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Old 01-12-2013, 05:56 PM
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Lightbulb What should your salary be to own a Lamborghini Gallardo?

This question has been on my mind for a long time. I'm hoping a Gallardo owner can answer this one for me, thanks!
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Old 01-12-2013, 06:35 PM
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There is no right answer.

It depends on your expenses, monthly debt, current debt amount!

It seems like the more money I make, the more I spend. When I used to be a surgery resident, I made $34K/year. I was living large, money left over at the end of the month, now that I'm a doctor, living paycheck to paycheck!

Go for 6-figures, that should be a good reference point!
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Old 01-13-2013, 09:01 AM
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In the "old days" if you could have financed through Fannie May or Freddie Mac, you wouldn't even have had to have a job.
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Old 01-13-2013, 11:32 AM
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This is just my take but I wouldn't (and haven't) buy any Lambo (or any similar car) unless I could afford to put down at least 2/3 of the cost of the car the day I bought it and have the same amount set aside for maintenance AND make enough money after all that to live well. What that means in real numbers will vary widely depending on where you live, what your other expenses are and what your definition of living well is. Some people would say that even this isn't enough. A lot of people think you should be able to buy the car outright and have the same set aside for maintenance AND own your home outright while having your retirement already taken care of. I think that is a bit anal but there are good arguments for this point of view as well.
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Old 01-13-2013, 11:58 AM
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Your monthly car budget should not exceed 10% of your take home pay. Lets say you can get into a new gallardo for 3K per month (this will cover a 200-220k car including financing), but you also need a daily driver lets say for 1K per month (70k mid level lux. Car). Then you should take home about 40k after taxes or about 70k Pre tax so about 840k gross per year for a new 2013 gallardo coupe basic model.

Don't buy one of these cars if don't make plenty of extra cash. There are hidden costs. I recommend buying new to take advantage of the warranty (36 mo).

The novelty of any and all luxury items disappears immediately if the cash burden of that item becomes severe.
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Old 01-13-2013, 12:01 PM
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"One Biiilllllllion Dollars!!!!!"
Then you can also get the genus-Lamniformes equipped with the optional Light Amplification by Stimulated Emission of Radiation device mounted above the cranium.
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Old 01-13-2013, 02:58 PM
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Quote:
Originally Posted by mtmd11 View Post
"One Biiilllllllion Dollars!!!!!"
Then you can also get the genus-Lamniformes equipped with the optional Light Amplification by Stimulated Emission of Radiation device mounted above the cranium.


I agree with most of what is written above. There is no single guideline. Depends on whether you are okay with debt or whether you are more comfortable with zero debt. No right answer.

I don't agree regarding buying new. You can buy a 1 year old car and save a huge amount in depreciation and still have two years of warranty coverage (or buy a 2 yo and have 1 year of warranty).

There can be hidden costs so have plenty on reserve for cost of ownership. Shop insurance carefully. There are HUGE differences in cost (and coverage).

One cost I never thought about before buying it was the cost of transporting for service since (so far) there is no one in my local area that I trust to work on it (other than simple stuff like brake pads). While it was under warranty the nearest dealer had a super cheap transport cost of $50 each way - but obviously nothing is "free" and their service wasn't exactly a great price, but more importantly I was disappointed by the service experience. Now that it's no longer in warranty my choice is to truck it to other dealers (which could be $1000-$1500 round trip) or drive it to a dealer or find an independent shop and pay transport or drive it there. These transport costs won't change our retirement - but depending on whether you have reliable service options nearby - be ready to put on the miles to drive it there or pay for transport (and then handle the stress of seeing you baby picked up by a truck - it can be nerve wracking).

Good luck
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Old 01-13-2013, 05:23 PM
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WTF, you posted twice!
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Old 01-24-2013, 01:47 PM
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Old 01-24-2013, 06:12 PM
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I just figure when you can pay cash and it doesn't hurt, then you must make enough to afford one. I much prefer to own rather than be owned.
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