Insane to buy a sports car?

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eucalyptus
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Re: Insane to buy a sports car?

Post by eucalyptus » Fri Aug 02, 2019 2:21 pm

Jack FFR1846 wrote:
Fri Aug 02, 2019 2:17 pm
Get a manual, not a flappy paddle, fat American couch cruiser.

Because modern race cars have manual transmissions. :?

investor997
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Re: Insane to buy a sports car?

Post by investor997 » Fri Aug 02, 2019 2:21 pm

whodidntante wrote:
Fri Aug 02, 2019 12:11 pm
Some Tesla fanboi will be along shortly. And someone will suggest a Toyota.
Tesla fanboi reporting in. :)

Seriously, for sportscars in that price range, the only valid choice is a Porsche 911. There are plenty of clean, barely used 991.1 and 991.2 examples to choose from that are in that price range. Let some other guy suffer the first $30K of depreciation.

But take this FWIW: I swapped out my 911 for a Tesla because I could never use the 911 to its true ability. Sports cars like that are only fun on twisty mountain roads far removed from the gridlock of the daily grind. The 911 was frankly miserable in most daily situations (noisy, rough riding, hard to hear people on Bluetooth phone calls, the low nose scrapes driveways everywhere, you're always paranoid about where to park it and traffic is always way too heavy to go fast...).

smitcat
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Re: Insane to buy a sports car?

Post by smitcat » Fri Aug 02, 2019 2:24 pm

Jack FFR1846 wrote:
Fri Aug 02, 2019 2:17 pm
K20 turbo swapped Lotus Elise. Look around at the many that have already been built.

Eat Teslas in Ludicrous mode in the straights....
Eat C8 Corvettes in the corners....

But you'd have to be small enough to fit. I'm 5' 9" and 185 pounds and easily fit.

$50k will easily buy one that's well sorted or build one from any Elise for under $40k.

With your income, just buy what you want. C7 is well in your budget. 911 GT-3 is well within your budget. Get a manual, not a flappy paddle, fat American couch cruiser.
"Eat C8 Corvettes in the corners...."
Yes - just stay in the corners all the time.

"But you'd have to be small enough to fit. I'm 5' 9" and 185 pounds and easily fit."
Yes again - many cars I could never enjoy driving due to the size.

BogleBoogie
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Re: Insane to buy a sports car?

Post by BogleBoogie » Fri Aug 02, 2019 2:27 pm

Your financial situation seems pretty ripe for this purchase, especially given how much joy the car will bring given what you've expressed. Subjectively I would be leaning towards the newly redesigned mid engine Corvette. I've shown my wife plenty of photos of the 2020, but we are not anywhere near where it would be financially responsible.

smitcat
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Re: Insane to buy a sports car?

Post by smitcat » Fri Aug 02, 2019 2:27 pm

misterg wrote:
Fri Aug 02, 2019 12:32 pm
ohai wrote:
Fri Aug 02, 2019 12:27 pm
misterg wrote:
Fri Aug 02, 2019 12:21 pm
ohai wrote:
Fri Aug 02, 2019 12:15 pm
Not crazy, but I don't think you are rich enough to be not considered a douche by others for owning an $80k sports car.
How would anyone know I wasn’t “rich enough” to own an $80k car? I’m not buying a car to please others anyway.

I think I’ve come to peace with the fact that no one will appreciate the car as much as I will— and that haters will always hate.
Obviously, you can do whatever you want, but if you did not want to hear possible counter arguments to your question, then why ask it in the first place?
I do want counter arguments based on financials, not based on “douche factor”.

Counter arguments based on financials....
How much are you regularly saving each year vs how much have you recently inherited?

260chrisb
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Re: Insane to buy a sports car?

Post by 260chrisb » Fri Aug 02, 2019 2:29 pm

JUST DO IT! But first; take your time, do your research, buy used, have PPI done at a qualified independent unless it's under warrantee still, and drive it! It's just a car. If you change your mind you sell it. Cover yourself on the buy in the event you change your mind!!

bhsince87
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Re: Insane to buy a sports car?

Post by bhsince87 » Fri Aug 02, 2019 2:34 pm

Looks like you can afford it, and you'll never know what it's like until you try it.

