Am I Rich Enough for a 991?
#1
Am I Rich Enough for a 991?
Since no one really knows who I am, I am going to post some personal information.
I am a 34 year old dude. I make about 300k a year. I live in a very small condo that I owe about 100k on. I personally have about 350-400k saved up.
I have my 2006 carrerea paid off.
Its worth about 30k, i assume, if I trade it in.
I am looking at a 2012 991 for 93k.
I was thinking of trading mine in, paying 30k down, and financing the remaining 34k.
Is this a financially idiotic move?
I am a 34 year old dude. I make about 300k a year. I live in a very small condo that I owe about 100k on. I personally have about 350-400k saved up.
I have my 2006 carrerea paid off.
Its worth about 30k, i assume, if I trade it in.
I am looking at a 2012 991 for 93k.
I was thinking of trading mine in, paying 30k down, and financing the remaining 34k.
Is this a financially idiotic move?
#2
Go for it, YOLO, you can afford it. Alternatively, consider a nice low mileage preowned and let someone else take a $20K or more hit on the depreciation after a year or 2. I have been driving sports cars for the past 30 years and prefer a nice low mileage preowned one and always pay cash, but that's just me and my CPA mentality.
#5
Not enough info. What do you have in a 401K plan. Is that all cash saved up? If so you are losing money daily since interest rate suck right now. Do you have a diversified investment portfolio.
Signed
Suzie Orman
Signed
Suzie Orman
#6
I have the same questions. I just always wanted to say, "Approved!"
#7
About 250 is in my bank account, 100 is with my financial guy in stocks and 401 and stuff, and the remainder is kinda floating out there.
I might give 100k to the financial guy though.
I might give 100k to the financial guy though.
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#8
It sounds to me like you aren't particularly interested in personal finance. You seem like a solid candidate to hire yourself a "good" financial advisor. I'm guessing the guy you gave $100,000 isn't going to be great as most quality, experienced advisors are not going to accept an account with $100,000. Your car purchase question could be better addressed by someone that knows the whole story. I may be biased, but there are quite a few very good advisors at Merrill Lynch in Minneapolis that would be interested in taking on a young client with $400,000 in investable assets and $300,000 in income.
#9
Since no one really knows who I am, I am going to post some personal information.
I am a 34 year old dude. I make about 300k a year. I live in a very small condo that I owe about 100k on. I personally have about 350-400k saved up.
I have my 2006 carrerea paid off.
Its worth about 30k, i assume, if I trade it in.
I am looking at a 2012 991 for 93k.
I was thinking of trading mine in, paying 30k down, and financing the remaining 34k.
Is this a financially idiotic move?
I am a 34 year old dude. I make about 300k a year. I live in a very small condo that I owe about 100k on. I personally have about 350-400k saved up.
I have my 2006 carrerea paid off.
Its worth about 30k, i assume, if I trade it in.
I am looking at a 2012 991 for 93k.
I was thinking of trading mine in, paying 30k down, and financing the remaining 34k.
Is this a financially idiotic move?
I hate to be rude, but why are you asking?.. if you make 300K a year and have significant money in the bank you are likely smart enough financially to answer your own rather trivial question...
Obviously you can afford it, However I tend to believe if you have to ask if it is a good idea about a large financial purchase like this then you probably shouldn't.. only you know your plans and importance..
#10
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.
Last edited by Luciddaydream; 05-20-2014 at 09:02 PM.
#12
Perfect! Give them a call tomorrow morning and have them run the numbers for you.
#13
Ask your financial advisor if you're rich enough. Don't bother us with such tasteless questions.
#14
You can afford it.
Whether its a financially idiotic move is subjective. There's no one that's going to tell you this is a sound investment. But we all work hard to enjoy the things we love. Question is do you love the 991 enough I can say I do, and most others here will tell you the same
Whether its a financially idiotic move is subjective. There's no one that's going to tell you this is a sound investment. But we all work hard to enjoy the things we love. Question is do you love the 991 enough I can say I do, and most others here will tell you the same
#15
Go for it, YOLO, you can afford it. Alternatively, consider a nice low mileage preowned and let someone else take a $20K or more hit on the depreciation after a year or 2. I have been driving sports cars for the past 30 years and prefer a nice low mileage preowned one and always pay cash, but that's just me and my CPA mentality.
Alec