Affordability/frustrations

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picklesam

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After seeing all those nice cars in the spot anything good thread i feel frustrated
i'll never make enough to own an ultra expensive car...i'm in my late 20s although i earn a low 6 figure salary all my pay goes to the mortgage and tax...to own one of those cars i reckon u'll need to be worth at least 5 mil...where do all these people make their $$$ from haha? does anyone else feel the same?...fark i need a sugar mommy...
 
:shrug: Buy an old collectable. A nice E-type Jag, Charger or Porsche 356 has just as much 'wow' as most of your big buck supercars, IMO. You can buy a nice example of any of those for under 40k. Keep an Audi A6 as a daily driver and you're all set.


M
 
Having the newest and the best, although nice, isn't always the best option out there. I completely agree with M here, just get an old collectible, you will likely enjoy it twice as much as its current successor, and furthermore, depending on the collect ability of the car, you aren't going to feel as bad if something goes wrong.

It all comes down to money management, and what you place a head of the table when it comes to what you want to spend money on. I plan on going into education for my line of employment, and indeed there isn't much money to be made there. But, I place the car pretty high on my list of things, and thusly (alike several teachers at my former High School), I would rather spend more money on my car than on my house, or even basic living expenses.

...But when you in-line to get your Grandparent's house, somewhere around 10% of their assets, and their cars and trucks... That kinda pushes you towards having a head start at some point in life.
 
picklesam
...where do all these people make their $$$ from haha?
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Business-sense. Anybody making that much money is almost always an entrepreneur – they assume some of the biggest initial risks, so if they’re successful, they get some of the biggest payouts. Being, say, an engineer is noble and pays well and what not, but it’s a fairly low-risk job compared to starting up a business.

As I plan on a career in engineering (heheh), it’s honestly never occurred to me to lust for ownership of a supercar. These days, you can get a staggeringly good car for less the $30k.
 
Sage
Being, say, an engineer is noble and pays well and what not, but it’s a fairly low-risk job compared to starting up a business.
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Trust me: you and your parents will appreciate that when you get your first engineering job :)
 
I don't think you have to be an engineer (or some other professional job) to be able to afford the cars, as even my Grandfather, someone who spent a lot of time doing middle-management as a blue-collar worker (he actually turned promotions down) can pretty much afford whatever he wants, outside of the obvious outstanding supercars of today. He doesn't like to spend money on anything, except for his cars and trucks, and it shows on occasion.

...But I'm going a bit adrift...

Proper money management is always a good start. I'm sure most of us probably will never be able to afford the payments on a Ferrari or Lamborghini (you never know...), but I would assume that a lot of us later in life won't have too much of a problem footing the bill on a well-equipped BMW or Mercedes-Benz, which IMO, is just as much of an accomplishment as it is to get a Ferrari or a Lamborghini in some circumstances. More in the sense that "you've made it," not that you've got a ton of money.

Personally, I'd be happy with a $40K car, and its what I shoot for. Then again, this being America, you can always afford a Corvette, so once again, its what you shoot for...
 
picklesam
i'm in my late 20s although i earn a low 6 figure salary all my pay goes to the mortgage and tax...to own one of those cars i reckon u'll need to be worth at least 5 mil...
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Not to complain, but it sounds like you're probably doing better than most of us here. Of course, maybe you're just in over your head with a house you can't afford?

where do all these people make their $$$ from haha?
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If we knew the answer to that, we'd have seminars named after us and charge you for The Answer. If you can't have a supercar, just try to own a car you've always wanted (Bugatti Royale or Ferrari 250GTO excluded). How about owning several cars; horses for different courses?

Or you could impress your friends with a really expensive umbrella stand.
 
good discussion guys, my house is only a $400k one, but it'll still take me 20 years to pay off as i dont have a wife to go halves....as with classics and entry model bmws and mercs, sure i can afford one but deep down i really want a lambo or ferrari...anyway for those of u still in school good luck with ur careers, maybe u'll do betta than me!
 
