How much money does one have to make a yr to afford an Exige? - LotusTalk - The Lotus Cars Community
 
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Old 11-12-2012, 03:43 PM   #1 (permalink)
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How much money does one have to make a yr to afford an Exige?

I will never buy new, so I am only interested in a second (or fourth) hand Exige 220 or 240.

Seeing some of the classifieds on this site, I can expect to pay about $50,000 for an Exige. I dont make enough in a year to pay for this, but I am wondering if most owners on here make 6 digits.

I am single, so I don't have to support anyone else but myself for now, but still... I want an Exige. I dont have super high taste or interests in expensive watches, boats. I can tell you my living expenses are around 12K.

50K is a lot, but then again, a Gallardo is only 25K more which is still my dream car.

What is a good website that helps with budgeting for things like cars, and such, and how much % of one's income is allocated?
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Old 11-12-2012, 03:51 PM   #2 (permalink)
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Originally Posted by BestInTheWorld View Post
I will never buy new, so I am only interested in a second (or fourth) hand Exige 220 or 240.

Seeing some of the classifieds on this site, I can expect to pay about $50,000 for an Exige. I dont make enough in a year to pay for this, but I am wondering if most owners on here make 6 digits.

I am single, so I don't have to support anyone else but myself for now, but still... I want an Exige. I dont have super high taste or interests in expensive watches, boats. I can tell you my living expenses are around 12K.

50K is a lot, but then again, a Gallardo is only 25K more which is still my dream car.

What is a good website that helps with budgeting for things like cars, and such, and how much % of one's income is allocated?
How much do you earn each year?
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Old 11-12-2012, 04:29 PM   #3 (permalink)
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There is a lot more to it than simply income.

Where you live, do you own your house, do you have investments set aside for retirement (and not it is not too early to start), and so forth are all important considerations.

IMHO you should only buy a Lotus if you can afford to buy it outright (you may chose to finance it for some reason - but you should be able to pay cash). This means that if you can't afford the $50k one either buy a cheaper one or save for longer
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Old 11-12-2012, 04:50 PM   #4 (permalink)
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I want to know where I can buy a Gallardo for $75k.
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Old 11-12-2012, 04:57 PM   #5 (permalink)
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Originally Posted by BestInTheWorld View Post

...but I am wondering if most owners on here make 6 digits.

What is a good website that helps with budgeting for things like cars, and such, and how much % of one's income is allocated?
Are you asking this question seriously or as a joke? It's kind of rude to ask people their income, or at least that's how I was raised. YMMV.

Take a sheet of paper. Make two columns. List your annual income(s) in the left column and all of your annual expenses in the right (everything! including beer money, entertainment, clothing, etc.). Include a percentage of your overall income to set aside for savings for rainy days (aka hard times which come to everyone at some point or another) and put that in the right column. Total each column. Subtract the right column total from the left column total. Assuming it's not a negative number, that's what you have left to spend on a car (or car payment), insurance, and maintenance for a year and anything else you might want.

If you prefer, use a spreadsheet program on your computer. Either way you do it, the number at the end is what matters. That's what you really need to know. Not how many people in this forum earn more than $100k per year.
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Old 11-12-2012, 05:07 PM   #6 (permalink)
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best lesson you will ever learn is:

DONT BUY A SPORTS CAR UNLESS YOU CAN PAY FOR IT OUTRIGHT, FREE AND CLEAR..

otherwise it's a bad idea regardless because you'll be living outside your means, it's totally a useless vehicle... yes it does have demand but if you ever "needed" to sell, it's not a fast seller.


that being said, 2 years ago you could get a great 220 for 30-35k, and 240 for 40-45k... now since the exige has been eliminated from the US market the prices are 40-45k for 220 and 50k+ for 240 (more for 260's)


given the above market, and this is in winter (worst time to sell exige)... i have a feeling they are only going to climb more until they hit a plateau.... think about your "can i afford this" question.. and imagine how much easier "10k less" would be to afford.. (sucks)....




