[quote=turbomx5;3052361]

save your pennies. don't live beyond your means. only spend money on things that matter. keep a budget.

Words of wisdom, my father always told me "if you can't even save pennies, you will never be able to count dollars"

What most are trying to get accross to the OP is, don't be hung up on how much? or how fast? Be good at whatever it is you do, always live within your means, and be financialy responsible along the way. You may be surprised at how soon that Ferrari is in your garage, if you still want it. lol

 

My love for cars has caused many poor financial decisions in my life.
If I had it to do over I would have planned better, save better, invested better and stayed single until I had achieved a better financial situation.

It's fine to drive nice cars and have nice things. But there is a time for these things. Wait until the topic of how much to spend on a car is secondary. You'll enjoy it more.

 

If a person wants to own a Ferrari or Aston Martin, they can find a way. You can find older models at a discount and go on a budget. You can finance it. You can find budget ways to keep it running.
That is all total BS. Do it that way and the car owns you.
My point is: they really are expensive cars and it is best to buy one only when you have a good deal of financial strength behind you. IMO if you have to finance one, new or used, you can't afford one. If any possible expense would be a worry, you should pass. I paid cash for mine (new). If it disappeared and the insurance didn't cover it and I lost it all, of course I'd be upset, but not ruined or even hurt -- I have the cash to buy another.
WAIT until you can do it this way. No car is worth having any worries at all about finances or repairs.
I am an electrical engineer. Rather creative. Inventing things. Worked all my life -- made a plan and worked my plan. I own part of an engineering company I founded a few years ago.

 

I waited until I was 30 to buy my first sports car. Before then, I drove old sedans and don't see any problem with that even as an enthusiast. I would also see people my age driving nice new BMWs.

Several years later, I am a Lambo owner. When you are in your 20's and 30's, you want to use all your money into investing. It's easier to make money using money. Now, I still see those BMWs. They all gawk at my Lambo

 

I fundamentally agree, but as a 33 year old, the last 10 investment years haven't been that great for most investors. I've joked with my wife that I should have just bought nice cars with those dollars long ago. They would have depreciated just as fast as my cash or property investments, and I could have atleast enjoyed them as I pissed money into the wind.

 

what profession are you in?

 

I could probably buy a Ferrari now if I wanted to but like everyone else said, it's about priorities. 1 kiddo in college and another will be in a few years so that stuff just doesn't matter as much. I also worry that the thought of owning a Ferrari and that 25+ year buildup of anticipation will actually be better than actually owning one. I bought an MV Agusta a few years back and I loved it...but it sat in the garage and pretty much acted as an expensive (but beautiful) decoration. So I sold it. And lost a few bucks in the process.

I'll probably buy an F car when the time is right...hopefully it won't be another expensive decoration.

My advice - make you sure you truly can afford it before you buy it. Add up all those "just might happen" costs and all the maintenance and do some honest math. If you want to live in an apartment but drive a Ferrari go ahead, it's your life. Just make sure you can pul it off every month for X years.

I was also reminded of a quote from a movie...

"The things you own end up owning you". --> don't be that guy. And don't ever talk about Fight Club...

 

You unfortunately aren't the first to post a thread asking the same questions.

Seriously, unless you're 12 years old, this does not require much common sense, and certainly doesn't warrant starting a thread over. Like others have nicely taken the time to post, you need to do something that affords you enough money to not be concerned with the cost of ownership.

You've got a pretty good chance of being able to have nice cars/etc, if you are capable of doing something that "most" people can't do.

For example: Consistently being able to throw 95mph baseballs in the latter innings of Game 7, or being able to successfully perform neurosurgery, are two things most people cannot do. Those that can do these things, are paid handsomely for these exclusive skills. Many people however, can pump gas or sell shoes, so they are not going to be paid much for these skills, when it isn't hard to find someone else to do it.

You need to find something to do, that there aren't already an abundant amount of people doing.

 

Depends on your lifestyle as well, 2 daughters both in private school, both into hunterjumping (horses~bought 2 this year, boarding), one heading to college, braces, etc,etc,etc, 500K goes faster than my turbos

 

A lot of great comments so far in this thread.

I'll be blunt since you asked for numbers. I wish others would share more detailed numbers and stories as well. Data is good...

