Can I afford it?
02-03-2014, 10:58 AM
#46
If you are looking at an 8 year old car then paying cash is a must. You mention $1600 a month but how can you justify financing a car, great as it is, with that many years on it. Plus, HPDE'ing a car is risky and especially if owned by the bank.
just my two cents. But I would never consider it.
just my two cents. But I would never consider it.
02-03-2014, 11:01 AM
#47
Rennlist Member
Your pension is not guaranteed at 55, neither is the value of your rrsp, nor is the level of your productivity as you age. Nothing is guaranteed. True, you live only once. The question is what kind of life do you prefer to live: one where you work for your money or one where your money works for you; one where you depend on a corporation or the state for your monthly livelihood for the rest of your life or one where you take your life in your own hands?
Values are subjective so only you can decide for yourself whether the happiness from buying a shiny piece of metal will be larger (and longer lasting) than the comfort of not living paycheck to paycheck, or the ability to go on a $5k vacation on a whim, or the ability to enter investments or make purchases opportunistically because you have the liquidity to do so.
IMO, you made a good decision not to buy it now -- your gut was already telling you this, hence the OP. Save up and, after a few years, buy a sports car (with cash) whose value will be only a small fraction of your net worth. You will enjoy it more, both on the street and at the track.
02-03-2014, 11:31 AM
#49
Drifting
You can never afford your next car. Then all of a sudden, its in your driveway and your washing it. Its happened to me more than 3 dozen times. Shop carefully, you afforded your 3oo. Cash that out, that will help with the difference on the new purchase. If you are planning to track, do keep in mind, no insurance and possible increased maintenance of tires and brakes. I drive my 2S all year like cam. No problems in the snow, unless it get deep. Like 6 inches. Then it get high centered.
02-03-2014, 11:44 AM
#50
Burning Brakes
My philosophy is that I can afford anything I want but not everything I want.
With my credit and income I could ‘afford’ a new 991, at least the bank or credit union would approve the loan. However, I would feel so poor with a huge payment, I’d have to give up a lot of little luxuries, not worth it.
Only you can make that choice… but I agree with what others have said, if you have no other debts (except for maybe a mortgage) and you are saving something for retirement, then you can make it work if you really want to.
With my credit and income I could ‘afford’ a new 991, at least the bank or credit union would approve the loan. However, I would feel so poor with a huge payment, I’d have to give up a lot of little luxuries, not worth it.
Only you can make that choice… but I agree with what others have said, if you have no other debts (except for maybe a mortgage) and you are saving something for retirement, then you can make it work if you really want to.
02-03-2014, 12:27 PM
#51
Rennlist Member
With money as cheap as it is right now why wouldn't you finance? I financed mine @ 1.49% for 60 months and it is an 2005 with $0 down. I couldn't believe the bank would do it but it ended up being huge win for me. I would actually never pay cash with rates where they are. Even in a savings account you could be making .75% and just about any "investing" and you are over 1.49%.
02-03-2014, 12:29 PM
#52
Save the 1600 a month while you search for a c4, and be picky.Then maybe you could put down 10k and payments would be lower. Read the diy forum and if you can do the maintiance items, then you might be able afford one. I assume 1600 is after all things like savings,retirement ect.
02-03-2014, 02:44 PM
#53
I have one of my cars financed for this exact same reason, but the difference is that I had the cash and decided to allot it to a more useful purpose. That is a whole different scenario than financing so you can afford it because you'll be able to make the payments.
Gotcha, makes sense. My comment assumed you had the money and had an alternate use for it.
02-03-2014, 04:07 PM
#54
Nordschleife Master
you my friend must have read the millionaire next door; pretty good book imo.
This will likely be the minority opinion but I'll throw it out there in case you haven't considered this perspective.
Your pension is not guaranteed at 55, neither is the value of your rrsp, nor is the level of your productivity as you age. Nothing is guaranteed. True, you live only once. The question is what kind of life do you prefer to live: one where you work for your money or one where your money works for you; one where you depend on a corporation or the state for your monthly livelihood for the rest of your life or one where you take your life in your own hands?
