How do i ever afford a Gallardo?
Discussion
PorscheGT4 said:
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.
You could do it once or twice I suppose, by saving up till you're middle aged. Depreciation and running costs are going to mount up far faster than you can replenish the savings though. You can own £150k cars on a 35k wage if you wish by the time you are 45.
Personally I think it would be quite tragic to save up till you're 40+, to run a Gallardo around for a year or two till you ran out of money, then trading it back in for a Mondeo.
Spanna said:
Owning a Lamborghini shouldn't be your target to set out to. Aim to be in the position to live comfortably and the lifestyle of high end cars will eventually come with it.
+ 1P.S. Do the smart thing and join a supercar club, not many people buy these cars unless they like losing ££ ( unless it's just lost interest on X investment so covered ) .
Did 1000's miles in a Gallardo mid 30's , worked out cheap using a club. just fuel and membership costs, ticked the box/bug.
Would i purchase one? , no .
Edited by superkartracer on Thursday 18th June 13:21
I certainly would not follow the law route as a path to riches. Particularly not these days with an apparent fixation on controlling what was once a free market driven by standard commerciality between businesses.
I've yet to meet many fellows in the profession with a Lambo or anything particularly glamorous. There are the odd exceptions, as with any profession, but I would say it's far from the majority and given the vast expense and temporal expense of gaining entry, I wouldn't throw it in the ring. In fact, if I ever had a child I'd actively encourage them to follow a different path. By all means get a law degree as its a great door opener, but save the money on the LPC and fook off into a different career path
ShireRoller said:
Spanna said:
Owning a Lamborghini shouldn't be your target to set out to. Aim to be in the position to live comfortably and the lifestyle of high end cars will eventually come with it.
Amen! 
ks!The Gallardo should absolutely be the target. Fixate on it, have a picture of one on the computer desktop, think about what spec you want, picture it in certain scenarios in your life. It's these images that will drive you when you're at your lowest and struggling doing whatever it is you're doing to make the Gallardo (or any other dream car) happen.
Picturing a 'comfortable lifestyle' won't give you that drive.
What age do you want to have one by?
If you start saving a moderate sum now of say £350 a month you would have no bother getting a lambo by the time you were 30 and this is achievable on a relatively low wage.
As others have mentioned before however you want to work towards having a comfortable living as well. There's little point in having a lambo if it means you still having to live with your parents (although at 18 i would have disagreed with this point
).
I'd be sticking any money i could into a stocks and shares ISA with a well managed fund and all going well you'd be in a lambo at 25.
If you start saving a moderate sum now of say £350 a month you would have no bother getting a lambo by the time you were 30 and this is achievable on a relatively low wage.
As others have mentioned before however you want to work towards having a comfortable living as well. There's little point in having a lambo if it means you still having to live with your parents (although at 18 i would have disagreed with this point
).I'd be sticking any money i could into a stocks and shares ISA with a well managed fund and all going well you'd be in a lambo at 25.
R8Steve said:
What age do you want to have one by?
If you start saving a moderate sum now of say £350 a month you would have no bother getting a lambo by the time you were 30 and this is achievable on a relatively low wage.
Cool, then he'll get to own a Lambo for 12-24 months before a repair bill arrives that he can't afford. Then he can sell the car, take a huge loss on the depreciation and never be able to afford another super car ever again If you start saving a moderate sum now of say £350 a month you would have no bother getting a lambo by the time you were 30 and this is achievable on a relatively low wage.
You'd be far better off spending all those early years £350's getting yourself into a real career or setting up a business.
KFC said:
R8Steve said:
What age do you want to have one by?
If you start saving a moderate sum now of say £350 a month you would have no bother getting a lambo by the time you were 30 and this is achievable on a relatively low wage.
Cool, then he'll get to own a Lambo for 12-24 months before a repair bill arrives that he can't afford. Then he can sell the car, take a huge loss on the depreciation and never be able to afford another super car ever again If you start saving a moderate sum now of say £350 a month you would have no bother getting a lambo by the time you were 30 and this is achievable on a relatively low wage.
You'd be far better off spending all those early years £350's getting yourself into a real career or setting up a business.
I'm not for one minute suggesting he takes a job in McDonalds or whatever and struggle putting £350 away a month to do the above. He should of course aim for the best career/business that he can. I'm just pointing out the fact that it's not as unachievable as some would have you believe it is.
R8Steve said:
I'm not for one minute suggesting he takes a job in McDonalds or whatever and struggle putting £350 away a month to do the above. He should of course aim for the best career/business that he can. I'm just pointing out the fact that it's not as unachievable as some would have you believe it is.
