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Discussion Starter #1
what was the average age here on the board?
also, do you guys prefer to pay for the car in full or lease it or make payments?
 

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I believe the average age was 38 or something.

I was 28 when I got mine.
I prefer to lease. I write it off and cash is king for me.

It’s not only the price of the car and the monthly payments that you have to worry about but also the maintenance of having one of these cars. Regardless of what anyone says if something happens you need to have the car to fix it no matter what year the Lamborghini is
 

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Discussion Starter #3
how exactly does that writing off work? and that is better than just paying for the car all at once?
sorry for the questions, I just don't have any experience in that field.
 

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I was 32. I paid half cash and financed the rest. I also agree you need to have cash or credit standing by for problems.
 

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24, also paid cash in full
 

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Discussion Starter #7
24? Ben, I know what you're doing, but what is your occupation if msindi, if I may ask? It'll take me a few more years, but I'm getting there!
I would also prefer to pay full so I know it's my car and I don't have to worry about payments. I won't sell it anyway so I wouldn't have to worry about any kind of loss.
 

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I've had my Gallardo one month, and it's my first. I'm 29 and leased mine with a good deposit. Cash flow is king in my business.
 

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Wow , what a migic number ... Same for me 24 and paid cash ! It was a red one tan 84 Countach.Same with all of my exotics cars that i have bought. I did find paying cash for my last purchase which was an 01 Diablo was a little more trickey due to the amount of money but it all worked out and got myslef a nice low bill of sale to go with it ! ;)
 

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On newer cars, and if you are self employed. It makes sense to either finance it or lease it because you have that option to either return it or just buy it at the end, while still preserving additional cash for your business. For older cars, I prefer to buy in cash since an older car might have collectibility in the future. Plus, older cars would be more of an investment than a newer car that still needs to go through yearly depreciation before it hits bottom.
 

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Only $ 1,700.00 per yr in allowable expense

I was just asking my accountant about the best way to expense a Lamborghini for business use. His reply was that an obvious non business use type vehicle(sports car)under a gvw of 6000lbs would be 100% deductible when used only for business use and an accurate mileage / use log was kept for the vehicle. The maximum allowed expense for this would be $ 1,700.00 per year. $ 170,000.00 Diablo/ $1,700.00= 100 years! Any ideas? The best I can come up with is buy an older car and deduct the cost of restoration as an ongoing expense. Probably an IRS red flag in any event.--Dave
 

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craftsman said:
I was just asking my accountant about the best way to expense a Lamborghini for business use. His reply was that an obvious non business use type vehicle(sports car)under a gvw of 6000lbs would be 100% deductible when used only for business use and an accurate mileage / use log was kept for the vehicle. The maximum allowed expense for this would be $ 1,700.00 per year. $ 170,000.00 Diablo/ $1,700.00= 100 years! Any ideas? The best I can come up with is buy an older car and deduct the cost of restoration as an ongoing expense. Probably an IRS red flag in any event.--Dave
You need a new accountant!!!

Mine asks me what I want the books to say... :D
 

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Jrv

How does your accountant structure this JRV? I would really like to find a way that does not trigger even the possibility of an audit which would cost me thousands in lost production time. BTW, much thanks to you, Roy, Ben, Chris, Sharam and all others here. I am learning alot and look forward to making a wise decision on my car when the time comes. To answer the original question I am 51 and have been on to Lamborghini since I was a kid and saw a picture of the Countach prototype in one of my car magazines. ---Dave
 

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Getting old!

I wished I had been 24 and running around in a Lamborghini - what fun! I was 42 when I bought the Murcielago and paid cash.
 

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I was 24 for my Jalpa and 22 for 308 (sold before I bought the Jalpa, just not fun.)

Fun car and you don't have to be rich to have it.
 

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Age is irrelevant.. You can never be too young or too old to have a Lambo.

But I notice that it keeps you very young.

Lamborghini, Part of a complete healthy breakfast
 

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I'm 24 and just purchased my first Lambo, It's a 88 LM002 and hopefully not my last Lamborghini!!!
 

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Discussion Starter #19
man, I'm 23 and years away from my first Lambo. not too far, but still a long way to go. gotta hurry :whip:
 

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JALPA at 39, but whose counting?

And it was less than the average new SUV (except for the maintenance, modifications, and repairs, which cost almost as much as the car itself!)!
 
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