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As a new member I just thought I would say hello. What a great website for the enthusiast. Unfortunately, I do not have a Lamborghini, yet. However, like my user name I am "STILLDREAMN". So for now I will have to live vicariously through the members that do, I hope you don't mind.

PS. Was having trouble posting, so if this message ends up being posted more than once, my apologies.
 

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Im New Here Please Help Guyz!!!!!

Im 21 And I Live In New Orleans Louisiana.next Month..i Will Start Workin On Offshore Oil Rig Makin Between 5000-6500 Per Month(no Taxes)...next Year Around This Tyme After Saving About 40000-50000 I Would Be Lookin To Get An 04 Murcielago E-gear..but I Was Hopin To Get Sum Feedback On My Finacial Plan Before Goin To The Dealer..heres My Plan....price(190000-240000 Depending On Mileage And Market Value Next Year)...1)payment Method(financing 12-15 Years Only Becuz Ill Keep 4ever And Pass Down To My Kids And Just To Keep The Payments Reasonable Considering Its A Lambo...ill Make Sacrafices)....2)down Payment($40000-50000)......3)credit Score(690-730)......4)..income-debt Ratio(about 15%-18%).......5)..monthly Income(5000-6500).....well After Crunching A Few Numbers Based On Different Combinations Of Intrest Rates,possible Car Prices And Downpayment I Figured That On A 12 Year Loan For A $240000 Murci W/$40000 Down Payment And Intrest Of Between 7.9%-15.9%.......that My Payments Would Fall Between $1100-$1600 A Month Which Is Damn Good For An 04 Murcie....like I Said Im Really Serious About Getting One So I Will Sacrafice...im Goin For The 12 Year Or More Loan Term Jus To Keep The Payments Affordable In Case I Change Jobs And Have Lower Income...most People Say To Start Off Early But...i Mean You Only Live Once And I Wanna Try To Get One Will Im Makin That Kinda Money.....of Course Ill Try To Pay Off The Car Wayyy Quicker Than 12 Years As Long As My Income Allows Me To....but Rather Have 1300 Payment As Opposed To A 4500 If Sumthin Happens In The Future......im Jus Wanna Be A Prepared As Possible.......so Im Just Askin You Guyz Ur Opinion On My Plan And As Far As The Finacing Part...what U Guys Think My Chances Are......and If Possible Could U Give Me An Example Of A Financing Plan The Would Give The Best Chance At Getting Approved........i Kno Cash Is Alwayz Best For Cars This Expensive......but Financing Is My Only Option In Order To Live My Dream..........thanks And I Really Look Forward To Hearing From The Very Informative Member Of This Forum........hope To Hear From You Guys Soon............thanks Again!!!!!!!!!!....ohh And Here Are Pics Of The Beautiful Colors That I Would Be Considering..id Like Ur Opinion On These Too!!!!!!!!!!
 

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Me too. Have you factored in all the running costs? And if you're working on an oil rig, how are you gonna drive it?
 

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Taking on a 12 year debt for any car is bad. I know your excited now, and I can see myself going through the same arithmatic when I was 21, but I think all of your seniors on this board would advise against it.
 

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You say you'll "keep it forever" but I think that's quite an assumption to make. I have no idea how long I'll keep my Countach but am thinking I'll be bored of it within 3-4 years (the time it normally takes me to lose interest in a car/hobby).

If you can save the money up first then that's a much better idea - buy your Murcie in about 7 yrs time when the price drops to the amount of money you've saved up. That's what I did with the Countach.
 

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A bank will not loan you the money because of your age and your not a home owner etc, etc, you need to re-think the plan, and start with a car not so expensive.
 
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Move to Russia and use your US oil skills over there. Make millions in the next few years then you can buy your e-gear.

Fred
 

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Tony_Lambo said:
A bank will not loan you the money because of your age and your not a home owner etc, etc, you need to re-think the plan, and start with a car not so expensive.
I doubt you'd get insurance either - you certainly wouldn't get it in the UK.
 

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Just to tell you...That Purple Murcie is a Photoshop ;) . But good luck if you do buy it! :)
 

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Here's a tip. Any car purchase that involves running over the numbers more than once is a bad move. Any financing plan for an exotic that isn't mostly about tax and/or cash flow management is a bad one. The more you stretch, the less fun the car will be.

Put your oil rig money into an appreciating asset instead, and one day you'll be on this forum giving a young guy some good advice yourself. :)
 

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I just want to ask, can you get the car insured? In HK, it is also impossible to buy insurance for a car like this unless you are over 30 or you are extremely rich because the premium is so high that it is not worth paying for.
 

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Nice Dream

5-6K per month may seem like a lot of cash now. I would build equity for the next couple of years, then think about purchasing an exotic. The dream does not go away. It's more fun waiting.

Take this example:

If you purchased a house in NYC five years ago for $200,000 it is worth over $400,000 today...real numbers. If you paid into the mortage for five years at 2,000 a month you would have paid a total of $120,000. Most of which was interest and totally deducted from your salary. You would have saved about $7,000 in tax alone. Bottom line is that in five years of being patient, you could take a equity line of credit on the house and buy a lambo. I wouldn't purchase a new one, let someone else take the most of the depreciation hit. Also, your total payment would be tax deductible. You build equity first!
 
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