I had the bug early on, but my interests changed over time. Might have to do with declining testosterone production... :|

But as I got the early retirement bug, I regretted spending some of that money on cars.

I eventually dialed back to a Mustang GT convertible, which I've owned for 12 years now. It's enough to make me happy at this point, and comfy and reliable. But if I hadn't scratched the higher-performance itch earlier, I might still be lusting for more power.

So give it a try!
"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace." Samuel Adams

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FlyAF
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Re: Insane to buy a sports car?

Post by FlyAF » Fri Aug 02, 2019 2:37 pm

I've got a Shelby GT 500 that is a standard transmission. It is not my daily driver, but every now and again I'll drive it to work. Every. Single. Time. that I do as I'm sitting in traffic, I swear that I'll never do it again.

I'd buy, and will be doing so myself, the C8.

Oh, and yes you can afford it.
Last edited by FlyAF on Fri Aug 02, 2019 2:43 pm, edited 1 time in total.

scout80
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Re: Insane to buy a sports car?

Post by scout80 » Fri Aug 02, 2019 2:38 pm

I'll never have one but have dreamed of an Audi R8 - New they are over $150k but used you can get them in the price range of the C8 or the Porsche. Bonus is that it is more unique.

rbaldini
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Re: Insane to buy a sports car?

Post by rbaldini » Fri Aug 02, 2019 2:44 pm

If you are meeting your savings and investment goals, you can spend leftover money on whatever you want. The end.

randomguy
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Re: Insane to buy a sports car?

Post by randomguy » Fri Aug 02, 2019 3:04 pm

cherijoh wrote:
Fri Aug 02, 2019 2:19 pm


I'm sure some people where you work know exactly how much you make. People are often judgmental about conspicuous consumption items.
The problem is that the other half of the population are judgmental about not buying conspicuous consumption items:)

The dude can afford the car. If he wants to spend the money there is a different question. If the car will be remotely fun to drive under the OP driving conditions is another. If you feel like a success when you are rolling along at 5mph in traffic, who am I to disagree?

Personally I am thinking some used 40k porsche is the way to go but your personal balance between performance, luxury and livability might not match mine.

bluebolt
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Re: Insane to buy a sports car?

Post by bluebolt » Fri Aug 02, 2019 3:07 pm

CeeKay1729 wrote:
Fri Aug 02, 2019 12:18 pm
Yes, you can afford it. Do it now because your future kids will kill that dream :wink:
Fixed that for you. :D

Seriously, though. You can afford it if you want. Just be prepared for it to become just a moderately fun way to get around (versus a super-awesome sports car) after a pretty short period of time if it's your daily driver.

Olemiss540
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Re: Insane to buy a sports car?

Post by Olemiss540 » Fri Aug 02, 2019 3:13 pm

911 Carrera S for 40kish. Plenty of sports car and the maintenance will be worth not having to pay daily depreciation costs on a new car!
I hold index funds because I do not overestimate my ability to pick stocks OR stock pickers.

PeterParker
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Re: Insane to buy a sports car?

Post by PeterParker » Fri Aug 02, 2019 3:15 pm

If it were me, I'd be a tad concerned if I would be babying the car constantly, worried about it getting keyed parking it in various areas, etc.

That said, whatever. Go for it. YOLO.
You seem to have more than enough money --- few do --- if someone in your position can't buy such a car, who should?

The only possible better candidate is a young, single rich man who doesn't have a pre-existing girlfriend, so you can really cruise for chicks and a few gold-diggers, but hey. Whatev!

Pu239
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Re: Insane to buy a sports car?

Post by Pu239 » Fri Aug 02, 2019 3:22 pm

misterg wrote:
Fri Aug 02, 2019 12:04 pm
Since I was a kid, I’ve always dreamed of having a sports car. I want to do it in my lifetime. How much longer do I need to wait? Or, can I pull the trigger now? I want a convertible, something FAST and preferably stick shift (dying breed). The new Vette doesn’t have a manual option but it wins in terms of speed/value.