Sure, but you'd need to be a complete idiot to save up for 10+ years to buy a car. Its such a dumb idea its not even really worth bringing up is it?KFC said:
R8Steve said:
I'm not for one minute suggesting he takes a job in McDonalds or whatever and struggle putting £350 away a month to do the above. He should of course aim for the best career/business that he can. I'm just pointing out the fact that it's not as unachievable as some would have you believe it is.
Sure, but you'd need to be a complete idiot to save up for 10+ years to buy a car. Its such a dumb idea its not even really worth bringing up is it?Do you not save for things then i take it?
R8Steve said:
No, to finance a car over 10+ years you'd be a complete idiot, to save up for one would be sensible.
They're effectively the same thing. You're still purchasing a luxury item you quite clearly can't afford.I don't see how you can say saving for one over this sort of timeframe is in any way sensible. If you needed to save up £350 a month to buy it in the first place, what do you propose to do with the first £5000+ repair bill that you get? Stick the car in your mums garage for 12 months and save up for that too?
KFC said:
R8Steve said:
No, to finance a car over 10+ years you'd be a complete idiot, to save up for one would be sensible.
They're effectively the same thing. You're still purchasing a luxury item you quite clearly can't afford.I don't see how you can say saving for one over this sort of timeframe is in any way sensible. If you needed to save up £350 a month to buy it in the first place, what do you propose to do with the first £5000+ repair bill that you get? Stick the car in your mums garage for 12 months and save up for that too?
If he wants to aspire to owning a lambo i say good for him and hope he does, it's good to see young people actually aspiring to do anything!
I'd suggest you to work in IT. It's relatively easy and well paid.
Twenty years ago (now forty) I would have never thought I would have owned a 328, and a CS, and a couple of apartments.
Just try to buy appreciating cars, not depreciating ones. And buy at the bottom.
That way you can enjoy years and thousand of happy miles without spending a fortune, actually you can even make some money (but don't count on it and don't see it as an investment: if it happens, so much better).
Obviously I'm not married and no kids. ;-) To each his own.
By the way I'm thinking of trading up my 328 GTS for a 430 spider. I'd love to hear from other 328 owners if they have done something similar recently. I wonder if I wait two or three more years might even be able to swap it for a Scuderia ???
Twenty years ago (now forty) I would have never thought I would have owned a 328, and a CS, and a couple of apartments.
Just try to buy appreciating cars, not depreciating ones. And buy at the bottom.
That way you can enjoy years and thousand of happy miles without spending a fortune, actually you can even make some money (but don't count on it and don't see it as an investment: if it happens, so much better).
Obviously I'm not married and no kids. ;-) To each his own.
By the way I'm thinking of trading up my 328 GTS for a 430 spider. I'd love to hear from other 328 owners if they have done something similar recently. I wonder if I wait two or three more years might even be able to swap it for a Scuderia ???
OP - If you do manage to eventually get the money together to buy a Gallardo you may well find that you actually want to spend your money elsewhere. Generally the mind set involved in getting that sort of money saved up lends to making better financial decisions. If however you had £500 in the bank and you inherited £70k then you may well spend it on one! My personal goal was to make sure I had a nice house I'd be happy in for the rest of my life, paid off if possible before buying the dream car.
Pioneer said:
OP - If you do manage to eventually get the money together to buy a Gallardo you may well find that you actually want to spend your money elsewhere. Generally the mind set involved in getting that sort of money saved up lends to making better financial decisions. If however you had £500 in the bank and you inherited £70k then you may well spend it on one! My personal goal was to make sure I had a nice house I'd be happy in for the rest of my life, paid off if possible before buying the dream car.
This is very true. So the most likely answer is: be able to afford a few gallardos!I do know a couple of guys who bought them when they were at 50-55k and they were good earnings (offshore) so probably 60-80k at 21-ish. Part saved, part financed.
Hey guys OP here, thanks for all the advice etc.. but like i already said, we have our priorities straight, save like a bh for flat first, then rent that out, live with parent pay off mortgage for tenants rent.. so in years to come i can move into my flat practically already mortgage paid off +capital appreciation, so i can sell and buy a bigger house; all from a little investment before im 20.
A Lamborghini is that childhood dream & that is the drive that gives us our entrepreneurial spirit, That is what separates us from the clock on clock off 9-5 for the rest of your life. I don't NEED a Lamborghini to be happy, but id certainly like one!
h for flat first, then rent that out, live with parent pay off mortgage for tenants rent.. so in years to come i can move into my flat practically already mortgage paid off +capital appreciation, so i can sell and buy a bigger house; all from a little investment before im 20.A Lamborghini is that childhood dream & that is the drive that gives us our entrepreneurial spirit, That is what separates us from the clock on clock off 9-5 for the rest of your life. I don't NEED a Lamborghini to be happy, but id certainly like one!
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