Values are subjective so only you can decide for yourself whether the happiness from buying a shiny piece of metal will be larger (and longer lasting) than the comfort of not living paycheck to paycheck, or the ability to go on a $5k vacation on a whim, or the ability to enter investments or make purchases opportunistically because you have the liquidity to do so.
IMO, you made a good decision not to buy it now -- your gut was already telling you this, hence the OP. Save up and, after a few years, buy a sports car (with cash) whose value will be only a small fraction of your net worth. You will enjoy it more, both on the street and at the track.
Your pension is not guaranteed at 55, neither is the value of your rrsp, nor is the level of your productivity as you age. Nothing is guaranteed. True, you live only once. The question is what kind of life do you prefer to live: one where you work for your money or one where your money works for you; one where you depend on a corporation or the state for your monthly livelihood for the rest of your life or one where you take your life in your own hands?
Values are subjective so only you can decide for yourself whether the happiness from buying a shiny piece of metal will be larger (and longer lasting) than the comfort of not living paycheck to paycheck, or the ability to go on a $5k vacation on a whim, or the ability to enter investments or make purchases opportunistically because you have the liquidity to do so.
IMO, you made a good decision not to buy it now -- your gut was already telling you this, hence the OP. Save up and, after a few years, buy a sports car (with cash) whose value will be only a small fraction of your net worth. You will enjoy it more, both on the street and at the track.
02-03-2014, 05:01 PM
#55
Drifting
Take our American friends opinions with a grain of salt. Their tax laws are way different from us, eh. While they can right off most of their car, insurance, repairs. They can also right off the interest on their mortgage, while we, on our principal residence, cannot. Unless, you pay for your house and then borrow against it.
Their similar cars, are also a lot cheaper, as there are more of them.
Porsche.con vs .ca 2014 911 w/pdk usa $109,710 or $125,160 cdn
So 13% more expensive off the Porsche website, plus 13% Ontario sales tax.
Their similar cars, are also a lot cheaper, as there are more of them.
Porsche.con vs .ca 2014 911 w/pdk usa $109,710 or $125,160 cdn
So 13% more expensive off the Porsche website, plus 13% Ontario sales tax.
02-03-2014, 05:05 PM
#56
Banned
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02-03-2014, 06:00 PM
#57
Rennlist Member
02-03-2014, 06:42 PM
#58
Rennlist Member
If I wasn't such a suck, I'd subscribe to the "you only live once" philosophy like many others. But I look at my two small kids and I worry a lot about their future and whether they will be able to raise a family and provide for their kids like I do. Because of that, I bought a C4S "instead" of a Turbo S. Sure, I could have picked up the turbo, but I want to be a bit more financially prudent and not only save for my retirement, but also ensure I have a bit of a nest egg for the kids. Now if I didn't have a family, my life and spending habits would likely be out of control!!
02-03-2014, 07:31 PM
#59
Nordschleife Master
its heavily state dependent imo; not to mention their property tax is substantially higher then ours (based on what i have seen).
while there are differences, overall the take home income when factoring income tax, property tax, healthcare, etc etc between a similar high income household in nyc vs toronto is not worlds apart.
ps. i am cdn, and am making my assessments with some 'successful' friends in the usa
while there are differences, overall the take home income when factoring income tax, property tax, healthcare, etc etc between a similar high income household in nyc vs toronto is not worlds apart.
ps. i am cdn, and am making my assessments with some 'successful' friends in the usa
Take our American friends opinions with a grain of salt. Their tax laws are way different from us, eh. While they can right off most of their car, insurance, repairs. They can also right off the interest on their mortgage, while we, on our principal residence, cannot. Unless, you pay for your house and then borrow against it.
Their similar cars, are also a lot cheaper, as there are more of them.
Porsche.con vs .ca 2014 911 w/pdk usa $109,710 or $125,160 cdn
So 13% more expensive off the Porsche website, plus 13% Ontario sales tax.
Their similar cars, are also a lot cheaper, as there are more of them.
Porsche.con vs .ca 2014 911 w/pdk usa $109,710 or $125,160 cdn
So 13% more expensive off the Porsche website, plus 13% Ontario sales tax.