How to seriously save up for a Super Car ?
Discussion
I would also add there is prob nothing worse than stretching yourself massively to buy the car of your dreams and then not being able to maintain it properly, if you got hit with a random 5k bill for something it would massively sour the experience if you couldn't really afford it. I paid £2900 to extend the warranty on my 570s earlier this yr, happy to pay for peace of mind and all factored into my budget to buy and run the car.
markiii said:
For me
Don't have kids
Marry someone who has the same earning capacity as you, (so your not supporting them)
I'll agree with these two. Don't have kids
Marry someone who has the same earning capacity as you, (so your not supporting them)
It results in considerably more disposable income.
We do spend on lots of stuff (expensive dining, various events, nice holidays, nice jewelry/watches, nice clothes).
I probably could have got to a Supercar sooner, but I enjoy the lifestyle I lead.
I would say I enjoy the lifestyle more than I enjoy the car. So spend your money on things that matter most.
Some good, and interesting answers. I agree it depends on how you want to live your life choices,there is no right or wrong answer if you wish to settle down and have a family, or live your life buying toys. Facts its true if you own a super car you need the funds to keep it on the road, no point having one if it sits in the shed 360 days of the year because you cant afford to run it or service it. I was just interested to know if anyone started of with not much money and managed to achieve the car of there dreams regardless the time it took them to get it.
I know people out there give super car owners flack because, yes i know some can be a nuisance and do silly dangerous things on the road
or we buy them to show off. For me I am nothing like that, yes i like to go fast but I would never put someone life at risk or do it to upset the neighbors
or show off. For me personally I like toys and sadly I cant have kids, I just like to make goals and work hard to achieve them,
I know people out there give super car owners flack because, yes i know some can be a nuisance and do silly dangerous things on the road
or we buy them to show off. For me I am nothing like that, yes i like to go fast but I would never put someone life at risk or do it to upset the neighbors
or show off. For me personally I like toys and sadly I cant have kids, I just like to make goals and work hard to achieve them,
markiii said:
For me
Don't have kids
Marry someone who has the same earning capacity as you, (so your not supporting them)
Don't spend cash on s
t you don't need
Don't make st life choices.(and if you do learn from them don't keep making hem)
The difference between me and many of my friends is they've all failed at one or more of the above
Or do all of the above. Don't have kids
Marry someone who has the same earning capacity as you, (so your not supporting them)
Don't spend cash on s
t you don't needDon't make s
t life choices.(and if you do learn from them don't keep making hem)The difference between me and many of my friends is they've all failed at one or more of the above
Buy stuff you can’t afford, get up in the morning because you have to, and work hard til you can afford it. Buy something more expensive you can’t really afford. Repeat.
In the end, you’re knackered but have plenty things, and have done all of the above. Relax.
Saving up won’t work. All imo.
It should be a subset of an overall wealth plan- I would say that a very expensive car should not be a big part of your assets. Thus the challenge is how to build equity.
I generally assume that my cars have zero value when I review my asset allocation as they are purely an expense. As others have said, maintenance can be a big cost so that needs to be factored in.
Evidently if you have kids or a dependent partner
Or a significant mortgage then leveraging yourself up for a car is a bit too risky for me.
Get rid of debt and make sure the car is not a huge piece of your cashflow unless you have a 100% secure income.
-and don’t get divorced. I did that at 45 and it took time to stabilize things. No car beyond my company for five years.
Very sensible to buy used but I buy new. As a result my buys are a lower level - my typical car is a GT3RS which is a little below supercars. I could go higher but we all find our own comfort level. Good luck with your decision
I generally assume that my cars have zero value when I review my asset allocation as they are purely an expense. As others have said, maintenance can be a big cost so that needs to be factored in.
Evidently if you have kids or a dependent partner
Or a significant mortgage then leveraging yourself up for a car is a bit too risky for me.
Get rid of debt and make sure the car is not a huge piece of your cashflow unless you have a 100% secure income.
-and don’t get divorced. I did that at 45 and it took time to stabilize things. No car beyond my company for five years.
Very sensible to buy used but I buy new. As a result my buys are a lower level - my typical car is a GT3RS which is a little below supercars. I could go higher but we all find our own comfort level. Good luck with your decision
My advice to someone dreaming of one day owning something special is to stretch a bit, but for goodness sake don’t buy something that limits the rest of your life.
If you absolutely have to have a car you can’t sensibly afford, then you really need to examine the reason why. Contrary to what many think, a flashy car doesn’t make you feel confident, cool, admired or respected. Some people who own these cars are like that for sure, but if so, they probably were anyway (it’s perhaps how they earned enough to afford one).
