Quote:
Originally Posted by Phimosis
The universal truth here is that cars are not an investment, they are a depreciating asset. On the used car market, you see (multiple) 2005 Lambo Gallardo's or 2006 911 turbo's for $90,000. The seller of the lambo is losing $90,000 in depreciation in 4 years. The Porsche sellers are losing $50,000 in 3 years, plus you're losing $1,000 a month to the bank on the interest for a loan that big. Then, Lambo owners are replacing the SMG clutch at like 15k miles at a cost of $7000. The total cost of 4 years of Lambo ownership (on a new car) is going to run you $120k-140k.
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I strongly agree with the first sentence. I always tell my friends that line whenever they look at cars that they can't afford. Car is a depreciating asset. The second you walk out of the dealership, you lose thousands of dollars. You must do it right and don't over do it. You MUST keep your car payment LESS than 10% of your income. Without revealing ANY figure, I can tell you my car payment is about 7% of my total monthly income. I love cars and I will continue to buy them and enjoy driving them.
Okay, lets get the thread back on topic. Any plan for the 370Z Scott?