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I agree with @surfah and @Russk, cash and carry or not at all. My personality is I don't want to have the toy/car own me but rather the reverse.........the former would make me too uncomfortable at night.......and during the day as well.
 

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Late reply - but I also feel like owning an exotic comes AFTER you are debt free, and have some money working for you (and can pay cash for the car, which should really be no more than say 5-10% of your net worth).

I hear YOLO as the reason for rushing, but it is the YOLO belief where I feel like "waiting" makes it more worth while.

Since we only live once, taking a few steps to set yourself up for the future first, makes ownership more enjoyable.

Owning an exotic by the skin of your teeth, or too early would simply take the fun out of it for me. If you are young, and have time on your side then take your time. 5 years can make a MAJOR impact on future investements. Grind hard and put money to work for you so compounding or appreciation can work for you. Pay off your mortgage and minimize your expenses/liabilities (or get passive income to cover those). The earlier you can do this the better positioned you are for the rest of your life- Since you only live once, why not setup the rest of your life early, then you can enjoy the rest of your life with confidence in your financial future. Knowing that "come what may" you are debt free, set, and tons of reserves is a great feeling. Adding a sweet ride AFTER you already have that good feeling (i.e. you are content in your life before you have the car) is icing on the cake.

I'd rather be financially free and have a miata, than roll the dice and have a Lambo-

Not to say this is exactly what you are asking, but since you posed the question, this is my general reply. Do what is best for you, but I could have bought an exotic way earlier than I did, and I am glad I waited to get many of the other fundamentals squared away first.
 

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Discussion Starter #23
All good man!

And yes. Technically I live in the 905 but no one would know where the hell that is. So Toronto works well enough. You in the area?

Also, if you want, just ask Russk, Surfah and Lee to be your financial advisors. After reading this thread, I'm hiring all of them

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Lol, yes a lot of good advice was shared on this thread; Yea I am, I bought a place in the Entertainment District last September, If I end up purchasing an exotic in the future ill be sure to hit you up too see if we cant meet up at a cars & coffee or such!
Cheers
 

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OP, one of your questions was if someone should spend 20% of their income on their car and expenses. I say heck no. Your income can go to zero a lot faster than your car payments can go to zero. Also the expenses on these cars are rarely what people honestly guess in advance. If you were speaking of yourself when you mentioned 800,000 in the bank then I suppose you could write a check if need be to take your car payment to zero, however at that time when you lose your income is not the time you would be willing to write a big check. So the other thing you need to consider is liquidity or lack thereof. These cars generally take longer to sell and if you are in any way desperate, say for instance you have a cash crunch or loss of income, you will not be achieving top dollar much less selling quickly. Finally, if you lose your proverbial job at the same time others lose theirs then your cars value will plummet even faster and put you in a bigger bind. These things generally happen in tandem so be careful. For these reasons a lot of the other commenters have suggested buying all cash so that they upfront know that they鈥檙e not putting themselves in a potential desperate spot. Things to consider.
 

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Great comments. Remember times are good and bad in almost equal numbers. It is easy to spend in good times and hard to live with those decisions when things turn bad. Buy toys with money you can afford to lose.
 
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Discussion Starter #27
OP, one of your questions was if someone should spend 20% of their income on their car and expenses. I say heck no. Your income can go to zero a lot faster than your car payments can go to zero. Also the expenses on these cars are rarely what people honestly guess in advance. If you were speaking of yourself when you mentioned 800,000 in the bank then I suppose you could write a check if need be to take your car payment to zero, however at that time when you lose your income is not the time you would be willing to write a big check. So the other thing you need to consider is liquidity or lack thereof. These cars generally take longer to sell and if you are in any way desperate, say for instance you have a cash crunch or loss of income, you will not be achieving top dollar much less selling quickly. Finally, if you lose your proverbial job at the same time others lose theirs then your cars value will plummet even faster and put you in a bigger bind. These things generally happen in tandem so be careful. For these reasons a lot of the other commenters have suggested buying all cash so that they upfront know that they鈥檙e not putting themselves in a potential desperate spot. Things to consider.
Very informative response @DiabloClyde I appreciate the time you took to write that; I undoubtingly concur that the conservative route is the better route to take in life, especially when applicable to purchasing liabilities.
Thank you once again for sharing your knowledge (y) .
 

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Great advice across the board, now it鈥檚 time to for you to take it or leave it. There is no wrong way to go, it鈥檚 a lesson either way, and that鈥檚 how we learn. Good luck and Good fortune!
 

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Lol, yes a lot of good advice was shared on this thread; Yea I am, I bought a place in the Entertainment District last September, If I end up purchasing an exotic in the future ill be sure to hit you up too see if we cant meet up at a cars & coffee or such!
Cheers
Amazing man! Good for you! Im downtown there often enough, so Ya hit me up. My "cars and coffee group" hasn't done much this summer yet. Damn covid! But everyone is itching....

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Interesting discussion guys, im in a similar position, have been seriously considering pulling the trigger on a perf spider but I've set my target that when my business hits its first 拢1m net profit year I will pull the trigger.
 

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Interesting discussion guys, im in a similar position, have been seriously considering pulling the trigger on a perf spider but I've set my target that when my business hits its first 拢1m net profit year I will pull the trigger.
A sound plan; good luck!
 
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