Front runners for cars:
2020 Corvette Stingray (~$80k)
2020 Porsche Boxster Spyder (~98k)

Age: 32
Status: Single, no kids
Income: ~$250k/year pre tax, maxing out 401k, backdoor Roth, and ESPP at work.
Living: Rent 3k/month (HCOL area)
Debt: None
Life insurance: personal $100k (20k cash value) policy plus employer 2X salary benefit
Savings: 750k (80/20 stocks/bonds)
Boxter. Yellow. Do it.
Between the idea And the reality...Between the motion And the act...Falls the Shadow - T. S. Eliot

visualguy
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Re: Insane to buy a sports car?

Post by visualguy » Fri Aug 02, 2019 3:31 pm

Sure, get one, and get it out of your system! Honestly, these aren't good as only-vehicles, and many (like me) don't find it worthwhile to own them when the novelty wears off, but these are things that you need to find out for yourself by actually going through the experience - no shortcuts possible :wink:

JackoC
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Re: Insane to buy a sports car?

Post by JackoC » Fri Aug 02, 2019 3:37 pm

MotoTrojan wrote:
Fri Aug 02, 2019 12:26 pm
Why buy one brand new and have a massive depreciation?

If you want fast, classic, and manual you could get a 996 Turbo for $30-$40K.
That's one alternative. Another would be new fast cars at least a little cheaper than $80-100k, though % depreciation is going to higher for new cars than used ones, no doubt about it. But money, once you've met basic needs and given to others what you decide is appropriate, is for what you like. I like new cars. But a used high performance car is a worthwhile suggestion to think about in general.

As another post mentioned, threads like this are also a chance to mention my car: BMW M2 was ~$60k new but a very fun car IMO, a fairly serious car in cornering ability, and not slow*. But of course there are fun new 30k (and less) cars, as well as $60k used cars superior in performance to an M2.

One other note is that $80k for 2020 C8 seems realistic given starting price for most basic variant said to be around $60k. But $98k is the announced starting price for Boxster Spyder. If buying from dealer stock you'll rarely see MSRP on Porsche sports cars close to starting price, and not usually if you pick the options you like on 'build you own' page and order it. Not that I'd buy a totally new model from GM in its first year though. Maybe from Porsche.

As a general statement, I would also say I should have spent more on cars when I was OP's age. Financially if this is *the* extravagance, not this and lots of other stuff, it's fine IMO.

*Boxster Spyder based on quick Googling is quoted 4.2 sec 0-60, 12.4 sec quarter mile, my (ie 2018) M2 has been tested 4.2 or a little lower, most 1/4 mile tests a little higher. Current M2C is quicker. M2 with DCT though, you lose 0.1's with manual. Also the M2 is particularly quick at low speed, cars with more power/weight, Spyder or the other M cars for that matter, eventually pull away. But then it's the question w/ all fast cars: are you going to track it and if not, how legally are you going to drive? Some would say that's the reason <$30k (even new) fun quick cars are all you need.

tesuzuki2002
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Re: Insane to buy a sports car?

Post by tesuzuki2002 » Fri Aug 02, 2019 3:51 pm

YES!!! BUY THE CAR!!

BruDude
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Re: Insane to buy a sports car?

Post by BruDude » Fri Aug 02, 2019 3:53 pm

I would give it a year or two on the C8 so you can get one for 20% off instead of paying MSRP and losing your shirt when you sell it. There will inevitably be some first-year model run issues too. The Boxster Spyder will probably cost you $120-130k with the desirable options, always expect a Porsche to cost 20-30% more than MSRP with options factored in (sometimes 50-60% more when people go nuts on the options list), there are literally hundreds of options on a Porsche when buying new. You would also likely have to pay additional markup on a Spyder and put yourself on a waiting list at multiple dealers to get a slot. I would suggest doing A LOT of research on Porsche GT cars before going down that path, it is a very interesting/strange market and you really need to know your stuff to tick the right options and not get royally screwed in the purchase process.

My suggestion - if you can afford $100k, check out a 2014-2016 911 GT3. They are dipping into the low $100k range. It's not a convertible but it is absolutely unbelievable car, they hold resale value incredibly well, and it's the only high performance car you can buy with a 10 year 120k mile engine warranty (yes, you read that right, 10 years 120k miles). I have a 2014 and the warranty ends in October 2024, so I will probably drive it until 2023 and then sell it while it still has a warranty year left. I would be very surprised if non-salvage GT3's dip under $90k any time soon, the car just has such a high demand at that price point that the value will always hold. Even a 10 year old GT3 can still be $100k or more. Never has a car put a smile on my face every time I drive it like the GT3, it's just amazing in every way. IMO, it is also the best looking car on the road under $150k.


