Am I Rich Enough for a 991?
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Hawc
I am very sorry I don't mean to sound obnoxious at all.
In person I am not obnoxious at all. But I can see where this post could come off that way. I was just trying to state I am not super knowledgeable about financial stuff. WHen I said "family's money" I meant that I trust this group because they manage the finances of people that I know and trust. Its not like I get any of my family's money.
I am very sorry I don't mean to sound obnoxious at all.
In person I am not obnoxious at all. But I can see where this post could come off that way. I was just trying to state I am not super knowledgeable about financial stuff. WHen I said "family's money" I meant that I trust this group because they manage the finances of people that I know and trust. Its not like I get any of my family's money.
Last edited by Luciddaydream; May 20, 2014 at 09:33 PM.
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I am pretty good at making money.
I don't spend money foolishly.
I live a rather cheap life. I have no wife or kids.
But I like a nice car. Its kind of my little treat.
I don't really get into the investment side of things too much though. I'd rather spend my time finding ways to increase my cashflow.
I am more of a creative entrepreneur type.
My advisor is good. They manage the rest of my family's money and are really well respected around here.
---
I also didn't mean to make anyone upset or anything. I also didn't mean to brag. I said "rich" in the title just to pique peoples interest. I dont really view myself as rich.
I guess I am curious how much the car will depreciate, etc.
If I lose 20 grand on it over a few years I guess I dont really care much.
When I got my 2006 Carrera in 2011 it had bottomed out so I haven't lost much on that car..
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Scatkins - you said "obviously" I can afford it. But maybe afford was the wrong word of me to use. I apologize for that. I guess I was just curious how crazy of a purchase it would be. But I guess it all depends on our individual perspectives.
But maybe you're right Scatkins. I am iffy about it because I am an entrepreneur who relies on Google and if Google screws me then I can lose my income. But I've been able to handle it for years.
I guess I worry about if I had to sell it in two years and 20k miles later how much I'd get for it.
I don't spend money foolishly.
I live a rather cheap life. I have no wife or kids.
But I like a nice car. Its kind of my little treat.
I don't really get into the investment side of things too much though. I'd rather spend my time finding ways to increase my cashflow.
I am more of a creative entrepreneur type.
My advisor is good. They manage the rest of my family's money and are really well respected around here.
---
I also didn't mean to make anyone upset or anything. I also didn't mean to brag. I said "rich" in the title just to pique peoples interest. I dont really view myself as rich.
I guess I am curious how much the car will depreciate, etc.
If I lose 20 grand on it over a few years I guess I dont really care much.
When I got my 2006 Carrera in 2011 it had bottomed out so I haven't lost much on that car..
---
Scatkins - you said "obviously" I can afford it. But maybe afford was the wrong word of me to use. I apologize for that. I guess I was just curious how crazy of a purchase it would be. But I guess it all depends on our individual perspectives.
But maybe you're right Scatkins. I am iffy about it because I am an entrepreneur who relies on Google and if Google screws me then I can lose my income. But I've been able to handle it for years.
I guess I worry about if I had to sell it in two years and 20k miles later how much I'd get for it.
Why do you want a base 991? Get a turbo with your cash flow. Hell I'd buy a used 599 if I were you.
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Go for it, but get a 4 or 4S. Put 4 winter tires on it and drive it all winter. In Ontario I've driven a 4S for 10 years. Only once a problem in deep deep snow.
As for the $, I say wtf, and do it.
As for the $, I say wtf, and do it.
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Posts: 177
From: Minneapolis
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I am pretty good at making money.
I don't spend money foolishly.
I live a rather cheap life. I have no wife or kids.
But I like a nice car. Its kind of my little treat.
I don't really get into the investment side of things too much though. I'd rather spend my time finding ways to increase my cashflow.
I am more of a creative entrepreneur type.
My advisor is good. They manage the rest of my family's money and are really well respected around here.
---
I also didn't mean to make anyone upset or anything. I also didn't mean to brag. I said "rich" in the title just to pique peoples interest. I dont really view myself as rich.
I guess I am curious how much the car will depreciate, etc.
If I lose 20 grand on it over a few years I guess I dont really care much.
When I got my 2006 Carrera in 2011 it had bottomed out so I haven't lost much on that car..
---
Scatkins - you said "obviously" I can afford it. But maybe afford was the wrong word of me to use. I apologize for that. I guess I was just curious how crazy of a purchase it would be. But I guess it all depends on our individual perspectives.
But maybe you're right Scatkins. I am iffy about it because I am an entrepreneur who relies on Google and if Google screws me then I can lose my income. But I've been able to handle it for years.
I guess I worry about if I had to sell it in two years and 20k miles later how much I'd get for it.
