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Some of the responses here have no mathematical or wealth management correlation/justification to the random numbers being thrown out randomly - to the point I wonder who actually owns one from their own successes or if they own them at all and aren't living out some weird fantasy by pretending to be an owner.

Anyway, for the financing desperate to shrink their payment as much as possible;

$300,000 car (out the door for numbers sake)
$60,000 down
$240,000 financed @ 6.5% @ 144 months

= $2,125 car payment.

DD'ing it would be asinine, so let's assume it's your nice weather weekend car like most of us. So in addition to your DD's insurance, you're putting out $250-$500+ a month depending on your region. I pay just under $250 for a 250/500/100 policy, but I know many guys in the $450-$500 area.

So let's say you're at $300, now you're at $2,425 a month ($29,100 a year).

If you have a solid income in your primary employment that covers all of you and your family's expenses, while being able to save and contribute adequately to retirement, you need a supplemental income of about $31,000 a year for your payments, insurance, and annual maintenance. A RELIABLE income that covers the car.

You don't need some fixed figure of net worth or liquidity to 'afford' the car. I know a nurse anesthetist who makes $200,000 a year and he's married to an RN who makes $85,000 a year. They live extremely comfortable with a household income of just under $300,000. They opted to not be house poor and have a modest 1,800 square foot home, they're not into boats or other high-end items and they don't want vacation homes. He can afford the car without strapping himself as it is, but he has two rental properties that are owned outright that generate another $2,900 a month in passive income. He owns those homes forever and they can easily cover the cost of a $300k huracan, since him and his wife earn just under $300,000 a year in their primary employment. If he wants to redirect that passive income from his two rentals for a 3 year huracan run, why not?

I don't get the "you need 10x the car's total MRSP in liquidity" or "you need $5m in cash assets" posts.
 

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To be fair, the OP did ask a very specific question, and so the answers, based on the extremely limited information provided are reasonable.

Can a frugal person making $285,000 per year gross afford a $300 k car? That's not the question that was asked. In my opinion, you'd be crazy to try it, but hey, we all wouldn't be here if we weren't a little crazy and risk seeking.
 
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The thing is...this question gets asked and answered a lot so I like it when someone applies Occam's razor.
Crunch numbers all you want, the bottom line you need money. Rob a bank, refinance gramma's house, whatever.
So someone comes on here and says I make $300k a year so can I buy a $300k car, sure. My first exotic car cost more than I made that year, but would I recommend that to people? NO
 

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There are just so many variables. I don't think that there are any of us with exactly the same financial condition. The simple answer would be if you saved up enough money to pay cash without hurting you financially, then just buy it! There are a lot of owners who are not millionaires.
 

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The bottom line is it's ridiculous to ask a bunch of interweb strangers for financial advice. Some posters here are high school kids living in their parents' basement asking where in California they should move to that has the most hot chicks.

As for the post above about the CRNA married to the RN with the 2 rental properties, in my town those homes are earning "squat" as unemployed renters can't afford monthly payments yet are protected by legislation allowing them to continue to stay rent free. There's no tourists and short-term vacation rentals are banned so that $2900 in passive income equals 0. But that 3 year run of Huracan payments is there 24/7/365.

No COVID payment forgiveness when it comes to the Huracan.
 

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The bottom line is it's ridiculous to ask a bunch of interweb strangers for financial advice. Some posters here are high school kids living in their parents' basement asking where in California they should move to that has the most hot chicks.

As for the post above about the CRNA married to the RN with the 2 rental properties, in my town those homes are earning "squat" as unemployed renters can't afford monthly payments yet are protected by legislation allowing them to continue to stay rent free. There's no tourists and short-term vacation rentals are banned so that $2900 in passive income equals 0. But that 3 year run of Huracan payments is there 24/7/365.

No COVID payment forgiveness when it comes to the Huracan.
so true
 

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There are a lot of owners who are not millionaires.
Don't tell me that I was just about to ask for a loan.......馃挵

Seriously, I think most people were trying to provide some general guidelines but as mentioned above we were not given any specifics by the OP. BTW, nor should the OP be overly forthcoming about his financial portfolio.
Yet, I feel the best response was post #7 by @surfah and I quote: "Rather than asking a group of interweb strangers how to spend $300K, maybe you should talk to your FA and CPA first? It's easy for us to say YOLO as we won't be holding the cards if/when sh-t hits the fan and/or the economy tanks."
 

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If your family鈥檚 average life expectancy is 50 years of age and you are 40 and recently got a doctors diagnosis of only having one year to live.... I would run to the nearest bank, load up on as much debt as you can, purchase a couple Lambos(in case you forget where you parked the first one), go on weekend benders, slap on wheel spinners and glow sticks(just to make sure everyone notices your car). Bolt on a massive hunting rack to the trunk and while your at it, some massive search/fog lights. If you鈥檙e married, make sure you get a divorce, just so they don鈥檛 inherit your debt.

ok, ok, I keed, I keed (triumph the insult comic dog)

without knowing your personal business, it鈥檚 impossible to tell you what to do. My level of comfort when purchasing a large expense item, is to assume its throw away money. What happens if you wake up one day and the lambo disappeared and you had no insurance? Would it cripple you? If not, then purchase it!
 

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@lokkebassen123, there has been much good advice provided with varying perspectives so hopefully its been of some value. Have you created a plan of attack or is this research for some future date?
 