If you can't afford a GT3, check out the 991.1 generation of 911S and GTS cars, and the 981 generation Cayman GTS, GT4, and Boxster Spyder. All fantastic cars, all within your price range. But DO YOUR RESEARCH! Once you go Porsche, you won't want to go back to anything else. BMW/Audi/Mercedes are all garbage in comparison, a loaded Porsche with full leather interior will feel like it's in a totally different class of luxury and performance compared to the other Germans.

MotoTrojan
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Re: Insane to buy a sports car?

Post by MotoTrojan » Fri Aug 02, 2019 4:04 pm

Can you really be sure to get a C8 at MSRP even? I seem to recall the Shelby GT350 having a reasonable MSRP but due to demand they were selling for far above that price; perhaps a more rare breed though.

Trader Joe
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Re: Insane to buy a sports car?

Post by Trader Joe » Fri Aug 02, 2019 4:09 pm

misterg wrote:
Fri Aug 02, 2019 12:04 pm
Since I was a kid, I’ve always dreamed of having a sports car. I want to do it in my lifetime. How much longer do I need to wait? Or, can I pull the trigger now? I want a convertible, something FAST and preferably stick shift (dying breed). The new Vette doesn’t have a manual option but it wins in terms of speed/value.

Front runners for cars:
2020 Corvette Stingray (~$80k)
2020 Porsche Boxster Spyder (~98k)

Age: 32
Status: Single, no kids
Income: ~$250k/year pre tax, maxing out 401k, backdoor Roth, and ESPP at work.
Living: Rent 3k/month (HCOL area)
Debt: None
Life insurance: personal $100k (20k cash value) policy plus employer 2X salary benefit
Savings: 750k (80/20 stocks/bonds)
If you can afford it you should do it. Life is short. I do recommend renting first to try it out, if possible. I love convertibles as well, but the sun and smog on the freeways prevent me from buying my own.

Topic Author
misterg
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Re: Insane to buy a sports car?

Post by misterg » Fri Aug 02, 2019 4:11 pm

cherijoh wrote:
Fri Aug 02, 2019 2:19 pm
misterg wrote:
Fri Aug 02, 2019 12:21 pm
ohai wrote:
Fri Aug 02, 2019 12:15 pm
Not crazy, but I don't think you are rich enough to be not considered a douche by others for owning an $80k sports car.
How would anyone know I wasn’t “rich enough” to own an $80k car? I’m not buying a car to please others anyway.

I think I’ve come to peace with the fact that no one will appreciate the car as much as I will— and that haters will always hate.
I'm sure some people where you work know exactly how much you make. People are often judgmental about conspicuous consumption items.
@cherijoh I totally agree. Definitely food for thought— maybe get tints so no one can see who is inside!

stoptothink
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Re: Insane to buy a sports car?

Post by stoptothink » Fri Aug 02, 2019 4:15 pm

MotoTrojan wrote:
Fri Aug 02, 2019 4:04 pm
Can you really be sure to get a C8 at MSRP even? I seem to recall the Shelby GT350 having a reasonable MSRP but due to demand they were selling for far above that price; perhaps a more rare breed though.
They'll be making about 8x more C8s a year than they do GT350s. It's certainly realistic to get a C8 for MSRP once the release hype goes down a bit.

BruDude
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Re: Insane to buy a sports car?

Post by BruDude » Fri Aug 02, 2019 4:16 pm

MotoTrojan wrote:
Fri Aug 02, 2019 4:04 pm
Can you really be sure to get a C8 at MSRP even? I seem to recall the Shelby GT350 having a reasonable MSRP but due to demand they were selling for far above that price; perhaps a more rare breed though.
Yes, there are plenty of dealers on corvetteforum offering at MSRP

dalbright
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Re: Insane to buy a sports car?

Post by dalbright » Fri Aug 02, 2019 4:32 pm

Buy both for diversification purposes!