I don't spend money foolishly.
I live a rather cheap life. I have no wife or kids.
But I like a nice car. Its kind of my little treat.
I don't really get into the investment side of things too much though. I'd rather spend my time finding ways to increase my cashflow.
I am more of a creative entrepreneur type.
My advisor is good. They manage the rest of my family's money and are really well respected around here.
---
I also didn't mean to make anyone upset or anything. I also didn't mean to brag. I said "rich" in the title just to pique peoples interest. I dont really view myself as rich.
I guess I am curious how much the car will depreciate, etc.
If I lose 20 grand on it over a few years I guess I dont really care much.
When I got my 2006 Carrera in 2011 it had bottomed out so I haven't lost much on that car..
---
Scatkins - you said "obviously" I can afford it. But maybe afford was the wrong word of me to use. I apologize for that. I guess I was just curious how crazy of a purchase it would be. But I guess it all depends on our individual perspectives.
But maybe you're right Scatkins. I am iffy about it because I am an entrepreneur who relies on Google and if Google screws me then I can lose my income. But I've been able to handle it for years.
I guess I worry about if I had to sell it in two years and 20k miles later how much I'd get for it.
We're in the same town. I just bought my first Porsche through a dealer in Colorado Springs. I hear you about the winters. This car will sit for 5 months of the year. No question about that. I'm curious what business your in? I'm a business owner as well. Maybe we should get some coffee. Now that the weather is nice my cab is on full duty. You totally need to buy the Porsche you want.
Alec
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$300,000 in income is more like being in the top 5% of income earners in the US. Having $400,000 in savings/retirement is probably closer to the top 25% of the 30-35 year-old demographic.
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For a single person, earning $300k/year is in the top 1%. It's top 5% for married filers. Source: http://www.whatsmypercent.com/index.php.
According to http://www.shnugi.com/networth-perce...etworth=400000
$400k puts you in the 95th percentile.
I'd bet that the typical 30 year old these days has negative net worth.
For the OP--based on what you've posted, affording a 991 seems totally reasonable (especially if the loan is only $30k). Whether or not you want to is totally personal. I know people that make <$100k/year and drive $50k cars (parked in their rented apartments). Conversely, I know people worth millions that drive similar $50k cars.
Last edited by flash80; May 20, 2014 at 10:24 PM.
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Lucid, I like your conservative approach to money, including not putting too much of it in the hands of financial advisors. I'd rather invest in myself than Wall Street. You're totally a GO for the 991 - if you amortize the cost over the next 6-10 years it's a drop in the bucket.
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Id say it really depends.
Putting down 30k when you have roughly 400k in the bank means you are committing roughly 8 percent of your savings to a car, an asset that depreciates in value incredibly fast.
On top of that you are financing 34k, effectively committing another 8 percent of your savings over 2 years...
But you have to ask yourself is 16% of my savings worth the treat? I would probably not do it, but hey that's just me.
Putting down 30k when you have roughly 400k in the bank means you are committing roughly 8 percent of your savings to a car, an asset that depreciates in value incredibly fast.
On top of that you are financing 34k, effectively committing another 8 percent of your savings over 2 years...
But you have to ask yourself is 16% of my savings worth the treat? I would probably not do it, but hey that's just me.
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I think that any smart advisor would love to have a 30-something client with 100K to invest. If he's got 100 (or 400, whatever...) in net worth at that age, then think how much he'll have at 40, 50 and 60. The typical American at that age probably has a negative net worth, what with school loans, credit cards and average income.
As to the OP's question: if you buy a 93K 911, it's going to depreciate. No question about it. I budget 15K per year on depreciation.
To answer your original question: yes, you can afford it. Enjoy!
Best of luck to you.
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to say nothing of the misguided notion that "no one knows who you are" when you post.
the old adage "if you have to ask"....? may be applicable here. but then, who makes 300k per annum then asks if they can afford a used 911!?
the old adage "if you have to ask"....? may be applicable here. but then, who makes 300k per annum then asks if they can afford a used 911!?
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I think that's a horrible generalization based on an assumption.
I think that any smart advisor would love to have a 30-something client with 100K to invest. If he's got 100 (or 400, whatever...) in net worth at that age, then think how much he'll have at 40, 50 and 60. The typical American at that age probably has a negative net worth, what with school loans, credit cards and average income.
I think that any smart advisor would love to have a 30-something client with 100K to invest. If he's got 100 (or 400, whatever...) in net worth at that age, then think how much he'll have at 40, 50 and 60. The typical American at that age probably has a negative net worth, what with school loans, credit cards and average income.
I had to make some assumptions based on the fact the the OP only provide part of the information. That being said, my generalization was negated by him stating that he and his family are working with his advisor.