How do i ever afford a Gallardo?

[sparkyb999]

My dream (when I was in my twenties) was to be able to own a Ferrari or lambo in my thirties, I am now knocking on 40's door and could afford one!

More frustration having money to own one but not having anywhere to put it!! One day maybe!!

[Quarterly]

brandonjsamp said:

Hello guys I'm 18 years old and well, we have the dream to own Lamborghinis my brother and i, but the question is.. what business are all you successful guys in? and do you have tips for the young guys looking to make a living, any help would be truly helpful

There are 4 main routes to becoming wealthy enough to buy a Gallardo.

1. Get a degree, become a director.
2. Go self employed, do something that interests you and you will be successful.
3. Rob a bank.
4. Become a member of the European parliament.

With 1 & 2 a modicum of good luck is required.

Edited by Quarterly on Sunday 10th May 08:32

[PorscheGT4]

Luck has nothing to do with anything and you don't have to be rich to own nice cars.

You can own £150k cars on a 35k wage if you wish by the time you are 45.

[michael243]

70proof said:

i always wanted to own a lambo too, and now do, so well done having ambition....

don't become a doctor, doctors don't own lambos, hth.....

There's a doctor by me who had a Balboni, he has now swapped it for a 458

[Driver101]

It amazes me just how much people will sacrifice for a nice car.

[PorscheGT4]

Driver101 said:

It amazes me just how much people will sacrifice for a nice car.

Like what ?

[sealtt]

Buy it on finance?

They are surprisingly cheap to own if you only consider depreciation & finance rather than purchase price. Cost a lot less than many of the 'regular' cars littered across the streets of England.

[sealtt]

PorscheGT4 said:

Like what ?

£150k car on £35k a year sounds pretty unlikely unless you make some serious sacrifices?

Obviously it depends on depreciation but if we imagine it's going to cost £20k a year in depreciation and interest, that's the lions share of your post tax salary gone.

unless of course you happen to run a luxury car sales company.

[Dr Jekyll]

sealtt said:

£150k car on £35k a year sounds pretty unlikely unless you make some serious sacrifices?

Obviously it depends on depreciation but if we imagine it's going to cost £20k a year in depreciation and interest, that's the lions share of your post tax salary gone.

unless of course you happen to run a luxury car sales company.

+1

£30k car would be pushing it.

[PorscheGT4]

Depends how you go about it, def not by buying new on pcp's

But it's a bit sad to see people thinking it's not possable, and also people thinking £20k loss is ok lol

Edited by PorscheGT4 on Sunday 10th May 17:16

[Claret Badger]

I am a totally normal guy with a normal job and a normal wage. I got left a small amount of money when I was 25 and used it as a 10% deposit to buy a flat. A knackered flat. I did it up myself, putting in a new kitchen, bathroom etc, learning as I went along. I sold it, and as it was where I lived, I paid no tax on the profit, which was more than I earned from my job in a year. Ive just repeated that, with my salary paying bills and profits from property mostly being reinvested. At 40, I felt I deserved a reward so bought a Ferrari 550.

It was hard work and stressful having two jobs for 15 years, but with no kids etc Ive been able to achieve what I wanted, and Im sure you can too. I had a small bit of luck in the first place, granted, but you have to make the most of it. Hard work and sacrifices should hopefully get you there. Good luck!!!

[sealtt]

PorscheGT4 said:

Depends how you go about it, def not by buying new on pcp's

But it's a bit sad to see people thinking it's not possable, and also people thinking £20k loss is ok lol

Edited by PorscheGT4 on Sunday 10th May 17:16

Well how would you go about buying it? I don't think it's sad to think it's not possible, it's just being realistic.

£20k per year is a lot obviously, but if you want a £150k car that's generally the price of admission on a lot of vehicles! Whether it's affordable depends on your circumstances, though I'd advise if someone is on £35k then it is not affordable.

[sealtt]

Claret Badger said:

I am a totally normal guy with a normal job and a normal wage. I got left a small amount of money when I was 25 and used it as a 10% deposit to buy a flat. A knackered flat. I did it up myself, putting in a new kitchen, bathroom etc, learning as I went along. I sold it, and as it was where I lived, I paid no tax on the profit, which was more than I earned from my job in a year. Ive just repeated that, with my salary paying bills and profits from property mostly being reinvested. At 40, I felt I deserved a reward so bought a Ferrari 550.

It was hard work and stressful having two jobs for 15 years, but with no kids etc Ive been able to achieve what I wanted, and Im sure you can too. I had a small bit of luck in the first place, granted, but you have to make the most of it. Hard work and sacrifices should hopefully get you there. Good luck!!!

Well basically you happened to have a notable investment in one of the most profitable and tax friendly asset classes accessible to the average British investor! Sounds like you had a good experience doing it though and it takes a bit of grit doing the work yourself no doubt.

Property has certainty created a lot of wealth for the 'regular man'. But it has become way less accessible now due to this very fact, and of course there is no guarantee it will continue to rise!

[70proof]

michael243 said:

70proof said:

i always wanted to own a lambo too, and now do, so well done having ambition....

don't become a doctor, doctors don't own lambos, hth.....

There's a doctor by me who had a Balboni, he has now swapped it for a 458

defo not the norm, there are a few of us, but to most docs a nice merc/bmw/porker is as good as it gets as you pay 50% on paye and send kids to private school....

[70proof]

On my 07 gallardo I lost 9k in depreciation over 3years.

[andrew]

70proof said:

On my 07 gallardo I lost 9k in depreciation over 3years.

yes, but it was green

[sealtt]

70proof said:

On my 07 gallardo I lost 9k in depreciation over 3years.

OK but what about the financing cost? Let's say the car cost £150k (as per the guys post above) that's maybe an extra £10k per year. Or if you bought it cash, what's the lost income on that cash? At least £7k a year unless you were going to keep the cash in your current account.

I am guessing you bought it used to see such little depreciation? Or at least it was a special model & retained value due to scarcity? Obviously you can buy these cars well and it shouldn't cost too much - hence why I bought an F430 as a second car as it just seemed a great value purchase and so I said why not. It's way cheaper than my RR that's for sure!

However a used F430 or used Gallardo is a lot cheaper than £150k which the guy above was referring to. I can't think of many £150k cars that are likely to be ultra low depreciation. Certainly not for someone on £35k a year which was the main point.

[Ferruccio]

Driver101 said:

It amazes me just how much people will sacrifice for a nice car.

Bought my first Lambo 50/50 with a friend.
It was the only way to afford it and we bought it because it was 60% of the cost of a Ferrari.
That week I didn't have enough money to eat, but my friend was due to pay me his half.
Unfortunately he lost the money in the October 1987 crash before he paid me...........

[z4RRSchris]

should have my Lamborghini before I'm 30, 28 now. black coupe please

hard work and luck, mostly luck. and rich parents

[Eleven]

z4RRSchris said:

hard work and luck, mostly luck. and rich parents

Alan Sugar used to say, when asked how he became rich something like:

I started out with a small van and bought a load of car aerials, which I sold. Then I took the proceeds and bought another load of car aerials and sold those. Then my granddad died and left me fifty million quid.