the single best thing money can buy you is security and freedom. Rich people aren't those with high incomes, they are people that don't need to work to live the way they want to live. Converting income into capital is the single hardest thing to do, and expensive indulgences are merely the chains that enslave you. spend the $$, be owned by the man/the bank, if that's the life you want to live.

 

What an interesting thread. I've lusted after a turbo for years too. Originally I figured I'd get a used 993turbo, then the 996turbo came out and now the 997tt. It looks the best by far and has super performance. With a few mods it's just crazy performance.

I'm turning 40 in a couple of weeks. Make a decent income (not sure if the OP's income is before or after tax but if it's after-tax income - dude, just buy the car) and actually have the wife on board about getting one. Still have mortgage and have small kids. Can afford the car, which will basically add a year to my mortgage.

The thing that makes me hesitate isn't just the cash outlay. In Ontario there is a new law about speeding over 150km/h. Geez, the power in my new Infiniti G37xsport can get me to 150km/h very quickly. The turbo is gonna just fly to that speed. For me it's not about top speed, I love acceleration. Need my licence though to get to work!

Bottom line is that I'm going to get one as soon as the US/Cdn dollar come to par. It may not be a "rational" decision for many reasons but it's something I've wanted for a long time (a 911 turbo). The OP sounds like it's something he's wanted for a long time too and the prices are certainly reasonable for what you get now. I was going to get an Audi A5 S-line but figured that a new one only costs about 45k (Cdn) less than a lightly-used 997tt so it was an easy decision to bypass the Audi.

 

I've spent over $200k on cars the past 10 years and have lost over $150k or more on resale. Honestly, sometimes I wish I had put the money towards buying a new house (our house now is small, 2000 sq ft).

So maybe you can't take it with you, but there are better things it can be used for sometimes.

But its an addiction......next stop, Ferrari

 

If this is a serious topic, carefully read "xseal." Seek out a respected wealth management firm in your area and make an appointment with a portfolio manager; credentials will typically include a CPA, MBA, CFA, CFP, and CIMA. Other professionals including JD's (for estate planning) and PhD's will be employed by these firms.

Focus on asset holdings and net worth...not earned income. Some experts suggest the purchase of a car(s) should not exceed 5-10 percent of net worth.

Consider opportunity costs of any decision; an investment advisor or portfolio manager is a highly knowledgeable professional whose guidance will be helpful. (No, I am not in the profession)...

 

It was our current CFP that told us we could spend more money. We've been following a "one thirds" rule for 16 years... 1/3 to taxes, 1/3 to savings and investment, and 1/3 to spending. When we met with her for our 2009 year-end review we found there was $18k - $20k per year available for the spending stash. This is largely what got me seriously considering the car in the first place.

And at 10% of net worth, the car is well within reason.

 

Just get a 996TT.

 

I bet the purchase/financial jump weighed on a lot of those in this thread. So indirectly I think your original post was responded to...
IMO there are probably far fewer million dollar earners here than $200K earners / You are not alone.
The money shouldn't be an issue; and you have not indicated that you are seeking monetary advice. - There must be something else(or it's really not in your heart)..??

A

 

My GT3 is my first expensive car and it's about a year worth of salary. I had a hard time making the decision to jump but did it anyway to get what I dreamed for. If I didn't get it, the chunk of money will be sitting in a bank, maybe making 10% a year. But what for?

Since I always dreamed to get the car, it's a now or later decision, not a buy or not buy decision for me. I had the means and found a good deal and went ahead. Every day of waiting is a day less to enjoy the car. There will be no regrets and I long to drive the car every day. I hope you will too.

 

some wise words there xseal....too bad 95% of society will never understand those words...fractional banking is the "man" yet most have no idea what were talking about...over 200 yrs ago they had to let us go physically from enslavement, but they did this only because they could enslave us emotionally, spiritually through debt, which is even more powerful, as the enslaved dont even know they are slaves.

Funny thing is this, the originator of this thread keeps hearing things like "you only live once" and etc, but in a few yrs, he will laugh at the fact that he almost spent a 100K on car...just watch...luxury items such as porsches will be frowned upon by society...for all the reasons why society puts value in these machines right now(and yes we are at least subconsiously influenced), we will also be subconsciously affected when society views this as wasteful/pointless...and to the ones that will naturally say its your own money and do whatever makes you happy without regard for what others think, well, they will prob never understand what I am saying until its too late.

I think the original poster has been brave and prudent and he is inching close to the darkside(kinda like crack)...kinda envy the guy myself...appreciate what you have and dont jeopardize it because of the yahoos on this thread......youre going to have a kid soon, dont take chances...because as of right now, you are one of the few who are truly free!

 

if it is/was sitting at the bank, there is no way you're making 10% a yr..