I'm young, I just turned 26, so don't have many years of savings. I graduated from undergrad in 2007 with a net work of $5k and was driving dad's old 1992 Lexus ES300 with 185k miles. I goofed off in high school, but busted my *** in undergrad and got quadruple business majors in undergrad with a 4.0gpa in 4 years; I was the first person in my college ever to do this. What did it get me? Pretty much nothing other than a couple ~$50k salary offers at entry level positions ranging from computer science to finance/economics. So I decided to go to law school, expecting to be in debt $100k when I got out but hoping to start at $125k+ at age 25, and $300k+ by age 32. But, I went to law school for the wrong reason: to make money, not b/c I wanted to practice. I worked for a big firm two summers ago and hated it. Hated the hours, hated the work, hated it all. My pay rate was $115k salary, but only for the summer between 2nd and 3rd year. Then the economy busted and attorney prospects went to crap anyway. Throughout all this, I started doing investments and credit arbitrage, drawing on what I learned in undergrad and with extensive finance reading over at fatwallet, boggleheads, ect.

Eventually, I started earning more and more as I developed niche skils. Second year in law school I bought a 04 G35 coupe for $22k when I was worth about $40k and making $70k salary on my own while paying for tuition as I went. During my third year, I earned about $125k net. When I graduated last May, I bought a 996tt for just under $50k and still have the G35. At that time, I had about $145k cash savings, a $16k G35 coupe, and $15k in a Roth IRA, law school paid off, and no debt. Full disclosure: I did have some scholarship money, my parents paid for my undergrad tuition/living expenses, and my grandma paid most of my apartment cost during law school for the first two years, but I paid for the entirity of law school tuition and everything else and didn't get any other handouts from anyone. I borrowed upper six figures from my family and friends and credit companies for my own "mini hedge fund" operation, but I pay a reasonable rate of interest for these loans (and still do).

I have no intention to take the bar right now and am saving to add a F430 to the collection this spring. To feel comfortable with a ~$125k sticker and Ferrari maintainence $, I want to have $300k liquid cash savings and keep the 911 and G35, which were bought with cash (although I later cash out refi'd the 911 for a 2.99% 60 month no hard pull loan, no reason not to take that cheap of $ when I can earn 8x that with it). My income during the past few months has been multiples higher than ever before, but its not guaranteed to last since I have no contract and work with niche/limited opportunities. I base my purchase decision more on liquid assets than I do income stream. I also live in a relatively cheap apartment and have few other expenses. At my age, I simply have no desire to own a home since I don't even know where I want to live. To me, a home is simply a big debt/liability and hassel since its just me an my girlfriend right now. I'm perfectly comfortably owning a F430, 996tt, and G35 and paying $75 a month for a garage at my apartment for now. I may even buy a Vantage after the F430 before I buy a house. I figure I'll buy the cars I want when I'm young. A few years down the road, I'll worry about a house and kids. I'm not buying new cars, but ones that have already suffered the broadest part of the depreciation curve. I have no illusions that the associated costs of owning multiple exotics arn't a serious cash drain, but to me they are worth it and I can comfortably afford everything right now.

I hope this post didn't come off as boastful. I'm certainly thrilled with what I've accomplished thus far, and worked hard for it, but there were many times I got lucky and had help on levels that just arn't available to everyone. I also don't have any guarantee that my income next year will be has high as it was last year. I love cars, and while I'm generally a very conservative person, have no problem spending $ on them so long as I will always be comfortable financially. If you have to finance a car, don't even think about it, get a junker. If you might be stretched after the purchase, then wait b/c it will only ruin the ownership experience.

 

Although this is my first post here, I always lurk this forum and have been for a long time. I want to thank everyone who has responded in this thread and also say I'm very appreciative that you guys have answered the OP. Most forums, someone always asks a question like this and the thread ends up failing lol. It's no suprise that people want to know more about Ferrari and Lambo owners, you guys are blessed. I really would like to thank Miker397, general lee and 2muchtime. I completely agree with what these particular posters had to say and share.

I'm 24 and I work at an investment firm. I deal mostly in stocks and I have been series 7 and 63 licensed since I was 21. I don't get a salary, my job is 100% commission so like others have mentioned, it's not about how much you make but how much you have put away. My pay month to month is not always the same. Some months I can take home $25k some months I can take home $10k. I work with guys that have been established for 10-15 years and they have 911 turbos, Maseratis and Lambos. I'm always picking their brains and trying to get advice and they always tell me basically what some others have mentioned.

