me the person who started this thread was asking for advice. And my advice was (and still is) that if you can't pay cash for the car find something more within your means.
If on the other hand you don't want financial advice then don't ask the question.
Now I really don't care ultimately what people do with their money but if someone is asking for advice I'll give it. It seems to me the person who started this thread was asking for advice. And my advice was (and still is) that if you can't pay cash for the car find something more within your means.
If on the other hand you don't want financial advice then don't ask the question.
#64
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Yes your answer is the opposite take on mine but I am not suggesting one thing or another. I was merely offereing a different set of circumstances and values. Maybe cash is king for some, but others with different velocities may alter their risk profile safely to achieve their dreams earlier than, say 53. Not everyone lives to fifty. And I treated a number of people who had their lives altered or cut short by cancer, heart disase and tramautic injury and with it, regret and loss of dreams.
So for one's own environment, skills, prospects and desires, there are many paths to achieving what is important to them. What is statistically you knew that your colon cancer, for example, was likely to come back within 5 years at a 98% probability? Would you alter your financial time horizon's and alter a plan of delayed gratification?
If you are a new lawyer and at age 25 have future earnings by conservative estimates at 100K/year for 40 years? WOuld that alter your plan to achieve the dream of a PCAR?
Many paths, many answers. For some a car is a toy for others, it is meaning. I don;t judge those who have different values and risk profiles. Their choice, not mine. But my success may not be theirs and my advice based on my experience. But lest you take it too far, this is my general advice to a general question:
1) Eliminate high interest debt.
2) Establish an emergency fund- 3 months of expenses minimum, cash or low risk, accessible investments.
3) Establish and obtain all insurance necessary including depending on your life cycle, life, disability and long term care.
4) Establish your budget for housing, expenses and supplemental saving. Establish comfortable levels of expense commitment taking into account possible fluctuations in the economy and income levels.
5) Define your discretionary income level after 1-3. Decide what your priorities are for that income. IF you would like to buy with cash, figure on how long it will take to accrue that amount. IF you want to borrow, consider the depreciation factor and target the loan to avoid being upside down. If you want to lease, define your comfortable payment and see if it is within your budget. Factor in your tax bracket, any tax benefit and uses for the vehicle.
Lastly consider a slightly used from someone who paid cash. Or anyone who maintained the car well.
Good luck.
So for one's own environment, skills, prospects and desires, there are many paths to achieving what is important to them. What is statistically you knew that your colon cancer, for example, was likely to come back within 5 years at a 98% probability? Would you alter your financial time horizon's and alter a plan of delayed gratification?
If you are a new lawyer and at age 25 have future earnings by conservative estimates at 100K/year for 40 years? WOuld that alter your plan to achieve the dream of a PCAR?
Many paths, many answers. For some a car is a toy for others, it is meaning. I don;t judge those who have different values and risk profiles. Their choice, not mine. But my success may not be theirs and my advice based on my experience. But lest you take it too far, this is my general advice to a general question:
1) Eliminate high interest debt.
2) Establish an emergency fund- 3 months of expenses minimum, cash or low risk, accessible investments.
3) Establish and obtain all insurance necessary including depending on your life cycle, life, disability and long term care.
4) Establish your budget for housing, expenses and supplemental saving. Establish comfortable levels of expense commitment taking into account possible fluctuations in the economy and income levels.
5) Define your discretionary income level after 1-3. Decide what your priorities are for that income. IF you would like to buy with cash, figure on how long it will take to accrue that amount. IF you want to borrow, consider the depreciation factor and target the loan to avoid being upside down. If you want to lease, define your comfortable payment and see if it is within your budget. Factor in your tax bracket, any tax benefit and uses for the vehicle.
Lastly consider a slightly used from someone who paid cash. Or anyone who maintained the car well.
Good luck.
#66
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1. See post number 43.
2. I paid cash, not through an in depth financial analysis, but b/c owning a 100k toy on borrowed money freaks me out. But, if you are OK with the concept, then go for it.
2. I paid cash, not through an in depth financial analysis, but b/c owning a 100k toy on borrowed money freaks me out. But, if you are OK with the concept, then go for it.
#67
Drifting
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Aren't debts owed in a fiat currency a good thing? You can borrow 100k U.S. dollars, buy the car, and then you only have to pay back 100k U.S. pesos in the future. At least, this is the way things seem to be going.
