How to seriously save up for a Super Car ?

How to seriously save up for a Super Car ?

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Discussion

Ferruccio

1,193 posts

74 months

Saturday 20th June
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av185 said:
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.
Worked with a guy once who had got divorced four times - so he was down to 1/16..........

RSbandit

1,104 posts

87 months

Saturday 20th June
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Ferruccio said:
Worked with a guy once who had got divorced four times - so he was down to 1/16..........
Perhaps marriage wasn't for him!

67Dino

1,621 posts

60 months

Saturday 20th June
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ghost83 said:
Also you guys that have achieved your dreams how old are you (trying to gauge the average age)
In my case:
28 - when got my first ‘superish’ car - a 911
33 - when got my first new 911.
37 - when got my first Ferrari.

Calculator

693 posts

170 months

Saturday 20th June
quotequote all
Accept risk, understand the joy of leverage, don’t make the same mistake twice and never, never, never give up.

Balance all of that with the fact that you never know what tomorrow will bring.

fastraxx

7,779 posts

58 months

Saturday 20th June
quotequote all
Calculator said:
Accept risk, understand the joy of leverage, don’t make the same mistake twice and never, never, never give up.

Balance all of that with the fact that you never know what tomorrow will bring.
Sounds very calculated.

650spider

1,008 posts

126 months

Saturday 20th June
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footsoldier 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
Or do all 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.
Probably the best bit of advice on here right there.

I knock my pan in, but it has allowed me 5 fantastic kids, great stay at home wife, nice house and then the not so important things like nice cars and other shiny stuff that really doen't matter as they are more of an indulgence.

If it was a choice between quality home life with my kids or a supercar, i would be cutting about in a mondeo...its that simple.



fastraxx

7,779 posts

58 months

Saturday 20th June
quotequote all
650spider said:
Probably the best bit of advice on here right there.

I knock my pan in, but it has allowed me 5 fantastic kids, great stay at home wife, nice house and then the not so important things like nice cars and other shiny stuff that really doen't matter as they are more of an indulgence.

If it was a choice between quality home life with my kids or a supercar, i would be cutting about in a mondeo...its that simple.
how much of your time did you give up (or still do) sacrifice to afford your supercars/life? 14hr days for years?

Lee Jones Jnr

508 posts

125 months

Saturday 20th June
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How old are you OP? What have you got in mind in terms of cars and timeframe?

As many have pointed out there are any numbers of routes into a supercar including any combination of inheritance, family wealth, hard work, intelligent investment, luck and finance.

There aren't many 'budget supercars' (none maybe?) but there are plenty of performance/prestige cars which can be had for very low prices if you can afford to run them. Superish cars like an R8, V8 Vantage, DB9, GranTurismo, SL55, 911 etc.

My personal timeline has gaps as my income has been very up and down but a few examples for age/car:
17 - Clio 1.2 Oasis (original and best)
25 - 911 GT3
27 - Ferrai 360
29 - Gallardo
30 - SL55
32 - Maserati GranTurismo

I haven't bought my 'dream car', dunno why really, it would be an E30 325i

Edited by Lee Jones Jnr on Saturday 20th June 21:34

ghost83

3,856 posts

145 months

Saturday 20th June
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priley said:
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...
Yeah we aren’t giving up on our luxuries, we go to Florida every couple of years staying in Disney property, we are currently renovating our current house and we eat out 2-3 times a week usually

650spider

1,008 posts

126 months

Saturday 20th June
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fastraxx said:
650spider said:
Probably the best bit of advice on here right there.

I knock my pan in, but it has allowed me 5 fantastic kids, great stay at home wife, nice house and then the not so important things like nice cars and other shiny stuff that really doen't matter as they are more of an indulgence.

If it was a choice between quality home life with my kids or a supercar, i would be cutting about in a mondeo...its that simple.
how much of your time did you give up (or still do) sacrifice to afford your supercars/life? 14hr days for years?
First 3 kids i worked a bit too much and didn't realise how much i missed.

When gremlins 2nd batch pitched up i changed it all.

Kids now 20,18,16, 8 and soon to be 6.

Start just after 8 and home for 4.30...very seldom have to work at the weekends...just put in the graft.

As i said, if it became a choice, it wouldn't phase me not having nice cars or other materialistic stuff.

However, my work ethic has definitely rubbed onto the 3 older kids...which i am very chuffed about.



av185

11,215 posts

82 months

Saturday 20th June
quotequote all
Ferruccio said:
av185 said:
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.
Worked with a guy once who had got divorced four times - so he was down to 1/16..........
Yep beggars belief.