Sam, i know the feeling. Deep down, right now, I want a TVR. I can put money aside for one, but that would pretty much mean a lot of more important stuff get's thrown out of the window. I am hopeful for the future mind you, and at 25 years old (almost) I've got plenty of time to fullfill my automotive ambitions.

I do get tempted sometimes to just go out and buy a second hand Griffith from the savings, but I think I'd have to sleep in it for a while.
 
As many have pointed out here, having the money to go out and purchase a Ferrari or any other supercar for that matter is one better left for people earning high 6-figure salaries and into the 7 figures. Yes, there are arguably too many people who own such cars today but it all comes down to entrepreneurship; the majority is that they all made their money investing time and money in risk, and they succeeded. Although that isn't to say well-established professionals or tradesman can't make that sort of money. It is also a matter of stocks and real estate, which does show for those who have learned the true benefit of compound interest.

If I were you, and what I would encourage many others to do, is to keep saving and not let things like this upset you. Think of it this way, by buying yourself, say, a Jaguar E-type or early Porsche (or any relatively rare, collectible classic for that matter) or even a 30k supercar such as the NSX, you are not only buying a vehicle that will give you all the driving pleasure you need but you will also have an appreciating asset that won't take you 50 years to watch it go back up in value.

For example, a few years back I purchased a 1952 Morris Minor for $600; it is now worth upwards of $5000 (800% appreciation) and I couldn't be more happier with it.
 
Dave A
Sam, i know the feeling. Deep down, right now, I want a TVR. I can put money aside for one, but that would pretty much mean a lot of more important stuff get's thrown out of the window. I am hopeful for the future mind you, and at 25 years old (almost) I've got plenty of time to fullfill my automotive ambitions.

I do get tempted sometimes to just go out and buy a second hand Griffith from the savings, but I think I'd have to sleep in it for a while.
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yeah exactly, i can prob afford to buy a nice 100k car if it wasnt for the important stuff...what's the point of having a 100k car if you don't even have a house! lol...and the other thing is the $$$ it cost to run an exotic...i really wanted a mercedes cl55 2, 3 years ago...now i can afford to buy one, but unfortunately if things go wrong i'm screwed..

i'll prob can afford a nice car in 20 years or so...but thing is i want it NOW, when i'm young! haha...
 
GT Pro
As many have pointed out here, having the money to go out and purchase a Ferrari or any other supercar for that matter is one better left for people earning high 6-figure salaries and into the 7 figures. Yes, there are arguably too many people who own such cars today but it all comes down to entrepreneurship; the majority is that they all made their money investing time and money in risk, and they succeeded. Although that isn't to say well-established professionals or tradesman can't make that sort of money. It is also a matter of stocks and real estate, which does show for those who have learned the true benefit of compound interest.If I were you, and what I would encourage many others to do, is to keep saving and not let things like this upset you. Think of it this way, by buying yourself, say, a Jaguar E-type or early Porsche (or any relatively rare, collectible classic for that matter) or even a 30k supercar such as the NSX, you are not only buying a vehicle that will give you all the driving pleasure you need but you will also have an appreciating asset that won't take you 50 years to watch it go back up in value. For example, a few years back I purchased a 1952 Morris Minor for $600; it is now worth upwards of $5000 (800% appreciation) and I couldn't be more happier with it.
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good points, yeah i' own 2 mercedes 560 secs already...it was a childhood dream to own one...now that dream's been fulfilled i kinda need another dream! well done on the morris! car investing is a bit speculative i reckon...how do we now what cars will appreciate in the future? also what if petrol runs out in 20 years? wouldnt the value plummet?
 
picklesam
good points, yeah i' own 2 mercedes 560 secs already...it was a childhood dream to own one...now that dream's been fulfilled i kinda need another dream! well done on the morris! car investing is a bit speculative i reckon...how do we now what cars will appreciate in the future? also what if petrol runs out in 20 years? wouldnt the value plummet?
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You do bring up good points as well I must say. I believe that any vehicle that actually made a distinct controbution to the direction of automobile deisgn such will always go up in value in due time. As for when fossil fuels run out, I have no idea what will happen but I'm hoping that by that time, the world will have developed an alternative fuel that, with minor adjustments, can run reasonably in an internal combustion engine.