Again, I'm not driving a fancy car yet, I have an 05 G35 but being smart with my money, making smart decisions and saving will put me in a position to afford a nice car one day. I'm currently saving for a house, and that's some of the advice that some of the older guys give me as far as getting a nice car one day. But at the same time it's all about priorities. But because my pay is different month to month, I have to go by my liquid savings. After I aquire a home I would love to get the next M5 or maybe the 7 series thats out now. For me to feel comfortable owning such a car I would want to have AT LEAST $150k put away for said cars. The sticker for the cars I mentioned is about $80-$85k. To some people, maybe they feel my idea isn't a good one but I know my comfort level. Everyone has different lifestyles and situations. Hope this helps!!

 

Sounds like you are in nearly the exact same situation as me 18 months ago. Do you have a G35 coupe, or sedan? I have an 04 Coupe and think it is perhaps the best value car on the road today. It is SO much fun to drive everyday and so useable (except in the snow). The Porsche is a great addition, and does what it should (extreme power/fun! for reasonable $), but truthfully, I would maybe be overall (comfort, costs, technology, ect) better with the G35 coupe. I'm tall and fit better, the technology is much better, premium stereo is leagues better, dash/indicators/tilt wheel/dash is much better, low end torque from 0mph is better as its naturally aspirated, but it certainly can't complete on overall excitement that the Porsche can deliver when the roads give you a little space for it. If you haven't driven a g35 coupe, do it, and you'll wanna trade if you have the Sedan. Its completely different. Get the premium 18'' wheels and I think 03/04 have the best spoiler options before they started making them too tiny (the g37's is pathetic, and overall, the G35 is more aggressive and fun than the g37 IME). Car is super reliable is cheap to maintain/insure/drive. A perfect ride before your first exotic/supercar IMO.

As for income, since I work for myself and only earn what my activities yield, my income flucutates dramatically. Last April - August, I averaged about $13k net income, saved probably $11k of that each month after all expenses. September I did $22k, Oct I did $31k, and Nov I did $50k income. I expect December to be approximately $70k of income, but I have no further expectations or ability to project past that. I'm not subject to much principal loss as I hedge a lot of my risk, although there always is some risk, and my main income streams could certainly disappear until the next creative opportunity comes along. As a floor, I'm sure I could make $6k net a month, but even with my few living expenses, that wouldn't safely cover the costs of owning multiple exotics. Thus, for my hopefully upcoming F430 purchase, it needs to be paid for out of liquid savings only with the expectation that my income stream could take a 80% drop from the prior three months. As I mentioned, for a $125k sticker, I'll want to have $300k+ liquid cash as well as decent expectations for future income streams.

 

Yes, I have a coupe and it's lakeshore slate blue. I have the G37 19 inch wheels on it and it looks much better than my previous wheels. I completely agree with you on the value of the car. It rides great, no problems, nice amount of power for the price etc. It's a great car! I have the Bose premium sound and it's great. You are right it is an awesome everyday car. I'm 6'1 and I fit in it perfect. I hope a lambo, Ferrari and porsche fit me the same lol. I've had it almost 6 years now and have 115k miles on it. Aside from oil changes, brakes and tires, it's been great as far as maintenance. The only thing I hate is how it performs in the snow, which is horrible lol. I have no problem holding onto this car for another.....well, until i can't drive it anymore. When I get my next car I hope to still hold onto the g.

You seem to be doing very well and you have a great head on your shoulders. I love hearing about success, it's very motivating. I hope you achieve everything you set out to aquire. I can't wait to get my next car, I'm on the forums all the time hearing about others reaching those points in their lives. My day will come and it will be sweet. My income variation is similar to yours (fluctuation wise) so I know what you mean. I try to save as much as I can as well. And like you mentioned, you never know what next month can look like so it's all about the savings!

 

That's what I've done.

I'm 33 and on my 2nd 911. I bought a 911 C4 new in '01 and my Turbo used with 28k miles. I saved a lot over the $150k sticker.

I bought a G550 new just over a year ago, and it actually cost more than my 911.

I test drove a 360 and 430 for an hour each this summer and passed on them. The 911 was just a way better car to drive regularly.

I run the IT consulting business for my company. I'm just really good at what I do and work ridiculous amounts. A 100 hour week is nothing new to me for many years, and I've made a $100 billion decision before. Didn't realize it until after I did it, but I was right. Basically unless you're a trust fund kid, owning cars like this at my age (and a 4000 sq ft house I live in alone), means you've made it big in some bet like Napster or you've seriously busted your @$$. I went the second route, but gave up most of my 20s.

 

well put (TURBOMX5)......I think also it depends on whether you have kids and are married, because if you make 200k a year and your wife doesn't work and you have 3 kids in private school, then you may be looking at a Toyota Camry instead of a 100k Car.....