Shooting to high? How to get a lambo by age 30
Discussion
A bit of a light hearted discussion really but I've been craving for a gallardo for the last 2/3 yes now. In that time I've seen the prices drop from about 70k for the cheapest ones on PH to 55k a year ago and now quite static at 60. I'm only 26 yes old and have promised myself one of these by 30 but are they going to go down in price and what's the best way to get one. I started saving (for nothing in particular) also about 2 yes ago an after sellin my car recently my bank account hit 30k but I've got the earge to get into property. I was thinking o a BTL first as I do not need accommodation myself and just want a house to actually get onto the ladder. So that's the background, how likely am I to get the car of my dreams?...
Well if the prices remain static could I get finance for say 40k if I put down 20-25k deposit? This in a couple of yes time should see me easily into the lower end of the Market but I can't find finance deals on cars like this that are over 6yrs old. At this point my salary will be around 40k but does it seem resixulous to expect finance for a whole years salary just for a vehicle?
Perhaps I am just shoring above my weight but I would like to hear your thoughts. If it is at all achievable then perhaps tout comments will give me the extra
Incentive I need to work that bit harder!
Well if the prices remain static could I get finance for say 40k if I put down 20-25k deposit? This in a couple of yes time should see me easily into the lower end of the Market but I can't find finance deals on cars like this that are over 6yrs old. At this point my salary will be around 40k but does it seem resixulous to expect finance for a whole years salary just for a vehicle?
Perhaps I am just shoring above my weight but I would like to hear your thoughts. If it is at all achievable then perhaps tout comments will give me the extra
Incentive I need to work that bit harder!
I think running costs of these things needs to be considered too, Insurance, fuel, servicing, tyres etc will all eat up a few grand/year on their own, thats without the finance repayments. If I was going to do it, id want to be packing away £3k+ per year for tyres & servicing/repairs.
I am just 24 and have a similar plan, therefore I will be watching this thread with interest
I am just 24 and have a similar plan, therefore I will be watching this thread with interest
You could buy something like a Gallardo for about £650 a month with a £15k deposit, so it doesn't have to be as expensive as you think. Just depends how you view the finance really. As the price is pretty firm on Gallardos at the moment and is likely to be for the next 12 months or so you're not going to lose a great deal on the capital investment.
So effectively you could buy one now for £60k from a dealer with 12 months warranty and just serviced; pay £650 a month for it and sell it on at the end of the summer for £55ish privately and you've had a whole heap of fun in a supercar at a young age with relatively little outlay.
Obviously this is exluding any costs in the interim, but if you buy it right then the running costs should be pretty much zero for the time you want to run it.
ETA: I'd do it now, the housing market is on it's arse and the banks aren't interested in lending money on property, so rather than wait 4 years to get a Lambo, go get one now and buy a property in 4 years.
So effectively you could buy one now for £60k from a dealer with 12 months warranty and just serviced; pay £650 a month for it and sell it on at the end of the summer for £55ish privately and you've had a whole heap of fun in a supercar at a young age with relatively little outlay.
Obviously this is exluding any costs in the interim, but if you buy it right then the running costs should be pretty much zero for the time you want to run it.
ETA: I'd do it now, the housing market is on it's arse and the banks aren't interested in lending money on property, so rather than wait 4 years to get a Lambo, go get one now and buy a property in 4 years.
Just make sure you research the running costs. No point in paying several hundred a month in loan payments if you can't afford to fuel and drive the thing. The purchase price of a performance car is the easy bit - I earn a decent wage but even then sometimes am caught out by bills on my TVR - albeit a cheaper car to buy but still requires 2-3k a year to run and maintain properly.
If it were me at your age I'd be sorting out property before a toy but thats with my sensible head on. Otherwise have you thought a little cheaper at Ferrari 360s? They can be picked up from 40k for a good one and will leave you a lot more spare cash to actually enjoy yourself.
If it were me at your age I'd be sorting out property before a toy but thats with my sensible head on. Otherwise have you thought a little cheaper at Ferrari 360s? They can be picked up from 40k for a good one and will leave you a lot more spare cash to actually enjoy yourself.
I did it and loved it at the time, but if you are financing it, just remember that the market could change quickly, the car 'could' suddenly be worth £30k (imagine a war over oil breaking out for instance). Now this is a worst case, but make sure you are in a position to get out of the finance if you have to.... I do know someone in the late 80's how ended up personally bankrupt by a car...
I forsee a wife, child and mortgage altering your outlook as you get closer to the 30 mark.
Running a Ferrari/Lambo on £40k is insane.
Don't forget to add the financing costs and the additional interest you will have to pay because you need a bigger mortgage on your primary residence.
Having said that, a Lambo is probably a better investment at the moment than a BTL so go for it!!!
Running a Ferrari/Lambo on £40k is insane.
Don't forget to add the financing costs and the additional interest you will have to pay because you need a bigger mortgage on your primary residence.
Having said that, a Lambo is probably a better investment at the moment than a BTL so go for it!!!
It'll be really hard to have the car and to run it properly and to get on the property ladder at the same time imo.
