Quote:
Originally Posted by optiontrader
I just entered my 40's and I think making $1000+/mo car payments at ANY time isn't a good idea (unless you've got the income to back it up, OR your house is completely paid off). Considering the cars you've driven, and the ones you are thinking about, looks like your income could support a car payment like that (want a resume?  ). Have you test driven a Z yet? |
Well, the way I look at it, if you use a car mearly as a point A to B transportaion object, than you shouldn't spend more than 10-15% of your net on the car.
However, if the car is part of a hobby, a passion, a lifestyle, etc for you, than that 10-15% wouldn't be so ideal.
There are those who spend $$ on eating out all the time at fancy places, taking trips, Vegas, shoes, purses, clothes, etc etc. To them, a car may mearly be a point A to B thing.
For me, and I feel for many on this and other car forums, a car is not mearly used as an A to B object.
Rather, something to put a smile on one's face each and everytime s/he drives the car.
Whether it's to work, to the mall, to a friend's house, to see a client, in the canyons, on the track, etc etc.
Thus, for me, who spends a min of 40 hours a week working, other than seeing my girlfriends, only thing I really have is my car.
And I don't have time to track her or auto-x as much as I'd want to... so I try to canyon it when I can.
Long story short... it's not about the $500 or the $1000 or whatever... I look at it on a percentage basis...
For me, were I to pick the Z (if the price and car are right), I'll most likely be buying it cash or 50% down.
For a M3 vert/used GTR, I'd have a $1000 a month payment ON TOP of putting about $15,000 down...
Every financial advisor aspect of me says it'd be the stupidest, most recklass business decision I could make.. something I would extremely advise my clients to not do.....
Not having a $1000/mo car payment would allow me to spend more money in the market.
With the bear to bull to bear to bull market we have now.. it's an opportunity of the Decade.
I was too young to take full advantage of the market back around 9/11... so I've been trying to make it up these past few years
But for me... having a nice car is also related to business... showing people you have money/can manage your money (I've cut out vacations and other luxuries) is important in my line of work.
Would you really take financial advise from someone trying an old civic? (not bashing, just trying to make a point)
All in all... op and me... we both have cars worth almost double (or double in my case) of a Z...
But... from reading what you said, you enjoyed the test drive of the Z very much, even though it was short.
I was lucky and the dealer allowed me to drive the manual for 40 minutes, and the auto for an hour this past weekend; on the freeway, streets, and local canyon.
Amazing fcking car haha...
But.. one thing to keep in mind Op:
There is a bit of a status symbol of owning a BMW... specifically not an entry level one (as a 128 or 328, although they hold the BMW badge... are pretty entry level [great cars nonetheless though])
Sorry to ramble, this was done on my iPhone while waiting outside for a client haha.