Can I afford it?
02-02-2014, 03:00 PM
#31
It's ok to have a car payment on a used car. Personally I do it because money is cheap and I'm making way more off TSLA and DIS stock. We all have our own opinions on this subject. Make sure you put at least $20k down so your payments are manageable and you are not underwater should you need to sell. Check credit unions for the best rates.
As others have mentioned things get pricey quick on these cars. A full set of tires with alignment is ~$2k. You'll need fronts every 20k miles and rears every 10k. Oil changes are close to $100 just in oil and filter. Brake flush every 2 years, another $100. Make sure you have a slush fund to cover incidentals.
Best of luck!
02-02-2014, 03:55 PM
#32
What size Dunlops are you running?
02-02-2014, 06:50 PM
#35
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Make sure you have maxed out your retirement savings.
Have zero debt.
A home with a garage.
Then buy as many Porsches as you have garage spaces. Pay cash for the porsche(s).
Have zero debt.
A home with a garage.
Then buy as many Porsches as you have garage spaces. Pay cash for the porsche(s).
02-02-2014, 08:34 PM
#36
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I guess I can't afford it. I really thought making $100,000/year (Damn you Canadian taxes) meant I could afford a $40K car, I guess not.
NOTE: apologies for posting my salary I know it's tacky, but I'm just trying to put things in perspective.
NOTE: apologies for posting my salary I know it's tacky, but I'm just trying to put things in perspective.
Last edited by Jamolah; 02-02-2014 at 08:57 PM.
02-02-2014, 08:45 PM
#37
Nordschleife Master
100k is roughly 63/64 after taxes in canada (from what i recall); plus a few grand return if you max out your rrsp (401k) annually.
if you make 100 for a few years, and not let expenses erode it all away i cant see how a 40k car is unaffordable. what i have seen being unaffordable are people making 40k buying 40k cars.
imho, its really not about how much you make, its how much you have left over, saved, and overall equity position to determine how affordable these 'toys' are. annual income is just a fraction of the equation.
if you make 100 for a few years, and not let expenses erode it all away i cant see how a 40k car is unaffordable. what i have seen being unaffordable are people making 40k buying 40k cars.
imho, its really not about how much you make, its how much you have left over, saved, and overall equity position to determine how affordable these 'toys' are. annual income is just a fraction of the equation.
02-02-2014, 09:01 PM
#38
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100k is roughly 63/64 after taxes in canada (from what i recall); plus a few grand return if you max out your rrsp (401k) annually.
if you make 100 for a few years, and not let expenses erode it all away i cant see how a 40k car is affordable. what i have seen being affordable are people making 40k buying 40k cars.
imho, its really not about how much you make, its how much you have left over, saved, and overall equity position to determine how affordable these 'toys' are. annual income is just a fraction of the equation.
if you make 100 for a few years, and not let expenses erode it all away i cant see how a 40k car is affordable. what i have seen being affordable are people making 40k buying 40k cars.
imho, its really not about how much you make, its how much you have left over, saved, and overall equity position to determine how affordable these 'toys' are. annual income is just a fraction of the equation.
I guess I'll either save up my money for a couple of years and revisit this OR I get a used Motorcycle as a track bike, maybe it'll satisfy my track 'itch'.
02-02-2014, 09:24 PM
#39
Rennlist Member
02-02-2014, 10:08 PM
#40
02-02-2014, 11:44 PM
#41
There are some great deals on Boxsters for less than $15000 that are good solid cars, and can be tracked and fun. I don't know you, but there are better options than bikes! Too many friends lost on Bikes.
Also, you can even find Boxsters that can be your track car, and still have a normal daily driver.
Also, you can even find Boxsters that can be your track car, and still have a normal daily driver.
02-03-2014, 12:47 AM
#42
Forget everything written here, you know whether you can afford it or not. It isn't brain surgery, if you want it enough you can afford it. If you want a Lotus enough you can afford that too.
02-03-2014, 10:17 AM
#44
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Too many negatives on here.... I agree with myw and PhilD.
The most expensive thing is the engine and hey, that can go out as we've seen, but in reality who has $20grand laying around waiting an engine replacement.....not very many. Yes, they might have the means to get a loan or whatever, but in reality most the people who are posting on here don't. Even the ones that make 200grand a year. Why, because they've spent the money on a bigger house, kids, and whatever else.
To the OP, don't worry about the negativity, just do it and if you have any financial wits about you, you can, will, and figure things out. That is unless you are already in debt to the gills.
If you waited or listened to what everyone has suggested then there would be hardly anyone buying Porsche's.
Yes, it's not a poor man's car, but it's not supposed to be a rich man's either.
JUST DO IT!.
Mike
The most expensive thing is the engine and hey, that can go out as we've seen, but in reality who has $20grand laying around waiting an engine replacement.....not very many. Yes, they might have the means to get a loan or whatever, but in reality most the people who are posting on here don't. Even the ones that make 200grand a year. Why, because they've spent the money on a bigger house, kids, and whatever else.
To the OP, don't worry about the negativity, just do it and if you have any financial wits about you, you can, will, and figure things out. That is unless you are already in debt to the gills.
If you waited or listened to what everyone has suggested then there would be hardly anyone buying Porsche's.
Yes, it's not a poor man's car, but it's not supposed to be a rich man's either.
JUST DO IT!.
Mike
02-03-2014, 10:51 AM
#45
Rennlist Member
