Car Decision, Would Love Advice of Members Here
 

Hi all, new member here, lurked for a while but finally joined today because I'm at a philosophical impasse on what fun 2nd car to get (1st world problems!) and would love the sage advice of forum members.


Situation: Currently have and love a 2011 M3 sedan. A year ago, my wife proposed an idea to start a "car fund" (yeah, she's awesome) with the goal of saving $100k in 5 years to get my dream car in addition to the M3 (F430 Spider, 997 GT3, and R8 V10 Spyder MT are front runners). This $ pool would be funded by a portion of my annual bonus and raise, and invested in stocks. Due to an additional contribution from my wife (told you she's awesome) and my investments doing better than I could have dreamed, I'm almost halfway to my goal already!


Thing is, some recent soul searching has me wondering if I should go for it or get something more modest. We are family planning, and I feel like once we have a kid, the financial burden of having $100k+ tied up in a toy plus the big maintenance/storage bills seems inappropriate. Not that we couldn't swing it, but it just seems wrong to me, and I feel guilty about spending so much on this when so many people are in need (I'm on the board of a nonprofit). I'm having a hard time imagining having my awesome wife watch our young kid while I go play with my $100k toy. Did I mention she also makes more $ than me? Yeah, I'd feel like a dick going out and driving this thing as often as I'd want to, and being frustrated by that. I mean, we'll have to get a sitter just for my wife to ride in it. I also wouldn't feel comfortable telling anyone about the car except close friends/family, as for my incone and age, it's an extravagant purchase even though I've lived and breathed cars since I was a fetus and a Ferrari is on my bucket list.


So I'm wondering if something like an Elise would be a more appropriate choice. Sure, it's not an exotic, amazing supercar, but it's incredibly involving and fun at any speed, while holding its value well and not costing a fortune to maintain - I could even use it for errands here and there, and could also enjoy doing some affordable mods. I rented one a couple of years ago, and liked it a lot but felt it was more of a toy than a real car. However, at the time an S2000 was my only car. Now that I have the M3 and the Lotus would be purely for fun (weekend drives on the great roads here in the SF Bay Area, plus the occasional autocross and track day), that makes the Lotus more sensible. And instead of waiting another 3yrs or so to get what I want, I have enough for a good Elise and some mods right now. Not sure we'll live in the Bay forever, so want to enjoy the weather and roads while I still can.


Anyone have any sage advice from trying to enjoy cars while having a small kid? Should I stick to my dream and go all out, because YOLO, or should I get something more reasonable now and hope I have another chance at a Ferrari/similar later in life?

Does it have to be new? Lots of great options out there at half to 3/4 the budget. Perhaps a little more risk if off warranty but you can afford a lot more car if you let somebody else take the depreciation hit. Took our kids to the AX and Track as they were growing up and had a blast--don't rule out them coming with you in time. Just be warned that when they turn 16, they want to move to the left seat...

Sorry, should have specified that all cars I'm looking at are used.

At any rate, I decided to go ahead with an Elise at this point and am picking up a nice local one this weekend!

That sounds great! I have not driven an Elise, but have heard they are a lot of fun! Enjoy and keep it shiny side up :-)