Bacchus01
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Re: Insane to buy a sports car?

Post by Bacchus01 » Fri Aug 02, 2019 4:44 pm

MotoTrojan wrote:
Fri Aug 02, 2019 4:04 pm
Can you really be sure to get a C8 at MSRP even? I seem to recall the Shelby GT350 having a reasonable MSRP but due to demand they were selling for far above that price; perhaps a more rare breed though.

You absolutely will get it st MSRP. The largest dealers are all taking deposits at MSRP. If a dealer is charging over that, walk away quickly.

Bacchus01
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Re: Insane to buy a sports car?

Post by Bacchus01 » Fri Aug 02, 2019 4:48 pm

azanon wrote:
Fri Aug 02, 2019 2:39 pm
misterg wrote:
Fri Aug 02, 2019 12:32 pm
ohai wrote:
Fri Aug 02, 2019 12:27 pm
misterg wrote:
Fri Aug 02, 2019 12:21 pm
ohai wrote:
Fri Aug 02, 2019 12:15 pm
Not crazy, but I don't think you are rich enough to be not considered a douche by others for owning an $80k sports car.
How would anyone know I wasn’t “rich enough” to own an $80k car? I’m not buying a car to please others anyway.

I think I’ve come to peace with the fact that no one will appreciate the car as much as I will— and that haters will always hate.
Obviously, you can do whatever you want, but if you did not want to hear possible counter arguments to your question, then why ask it in the first place?
I do want counter arguments based on financials, not based on “douche factor”.
If you're willing to be more frugal and can settle for close to the 40K range, if "douche factor" is absolutely zero concern as you're suggesting (ohai's words not mine, I'm too scared of the mods), then get a Civic Type-R. I understand the car is incredible to drive on a track, and should give you all kinds of fun. But some might think of feminine hygiene products if you're seen driving it?

Now if you do care about that (I definitely do at 47 as a supervisor Fed, so no Type-R for me), I'd recommend the Golf R. It'll come with AWD, ~ 300HP, and can get it with a dual-clutch transmission. And if it's not enough horsepower, you can tune it with APR/Unitronics, and get that in the 400-500HP range. But to most people, it'll just look like a Golf. So total stealth fun.
Whatever you do, don’t do this.

TomCat96
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Re: Insane to buy a sports car?

Post by TomCat96 » Fri Aug 02, 2019 4:56 pm

misterg wrote:
Fri Aug 02, 2019 12:04 pm
Since I was a kid, I’ve always dreamed of having a sports car. I want to do it in my lifetime. How much longer do I need to wait? Or, can I pull the trigger now? I want a convertible, something FAST and preferably stick shift (dying breed). The new Vette doesn’t have a manual option but it wins in terms of speed/value.

Front runners for cars:
2020 Corvette Stingray (~$80k)
2020 Porsche Boxster Spyder (~98k)

Age: 32
Status: Single, no kids
Income: ~$250k/year pre tax, maxing out 401k, backdoor Roth, and ESPP at work.
Living: Rent 3k/month (HCOL area)
Debt: None
Life insurance: personal $100k (20k cash value) policy plus employer 2X salary benefit
Savings: 750k (80/20 stocks/bonds)
Money is meant to be used. Do it.

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LadyGeek
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Re: Insane to buy a sports car?

Post by LadyGeek » Fri Aug 02, 2019 5:05 pm

This thread is now in the Personal Consumer Issues forum (car).
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02nz
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Re: Insane to buy a sports car?

Post by 02nz » Fri Aug 02, 2019 6:10 pm

I don't think it's insane to buy a sports car, and the OP has the means to afford it.

But most sports cars are really impractical vehicles - aside from operating costs, they tend to sit very low, entry/exit and visibility are problematic. They have very stiff rides and are noisy. They have very little space for passengers and cargo. And very little of their performance can be used (without incurring many tickets) on public roads. I'd rather have a practical but fun-driving car (whether a slow-ish one like the Mazda3 or something faster like the BMW 3 Series, VW GTI, or Tesla Model 3/S) that I can live with day-to-day.

I rented a Porsche in Germany for a day. A Porsche is probably one of the nicest-riding, easiest-to-live-with sports cars out there. The ride and noise still got old very quickly - and this on Germany's (pristine, compared to U.S.) roads.

visualguy
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Re: Insane to buy a sports car?

