Gallardo - pipe dream?
Discussion
Hi all
Been pining for a Gallardo now for some time and really deciding whether or not I can afford to get one. I would look for a 2nd hand one at around 60k. I currently earn £40,000 per year with little outgoings and usually spending most of it on rubbish. I currently own a Cooper S R56 but was wondering if maybe it’s a pipe dream?
I figured if I could get a finance deal paying around £700 pm over 4 years and a final ballon payment at the end, at which time I would hand the car back or sell it. This payment would obviously be less than the car’s value.
Or am I talking rubbish and should stick to hot hatches?
Been pining for a Gallardo now for some time and really deciding whether or not I can afford to get one. I would look for a 2nd hand one at around 60k. I currently earn £40,000 per year with little outgoings and usually spending most of it on rubbish. I currently own a Cooper S R56 but was wondering if maybe it’s a pipe dream?
I figured if I could get a finance deal paying around £700 pm over 4 years and a final ballon payment at the end, at which time I would hand the car back or sell it. This payment would obviously be less than the car’s value.
Or am I talking rubbish and should stick to hot hatches?
Edited by Colin_147 on Monday 15th September 11:09
Burba said:
question most people will ask is:
1. can you afford ins, servicing, finance every month?
2. what happens you if you lose your work?
3. completing finance on earnings vs purchase price, might be tight, but;
4. go for it!
lol, I didnt even realise I had signed up until I tried to register!!1. can you afford ins, servicing, finance every month?
2. what happens you if you lose your work?
3. completing finance on earnings vs purchase price, might be tight, but;
4. go for it!
Colin_147 said:
Hi all
Been pining for a Gallardo now for some time and really deciding whether or not I can afford to get one. I would look for a 2nd hand one at around 60k. I currently earn £40,000 per year with little outgoings and usually spending most of it on rubbish. I currently own a Cooper S R56 but was wondering if maybe it’s a pipe dream?
I figured if I could get a finance deal paying around £700 pm over 4 years and a final ballon payment at the end, at which time I would hand the car back or sell it. This payment would obviously be less than the car’s value.
Or am I talking rubbish and should stick to hot hatches?
TBH I wouldnt stretch it. If your young and have a fairly secure financial future planned, why rush? If your used to hot hatches buy something else with a bit more wow factor for half the price and see how you get on.Been pining for a Gallardo now for some time and really deciding whether or not I can afford to get one. I would look for a 2nd hand one at around 60k. I currently earn £40,000 per year with little outgoings and usually spending most of it on rubbish. I currently own a Cooper S R56 but was wondering if maybe it’s a pipe dream?
I figured if I could get a finance deal paying around £700 pm over 4 years and a final ballon payment at the end, at which time I would hand the car back or sell it. This payment would obviously be less than the car’s value.
Or am I talking rubbish and should stick to hot hatches?
Edited by Colin_147 on Monday 15th September 11:09
Its one thing being able to have the means to place it on the driveway, but it's another to have the means to properly use it and enjoy it on a regular basis.
just my angle.
Rpm
Why not look at a 355 on a similar finance scheme; I would imagine that these aren't going to depreciate a great deal over the next few years, so at least you are paying off some of the capital rather than just having to hand the car back in 3 years time.
Do you not have rent/mortgage?
Do you not have rent/mortgage?
From reading past threads on here, the more astute financially minded types (which I am not)already have the money to purchase the car outright, however, they invest the capital in such a way that the returns cover the cost of the monthly finance payments.
I guess this is not quite the situation you are in, but I never worked out what mechanism of investments (that the layman had access to) could give those kind of returns ??
But I'd still say go for it, with the current economic climate, there must be some deals to be had out there - and besides you could get mown down by a bus and have never of lived out your dream
JP
I guess this is not quite the situation you are in, but I never worked out what mechanism of investments (that the layman had access to) could give those kind of returns ??
But I'd still say go for it, with the current economic climate, there must be some deals to be had out there - and besides you could get mown down by a bus and have never of lived out your dream
JP
R.P.M said:
Colin_147 said:
Hi all
Been pining for a Gallardo now for some time and really deciding whether or not I can afford to get one. I would look for a 2nd hand one at around 60k. I currently earn £40,000 per year with little outgoings and usually spending most of it on rubbish. I currently own a Cooper S R56 but was wondering if maybe it’s a pipe dream?
I figured if I could get a finance deal paying around £700 pm over 4 years and a final ballon payment at the end, at which time I would hand the car back or sell it. This payment would obviously be less than the car’s value.
Or am I talking rubbish and should stick to hot hatches?
