View Poll Results: Responsible Individual Net Worth to own a $100-$150K Car?
$400K
24
13.87%
$500K
10
5.78%
$700K
11
6.36%
$900K
2
1.16%
$1M +
126
72.83%
Voters: 173. You may not vote on this poll
Responsible Net Worth for Owning a $100K-$150K Car?
02-28-2013, 09:04 PM
#107
55+ senior parks only. Family parks are a PIA. Mobile home parks are better than apartments as well. No end of the month move in move out dance, paint, carpet steam clean, plumbing etc. Keep the grounds nice at the park and you're golden.
02-28-2013, 09:43 PM
#108
Instructor
Join Date: Apr 2012
Location: Tampa, FL
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Agreed. We had a 115pad family park. Full of "eventful" moments, but not as bad as most would think. Still have a couple of 5 gallon water bottles full of quarters somewhere from the laundry facilty (tire money).
02-28-2013, 10:11 PM
#111
AutoX
Join Date: Dec 2012
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simple. just buy one.
no kids, no house, just rent and stuff. all i got is 150k and i spent half on an used gt3. stupid? foolish? reckless?...maybe...probably...yea definitely, but im crazy about it and it puts a HUGE smile when i get to drive it.
you live once, just do it. can always make more $$
no kids, no house, just rent and stuff. all i got is 150k and i spent half on an used gt3. stupid? foolish? reckless?...maybe...probably...yea definitely, but im crazy about it and it puts a HUGE smile when i get to drive it.
you live once, just do it. can always make more $$
02-28-2013, 10:18 PM
#112
Nordschleife Master
02-28-2013, 10:28 PM
#113
Drifting
Personally to buy a 150k car I think you have to be pulling in serious money. I couldn't justify a new car when barely used ones are so depreciated. Just doesn't make sense. Then again, these cars don't make a lot of sense.
02-28-2013, 10:39 PM
#114
Rennlist Member
02-28-2013, 10:54 PM
#116
Rennlist Member
$150k for a new 2010/11 GT3. Depreciates. Repair bills. Insurance bills. Maintenance bills. Fuel Bills. Tire bills. Track parts....
So we start with a 150k LIABILITY (not an asset, as assets pay you money and my car has never paid me a dime). Then we spend MORE (hence the liability).
So I am going to talk just about the $150k and not the other stuff mentioned above.
Version A - take 150k out of bank, go buy GT3. Done. Money gone. Never gonna get it all back.
Version B - get big fat loan for whole thing 150k for new GT3 (about 2500 a month +/-).
Version C - go buy a rental property with 150k downpayment with 80% LTV. Use net monthly cash to pay for the loan in Version B above. After 5 years, go get another new GT3 (which will now cost probably 175k+/-) with another 100% loan and use net monthly cash from same rental property (inflation makes rents rise but your costs stay same as you have a 30yr amm schedule loan on rental and increase in RE tax and insurance is negligible). Repeat every 5 years. FOREVER.
Bonus - your net worth is going up along with your rental property. When rental property value gets too high (lol) then refy the sucker at a higher loan amount and buy a boat with cashout.
FWIW - In Late 2009 I bought a building in Arlington I call "GT3". I paid $760k for the building and put down $166k for dp and closing costs. That building initially (higher now) spun off about $2000/month before tax and depreciation (depreciation almost wipes out the tax). In early 2010 bought Blackie (2010 GT3) with Porsche Financial loan $2,038/month and a traded-in wrecked 2005 997C2. I used no cash whatsoever to buy Blackie. When Blackie is paid off and and all used up and practically worthless - who cares??? I still have my rental building!!! And I'll just go get a new GT3 with a new loan.
I have similar stories that explain the new F450 and my latest GT3RS Silver Bullet.
This is also the biggest reason I don't own a Cup car. No one will loan money on a Cup car. I hate the idea of an uninsured, no-loan, 6-figure car that I had to put a big pile of cash into. Instead I want to buy another ASSET (rental property) to start another endless thread of monthly cash payments to ME!
My financial philosophy has nothing to do with net worth. It has everything to do with cashflow.
So we start with a 150k LIABILITY (not an asset, as assets pay you money and my car has never paid me a dime). Then we spend MORE (hence the liability).
So I am going to talk just about the $150k and not the other stuff mentioned above.
Version A - take 150k out of bank, go buy GT3. Done. Money gone. Never gonna get it all back.
Version B - get big fat loan for whole thing 150k for new GT3 (about 2500 a month +/-).
Version C - go buy a rental property with 150k downpayment with 80% LTV. Use net monthly cash to pay for the loan in Version B above. After 5 years, go get another new GT3 (which will now cost probably 175k+/-) with another 100% loan and use net monthly cash from same rental property (inflation makes rents rise but your costs stay same as you have a 30yr amm schedule loan on rental and increase in RE tax and insurance is negligible). Repeat every 5 years. FOREVER.
Bonus - your net worth is going up along with your rental property. When rental property value gets too high (lol) then refy the sucker at a higher loan amount and buy a boat with cashout.
FWIW - In Late 2009 I bought a building in Arlington I call "GT3". I paid $760k for the building and put down $166k for dp and closing costs. That building initially (higher now) spun off about $2000/month before tax and depreciation (depreciation almost wipes out the tax). In early 2010 bought Blackie (2010 GT3) with Porsche Financial loan $2,038/month and a traded-in wrecked 2005 997C2. I used no cash whatsoever to buy Blackie. When Blackie is paid off and and all used up and practically worthless - who cares??? I still have my rental building!!! And I'll just go get a new GT3 with a new loan.
I have similar stories that explain the new F450 and my latest GT3RS Silver Bullet.
This is also the biggest reason I don't own a Cup car. No one will loan money on a Cup car. I hate the idea of an uninsured, no-loan, 6-figure car that I had to put a big pile of cash into. Instead I want to buy another ASSET (rental property) to start another endless thread of monthly cash payments to ME!
My financial philosophy has nothing to do with net worth. It has everything to do with cashflow.
Warning Will Robinson.
Last edited by RSRRacer; 12-05-2013 at 11:27 PM.
02-28-2013, 10:59 PM
#117
Rennlist Member
Net worth is really not valuable tool to evaluate whether or not you can afford these types of toys. Typically, a net worth calculation includes any life insurance you have, which implies, what you are worth if you die today.
You can't drive a GT3 from 6 feet under.
+1. I never buy new cars. There's always a deal out there to be had, because there's always somebody out there with more money than you.
You can't drive a GT3 from 6 feet under.
+1. I never buy new cars. There's always a deal out there to be had, because there's always somebody out there with more money than you.
02-28-2013, 11:09 PM
#118
Drifting
simple. just buy one.
no kids, no house, just rent and stuff. all i got is 150k and i spent half on an used gt3. stupid? foolish? reckless?...maybe...probably...yea definitely, but im crazy about it and it puts a HUGE smile when i get to drive it.
you live once, just do it. can always make more $$
no kids, no house, just rent and stuff. all i got is 150k and i spent half on an used gt3. stupid? foolish? reckless?...maybe...probably...yea definitely, but im crazy about it and it puts a HUGE smile when i get to drive it.
you live once, just do it. can always make more $$
02-28-2013, 11:11 PM
#119
02-28-2013, 11:36 PM
#120
Drifting
