Talk me out of (or into?) getting a supercar in my situation
Discussion
Hi All
So here is the deal: next year I plan to buy a supercar (GT-R - ok not an mp4 12c or Aventador type category car but still...). While I am buzzing at the thought of being close to ready to pull the trigger, my head tells me I am crazy to do such a thing, but my heart, in true petrolhead fashon, tells me otherwise.
I work full time, earn 57k, my circumstances are I live with parents (due to family reasons that were not in my control), have an investment property (I've sidelined money to do this property up so it won't effect my ability to buy or run the car), I have no girlfriend (well did...), no kids, parents plan to retire in a year or so time (so I've thought about the implication on the car if bills transfer to me etc). Job security is good (well past probation, full time, got a career plan).
I plan to buy the car (max budget 55k) with cash and have 30k left over (15k for immediate spend, the other 15k locked away for the house).
So I am keen to hear any thoughts of why I should/should not get the car. It seems like a mortgage is always the right thing to do and regardless of whether I am single, married or whatever, a mortgage is a high priority, the car is a sliding window of opportunity, if I am married, I really can kiss goodbye to this opportunity.
So I have posted some reasons below why I should and should not get the car:
Reasons I am told not to get the car:
- It will depreciate (my counter-argument is other ambitions such as climbing Mt Everest cost 60k or so and there is no guarantee you will reach the sumit due to factors out of your control such as weather or if you will even survive harsh weather - I saw the film lol). At least I can sell the car and get SOMETHING for it - this will go into my next mortgage.
- It is not practical (it was never intended to be and is going to be a weekend toy - serious question though - how do you guys justify you use your weekend toys enough if on weekends only?) >>> For me its not the amount you drive the car, but the feeling and the experience
- The opportunity cost is too great ie it is x amount of all your savings (I could wait 3 more years and maybe the car will cost a tenth of my savings but then I may have a lot more outgoings if I am married with kids etc. Many people seem to buy these cars before a property or when they are even earning less than me - not that I recommend that, but yeah. I don't see the point of this argument as I can say that a holiday equals two months wages though of course it won't have a big impact on my life).
- Something can go wrong with it (in GT-R world, gearbox etc) - I plan to get a 2012/13 car which is more reliable and tbh the same can be said about any ambition or when you have kids there can be complications that can cost a lot to rectify/get proper care.
- It will impact on your plan to get a mortgage - I can get the car for a few years, enjoy it, sell it, and with the proceeds and my savings over the year, get another mortgage which is better than get another house, on repayment for 30 years, and have no justification to afford the car.
- Running costs (I've looked at insurance and contingencies if something goes wrong, and I am happy there...)
My friends used to say to me "Having a girlfriend is a real headache and a lot of stress" yet they would not dump their girlfriends and it was probably the best experience in their life (was with my exs). The car is no different, it can give me stress and issues, it's a risk like any ambition in life, but the way it is so liberating and an OMG moment can't be missed.
Reasons to get the car
- It's a once in a lifetime experience that is so unique (being handed the keys, the first drive, customising it, meets and the social side of having this car).
- If I go down the mortgage and/or marriage/kids route, it will be a long way till I get this car and it seems like the R36 will be sold for even more (2nd hand maybe the price of a brand new R35?)
- It's my ambition (why surpress it if you can do it? You will always regret it and kick yourself).
- I am 29 and have worked exceptionally hard in my career so deserve it (ok sounds selfish but I have been studying day in day out to move up in my career - even if I have been sick - to get to this place!).
- I've said to family members that it is not about where I want to go in life with this car, but where I have come from (due to knee injury and other reasons I have given up a lot of things that people take for granted, such as playing football, paintballing, extreme sports - regardless of whether I'd like to do them) so getting the car feels like it provides normality.
- I have always done the right thing which of course does get boring, now want to experience real fun for the first time...
No silly responses like if you have to ask if you should do it, you can't afford it (I've got a spreadsheet of all the running costs and costs of any unforeseen issues and what I predict the car will cost to run on my estimated use).
Your thoughts?
So here is the deal: next year I plan to buy a supercar (GT-R - ok not an mp4 12c or Aventador type category car but still...). While I am buzzing at the thought of being close to ready to pull the trigger, my head tells me I am crazy to do such a thing, but my heart, in true petrolhead fashon, tells me otherwise.
I work full time, earn 57k, my circumstances are I live with parents (due to family reasons that were not in my control), have an investment property (I've sidelined money to do this property up so it won't effect my ability to buy or run the car), I have no girlfriend (well did...), no kids, parents plan to retire in a year or so time (so I've thought about the implication on the car if bills transfer to me etc). Job security is good (well past probation, full time, got a career plan).
I plan to buy the car (max budget 55k) with cash and have 30k left over (15k for immediate spend, the other 15k locked away for the house).
So I am keen to hear any thoughts of why I should/should not get the car. It seems like a mortgage is always the right thing to do and regardless of whether I am single, married or whatever, a mortgage is a high priority, the car is a sliding window of opportunity, if I am married, I really can kiss goodbye to this opportunity.