I really dont see owning an exige as a "what do you make a year" because everyone has different expenses... if your living expenses are only 12k... i would never spend 4x my living expenses on a vehicle... 12k seems very slim as well, i live a very modest life and my day to day is around 30k before any cars/insurance/etc... you might want to recalc your cost of living.


as i said before, wait until you have 50k in the bank, and then once you see how great it feels to have that saved up, you'll never spend it on an exige... you'll surely keep saving till you have double and then buy the car outright and see how great it feels to not have any interest payments and be able to afford any repairs it might need...

others will say money is better in an account versus into a car (they encourage financing) and thats all well and good if you have great credit and can get a good rate, but go to a few banks and try and arrange financing on an exige... first they will laugh, and secondly they will say no unless you put about half down.. lastly most financial institutions will not lend on a private sale and i havent seen an exige at a dealer in a short while and if it is.. the 5k+ premium they will ask over private sale is not worth losing off the top to "finance"



focus on life for now and come back to the exige in a few years with a few more dollars in the bank and you'll thank me... it's not worth it to be broke everyday having a car that cannot even carry a 35pack of water from the grocery store without driving you crazy that you'll turn and spider crack your clamshell.


-Riley
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Old 11-12-2012, 05:12 PM   #7 (permalink)
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I want to know where I can buy a Gallardo for $75k.
yeah, does not exist.. unless wrecked...

back in 09, after the beverly hills lambo scandal you could get a superleggera for 125 and a standard gallardo for around 75-85... but lately the only gallardo's under 95 are yellow 04's w/ the problematic E-gear (you'llmax our your CC's fixing it)

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Originally Posted by RMurphy View Post
Are you asking this question seriously or as a joke? It's kind of rude to ask people their income, or at least that's how I was raised. YMMV.

Take a sheet of paper. Make two columns. List your annual income(s) in the left column and all of your annual expenses in the right (everything! including beer money, entertainment, clothing, etc.). Include a percentage of your overall income to set aside for savings for rainy days (aka hard times which come to everyone at some point or another) and put that in the right column. Total each column. Subtract the right column total from the left column total. Assuming it's not a negative number, that's what you have left to spend on a car (or car payment), insurance, and maintenance for a year and anything else you might want.

If you prefer, use a spreadsheet program on your computer. Either way you do it, the number at the end is what matters. That's what you really need to know. Not how many people in this forum earn more than $100k per year.
i agree, i think we have gotten to a point in society where everyone thinks they can afford everything they want, the truth is... they can barely afford to have a financial institution buy it for them, but feel thats how things work.

i would strongly suggest like i said above, only buy what you can afford out of pocket... i.e. writing the dealer a check in full on the spot... and that will always keep you in check... i drove a mitsubishi galant for a year and then bought my first new 911 cash... best feeling in the world... and when you see the amount you save from negotiating w/ cash... no finance charges, no misc fee's you will laugh your ass off...


it's become the american way to finance everything you can, but it only leads to the poor staying poor and the rich staying rich, break the cycle and buy outright.
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Old 11-12-2012, 05:13 PM   #8 (permalink)
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Well theres the answer, which is pretty basic

IF $$ incoming > expenses + Lotus, then you can afford it.

Then there's 'if you have to ask...'
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Old 11-12-2012, 05:14 PM   #9 (permalink)
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Lotustalk is like one big booby trap...just waiting for the next person to ask a really wonderful question (usually a recycled one at that).

To the OP, there's an app for that.
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Old 11-12-2012, 05:30 PM   #10 (permalink)
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If you need a website to help budget... Chances are it's not the smartest investment. Good luck in whatever you choose, though.
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Old 11-12-2012, 05:33 PM   #11 (permalink)
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as i said before, wait until you have 50k in the bank, and then once you see how great it feels to have that saved up, you'll never spend it on an exige... you'll surely keep saving till you have double and then buy the car outright and see how great it feels to not have any interest payments and be able to afford any repairs it might need...

others will say money is better in an account versus into a car (they encourage financing) and thats all well and good if you have great credit and can get a good rate, but go to a few banks and try and arrange financing on an exige... first they will laugh, and secondly they will say no unless you put about half down.. lastly most financial institutions will not lend on a private sale and i havent seen an exige at a dealer in a short while and if it is.. the 5k+ premium they will ask over private sale is not worth losing off the top to "finance"

-Riley
Normally I would agree with this but haveing the cash in the bank isn't such a sure thing any more. Government is printing more and more everyday and eventually it will have an adverse effect on our accounts. I believe our cars will be a better hedge against inflation since their numbers are limited, their demand is high and growing and they are something really great to own, JMO.



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Old 11-12-2012, 05:36 PM   #12 (permalink)
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Old 11-12-2012, 06:35 PM   #13 (permalink)
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We all just traded the original owners our used tuned up beat on wrx's and civics for these cars
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Old 11-12-2012, 06:48 PM   #14 (permalink)
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And the award for the most 'huh?' thread in a while goes to...