TBH I wouldnt stretch it. If your young and have a fairly secure financial future planned, why rush? If your used to hot hatches buy something else with a bit more wow factor for half the price and see how you get on.Been pining for a Gallardo now for some time and really deciding whether or not I can afford to get one. I would look for a 2nd hand one at around 60k. I currently earn £40,000 per year with little outgoings and usually spending most of it on rubbish. I currently own a Cooper S R56 but was wondering if maybe it’s a pipe dream?
I figured if I could get a finance deal paying around £700 pm over 4 years and a final ballon payment at the end, at which time I would hand the car back or sell it. This payment would obviously be less than the car’s value.
Or am I talking rubbish and should stick to hot hatches?
Edited by Colin_147 on Monday 15th September 11:09
Its one thing being able to have the means to place it on the driveway, but it's another to have the means to properly use it and enjoy it on a regular basis.
just my angle.
Rpm
Maybe I should save some more and then think about it in, say, 5 years or so.
Heart ruling head is the only problem lol
A good rule is to never pay more for a car than you make in a year. In general thats what you can afford, when it comes to insurance, servicing etc. So try to find something at around 40k or less. If I were you id look into Porsches, they are cheaper to service and tend to last a bit longer than Lambos and Ferraris... If not, then have a look at something cheaper, like a F355.
If not you will end up spending too much on your car then having it sit on your driveway not being able to afford driving it... now THAT is annoying if anything!
If not you will end up spending too much on your car then having it sit on your driveway not being able to afford driving it... now THAT is annoying if anything!
it makes me chuckle that there's so much "advice" - based solely on your headline income which, let's face it, is irrelivent in the grand scheme of things. i'm sure there's people on £200K per year who can't afford a gallardo because their existing commitments are massive.
take it to the extreme, if you live at home with your parents, have no social life, no holidays, no vices I see no reason why you couldn't run a gallardo on £25K a year let alone £40K.
it depends entirely on your priorities, current expenditure etc etc
I earn less than you and have bought a 355 this year. then again, i don't p1ss money away on booze, fags, Gym membership, sky+, magazines or any of the other "rubbish" that people get tempted to buy.
worse case scenario? you have to sell it and carry on paying off the debt for the next 5+ years. best case scenario? you live comfortably and have the best 5 years of your life. people worry too much about the "what ifs" in my opinion. the only "what if" i am concerned with is "what if I get hit by a bus tomorrow".
"better to have loved and lost" etc etc
Jonny
BaT
take it to the extreme, if you live at home with your parents, have no social life, no holidays, no vices I see no reason why you couldn't run a gallardo on £25K a year let alone £40K.
it depends entirely on your priorities, current expenditure etc etc
I earn less than you and have bought a 355 this year. then again, i don't p1ss money away on booze, fags, Gym membership, sky+, magazines or any of the other "rubbish" that people get tempted to buy.
worse case scenario? you have to sell it and carry on paying off the debt for the next 5+ years. best case scenario? you live comfortably and have the best 5 years of your life. people worry too much about the "what ifs" in my opinion. the only "what if" i am concerned with is "what if I get hit by a bus tomorrow".
"better to have loved and lost" etc etc
Jonny
BaT
Colin_147 said:
I figured if I could get a finance deal paying around £700 pm over 4 years and a final ballon payment at the end, at which time I would hand the car back or sell it. This payment would obviously be less than the car’s value.
I'd expect the payments to go up soon as negative equity could be a problemEdited by Colin_147 on Monday 15th September 11:09
I'm not really in a position to comment either way, however a bit of research reading back issues of Evo magazine would give you an idea of the running costs. Simon George seems to spend a fortune keeping his Lambo on the road. I admit his is used for track days and driver experiences so might lead a harsh life; but the cost of a replacement clutch would make me cry.
Best of luck!
Best of luck!
I earn a shade more than 40k, have a mortgage on a nice flat on the coast, drink , smoke, eat, and pay £600 a month in train fares!
Granted every individual is different but I would of thought you could do it easily, listen to the comments on servicing and such. That could make or break the deal!
Granted every individual is different but I would of thought you could do it easily, listen to the comments on servicing and such. That could make or break the deal!
I dont think it's wise to stretch that far, and I hate the thought of finance deals like that - you're much better off with a stright loan; and the market is not warm to lending money at moment so you wont necessarily get a good deal. Everyone may have assets but it's liquidity and ready cash that seems key at moment.
Buy within your means - why not think of a 355 / 348 / 328 ?
Buy within your means - why not think of a 355 / 348 / 328 ?
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