My irreverent $0.00048.
My irreverent $0.00048.
#68
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Originally Posted by TestnDoc
Lease. Never ever own a depreciating "asset". If you must "own" use a home equity product of some kind. A car is no investment. Good luck!!
However for people who are trying to get into owning one, it's a big pain.
#69
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Oh sheet, c'mon guys. A Porsche is an emotional decision, as are many in life. There are no good ways to purchase one, or bad ways - just get one if you want one.
Buy, finance, lease, net worth, income,etc. are all just words that surround the experience. If it doens't make your dick shrivel, then just do it if you can! Net worth, income, and assets aren't the issue. The issue is to have fun in one of the best sports cars ever made.
You can never be sure of your financial future. If you are a "partner", your firm can fail, or your profession can be reduced to nothing with the passage of time (how many Dr.'s that are now over 50 ever thought that their potential in this world would be sucked up by the American health insurance system?) Certainly not when they were in medical school - and in 20 years it may be off to China for a "good" job. Same can be said for lawyers, architects, etc. **** happens. I won't even mention anything about those of us who go into business. Fortunes can and often do dissapear overnight.
I guess what I'm trying to say is have fun while you can - and most of all - don't take yourself or your life too terribly seriously of you may be very very dissapointed.
Hell, if you want it that bad - then steal it if you have to.
Buy, finance, lease, net worth, income,etc. are all just words that surround the experience. If it doens't make your dick shrivel, then just do it if you can! Net worth, income, and assets aren't the issue. The issue is to have fun in one of the best sports cars ever made.
You can never be sure of your financial future. If you are a "partner", your firm can fail, or your profession can be reduced to nothing with the passage of time (how many Dr.'s that are now over 50 ever thought that their potential in this world would be sucked up by the American health insurance system?) Certainly not when they were in medical school - and in 20 years it may be off to China for a "good" job. Same can be said for lawyers, architects, etc. **** happens. I won't even mention anything about those of us who go into business. Fortunes can and often do dissapear overnight.
I guess what I'm trying to say is have fun while you can - and most of all - don't take yourself or your life too terribly seriously of you may be very very dissapointed.
Hell, if you want it that bad - then steal it if you have to.
#70
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I did my residency in internal medicine. I work for a large medical group in Hartford as a hospitalist. Graduated from college at 20, medical school at 24 and residency at 27. The other 2 people they hired at the same time quit as well as the two hospitalists before me. It left me in a very good position to negotiate. It is a private practice position and the compensation is eat what you kill minus overhead. This is unlike 99% of the hospitalist postions available. I also was made head of the divsion and now have 9 providers working as hospitalists. Most are employees. Very low overhead since we don't have an office goes a long way in helping the finances.
#71
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Originally Posted by Eggplant Cab
Actually with my recent research, buying a Ferrari new for old owners is an appreciating asset. Showrooms are selling them for $80k+ over sticker.
However for people who are trying to get into owning one, it's a big pain.
However for people who are trying to get into owning one, it's a big pain.
Last edited by TestnDoc; 05-08-2006 at 01:16 PM.
#72
Nordschleife Master
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I'm amazed by how many physicians are on this chatline;
jonquiljo, you know too much, you must not be a physician.
noahark2, you're oversharing (but I understand, you feel to a certain extent that you have beat the system, sort of...)
testndoc, the problem with leasing is the opacity of the transaction and the fact that you cant change horses as much as you might want to without large penelties
geof, that's what interest is about.
ScottS, what is this thing about docs oversharing here?
There, have I upset anyone? I hope not, but I guess HIPPA regs make it only safe to talk about yourself...
jonquiljo, you know too much, you must not be a physician.
noahark2, you're oversharing (but I understand, you feel to a certain extent that you have beat the system, sort of...)
testndoc, the problem with leasing is the opacity of the transaction and the fact that you cant change horses as much as you might want to without large penelties
geof, that's what interest is about.
ScottS, what is this thing about docs oversharing here?
There, have I upset anyone? I hope not, but I guess HIPPA regs make it only safe to talk about yourself...
#73
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Originally Posted by noahark2
It is a private practice position and the compensation is eat what you kill minus overhead.
#74
Nordschleife Master
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Originally Posted by jonquiljo
I am so glad we have people like you taking care of the sick and infirm these days. It just warms my heart.
What is your occupation?
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