And in any case, should you invest in a car now, you can always sell it twenty years down the track before the lack of fossil fuel really does depreciate it's value (it's too bad there is no oil in the world that can stay fresh for half a century. Otherwise, I'd be stockpiling it right now).
 
picklesam
After seeing all those nice cars in the spot anything good thread i feel frustrated
i'll never make enough to own an ultra expensive car...i'm in my late 20s although i earn a low 6 figure salary all my pay goes to the mortgage and tax...to own one of those cars i reckon u'll need to be worth at least 5 mil...where do all these people make their $$$ from haha? does anyone else feel the same?...fark i need a sugar mommy...
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If you earn low six figures and 'all your pay goes to mortgage and tax' you're probably spending out of your range already. Downsize. Really. If I earned low six figures I'd finance a Ferrari F355. Prioritize - which would you rather have - your house, or an exotic?
 
GT Pro
As for when fossil fuels run out, I have no idea what will happen but I'm hoping that by that time, the world will have developed an alternative fuel that, with minor adjustments, can run reasonably in an internal combustion engine.
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funny i never thought about what happens to our cars when petrol runs out...i reckon we'd have to either buy new ones or have expensive engine transplants...
 
M5Power
If you earn low six figures and 'all your pay goes to mortgage and tax' you're probably spending out of your range already. Downsize. Really. If I earned low six figures I'd finance a Ferrari F355. Prioritize - which would you rather have - your house, or an exotic?
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hi doug so with all the exotics you've seen ( and thats alot!) u'd have a f355? and wot do you mean by finance? like a lease or car loan? mate you need a house! i love cars but i can't live in it! so u'd rather rent a place and spend ur $$$ on the F355?
 
All that got me thinking; perhaps one could purchase himself a large 4WD/AWD vehicle (or a people mover for that matter), buy a big block of land and then live in and outside (like camping) the car while never having to 'improve' the land by building a house on it. Just a thought.

EDIT: But seriously, if you ever want a car that turns heads, but you don't want to (and need to) spend upwards of $200,000, go buy yourself a Honda/Acura NSX. Personal preference, might not be to other's liking, but it certainly would be a good idea.
 
Car covers are a wonderful invention. ;)


Also please don't use "txt speek" like "u" "r" and stuff of the like. :)


I second the motion of buying an old car, maybe a Mercedes 220 SE? :D
 
picklesam
hi doug so with all the exotics you've seen ( and thats alot!) u'd have a f355? and wot do you mean by finance? like a lease or car loan? mate you need a house! i love cars but i can't live in it! so u'd rather rent a place and spend ur $$$ on the F355?
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For starters - yes, I would have (and plan to have, before I'm 30) a 355 GTS F1 in red over tan. I probably won't be able to seal the color scheme, but that's the car. The reason being it's modern, it's good-looking, it's a high performer, and it's depreciating somewhat quickly (for a Ferrari, anyway). Furthermore, the 355 is well-respected in Ferrari circles - unlike, say, the 348 which everyone now agrees is kind of a dog. A good-looking dog, but a dog no less. However, the 355 is just my personal dream. There are other sensibly-priced exotics out there, including the 348, and also the 328, 308, and various more recent Maseratis. In addition, the 456 is coming down notably in price, being a four-seat V12 Ferrari (a la 400 and 412).