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If your family鈥檚 average life expectancy is 50 years of age and you are 40 and recently got a doctors diagnosis of only having one year to live.... I would run to the nearest bank, load up on as much debt as you can, purchase a couple Lambos(in case you forget where you parked the first one), go on weekend benders, slap on wheel spinners and glow sticks(just to make sure everyone notices your car). Bolt on a massive hunting rack to the trunk and while your at it, ...
I had an uncle who did pretty much that. He had colon cancer and the Doc gave him 6 months to live. The problem came when he didn't die. Then he was totally screwed. He didn't buy Lamborghini's and he was already an alcoholic so the bender thing was a given. Also reminds me of an interview with a guy who won the lottery, when asked what he was going to do with the money he said,"hookers and blow".
 

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I had an uncle who did pretty much that. He had colon cancer and the Doc gave him 6 months to live. The problem came when he didn't die. Then he was totally screwed. He didn't buy Lamborghini's and he was already an alcoholic so the bender thing was a given. Also reminds me of an interview with a guy who won the lottery, when asked what he was going to do with the money he said,"hookers and blow".
so you鈥檙e telling me, he should have bought a Lamborghini? ;)

fyi, I鈥檇 rather empty out my life savings and live life to the hilt, than live a couple more weeks by having my life savings get drained by laying in a ICU bed.
 

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Just the flip side I had a friend although he was never on deaths door he would live each day to the fullest and spent money quite freely. I would frequently advise him to save and invest and he would laugh at me and he would state repeatedly "I want to die with $1 in the bank". Trouble is he lived high and had a great time for a while but now for the past 8 years he and his wife have been living in his daughters basement. So now he and his wife are not a happy campers, and add to that what his daughter and son-in-law must be going through. It is true we all need help now and again but this could easily have been avoided; we all have a responsibility to carry our own load and not cast our pain on the world.

There is an old movie from 1937 "Make Way for Tomorrow" that if you have time it's quite instructive.........the message has never left me.
 

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Just the flip side I had a friend although he was never on deaths door he would live each day to the fullest and spent money quite freely. I would frequently advise him to save and invest and he would laugh at me and he would state repeatedly "I want to die with $1 in the bank". Trouble is he lived high and had a great time for a while but now for the past 8 years he and his wife have been living in his daughters basement. So now he and his wife are not a happy campers, and add to that what his daughter and son-in-law must be going through. It is true we all need help now and again but this could easily have been avoided; we all have a responsibility to carry our own load and not cast our pain on the world.
I have worked very hard to assure my future will be dependent free. I would never want to be a burden to anyone up & until I live this world. I think financial freedom is very important but health is by far all that really counts in the end. You can be Howard Hughs and never be free.
 

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I have worked very hard to assure my future will be dependent free. I would never want to be a burden to anyone up & until I live this world. I think financial freedom is very important but health is by far all that really counts in the end. You can be Howard Hughs and never be free.
You sir, in addition to being a fine human being, are wise! God Bless! ;)
 

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Just the flip side I had a friend although he was never on deaths door he would live each day to the fullest and spent money quite freely. I would frequently advise him to save and invest and he would laugh at me and he would state repeatedly "I want to die with $1 in the bank". Trouble is he lived high and had a great time for a while but now for the past 8 years he and his wife have been living in his daughters basement. So now he and his wife are not a happy campers, and add to that what his daughter and son-in-law must be going through. It is true we all need help now and again but this could easily have been avoided; we all have a responsibility to carry our own load and not cast our pain on the world.

There is an old movie from 1937 "Make Way for Tomorrow" that if you have time it's quite instructive.........the message has never left me.
This so true. Like my cousin who was hospitalized in Phoenix for 3 months with COVID and survived, through disability insurance and savings he has been able to cope but the long-term consequences of his infection are difficult to predict. With the 2 COVID strokes and myocardial infarctions, will he ever be able to resume working full-time and being the bread-winner for his family? Right now he's more worried about walking distances unassisted and physical therapy. His son is still in school, his daughter recently graduated college.

When my cousin was at death's door, a casual observer could have said he should have traveled more, bought fancy cars, spent money on hookers and blow. They would have been wrong.
 

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@surfah agree, a reality check now and again is not a bad thing for any of us on this forum. There is much beauty in the world but we can't go through life with rose colored glasses on either.
 

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On a more serious note :)
This is what I would do if someone is thinking about purchasing a large ticket item... large is different for all of us, but this advice still pertains...
Accrue enough cash savings such that it can be invested to give you a consistent flow of cash to payoff for your monthly/annual payments for the lambo. How did I do that?

easy ;)
I worked 2-3 jobs, 60 hours a week, just to get me a college degree. I then socked away 30% of my salary into the stock market AND my mortgage. Made extra mortgage payments every year and refinanced to lower rates. Paid off the house in 10 years. I learned not to be taken(do my own oil changes, do my own brake jobs, fix and repair anything in the house, etc). I drove my daily drivers to over 200,000 miles. During that time I went very aggressive in the stock market. Went all in on some very well timed investments. Some say I got lucky. But most would say I busted my ass off studying and analyzing stocks and financial filings. It PAYS to work hard.

Now with no debt, my stock market investments make enough to purchase and maintain a Lambo. Wealth building does not occur over night. Have patience, put your money to work!

for purchasing a house, the golden rule used to be, your mortgage shouldn鈥檛 be more than 25% of your annual salary. I鈥檓 sure there鈥檚 a similar line of thought with purchasing a lambo.

good luck with your decision!!!!
 

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Well said Angel and great story.
 
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