How much should one have in the bank account and make yearly to afford a gtr? I know this is not a simple question. I'm looking at some of the owners on here who have exotics and luxury vehicles and I'm wondering what they think someone should have to be able to afford a gtr. I'm sure you guys are successful and logical in decision making and finance. I'm thinking about getting a used one and financing half of the cost. I am aware of the maintenance cost of these cars and had modified cars in the past. I know there are other factors such as monthly expenses and it would depend on your housing situation(500k home vs 200k). I don't know how to word it to get you to "play along." Maybe you can state some assumptions, such as money available after expenses for gtr purchase.

 

Impossible question.

Everyone's priorities and experiences are different.

Sorry I can't help. But no matter what I'd say, someone will disagree.

(probably even with saying this much)

Let's say someone has only small fixed income - it depends on where you're living, what you are planning for (a career or maybe even your funeral). If you're someone with a lot of income, it depends on what you eat, where you live, if you pay for kids' school, if you plan on paying for kids' school (primary, higher-ed, etc...), if you're married, what kind of shoes the spouse likes, do you plan on getting married, does your spouse have a career, etc...?

 

Thanks for the info
Jasper. May I get a ride in yours? Do you ever come to the Raleigh Durham area? I asked one local but his is getting upgraded.

 

I do, but not as often as I should.

I have absolutely no problem offering you a ride/drive. Audioenvy (on the other forum) is closer to you, but you may not want to drive his - he has a LOT more HP than my measly 600.

 

as a general rule of thumb cars as a whole are a money loss. depreciation continues until the car is scrap metal so in the world of budgets and what can a person afford, your cars value should never be more than 50% of your income. that is if you make 100,000$ a yr 50,000$ total value of the cars you own. this may not sit well with some but it is what it is

 

Create a budget for yourself on paper, including the GTR monthly expenses. Try to be as thorough as possible. Then you will have a clear picture of what your lifestyle and standard of living will be.

It's that simple. You're either OK with that standard of living or you're not. Doesn't matter what others say cause they don't have to live with it.

One other suggestion is to first write down what kind of a person you aspire to being. Examples:

"I am a frugal minded person who wants to save or invest 35% of my income."

"I'm right out if college and I want to spend the next 3 years blowing money on my car addiction".

There are no wrong statements. The point is to be honest with who you are trying to be and then cross check that with the GTR/budget.

If the two jive - problem solved.

If they don't - either change the person you aspire to be or change the budget.

 

Great info guys. I appreciate the comments.

 

Here is my rule of thumb. Your monthly income should be 2x as much as your car payment and mortgage put together.

So if your mortgage is say 3k and the GTR payment is 1500 that means your monthly income should be 9000 a month.

I say this based on the assumption you are going to save between 1000-2000 a month which everyone should and that leaves say 250 for gas a month and say another 140 for insurance a month. That leaves around 2k left for you to play with each month how you see fit. A very comfortable cushion. Obviously the lower below that ratio you go the less comfortable your life will be.

Oh this is if you have no kids. If you have kids then instead of 2x it should be 2.5x maybe even 3x

 

If your child is a girl, than 6x...

 

I always pay cash for toys, I was taught from a young age if you cant pay cash you cant afford it. This makes a lot of sense too though. I know to many people that are near there limits for a car and that to me is just silly.

 

I think that is an old saying which could be applied when we lived in the 60s-80s and cars were way cheaper.

Like I said if your monthly income is double your mortgage and car payment you can very easily afford any car. But again as I said keep multiplying if you have kids. For me that is more than enough and it works fine.

Someone making 250k a year could easily afford the 4k payment a month on a ferrari. At 250k you are bringing home 14600 a month after taxes. You could afford the ferrari and a million dollar house and still have 5k a month left over as a cushion. But doesn't mean you have 250k in cash to just throw at the car.

Now if you have kids and a wife. Use the wife's income to pay for the kids and anything else I see all of that of just an extra bonus. I know a lot of people who make around 200-250k and it baffles me why they talk like they are poor or that they wish they could own a nice car. It just baffles me because as I showed it is very easy to own a nice car, have a nice house, have a nice life, and have a kid and even save. I wonder what these people are doing with their money.

 

Get the house first. Owning a GTR, and living in a trailer park shows poor priorities. Better to have a place to garage your car instead of leaving it in the elements.

 

That's funny. U don't know much about California do u. Our state income tax is about 10 percent so take another 2k off. Plus u gotta eat , pay for health insurance try to save for retirement, and other basic expenses. As shocking as it may seem, a 1 million dollar house isn't nice in so cal. So 250k doesn't go far here and it would be assinine to buy a ferrari with that limited income.

 

Whereas living in a trailer park, while owning a 'Vette, is retirement...



Sorry... Couldn't resist.

 

Seems like a lot of folks on here lease their "exotic" cars.