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Old 09-18-2019, 10:01 AM
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Default Convince me to wait

I am right on the cusp of being able to afford an LP Gallardo. With 110k in stocks (not retirement) and 30k liquid with no debt and a 100k income I lick my chops at the prospect of a well priced LP. One has come up locally which would get me out the door for 125k and i am having a really hard time saying no and convincing myself that my investments are more important and to wait.

I’m hoping someone has some horror story or sense to knock into my current emotions to buy this thing. I just need to be talked down and called a dumb dreamer I think. Someone help! Thanks in advance.
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Old 09-18-2019, 11:11 AM
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Only live once. If you can source low interest financing why not?

Do u own a home to park it? have a separate car to drive as this really attracts to much to be a daily driver?

Dreams do come true for those who work for it!
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Old 09-18-2019, 01:39 PM
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Originally Posted by magik110 View Post
I am right on the cusp of being able to afford an LP Gallardo. With 110k in stocks (not retirement) and 30k liquid with no debt and a 100k income I lick my chops at the prospect of a well priced LP. One has come up locally which would get me out the door for 125k and i am having a really hard time saying no and convincing myself that my investments are more important and to wait.

I’m hoping someone has some horror story or sense to knock into my current emotions to buy this thing. I just need to be talked down and called a dumb dreamer I think. Someone help! Thanks in advance.
When in doubt wait it out.

Take that 125K, put 60K in a money market fund and wait for a good buying opportunity within the next 1-2 years when a recession hits when you can invest that 60K in an index 500 fund on the low.

Take the 65K balance and buy a used 911.
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Old 09-18-2019, 03:58 PM
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Originally Posted by surfah View Post
When in doubt wait it out.

Take that 125K, put 60K in a money market fund and wait for a good buying opportunity within the next 1-2 years when a recession hits when you can invest that 60K in an index 500 fund on the low.

Take the 65K balance and buy a used 911.
You had me until the 911 part. Thank you for the “wait it out” saying. Appreciate it!
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Old 09-18-2019, 04:00 PM
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Originally Posted by monEmakindave View Post
Only live once. If you can source low interest financing why not?

Do u own a home to park it? have a separate car to drive as this really attracts to much to be a daily driver?

Dreams do come true for those who work for it!
I think its just a constant feeling that money is better used elsewhere no matter how much I want it. I do own a home with garage space and I have two completely paid daily drivers. 02 Maxima and 16 Accord.
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Old 09-18-2019, 04:26 PM
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Get the toy, you only live once. Fed just cuts rates, find a good interest rate and do it.
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Old 09-18-2019, 04:37 PM
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Plan as if you will live forever but live as if you will die tomorrow.

If you can swing it without any financial stress...........go for it.
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Old 09-18-2019, 05:39 PM
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You had me until the 911 part. Thank you for the “wait it out” saying. Appreciate it!
Lol true 911's are a dime a dozen but when you're coming from a Maxima and Accord even a 4 series BMW is going to be a serious upgrade. Many of us start with 911's in our early 30's, get a F-car or Lambo before turning 40 and go from there. I mention 911's because they are very reliable. Your potential nightmare buying a G or any older model exotic is not the actual price of the vehicle but being able to afford the service and maintenance as well as having enough saved away for a catastrophic repair.

Don't forget the more times than not the cheapest car to buy becomes the most expensive car to own.
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Old 10-09-2019, 12:44 AM
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Talk to a financial advisor.

I would say with $140,000 in cash and liquid investments, paying $125,000 for a car plus taxes plus maintenance plus upkeep so on and so forth could be a bit too much. Financing would save some of that cash but still the margins are thin. Try talking to an advisor and maybe setting a goal to save up for another year. Good luck!
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Old 10-09-2019, 07:23 PM
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I have to totally disagree with the purchase. You are well on the way to building some real wealth. If you spend 125K of a total of 140K in liquid assets, you are spending over 90% of your liquidity on a depreciating asset. That is a sure fire formula for never becoming rich. Forget the fact you are financing a large part.You still have to pay for it. You should buy the least expensive G you can find in good condition. (Probably 65 or 70K) Initial depreciation is maybe 20K so you stand to lose very little. If it were me , I would spend 60 on the G and invest my remaining 80 k in a real estate based higher earning investment like notes or rental or???. That way your income stream will not go down and your asset composition will change. The stock market could crash tomorrow and has many times in the past. If it crashes, your 125K G is worth 60 and your stocks could be half. . Your net worth could take a 100K Hit. On the other hand, buying a cheap G , it will probably not drop below 40 or 50K even in bad times. If you get into real estate ,it is more stable but less liquid. At least balance out your portfolio. Stocks are in a very precarious position right now. Spending over 100% of your annual income is crazy if you are trying to build wealth. Yes it will be fun but it can still be fun without all the risk. My motto is To take any risk you can afford to lose that also has a high return. This is neither.PS I always pay cash for toys. Lee
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Last edited by Lee T; 10-09-2019 at 07:26 PM.
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