If what you want is an enjoyable car to own and drive, my advice is to get an affordable one second hand. But if what you want is to feel better about yourself, it would be smarter to get a good therapist. A lot cheaper, and almost certainly more effective.
If you absolutely have to have a car you can’t sensibly afford, then you really need to examine the reason why. Contrary to what many think, a flashy car doesn’t make you feel confident, cool, admired or respected. Some people who own these cars are like that for sure, but if so, they probably were anyway (it’s perhaps how they earned enough to afford one).
If what you want is an enjoyable car to own and drive, my advice is to get an affordable one second hand. But if what you want is to feel better about yourself, it would be smarter to get a good therapist. A lot cheaper, and almost certainly more effective.
garystoybox said:
markiii said:
For me
Don't have kids
Marry someone who has the same earning capacity as you, (so your not supporting them)
Don't spend cash on st you don't need
Don't make st life choices.(and if you do learn from them don't keep making hem)
The difference between me and many of my friends is they've all failed at one or more of the above
Apart from the ‘poor life choices’ I think you can still have the car of your dreams without missing out on every thing life has to offer. I wouldn’t enjoy Supercar ownership at all if I had to do without other things in life i.e. nice houses, nice holidays and a very nice Lady to share it with. Stop focusing on the car and start focusing on building a successful business and with hard work and a bit of luck you may will end up with the lot instead of compromising.Don't have kids
Marry someone who has the same earning capacity as you, (so your not supporting them)
Don't spend cash on s
t you don't needDon't make s
t life choices.(and if you do learn from them don't keep making hem)The difference between me and many of my friends is they've all failed at one or more of the above
Edited by garystoybox on Friday 19th June 23:46
Kids never wanted them.
Wife perfectly happy with the one I have
House is paid for and retirement plan is coming along nicely
The principal for me is that I haven't bought a car in one full payment for decades even though I haven't bought them on finance.
I bought a TVR Griffith in full back about 2001, crashed that and bought a Chimera with the insurance money, part exchanged that after 4 years on a TVR Tuscan which I kept for over 9 glorious years. During that period I bought a cheap and rough classic Maserati, which I slowly turned into a presentable asset spending modest sums along the way. Sold my Tuscan and bought an Aston Vantage, then sold the Maserati (with a decent profit) and traded the Aston against a new 570s.
That took me nearly 20 years and my 'car fund' spending never really compromised my normal spending because it was all small and steady spending. Steady spending on my hobby, buying cars I have a passion about.
I bought a TVR Griffith in full back about 2001, crashed that and bought a Chimera with the insurance money, part exchanged that after 4 years on a TVR Tuscan which I kept for over 9 glorious years. During that period I bought a cheap and rough classic Maserati, which I slowly turned into a presentable asset spending modest sums along the way. Sold my Tuscan and bought an Aston Vantage, then sold the Maserati (with a decent profit) and traded the Aston against a new 570s.
That took me nearly 20 years and my 'car fund' spending never really compromised my normal spending because it was all small and steady spending. Steady spending on my hobby, buying cars I have a passion about.
Depreciation is the biggest potential cost.
I’d never buy new.
I try and buy at the end of the product cycle for that particular car.
When the new car comes out, a bunch of the old cars get dumped on the market as people upgrade to the new model.
I’ve been lucky buying then, as it’s turned out to be the bottom of the depreciation cycle for the cars that I’ve bought and they have subsequently gone up in value.
Maintenance and insurance costs you need to be able to pay out of your regular income.
And you will get the occasional big maintenance bill.
If it’s £10k+, you need to be able to just swallow it.
I’d never buy new.
I try and buy at the end of the product cycle for that particular car.
When the new car comes out, a bunch of the old cars get dumped on the market as people upgrade to the new model.
I’ve been lucky buying then, as it’s turned out to be the bottom of the depreciation cycle for the cars that I’ve bought and they have subsequently gone up in value.
Maintenance and insurance costs you need to be able to pay out of your regular income.
And you will get the occasional big maintenance bill.
If it’s £10k+, you need to be able to just swallow it.
h0b0 said:
I failed at not having kids. 
The answer to when to buy a super car could be the same as when to have kids. Many are never really ready but you just have to do it at some point.
In terms of how do you afford one? If you buy wisely they can pay for themselves. Chris Harris is a good example of this as he took so much st for having massive payments on his first Porsche GT3 but look where that got him. I believe he sold at a profit and some of the content he created with that car helped him forge a career.