I don't forsee the car dropping to £30k anytime soon, even if a war on oil breaks out. The prices will drop a bit, but not by much imo.
You'll need £2-3k a year to run it after the purchase costs.
Loaning out £25k isn't too bad, about 5 or 8% if you do one or two years.
I say as long as you can afford the purchase of the car, running costs DO IT. You only live once.
Koing
I don't forsee the car dropping to £30k anytime soon, even if a war on oil breaks out. The prices will drop a bit, but not by much imo.
You'll need £2-3k a year to run it after the purchase costs.
Loaning out £25k isn't too bad, about 5 or 8% if you do one or two years.
I say as long as you can afford the purchase of the car, running costs DO IT. You only live once.
Koing
I'm having similar thoughts about a 997 GT3
I earm a fair chunk more than you but am a fair bit older as well.
My rationale would be (and I havent yet convinced myself) that its my (realistic) dream car and one that I wouldnt sell unless I had to e.g redundancy.
If you are only planning to buy one to scratch an itch and keep it for a year or so I would say dont bother. It will cost you a fortune. If you think its a long term purchase that you will have for years then it starts to make a good case for itself.
There is a balancing act between being financially sensible and still doing things you want to do while you are young enough to do them and enjoy them.
I earm a fair chunk more than you but am a fair bit older as well.
My rationale would be (and I havent yet convinced myself) that its my (realistic) dream car and one that I wouldnt sell unless I had to e.g redundancy.
If you are only planning to buy one to scratch an itch and keep it for a year or so I would say dont bother. It will cost you a fortune. If you think its a long term purchase that you will have for years then it starts to make a good case for itself.
There is a balancing act between being financially sensible and still doing things you want to do while you are young enough to do them and enjoy them.
richierex said:
Well if the prices remain static could I get finance for say 40k if I put down 20-25k deposit? This in a couple of yes time should see me easily into the lower end of the Market but I can't find finance deals on cars like this that are over 6yrs old. At this point my salary will be around 40k but does it seem resixulous to expect finance for a whole years salary just for a vehicle?
Buying your car on finance is one of the dumbest things you can do, period. I do not understand why people shelve all reason and logic when it comes to a car.You are buying a depreciating asset with an appreciating loan....in laymans term, the car costs you more and more every year.
Be smart, save the money until you have the cash + running costs in your bank.
AJSG said:
Buying your car on finance is one of the dumbest things you can do, period. I do not understand why people shelve all reason and logic when it comes to a car.
You are buying a depreciating asset with an appreciating loan....in laymans term, the car costs you more and more every year.
Be smart, save the money until you have the cash + running costs in your back.
Because you work to earn money to buy the things you want out of life, you may have no drive but others do but I guess you'll never understand that.You are buying a depreciating asset with an appreciating loan....in laymans term, the car costs you more and more every year.
Be smart, save the money until you have the cash + running costs in your back.
It's not an investment, it's something one wants.
ETA: Don't mean that to be quite so blunt, sorry!
SpeedYellow said:
I did it and loved it at the time, but if you are financing it, just remember that the market could change quickly, the car 'could' suddenly be worth £30k (imagine a war over oil breaking out for instance). Now this is a worst case, but make sure you are in a position to get out of the finance if you have to.... I do know someone in the late 80's how ended up personally bankrupt by a car...
Years ago I was reading a history file for a Daytona that included a letter dated 1989 to a dealer instructing him to sell the car for no less than £400k....Similar story here:
http://www.pistonheads.co.uk/sales/2423406.htm
Scary thoughts!
SpeedYellow said:
I did it and loved it at the time, but if you are financing it, just remember that the market could change quickly, the car 'could' suddenly be worth £30k (imagine a war over oil breaking out for instance). Now this is a worst case, but make sure you are in a position to get out of the finance if you have to.... I do know someone in the late 80's how ended up personally bankrupt by a car...
It happens continuously, to reasonably intelligent people as well. What has happened to patience? Let compound interest work for you not against you...Having said that the best way to afford a car like that by the age of 30 is working hard, I know its a bit unpopular especially after 13yrs of Communism, but it could become fashionable again...
Shmee said:
It's not an investment, it's something one wants.
ETA: Don't mean that to be quite so blunt, sorry!
Its a question of pure maths, by buying a car with finance your car loses value substancially quicker than if you save for it. ETA: Don't mean that to be quite so blunt, sorry!
What is wrong with waiting a year or two? It will make the owneship experience a lot happier than being on the breadline 'cause your lambo takes all the beer money.
Anyway, if your ambition is to earn 40k by the age of 30 you are setting your targets very low, a minicab driver earns that in London. Without wanting to make a qualitative judgment I think this person should content himself with a more modest vehicle.
Davey S2 said:
There is a balancing act between being financially sensible and still doing things you want to do while you are young enough to do them and enjoy them.
See I think that anyone who spends more than 25% of their yearly salary on the full price of their car is making a very bad decision. If your car, whatever it may be, is affordable then you enjoy it a lot more.Gassing Station | Supercar General | Top of Page | What's New | My Stuff