Years back I worked with a hedge fund guy who earned serious dosh and remarkably was still relatively quite wealthy despite having been married and shafted 3 times over by young Russian girls.

Also one point I forgot to mention to the OP don't be tempted to get suckered in by expensive shiny trinkets at an early age. We see this all the time with the boggo A4s 320d Merc whatever at exhorbitant monthly pcp rates by those effective debt junkies prepared to pay through the nose just to impress the neighbours and their mates. Nothing wrong with pcp IF it is at a decent rate and your capital which could have been used to buy that car is invested appropriately earning a substantially higher rate. Trouble is many pcpers are out of their depth financially and tread the never ending debt cycle all in the name of vanity.

One last point. My father always taught me to cut my coat according to my cloth. Bit of a cliche perhaps but never a truer few words especially in these increasingly debt fuelled times unfortunately seen by many as a badge of honour by those who always expect to be bailed out and for someone else to take the blame/point the finger for their self made misfortunes and essentially will never have a pot to piss in because money wise they are clueless.

RSbandit

1,104 posts

87 months

Saturday 20th June
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Three times with Ruskies?? Disaster.

Yeah I remember couple of yrs back I was looking for a new family car so was thinking a Q5...new PCP rates were over 6% hmm no thanks, the Audi sales guy also mentioned that they regularly do used car PCP deals at 11-12% apr! I was amazed people would take such st deals but many do obviously...ended up buying a 3 yo Q7 for cash which came in handy as my wife had twins last yr so the 7 seats were ultimately a must! If anyone needs a large comfortable family barge they're a great car for that mandate.

To answer another poster's question I had my S/RS Audis thru my late 20's and early 30's, R8 V10 at 36, V12VS at 38 and the McLaren at 40...where I go to after this I don't know prob will need something with 4 seats so I can take all three boys at same time but that cuts options down to Porsches 911's ( not really a fan), Maserati GTs or maybe some Astons. Or I might just decide I've scratched the fast car itch sufficiently by that stage.

Taffy66

3,791 posts

57 months

Saturday 20th June
quotequote all
Understand the difference between spending money and wasting money..Very important distinction between the two..!
Any fool knows the price of everything, the point is you need to understand the value of every thing..!

Lee Jones Jnr

508 posts

125 months

Saturday 20th June
quotequote all
Taffy66 said:
Understand the difference between spending money and wasting money..Very important distinction between the two..!
Any fool knows the price of everything, the point is you need to understand the value of every thing..!
Butchered

Ferruccio

1,193 posts

74 months

Saturday 20th June
quotequote all
Taffy66 said:
Understand the difference between spending money and wasting money..Very important distinction between the two..!
Any fool knows the price of everything, the point is you need to understand the value of every thing..!
I spent a lot of money on booze, birds and fast cars.
The rest I just squandered.

George Best

Taffy66

3,791 posts

57 months

Sunday 21st June
quotequote all
Ferruccio said:
I spent a lot of money on booze, birds and fast cars.
The rest I just squandered.

George Best
And look where it got him.!

belleair302

6,304 posts

162 months

Sunday 21st June
quotequote all
Becoming wealthy and or affording a supercar or car of your dreams is all about taxation. Maximise your take home income, pay as little tax as possible, invest constantly and reinvest any dividends. The lower your tax rate the more you save, so befriend a good accountant. Like bookmakers there are few who are struggling!

fastraxx

7,779 posts

58 months

Sunday 21st June
quotequote all
belleair302 said:
Becoming wealthy and or affording a supercar or car of your dreams is all about taxation. Maximise your take home income, pay as little tax as possible, invest constantly and reinvest any dividends. The lower your tax rate the more you save, so befriend a good accountant. Like bookmakers there are few who are struggling!
Except if you’re on PAYE

LooneyTunes

4,027 posts

113 months

Sunday 21st June
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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...
This is the only post I can relate to. Save hard, pay less tax, don’t get on and live life, all seems to be addressing the wrong side of the equation.

Of the supercar owners I know, some have saved but all of them have some area of expertise that they’ve been able to leverage. They rarely work for others and have often understood that there’s a link between risk and reward. Agree too that late 20s/early 30s is key, mainly because the lack of commitments and time available to bounce back significantly increase risk capacity.

RSbandit

1,104 posts

87 months

Sunday 21st June
quotequote all
Agreed on the above, I spent 9 yrs working for a couple of firms in the city and by the time I had reached 30 felt I had the exposure and knowledge required to make a go of it alone, a colleague had a similar outlook so we set up ourselves putting in our own cash along with an outside backer. Sure it was a risky move but at 30 I had no dependents so it was a case of doing it then or never. When you have a family etc and are a bit older making a move like that is a whole lot harder.