Post by visualguy » Fri Aug 02, 2019 6:31 pm

02nz wrote:
Fri Aug 02, 2019 6:10 pm
I don't think it's insane to buy a sports car, and the OP has the means to afford it.

But most sports cars are really impractical vehicles - aside from operating costs, they tend to sit very low, entry/exit and visibility are problematic. They have very stiff rides and are noisy. They have very little space for passengers and cargo. And very little of their performance can be used (without incurring many tickets) on public roads. I'd rather have a practical but fun-driving car (whether a slow-ish one like the Mazda3 or something faster like the BMW 3 Series, VW GTI, or Tesla Model 3/S) that I can live with day-to-day.

I rented a Porsche in Germany for a day. A Porsche is probably one of the nicest-riding, easiest-to-live-with sports cars out there. The ride and noise still got old very quickly - and this on Germany's (pristine, compared to U.S.) roads.
+1

Excellent advice. I have the same experience. I found sports cars good only for special-occasion driving, and for looking at in the garage. It wasn't worth the hassle and expense to me - wasn't getting much use after a short new-toy period. A sporty sedan was a much better fit. However, some people do truly love sports cars, so their perspective is different.

azanon
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Re: Insane to buy a sports car?

Post by azanon » Fri Aug 02, 2019 6:33 pm

Bacchus01 wrote:
Fri Aug 02, 2019 4:48 pm
azanon wrote:
Fri Aug 02, 2019 2:39 pm
misterg wrote:
Fri Aug 02, 2019 12:32 pm
ohai wrote:
Fri Aug 02, 2019 12:27 pm
misterg wrote:
Fri Aug 02, 2019 12:21 pm


How would anyone know I wasn’t “rich enough” to own an $80k car? I’m not buying a car to please others anyway.

I think I’ve come to peace with the fact that no one will appreciate the car as much as I will— and that haters will always hate.
Obviously, you can do whatever you want, but if you did not want to hear possible counter arguments to your question, then why ask it in the first place?
I do want counter arguments based on financials, not based on “douche factor”.
If you're willing to be more frugal and can settle for close to the 40K range, if "douche factor" is absolutely zero concern as you're suggesting (ohai's words not mine, I'm too scared of the mods), then get a Civic Type-R. I understand the car is incredible to drive on a track, and should give you all kinds of fun. But some might think of feminine hygiene products if you're seen driving it?

Now if you do care about that (I definitely do at 47 as a supervisor Fed, so no Type-R for me), I'd recommend the Golf R. It'll come with AWD, ~ 300HP, and can get it with a dual-clutch transmission. And if it's not enough horsepower, you can tune it with APR/Unitronics, and get that in the 400-500HP range. But to most people, it'll just look like a Golf. So total stealth fun.
Whatever you do, don’t do this.
Don't do what, exactly? I listed the 2 best hot hatches in the 40K range.
Last edited by azanon on Fri Aug 02, 2019 6:42 pm, edited 1 time in total.

azanon
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Re: Insane to buy a sports car?

Post by azanon » Fri Aug 02, 2019 6:48 pm

Bacchus01 wrote:
Fri Aug 02, 2019 12:15 pm
I’m buying a C8 myself. Picking up a C7Z06 with low miles would also check all the boxes.
You should be able to get a good price on that C8 cause you'll be one of the few that actually wants one. As I understand it, about half of the Corvette community is very upset at that new design where Chevrolet seems to have been trying to design a Ferrari knockoff, and it looks like Donald Trump designed that wall between the two front seats. And a Corvette almost by definition is front-engine.

visualguy
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Re: Insane to buy a sports car?