There's a member on here that ran an F40 as a daily driver and street parked it in his 20's. He sold it on for a decent profit.
Ultimately, if you are not rich, it comes down to priorities, your appetite for risk and your credit score.
Must say I do like the 'be Chris Harris' option. The answer to when to buy a super car could be the same as when to have kids. Many are never really ready but you just have to do it at some point.
In terms of how do you afford one? If you buy wisely they can pay for themselves. Chris Harris is a good example of this as he took so much s
t for having massive payments on his first Porsche GT3 but look where that got him. I believe he sold at a profit and some of the content he created with that car helped him forge a career.There's a member on here that ran an F40 as a daily driver and street parked it in his 20's. He sold it on for a decent profit.
Ultimately, if you are not rich, it comes down to priorities, your appetite for risk and your credit score.
Zarco said:
h0b0 said:
I failed at not having kids.
The answer to when to buy a super car could be the same as when to have kids. Many are never really ready but you just have to do it at some point.
In terms of how do you afford one? If you buy wisely they can pay for themselves. Chris Harris is a good example of this as he took so much st for having massive payments on his first Porsche GT3 but look where that got him. I believe he sold at a profit and some of the content he created with that car helped him forge a career.
There's a member on here that ran an F40 as a daily driver and street parked it in his 20's. He sold it on for a decent profit.
Ultimately, if you are not rich, it comes down to priorities, your appetite for risk and your credit score.
Must say I do like the 'be Chris Harris' option. The answer to when to buy a super car could be the same as when to have kids. Many are never really ready but you just have to do it at some point.
In terms of how do you afford one? If you buy wisely they can pay for themselves. Chris Harris is a good example of this as he took so much s
t for having massive payments on his first Porsche GT3 but look where that got him. I believe he sold at a profit and some of the content he created with that car helped him forge a career.There's a member on here that ran an F40 as a daily driver and street parked it in his 20's. He sold it on for a decent profit.
Ultimately, if you are not rich, it comes down to priorities, your appetite for risk and your credit score.
There are likely to be very few cars achieving overs in future.
And depreciation is just back to what it always was.
I just realised we’re not answering OP’s question. We've mostly been explaining “how do you avoid spending a lot on a supercar?” whereas he asked “how people can afford to buy Super cars ... Asides from the few who might have been lucky enough to have a wealthy family or a company that makes millions”
I’ve neither, and nor have I a clever saving method. I simply fund my cars with earnings from skills in a specialist area that is in high demand (and no, I’m not an assassin, it’s a lot duller than that). So my advice is to earn well. How? I recommend:
1). If you want to earn top 1% then you need to be top 1%. Choose something you are really good at, and become world class at it
2). Even a great canoeist goes slowly if they’re paddling upstream. Pick an industry/area to work in that is growing rapidly, and get out of areas that are static or declining.
3). Work hard to get somewhere in your 20s and early 30s when you have lots of energy and little in the way of commitments. Otherwise you’re having to do it when you have lots of commitments and little energy.
Be interested how others fund their car habits...
I’ve neither, and nor have I a clever saving method. I simply fund my cars with earnings from skills in a specialist area that is in high demand (and no, I’m not an assassin, it’s a lot duller than that). So my advice is to earn well. How? I recommend:
1). If you want to earn top 1% then you need to be top 1%. Choose something you are really good at, and become world class at it
2). Even a great canoeist goes slowly if they’re paddling upstream. Pick an industry/area to work in that is growing rapidly, and get out of areas that are static or declining.
3). Work hard to get somewhere in your 20s and early 30s when you have lots of energy and little in the way of commitments. Otherwise you’re having to do it when you have lots of commitments and little energy.
Be interested how others fund their car habits...
My wife pointed out to me that if I hadn't persuaded her to buy a second house and take on a £805 mortgage ( when mortgage free on the family home) I could have bought the 911 I always NEVER wanted.
Next year, I know what my income is going to be, and after paying all the bills, there shou lk d be a spare £20k
I'm thinking a £12k Monaro to replace my £525 3.2 omega would be my idea of stupidly ridiculous supercar spending.
Next year, I know what my income is going to be, and after paying all the bills, there shou lk d be a spare £20k
I'm thinking a £12k Monaro to replace my £525 3.2 omega would be my idea of stupidly ridiculous supercar spending.