So I have posted some reasons below why I should and should not get the car:
Reasons I am told not to get the car:
- It will depreciate (my counter-argument is other ambitions such as climbing Mt Everest cost 60k or so and there is no guarantee you will reach the sumit due to factors out of your control such as weather or if you will even survive harsh weather - I saw the film lol). At least I can sell the car and get SOMETHING for it - this will go into my next mortgage.
- It is not practical (it was never intended to be and is going to be a weekend toy - serious question though - how do you guys justify you use your weekend toys enough if on weekends only?) >>> For me its not the amount you drive the car, but the feeling and the experience
- The opportunity cost is too great ie it is x amount of all your savings (I could wait 3 more years and maybe the car will cost a tenth of my savings but then I may have a lot more outgoings if I am married with kids etc. Many people seem to buy these cars before a property or when they are even earning less than me - not that I recommend that, but yeah. I don't see the point of this argument as I can say that a holiday equals two months wages though of course it won't have a big impact on my life).
- Something can go wrong with it (in GT-R world, gearbox etc) - I plan to get a 2012/13 car which is more reliable and tbh the same can be said about any ambition or when you have kids there can be complications that can cost a lot to rectify/get proper care.
- It will impact on your plan to get a mortgage - I can get the car for a few years, enjoy it, sell it, and with the proceeds and my savings over the year, get another mortgage which is better than get another house, on repayment for 30 years, and have no justification to afford the car.
- Running costs (I've looked at insurance and contingencies if something goes wrong, and I am happy there...)
My friends used to say to me "Having a girlfriend is a real headache and a lot of stress" yet they would not dump their girlfriends and it was probably the best experience in their life (was with my exs). The car is no different, it can give me stress and issues, it's a risk like any ambition in life, but the way it is so liberating and an OMG moment can't be missed.
Reasons to get the car
- It's a once in a lifetime experience that is so unique (being handed the keys, the first drive, customising it, meets and the social side of having this car).
- If I go down the mortgage and/or marriage/kids route, it will be a long way till I get this car and it seems like the R36 will be sold for even more (2nd hand maybe the price of a brand new R35?)
- It's my ambition (why surpress it if you can do it? You will always regret it and kick yourself).
- I am 29 and have worked exceptionally hard in my career so deserve it (ok sounds selfish but I have been studying day in day out to move up in my career - even if I have been sick - to get to this place!).
- I've said to family members that it is not about where I want to go in life with this car, but where I have come from (due to knee injury and other reasons I have given up a lot of things that people take for granted, such as playing football, paintballing, extreme sports - regardless of whether I'd like to do them) so getting the car feels like it provides normality.
- I have always done the right thing which of course does get boring, now want to experience real fun for the first time...
No silly responses like if you have to ask if you should do it, you can't afford it (I've got a spreadsheet of all the running costs and costs of any unforeseen issues and what I predict the car will cost to run on my estimated use).
Your thoughts?
Edited by Z064life on Saturday 3rd October 20:02
Edited by Z064life on Saturday 3rd October 20:05
frisbee said:
What do you want to do with the car? Trackdays? Touring holidays? Tearing around twisty roads in Wales?
I don't really see much point in just owning a car unless you use it.
Sorry I was meant to mention that!I don't really see much point in just owning a car unless you use it.
It would be fast road use - touring holidays, driving roads in Wales, runway/top speed events (I don't plan to modify the car to the extent that I change all the engine internals and put on massive aftermarket turbos - though I'd love to
).The other argument is I work in the city and tube it to work so the car is pointless but I could work in a place I drive to work and drive the car 2 hrs to and from work but that's a commute so doesn't justify the car either (will sit in the car park at work!).
Where's your mortgage deposit? You're keeping 15k back but that won't get you anywhere, the rest you appear to be investing in a liability?
P.S. I'm in a very similar situation, there are cheaper much much less risky ways to satisfy your inner petrolhead.
P.S. I'm in a very similar situation, there are cheaper much much less risky ways to satisfy your inner petrolhead.
Edited by HustleRussell on Saturday 3rd October 21:01
You've always wanted one of these. Why not fulfil that dream and feel like you've been sensible and spent 20k less than you might have, while having a much greater sense of occasion.
http://www.pistonheads.com/classifieds/used-cars/d...
http://www.pistonheads.com/classifieds/used-cars/d...
Do whatever you want.
Objectivity aside I'd feel a bit of a knob having a £55k car sat in my mum and dad's driveway.
Conversely, I look forward to supporting my 2 daughters as they grow up and to give them the best start in life that I can. I do expect them to move out though so their mother and I can have privacy again and so that I can enjoy the last of my earning years without lodgers - particularly ones with high value depreciating assets whilst living out of my pocket.
But maybe that's just me.
Objectivity aside I'd feel a bit of a knob having a £55k car sat in my mum and dad's driveway.
Conversely, I look forward to supporting my 2 daughters as they grow up and to give them the best start in life that I can. I do expect them to move out though so their mother and I can have privacy again and so that I can enjoy the last of my earning years without lodgers - particularly ones with high value depreciating assets whilst living out of my pocket.
But maybe that's just me.
I'd do it with expectations that you're not going to keep it forever anyway. I wish I spent more on cars when I was single and free. GTRs are keeping their money fairly well so no need to worry too much about depreciation, you can afford to run it on that salary and lack of outgoings fairly comfortably too I'd imagine.
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