Post by visualguy » Fri Aug 02, 2019 7:06 pm

azanon wrote:
Fri Aug 02, 2019 6:48 pm
Bacchus01 wrote:
Fri Aug 02, 2019 12:15 pm
I’m buying a C8 myself. Picking up a C7Z06 with low miles would also check all the boxes.
You should be able to get a good price on that C8 cause you'll be one of the few that actually wants one. As I understand it, about half of the Corvette community is very upset at that new design where Chevrolet seems to have been trying to design a Ferrari knockoff, and it looks like Donald Trump designed that wall between the two front seats. And a Corvette almost by definition is front-engine.
The interior design in general, and particularly that tall claustrophobia-inducing center console/wall would indeed kill it for me if I was in the market for a sports car. A general peeve of mine is that US car makers somehow can't seem to design their cars 100% right. Much of the car may be great, but they always have to mess up something, so you get, say, 80% of what things should be, but never close to 100%. It's the same with Cadillac.

Topic Author
misterg
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Joined: Fri Sep 29, 2017 8:15 pm

Re: Insane to buy a sports car?

Post by misterg » Fri Aug 02, 2019 7:43 pm

smitcat wrote:
Fri Aug 02, 2019 2:27 pm
misterg wrote:
Fri Aug 02, 2019 12:32 pm
ohai wrote:
Fri Aug 02, 2019 12:27 pm
misterg wrote:
Fri Aug 02, 2019 12:21 pm
ohai wrote:
Fri Aug 02, 2019 12:15 pm
Not crazy, but I don't think you are rich enough to be not considered a douche by others for owning an $80k sports car.
How would anyone know I wasn’t “rich enough” to own an $80k car? I’m not buying a car to please others anyway.

I think I’ve come to peace with the fact that no one will appreciate the car as much as I will— and that haters will always hate.
Obviously, you can do whatever you want, but if you did not want to hear possible counter arguments to your question, then why ask it in the first place?
I do want counter arguments based on financials, not based on “douche factor”.

Counter arguments based on financials....
How much are you regularly saving each year vs how much have you recently inherited?
Currently saving ~$90k cash per year

smitcat
Posts: 4633
Joined: Mon Nov 07, 2016 10:51 am

Re: Insane to buy a sports car?

Post by smitcat » Sat Aug 03, 2019 5:29 am

azanon wrote:
Fri Aug 02, 2019 6:48 pm
Bacchus01 wrote:
Fri Aug 02, 2019 12:15 pm
I’m buying a C8 myself. Picking up a C7Z06 with low miles would also check all the boxes.
You should be able to get a good price on that C8 cause you'll be one of the few that actually wants one. As I understand it, about half of the Corvette community is very upset at that new design where Chevrolet seems to have been trying to design a Ferrari knockoff, and it looks like Donald Trump designed that wall between the two front seats. And a Corvette almost by definition is front-engine.

"You should be able to get a good price on that C8 cause you'll be one of the few that actually wants one'
The 2020 corvette is nearly sold out for the year - it will certainly be sold out before the 1st one is delivered.

"As I understand it, about half of the Corvette community is very upset at that new design"
Which is what happened at every new model release - then most buy the new model within the next 3-4 years.

smitcat
Posts: 4633
Joined: Mon Nov 07, 2016 10:51 am

Re: Insane to buy a sports car?

Post by smitcat » Sat Aug 03, 2019 5:31 am

misterg wrote:
Fri Aug 02, 2019 7:43 pm
smitcat wrote:
Fri Aug 02, 2019 2:27 pm
misterg wrote:
Fri Aug 02, 2019 12:32 pm
ohai wrote:
Fri Aug 02, 2019 12:27 pm
misterg wrote:
Fri Aug 02, 2019 12:21 pm


How would anyone know I wasn’t “rich enough” to own an $80k car? I’m not buying a car to please others anyway.

I think I’ve come to peace with the fact that no one will appreciate the car as much as I will— and that haters will always hate.
Obviously, you can do whatever you want, but if you did not want to hear possible counter arguments to your question, then why ask it in the first place?
I do want counter arguments based on financials, not based on “douche factor”.

Counter arguments based on financials....
How much are you regularly saving each year vs how much have you recently inherited?
That is fantastic especially at 32.
How many years have you been saving near this amount?
When might you be intending to get married and when might you be intending to purchase a home?
Currently saving ~$90k cash per year

azanon
Posts: 2632
Joined: Mon Nov 07, 2011 10:34 am

Re: Insane to buy a sports car?