67Dino said:
I just realised we’re not answering OP’s question. We've mostly been explaining “how do you avoid spending a lot on a supercar?” whereas he asked “how people can afford to buy Super cars ... Asides from the few who might have been lucky enough to have a wealthy family or a company that makes millions”
I’ve neither, and nor have I a clever saving method. I simply fund my cars with earnings from skills in a specialist area that is in high demand (and no, I’m not an assassin, it’s a lot duller than that). So my advice is to earn well. How? I recommend:
1). If you want to earn top 1% then you need to be top 1%. Choose something you are really good at, and become world class at it
2). Even a great canoeist goes slowly if they’re paddling upstream. Pick an industry/area to work in that is growing rapidly, and get out of areas that are static or declining.
3). Work hard to get somewhere in your 20s and early 30s when you have lots of energy and little in the way of commitments. Otherwise you’re having to do it when you have lots of commitments and little energy.
Be interested how others fund their car habits...
I've never saved specifically for a car but am in an industry that can pay out large bonuses when things go well (financial trading)...I have my own small firm with a few other guys and have been running that since 2010, suffice it to say some years in the last 10 have been v good but I have had a couple of yrs in that too where I didn't even take a salary! I also have 3 young boys so my comfort zone is £80-100k when buying a fun car, I could spend more but given how variable my pay can be from yr to yr I always like to be prudent with that type of purchase...I think in the last 6 yrs I've lost about £10k pa on avg in depreciation (RS6, R8 V10 plus, V12VS), I find that's the level of hobby funding that I can justify...lets see how much the 570S costs over two yrs!I’ve neither, and nor have I a clever saving method. I simply fund my cars with earnings from skills in a specialist area that is in high demand (and no, I’m not an assassin, it’s a lot duller than that). So my advice is to earn well. How? I recommend:
1). If you want to earn top 1% then you need to be top 1%. Choose something you are really good at, and become world class at it
2). Even a great canoeist goes slowly if they’re paddling upstream. Pick an industry/area to work in that is growing rapidly, and get out of areas that are static or declining.
3). Work hard to get somewhere in your 20s and early 30s when you have lots of energy and little in the way of commitments. Otherwise you’re having to do it when you have lots of commitments and little energy.
Be interested how others fund their car habits...
I don't think it is about saving at all. A few suggestions:
1) If your current job has progression to something that pays well, you could take that path. Do whichever qualification or certification you need to be an expert/senior/your bosses' boss, by studying on weekends and evenings. Take every piece of work to 105%, give them what they wanted plus think about what they need next, but never asked for. Sell that to them. Play the office politics game, push for a promotion, tick every promotion criteria. Get friendly with your bosses' boss.
2) If your job really has no progression to something that pays well, pick something you know a lot about and start a business. Maybe its recycling, electronics, websites, networks, protein shakes - it doesn't matter, but you have to be able to visualise a business using your interest. Work 7 days a week until you realise it.
Buying a car that costs you an uncomfortable amount of money to run ruins the experience. When the clutch goes, you want to be in the mindset of 'sort the clutch and replace the engine mounts while you are there'. This way, you will be at a stage where you have no fear of repairs or depreciation.
1) If your current job has progression to something that pays well, you could take that path. Do whichever qualification or certification you need to be an expert/senior/your bosses' boss, by studying on weekends and evenings. Take every piece of work to 105%, give them what they wanted plus think about what they need next, but never asked for. Sell that to them. Play the office politics game, push for a promotion, tick every promotion criteria. Get friendly with your bosses' boss.
2) If your job really has no progression to something that pays well, pick something you know a lot about and start a business. Maybe its recycling, electronics, websites, networks, protein shakes - it doesn't matter, but you have to be able to visualise a business using your interest. Work 7 days a week until you realise it.
Buying a car that costs you an uncomfortable amount of money to run ruins the experience. When the clutch goes, you want to be in the mindset of 'sort the clutch and replace the engine mounts while you are there'. This way, you will be at a stage where you have no fear of repairs or depreciation.
Cut out the needless expenses such as all those £4 coffees, £5 sandwiches and expensive takeaways. Have a few drinks out occasionally (when back to normal) but have folks back for drinks rather than pissing loads of money away in a crappy boozer.
Also it really depends really how much you want a supercar. If you are going to get married leave it a few years if shes the right girl she will wait if shes the wrong girl you will find out soon enough bullet dodged.
Never ceases to amaze how many guys give over half what they've built up over years then immediately hook up with someone similar to run off with another half.
Running a few nice cars doesn't have to be that expensive. Timing is all. The type of cars colour mileage and importantly spec and provenance is all if you want to avoid eye watering depreciation. Buying and selling at the right time is also important not just seasonally but also at the correct point in the cars production run.
