06-05-2014, 02:24 PM | #29 | |
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What happens is that people live in their means or above it. They have their work 401ks, a car loan, mortgage and CC debt….by the time they get to retirement, they are using their 401ks to continue to pay off their debts! It really is about balance. I started late, but I will still have my $100k car probably by the time I'm 40 |
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06-05-2014, 02:29 PM | #30 |
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the amount of depreciation a 100k car would have is enough of a reason to scare me off from one
let alone the costs which accompany one, maintenance, parts, tax, excise, reg, insurance, etc. |
06-05-2014, 02:30 PM | #31 |
NASA SpecE30 Racer
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I would have my $100k car if I could stop flipping cars every 1 to 2 years and losing money.
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06-05-2014, 02:33 PM | #32 |
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06-05-2014, 02:34 PM | #33 | |
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Edit: and I'm also buying used. Depreciation will still be there, but the majority of the drop should be done. Cars lose something like 60% of their value in the first 4-5 years if memory servers me correctly. I've said it before, the FRS is my first and last new car. |
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06-05-2014, 03:02 PM | #34 | |
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Money pissed away always hurts, no matter how much of it you have. Same idea as having a house where the property tax is equal to a 20k car every year. |
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06-05-2014, 03:02 PM | #35 |
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The main problem I see with a slightly loosened version of the premise of this (x percentage of your income on a car) is that living expenses don't scale up with your income. If you make 200k after tax and spend half on a car, you have a lot more money left to save than someone who makes 100k after tax and spends half on a car, or 50k, etc.
Say you're a hedge fund manager and you pull in 300 million in a year after tax. You decide you've always wanted a yacht, so you plunk down 100 million on it, and keep 50 million in reserve to pay for its upkeep and staffing. You still have 150 million left over, but oh no you've spent too much of your money on your toy, imagine how much more money you'd have if you saved it! On a smaller scale, this is like buying a Porsche using 100k out of your savings/investments that amounts to a couple million (before interest/gains etc.) in your lifetime (if we're going by the 1/2 of income thing, this is a reasonable amount of money for someone who pulls 200k after tax a year to have saved up). As long as you're not buying these things every single year and losing money trading them in, that's not too bad of an expense. |
06-05-2014, 03:02 PM | #36 |
corolla specs/GTR looks
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Some of us have other more expensive cars and still wanted a 86. Passion and fiscal sense are polar opposites at least for me
M cars Porsches and the like make little prudent buying options but if you go to work or run a business however you bring home the cheese or bacon, you can live life to enjoy it No one needs these things, about as much as I need a motorcycle that does 0-60 under 2.8 seconds. That costs almost as much as a frs. But what's the point of a frugal life? Otherwise you can go live that 1/10 nonsense and drive a nice corolla Grow up fun, grow old not so much Life short be a rock star when u can FI that 86 is what I suggest to all owners For sure go long go fast and go hard While I may or may not agree with the site owners I have mad respect for them for making this community possible and we can all benefit it Inter web kudos
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06-05-2014, 03:03 PM | #37 |
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06-05-2014, 03:14 PM | #38 |
corolla specs/GTR looks
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I'm Indian
Tech sport not casino
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06-05-2014, 03:24 PM | #39 | |
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06-05-2014, 03:27 PM | #40 |
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06-05-2014, 03:31 PM | #41 | |
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I also rarely buy new (the FR-S is an exception, but I still paid cash, and I make well south of $300K). The hard part is breaking the cycle, or not getting into it in the first place.
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06-05-2014, 03:31 PM | #42 |
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