Does this make sense?
03-13-2019, 04:06 PM
#46
Pro
I'd say go for it. you only get one ticket to the dance . if you love the car and have 1400 from a trust fund as well, I know it's not game changing money... but it's still coming. you finished your school or whatever. if it makes sense to you in "man math" then dial it in. just because you make X and so does the nxt guy... doesn't mean you have to out humble the nxt guy or wait till 90 to get a 911. odds are you'll get it, it will change your swagger and you'll probably make more money anyway.
03-13-2019, 07:00 PM
#47
THIS
and this...
I'd say go for it. you only get one ticket to the dance . if you love the car and have 1400 from a trust fund as well, I know it's not game changing money... but it's still coming. you finished your school or whatever. if it makes sense to you in "man math" then dial it in. just because you make X and so does the nxt guy... doesn't mean you have to out humble the nxt guy or wait till 90 to get a 911. odds are you'll get it, it will change your swagger and you'll probably make more money anyway.
03-14-2019, 02:56 PM
#51
Captain Obvious
Super User
Super User
03-14-2019, 08:42 PM
#52
I always wanted a 911 too so a few years out of school, I bought a G35 coupe for $12K, drove that for a few years, sold it, drove my wifes old car, hated life and then bought a 911.
The last thing you want to do is get bogged down with debt on a depreciating asset and while all your friends are out enjoying life and doing dumb things, sitting at home poor, alone, making car payments. I know someone who did something similar but with a house, so your situation would be even worse since cars are depreciating assets. Those are years you can never get back.
Plus don't forget the cost of living if you ever hope to own a house in the GTA, being dragged down by a boat anchor isn't exactly the way to get ahead in life...
Of course if you come from $$$ then throw all this advice out the window and post pics of the Porsche!
The last thing you want to do is get bogged down with debt on a depreciating asset and while all your friends are out enjoying life and doing dumb things, sitting at home poor, alone, making car payments. I know someone who did something similar but with a house, so your situation would be even worse since cars are depreciating assets. Those are years you can never get back.
Plus don't forget the cost of living if you ever hope to own a house in the GTA, being dragged down by a boat anchor isn't exactly the way to get ahead in life...
Of course if you come from $$$ then throw all this advice out the window and post pics of the Porsche!
03-16-2019, 06:29 PM
#53
What if you're just outside the GTA and about to hit mid-30's, earn just north of $150k, own a very modest home recently made mortgage free, own a BMW 1 series and Z4M outright but have $90k of locked in retirement savings all sources combined and zero debt of any kind. No wife and no kids. Can you finance a used 991.1 now and not throw away your financial future? When is the time. Just wondering how far long you have to be for it to be okay and not be financially irresponsible for the future.
03-16-2019, 07:16 PM
#54
What if you're just outside the GTA and about to hit mid-30's, earn just north of $150k, own a very modest home recently made mortgage free, own a BMW 1 series and Z4M outright but have $90k of locked in retirement savings all sources combined and zero debt of any kind. No wife and no kids. Can you finance a used 991.1 now and not throw away your financial future? When is the time. Just wondering how far long you have to be for it to be okay and not be financially irresponsible for the future.
03-16-2019, 09:29 PM
#55
Drifting
What if you're just outside the GTA and about to hit mid-30's, earn just north of $150k, own a very modest home recently made mortgage free, own a BMW 1 series and Z4M outright but have $90k of locked in retirement savings all sources combined and zero debt of any kind. No wife and no kids. Can you finance a used 991.1 now and not throw away your financial future? When is the time. Just wondering how far long you have to be for it to be okay and not be financially irresponsible for the future.
03-16-2019, 11:03 PM
#56
Rennlist Member
I'd say go for it. you only get one ticket to the dance . if you love the car and have 1400 from a trust fund as well, I know it's not game changing money... but it's still coming. you finished your school or whatever. if it makes sense to you in "man math" then dial it in. just because you make X and so does the nxt guy... doesn't mean you have to out humble the nxt guy or wait till 90 to get a 911. odds are you'll get it, it will change your swagger and you'll probably make more money anyway.
Obviously, you need a balanced life. Not everyone can afford this car - but that does not sound like you.
05-29-2019, 10:30 AM
#57
Rennlist Member
Don’t know Canada’s tax laws but in the US it makes sense to keep a mortgage at 3-4% when you can get 7-8% in the market or more (eg. look at QQQ for last 10 years) When you are young you can be an “aggressive”, higher risk investor. (Higher informed risk that is) Look at depreciation curves for cars you like. Where do you want to be on that curve? Learn the car you want. What breaks, how much to fix, tires, insurance etc.. Does it make sense to trade your time maintaining your car for your money having someone else maintain it? What give you satisfaction? Time is money and money buys time. Think about the value of your time when you hire someone else. Routine maintenance how-tos are on YouTube and in the forums. Am I going to be doing something that is valuable enough for me to pay someone else $x/hour to free up this time for me. It’s all about opportunity costs. Same with money. Understand compounding, both of interest and of growth.
05-29-2019, 11:27 AM
#58
Captain Obvious
Super User
Super User
Those that say "my time is more valuable than to work on my car" are just people that don't like to get their hands dirty and/or don't know how to do their own work.
05-29-2019, 12:55 PM
#59
Drifting
05-29-2019, 04:16 PM
#60
I bought my first Porsche at 43, if I could have done it at 23 no doubt in my mind I would have, regardless of the future. Not right now, RIGHT %$#@!#@ now.
Death waits for no one.
Death waits for no one.