Also it really depends really how much you want a supercar. If you are going to get married leave it a few years if shes the right girl she will wait if shes the wrong girl you will find out soon enough bullet dodged.
Never ceases to amaze how many guys give over half what they've built up over years then immediately hook up with someone similar to run off with another half.
Running a few nice cars doesn't have to be that expensive. Timing is all. The type of cars colour mileage and importantly spec and provenance is all if you want to avoid eye watering depreciation. Buying and selling at the right time is also important not just seasonally but also at the correct point in the cars production run.
At OP
I remember asking a similar question but you need to set some goals and how you’re going to achieve them,
And then it’s baby steps, as I said earlier in the thread I’m 36, Im looking to pay my mortgage off in the next 4yrs by overpaying (current balance is 109k)
On the other side I’ve just sold my car as that’s saved me just under £500 a month to which is going in a savings account in 4yrs time with what I’ve already got in there, there will be 30k
So in 4yrs mortgage paid and a nice deposit, then as my parents are retiring from the family business the discussions we are having is to buy them out (no discounts on price either despite working in it 20yrs) hopefully they will self finance it so I have no interest to pay but will have to see on that one,
My 30k deposit is going to go into buying the commercial unit we currently occupy to rent back to the company as a rental
So for me everything starts to happen in 4yrs time, by the time I’ve paid my parents off and a mortgage on a unit that’s aiming to be 6yrs time (42yr old) I’m also then going to look at buying more units or property to rent out and I’m aiming to be financially free in 10yrs which will hopefully enable me to purchase a bigger house and a couple of nicer cars!
Obviously it’s a quick gloss over but you get the idea,
I’ve set my goals and I’ve set out how I’m going to achieve it,
The first real stage was selling my car back in January and saving that £500 a month in a savings account and swapping to driving around in a company shed which costs me nothing!
How old are you op?
Also you guys that have achieved your dreams how old are you (trying to gauge the average age)
I remember asking a similar question but you need to set some goals and how you’re going to achieve them,
And then it’s baby steps, as I said earlier in the thread I’m 36, Im looking to pay my mortgage off in the next 4yrs by overpaying (current balance is 109k)
On the other side I’ve just sold my car as that’s saved me just under £500 a month to which is going in a savings account in 4yrs time with what I’ve already got in there, there will be 30k
So in 4yrs mortgage paid and a nice deposit, then as my parents are retiring from the family business the discussions we are having is to buy them out (no discounts on price either despite working in it 20yrs) hopefully they will self finance it so I have no interest to pay but will have to see on that one,
My 30k deposit is going to go into buying the commercial unit we currently occupy to rent back to the company as a rental
So for me everything starts to happen in 4yrs time, by the time I’ve paid my parents off and a mortgage on a unit that’s aiming to be 6yrs time (42yr old) I’m also then going to look at buying more units or property to rent out and I’m aiming to be financially free in 10yrs which will hopefully enable me to purchase a bigger house and a couple of nicer cars!
Obviously it’s a quick gloss over but you get the idea,
I’ve set my goals and I’ve set out how I’m going to achieve it,
The first real stage was selling my car back in January and saving that £500 a month in a savings account and swapping to driving around in a company shed which costs me nothing!
How old are you op?
Also you guys that have achieved your dreams how old are you (trying to gauge the average age)
I’d stress some importance on striking a balance between working towards a certain point (‘when I’m 45 I’ll be...etc) and enjoying/appreciating the now, whatever you have or haven’t got. I had Hodgkin’s at 40 and I’ve lost friends my age and under in the ten years or so since. So aside from my house, my assets (excluding recording studio contents) are my cars, worth about the same as the house (The Golden Ratio). I’m 51, have no mortgage, married with three kids. We choose to live in a smaller house with low overheads. At one point I was overpaying £500 a month on the mortgage and then realised I was half way to buying a 612 so got distracted...
Hodgkin’s/critical health insurance was beneficial in paying for a divorce and buying the 355 and now both of my parents have just passed away within two months of each other (non Covid for the record) so there’ll be some inheritance to come (some of which may become a car) but I understandably can’t get particularly enthusiastic about that at the minute.
Life’s twists and turns...
Hodgkin’s/critical health insurance was beneficial in paying for a divorce and buying the 355 and now both of my parents have just passed away within two months of each other (non Covid for the record) so there’ll be some inheritance to come (some of which may become a car) but I understandably can’t get particularly enthusiastic about that at the minute.
Life’s twists and turns...
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