Can I afford a 2007 Exige S?

[phdev]

Surprise! I'm not 18 years old and making 1000/month. I'm 22 and making more, so please hear me out.

1. I just bought my first home and just paid my first payment. feels good.
2. I have a 2003 350z touring 6spd in good condition with 30k miles on it, which I'd like to sell to help cover the down payment for the lotus.
3. Revenue is between 12-15k a month.
4. Expenses about 5k/month.
5. I'd like to get a honda accord first so I have a daily driver.

I just don't have much support from my parents or my girlfriend, so I'm having doubts. My parents were never good at making money so they don't have any and waste whatever they do get on expensive food and horse products and cigarettes. My girlfriend comes from the most frugal family I've ever met so she's iffy about it.

I'm thinking I should wait till I get the daily driver accord first, then try to sell the Z... Can I just sell it to carmax? LOL I want to sell it fast but I want to make more on it than crappy trade in...

What should I do, guys? Mark Starr just called me today to tell me they have exactly what I want.... Arctic Silver with silver wheels, touring, track, lsd.

[JUNGLISTluder]

I read the thread title and thought of the Suzie Orman Show....haha...

Anyway, wow! You make A LOT of money for 22, especially living in Nashville. You should easily be able to afford a Lotus. How can you make so much money, and not have basic personal financing skills?

[J. Salmon]

I am not the one to ask for certain. I am a surgical pathologist.

Today (yes, today) I diagnosed a young man about your age with terminal cancer. Confidentiality prevents me from being specific, but he had a two day history of very mild symptoms and has never had any medical problems until this week. He will not see another Christmas.

You gotta plan for the future, but you can't count on it either. Life is short man, life is short.


(If you want to be a bit more practical, buy used)

[Tripledigits]

If you're gonna ask what to do, stick your Lotus money in some financial investment, come back to it in 20 years, buy a Ferrari, and have alot left over. Seriously.

[smashfactory]

no.

[phdev]

damn. ok

[phdev]

Originally Posted by smashfactory

no.

can you elaborate?

[andykeck]

How about a big fat "maybe". None of us know enough about your personal situation to say very much. If I read your post correctly, you're potentially making $180K/yr, with as much as $120K/yr being in excess of expenses. If that's a stable situation, you can buy any damn Lotus you want.

Maybe you should build a big-ass spreadsheet with all of your income and expenses and go see a financial planner. Get a solid investment plan in place and go nuts with what's left. Read J. Salmon's post again.

[carlover]

As the saying goes "If you have to ask...."

Invest now, enjoy later.

Not that I can talk!

[phdev]

Originally Posted by andykeck

How about a big fat "maybe". None of us know enough about your personal situation to say very much. If I read your post correctly, you're potentially making $180K/yr, with as much as $120K/yr being in excess of expenses. If that's a stable situation, you can buy any damn Lotus you want.

Maybe you should build a big-ass spreadsheet with all of your income and expenses and go see a financial planner. Get a solid investment plan in place and go nuts with what's left. Read J. Salmon's post again.

my investment plan is to keep investing in my business, a big part of which is spreading eggs into more baskets... As the years go on it becomes more and more stable.

[phdev]

Sorry if I pissed anyone off. I"m getting the impression I did. But i should just decide myself anway. thanks for the real responses that were here.

[turbophil]

Rule of thumb for buyinging depreciating toys: If after the purchase (assume you paid cash, whether you actually do or not) you can still write a $100K check without getting into IRAs/401Ks, or borrowing it, then you can buy your toy... If not, then keep saving... In other words, assuming you're spending 50K on the S, you need to have 150K in your checking/money market/ready asset type account... Seriously, if you don't, then save for a while longer...

There are few freedoms greater than Financial Freedom. The feeling of having free cashflow, money in the bank, and a positive net worth (excluding your house, as you can't spend your roof) far trumps the joys of driving a Lotus. I firmly believe those that say otherwise, have sleepless nights worried about how to pay the next bill or what they will do if they lose their income. They simply don't admit to it (or worse, fail to think about it until it's too late)...

Best,

Phil

[phdev]

Originally Posted by turbophil

Rule of thumb for buyinging depreciating toys: If after the purchase (assume you paid cash, whether you actually do or not) you can still write a $100K check without getting into IRAs/401Ks, or borrowing it, then you can buy your toy... If not, then keep saving... In other words, assuming you're spending 50K on the S, you need to have 150K in your checking/money market/ready asset type account... Seriously, if you don't, then save for a while longer...

There are few freedoms greater than Financial Freedom. The feeling of having free cashflow, money in the bank, and a positive net worth (excluding your house, as you can't spend your roof) far trumps the joys of driving a Lotus. I firmly believe those that say otherwise, have sleepless nights worried about how to pay the next bill or what they will do if they lose their income. They simply don't admit to it (or worse, fail to think about it until it's too late)...

Best,

Phil

THANK YOU PHIL!

[fitfan]

if you make that much you can buy it cash...

in fact if you make that much get a 360 and build your stock at a ferrari dealership

[SpeedGeek]

If you make between $12K and $15K per month and your expenses are only $5K you should be able to save enough to pay cash for a new '08 Exige S in less than a year. To be 23 and own an Exige outright would put you in a great position. Unless you are 100% sure that you will still be making $15K per month for the next 3 or 4 years I wouldn't suggest financing a $65K car at age 22.

[phdev]

Thanks again for your input guys

[Noen]

definitely wait until you can trade in the 350 and pay cash for the lotus. if you can pay cash, go for it.

only young once, and you'll enjoy it much more at 22 than at 66

[StallionX]

I havr to ask, how is a 22 year old making up to 180k a year btw? family business?

[Kramer]

Assuming you have enough cash to buy the car outright, with interest rates so low these days, why would anyone pay cash? Finance, finance, finance! Then with all that cash you didn't put towards the car (but have), invest, invest, invest!

Unless you have really bad credit, I've never really understood why people put down so much cash for cars

[cshama]

Originally Posted by StallionX

I havr to ask, how is a 22 year old making up to 180k a year btw? family business?

he already said his folks were broke