It's like asking 'how long is a piece of string?'

It's all relative.

For example, I do very nicely for myself. I have nice things and I what I believe to be a decent investment strategy. I paid for my Elise in cash, as well as my boat and other toys.

That being said, I'm 42 and have a wife and 3 kids. Now, if I were 42 and single, I'd be living like Trump.

The point? It all depends on your life situation:

- monthly/annual expenses
- marital/family status
- where you live (cost of living - New Mexico vs. New York)
- your career trajectory - what will your income be in 5/10/20 years
- debt
- investment/savings strategy
- home ownership

Again, without knowing, it's so hard to say.

I will say this - if you can't pay cash, then rethink it. If you must get financing, if your car payment is the largest expenditure you have then you either live in your parent's basement or you purchased a car you can't afford. We all knew that guy who bought that amazing car, but every nickel went towards it. Don't be that guy.
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Old 11-12-2012, 07:22 PM   #15 (permalink)
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A Contrarian View

Initial thought as everyone else - if you don't think you make enough money, then you don't

But on second thought, I think an Exige will be an exception to the rule (Elise possible, but less likely) if you're willing to take a risk...

The car is extremely cheap if it doesn't depreciate over the next 2-3 years, and there is a very good chance it will not from the looks of things..(I'm assuming you wouldn't put too many miles on it)

The APR can be around 1.5 to 2.5% right now for 60 months - so around $1K in interest per year
I imagine insurance will be about $2K per year if you're younger and single?

So total out of pocket = $3K per year - about the cost to lease a Civic + Insurance! ($199 per month x 12 months + 600 insurance)

If you wreck it though, you'd better total it. Diminished value would hurt you badly.

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Old 11-12-2012, 07:42 PM   #16 (permalink)
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And the award for the most 'huh?' thread in a while goes to...
Yes, this probably does displace the OP's "i think I want an esprit" thread as most 'huh?'-provoking.
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Old 11-12-2012, 07:54 PM   #17 (permalink)
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While LateApexer has a point, it takes just one teenager not paying attention, one hidden pothole, one oilslick to lose your 30k investment. Yes insurance is there, but it's not worth it, IMO.
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Old 11-12-2012, 08:09 PM   #18 (permalink)
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Originally Posted by SwingLo View Post
[snip]
I will say this - if you can't pay cash, then rethink it. If you must get financing, if your car payment is the largest expenditure you have then you either live in your parent's basement or you purchased a car you can't afford. We all knew that guy who bought that amazing car, but every nickel went towards it. Don't be that guy.
SwingLo is dead on - I know people who purchased nice cars they could not afford - it's a short lived ecstasy until the bills come in.

I know it's a downer of an answer, but save your money, invest wisely, build a career, and make sure your priorities are correct. Boring as all get out, but living in debt for your toys is no fun either.

Come back and buy your dream car when you are financially ready to enjoy it, not having to worry about how to pay for it.
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Old 11-13-2012, 12:12 AM   #19 (permalink)
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best lesson you will ever learn is:

DONT BUY A SPORTS CAR UNLESS YOU CAN PAY FOR IT OUTRIGHT, FREE AND CLEAR..

otherwise it's a bad idea regardless because you'll be living outside your means, it's totally a useless vehicle... yes it does have demand but if you ever "needed" to sell, it's not a fast seller.

as i said before, wait until you have 50k in the bank, and then once you see how great it feels to have that saved up, you'll never spend it on an exige... you'll surely keep saving till you have double and then buy the car outright and see how great it feels to not have any interest payments and be able to afford any repairs it might need...

-Riley
Are you kidding me? If people follow your advice, they'll be too damn old to be able to get in and out of a Lotus! And I'm not sure which financial institutions you're used to, but it sounds like you need to look around more.

OP: Make reasonable decisions and buy what you want. You only live once, so taste life before you're too old and wise to allow yourself to.
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Old 11-13-2012, 12:24 AM   #20 (permalink)
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agree with VisualEchos, you only live once, might as well just have fun and live happily

a lot of people i know including me who own these cars are either students or under 30.

If you can find a way (legally ) to pay off the car and have enough money for insurance ($2200/year in my case since i'm under 25) go for it! it's a Toyota engine car after all... you don't have to worry about little parts and maintenance. Good luck and enjoy the car when you get one!
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