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Buying an expensive vehicle
Posted on 2/28/16 at 9:18 am
Posted on 2/28/16 at 9:18 am
I've been told mixed things on this, so I'm coming here to ask to see what you guys think. How much money should one have in the bank if he wants to buy a vehicle priced at about $240,000? Double? Triple the amount?
Posted on 2/28/16 at 9:38 am to The Silverback
Tigerdroppings hates nice vehicles and thinks no one can afford these cars, so you will not get good answers here
Posted on 2/28/16 at 9:40 am to The Silverback
When I was in high school I wanted to buy a $200,000 vehicle...I had about $750 in the bank. Does this answer your question?
I ended up buying a Mazda single cab pickup though...it's all I could afford. I sure as hell wanted that Lambo though.
I ended up buying a Mazda single cab pickup though...it's all I could afford. I sure as hell wanted that Lambo though.
Posted on 2/28/16 at 9:40 am to The Silverback
I would think you'd need to have net assets in the millions if you're going to be spending 240k on a vehicle.
This post was edited on 2/28/16 at 10:50 am
Posted on 2/28/16 at 9:43 am to The Silverback
quote:
I've been told mixed things on this, so I'm coming here to ask to see what you guys think. How much money should one have in the bank if he wants to buy a vehicle priced at about $240,000? Double? Triple the amount?
The person should have millions in liquid assets available in a 240k vehicle is being considered. I have no problem with super wealthy owning cars that cost that much, but you are talking about the 0.0001% of the world that can truly afford that.
In short, the person should be able to buy it outright in cash and barely recognize the cost. That's the only group of buyers that should be considering that type of car, IMO.
Posted on 2/28/16 at 9:47 am to The Silverback
Do whatever you want, its your money. I say ball til you fall.
Sidenote: I don't ball til I fall.
Sidenote: I don't ball til I fall.
Posted on 2/28/16 at 10:18 am to mmonro3
quote:
Tigerdroppings hates nice vehicles and thinks no one can afford these cars, so you will not get good answers here
The average self-made millionaire doesn't drive expensive vehicles. No one on TD.com hates nice vehicles. It's just that most here with sense see it as frivolous. The people you see driving $60K trucks, $100K luxury cars, and rocking Rolexes aren't as well off as they portray. The average watch of a self-made millionaire cost them $100. What you see by most people is all a house of cards living on credit and why most Americans live just 3 payroll checks away from bankruptcy.
This post was edited on 2/28/16 at 10:20 am
Posted on 2/28/16 at 10:19 am to The Silverback
I'd say $25M net worth or greater before it would begin to look the slightest bit reasonable to buy a car that expensive. How much money someone has in the bank is irrelevant.
Posted on 2/28/16 at 11:20 am to stout
quote:
The average self-made millionaire doesn't drive expensive vehicles. No one on TD.com hates nice vehicles. It's just that most here with sense see it as frivolous. The people you see driving $60K trucks, $100K luxury cars, and rocking Rolexes aren't as well off as they portray. The average watch of a self-made millionaire cost them $100. What you see by most people is all a house of cards living on credit and why most Americans live just 3 payroll checks away from bankruptcy.
Stout, while I agree with most of what you posted I will say it's not necessarily crazy to think or out of the ordinary for someone well off(relative terms) to own a $60k truck. Some folks would rather enjoy that truck than a 2500+ sft house or vice versa, or can enjoy both. I see it all the time, usually with folks who have retired and are receiving a pension + disability or another source of income. I could afford a $60k truck right now and my quality of life would hardly change (assuming around a $700 payment). Would I ever do such a thing? Probably not because I want to enjoy other things in life over a truck, or put that money towards something else more beneficial. But if you paid a $450 car note, a $60k truck is a pay raise more.
Now a $240k car is ridiculous and something no ordinary person should every buy.
Posted on 2/28/16 at 11:57 am to The Silverback
No less than 10,000,000 in liquid assets?
Still seems dumb to me. I think I'd only do it if I had closer to 20,000,000 personally. Still, there are many more things I'd rather spend money on.
What's interesting though is if you take your average hundred thousanaire and see that they spend 50-75k on a truck, then it would be far less than that. But, that's extrapolating one bad decision to an ever worse one.
Still seems dumb to me. I think I'd only do it if I had closer to 20,000,000 personally. Still, there are many more things I'd rather spend money on.
What's interesting though is if you take your average hundred thousanaire and see that they spend 50-75k on a truck, then it would be far less than that. But, that's extrapolating one bad decision to an ever worse one.
Posted on 2/28/16 at 2:13 pm to The Silverback
I'm not really into vehicles so I could be worth 10 million + and still wouldn't spend 240k on something I drive
Now boats are a different story
Now boats are a different story
Posted on 2/28/16 at 2:34 pm to yellowfin
quote:
I'm not really into vehicles
quote:wait what?
Yellowfin
Posted on 2/28/16 at 3:14 pm to The Silverback
Looking at a Huracan? I'd own a few vehicles for $240K instead of just one. I'd also have to have way more than just three times the price in the bank. Or I would have to have some solid investments that are paying the note for me.
Posted on 2/28/16 at 3:19 pm to 13SaintTiger
I don't disagree with what you are saying. I am just stating what the averages are amongst those that are self-made. There will always be exceptions to every rule.
Posted on 2/28/16 at 3:37 pm to The Silverback
quote:
How much money should one have in the bank if he wants to buy a vehicle priced at about $240,000? Double? Triple the amount?
You are asking the wrong question. The real question is how much of that $240,000 are you willing to lose since cars depreciate in value. Plus how much money are you losing buying an asset that depreciates in value vs. one that will grow in value.
Posted on 2/28/16 at 3:51 pm to CaptainBrannigan
quote:
how much of that $240,000 are you willing to lose since cars depreciate in value. Plus how much money are you losing buying an asset that depreciates in value vs. one that will grow in value
I don't disagree with this statement
Posted on 2/28/16 at 5:00 pm to DanglingFury
I've read to expect to spend 10% a year on maintenance and repairs for any sort of super car.
Posted on 2/28/16 at 6:36 pm to barry
Ive spent high dollar on vehicles several times. Cash, not financed. Call it what you may, "dumb."
For example, spend 115k on high end luxury thats 3 yrs old. Drive for a year or two and low miles, sell for 100-105k. I spent 10-15k over 24 mo to drive my dream cars. $450-$600 to drive super cars isnt bad if you are able.
For example, spend 115k on high end luxury thats 3 yrs old. Drive for a year or two and low miles, sell for 100-105k. I spent 10-15k over 24 mo to drive my dream cars. $450-$600 to drive super cars isnt bad if you are able.
Posted on 2/28/16 at 7:07 pm to mmonro3
quote:
Tigerdroppings hates nice vehicles and thinks no one can afford these cars, so you will not get good answers here
You do realize every O&G guy on the OT drives a F350 Platinum for a daily driver?
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