Buying an expensive vehicle

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.

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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?

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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.

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Tigerdroppings hates nice vehicles and thinks no one can afford these cars, so you will not get good answers here

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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.

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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.

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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.

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I'm not really into vehicles

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Yellowfin

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wait what?

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.

(no message)

I've read to expect to spend 10% a year on maintenance and repairs for any sort of super car.

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Tigerdroppings hates nice vehicles and thinks no one can afford these cars, so you will not get good answers here

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You do realize every O&G guy on the OT drives a F350 Platinum for a daily driver?