Regarding financing - take out a loan for the car. Don't buy outright. Let's say you spend $70,000 for a decent early manual F355 Berlinetta. A $70,000 loan at 10% interest for 60 months (aka five years) is $1,500 monthly, or $18,000 yearly. Again, I say 'prioritize' - if $18,000 yearly is too much to spend for a vehicle, take a look at either some cheaper exotics or whether you're really that interested in an exotic at all. Naturally you can't daily an F355, so you'd need another car, and then there's house payments and other things to worry about as well - but if an exotic is a priority, then you can re-arrange things to make it work on a low six figure salary.

Regarding house payments - I would never both own an exotic car and rent a place. I would first get on my feet in the living situation department before looking into an exotic car. However, what I meant was you could consider a smaller home than the one you have now, so that the payments and bills for electricity and heating etc. are smaller. Again, this is only if the exotic is a big priority. If not, consider a 'lesser' exotic (rather than a lesser house) and you can make it happen. Remember, good exotics exist at relatively low prices.
 
You know, you don't have to own a supercar. You just have to find a car that makes you happy.

I picked up my SVX for $2000 and it's a wonderfully beautiful machine. It drives great and sounds great. I wouldn't have it any other way. In a way I almost feel smug, I see a guy in a Boxter on the highway, he stares at my old, outdated suabru with disgust. I don't care, I just smile and enjoy my ride. After all, who did I by the car for? Him or me?

If you're happy with a Mini Cooper, all the power to ya. If you need a McLaren F1, that's fine too. But don't think you need a million dollar car to be happy just cause everyone else does.
 
yeah well said Doug...i've always liked the f355 ever since that game came out on the dreamcast...i'd like a silver one with tan interior..red's too common! i wonder how much it is to service per year..say you dont have to replace anything would it still cost you thousands? i think it's still depreciating because they made heaps of them right? And why can't you drive it everyday?

Hi GTpro, a brand new merc clk63 costs $220k AUD and $89000 USD at today's exchange rate that's like $98k AUD...most of the $$$ is luxury car tax...it's so unfair...
 
rotary_freq
You just have to find a car that makes you happy.
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Pretty much... at the end of the day you need transportation. I swear people don't realize how much they could do without and how much more money they could have if they realized that. With this said I know I'll get flamed because there are so many variables but seriously... having an expensive and/or new car is not all that.
 
I don't think you're going to get flamed, I think you're pretty much making perfect sense. In many cases I'd rather have a '69 Z/28 (a semi-affordable classic) than a brand-new Mercedes or BMW. Maybe even a few exotic Italians that I know of... But, thats because I've always wanted one, and that they are very special to me.

...You have to go for what you want, not necessarily what the world wants. Sure, you aren't likely to get as many looks in a '69 Z/28 by comparison to an F355, but depending on where you are, I'd bet it would be damn-close...
 
picklesam
yeah well said Doug...i've always liked the f355 ever since that game came out on the dreamcast...i'd like a silver one with tan interior..red's too common! i wonder how much it is to service per year..say you dont have to replace anything would it still cost you thousands? i think it's still depreciating because they made heaps of them right? And why can't you drive it everyday?
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You hypothetically could drive it every day - collector Jim Glickenhaus drove his Ferrari Testarossa daily, "snow or shine" as he puts it - but unless you've got Glickenhaus's budget that's not easy. Stuff goes wrong on these exotics more frequently than on normal cars and when it does it's more expensive to fix. In addition, it's not easy to operate exotics every day. They're wide, they're low, and they have poor visibility; they attract lots of attention, they have trouble getting over speed bumps, and they have heavy clutches. You would never want an exotic as your primary car.

Regarding repair costs, I suggest just browsing this forum. Everything you could possibly want to know has been asked and answered there by owners.
 
M5Power
...and they have heavy clutches...
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It isn't that bad. I managed to wheel around in an '87 Porsche 911 3.2 for a day or so after riding in a 40-mile bicycle race that morning. Sure, it wasn't pleasant, but I'd be willing to bet that if my legs weren't already tired, it wouldn't have been a problem.

Think of it as your daily work out, and you'll be fine. Plus, its not like its that much worse than driving an older Mustang or Camaro when it comes to the overall effort...
 

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