Post by azanon » Sat Aug 03, 2019 6:42 am

smitcat wrote:
Sat Aug 03, 2019 5:29 am
azanon wrote:
Fri Aug 02, 2019 6:48 pm
Bacchus01 wrote:
Fri Aug 02, 2019 12:15 pm
I’m buying a C8 myself. Picking up a C7Z06 with low miles would also check all the boxes.
You should be able to get a good price on that C8 cause you'll be one of the few that actually wants one. As I understand it, about half of the Corvette community is very upset at that new design where Chevrolet seems to have been trying to design a Ferrari knockoff, and it looks like Donald Trump designed that wall between the two front seats. And a Corvette almost by definition is front-engine.

"You should be able to get a good price on that C8 cause you'll be one of the few that actually wants one'
The 2020 corvette is nearly sold out for the year - it will certainly be sold out before the 1st one is delivered.

"As I understand it, about half of the Corvette community is very upset at that new design"
Which is what happened at every new model release - then most buy the new model within the next 3-4 years.
.... according to GM's marketing department. And even if true, let's qualify that - that's based on a conservative/pessimistic planned production of ~ 30K units. Vettes sales have been struggling and are going down the path of the Camaro which I understand won't be produced after another 2-3 years or so.

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Sandtrap
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Re: Insane to buy a sports car?

Post by Sandtrap » Sat Aug 03, 2019 6:55 am

misterg wrote:
Fri Aug 02, 2019 12:04 pm
Since I was a kid, I’ve always dreamed of having a sports car. I want to do it in my lifetime. How much longer do I need to wait? Or, can I pull the trigger now? I want a convertible, something FAST and preferably stick shift (dying breed). The new Vette doesn’t have a manual option but it wins in terms of speed/value.

Front runners for cars:
2020 Corvette Stingray (~$80k)
2020 Porsche Boxster Spyder (~98k)

Age: 32
Status: Single, no kids
Income: ~$250k/year pre tax, maxing out 401k, backdoor Roth, and ESPP at work.
Living: Rent 3k/month (HCOL area)
Debt: None
Life insurance: personal $100k (20k cash value) policy plus employer 2X salary benefit
Savings: 750k (80/20 stocks/bonds)
Considerations:
1. You seem committed. But, do it sensibly. Purchase a used, or used classic. There's no sense in being the first buyer with the depreciation hit.
2. Your car insurance will go to the moon. Be prepared. Have you gotten estimates?
3. What do you drive now? Will this be an "only car"? What will you drive when it is in the shop? Do you have 2 covered secure reserved parking spaces?
4. Yes. There is are windows in the stages of life where doing something like this is financially doable and where one's time and lack of other big commitments (family,wife,kids,dog,mortgage,yard work,chores,new baby,new HELOC) do not make it as enjoyable. Actionably, you may own it for a certain period of time. So be sure that it is easy to resell for a reasonable price when you decide to do that.
5. Financially, because of your income stream, you can absorb the costs over time without intruding on your savings and other life expenses. So, buy it.
6. Did you price a lease? Short term? 3 year? Etc?

*Requirement: you must post a picture as well as specs of this new toy when you get it so those here unwilling or unable to afford such a toy can enjoy it vicariously through you.

Have fun with your new toy.
j
Last edited by Sandtrap on Sat Aug 03, 2019 7:09 am, edited 1 time in total.
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smitcat
Posts: 4633
Joined: Mon Nov 07, 2016 10:51 am

Re: Insane to buy a sports car?

Post by smitcat » Sat Aug 03, 2019 7:04 am

azanon wrote:
Sat Aug 03, 2019 6:42 am
smitcat wrote:
Sat Aug 03, 2019 5:29 am
azanon wrote:
Fri Aug 02, 2019 6:48 pm
Bacchus01 wrote:
Fri Aug 02, 2019 12:15 pm
I’m buying a C8 myself. Picking up a C7Z06 with low miles would also check all the boxes.
You should be able to get a good price on that C8 cause you'll be one of the few that actually wants one. As I understand it, about half of the Corvette community is very upset at that new design where Chevrolet seems to have been trying to design a Ferrari knockoff, and it looks like Donald Trump designed that wall between the two front seats. And a Corvette almost by definition is front-engine.

"You should be able to get a good price on that C8 cause you'll be one of the few that actually wants one'
The 2020 corvette is nearly sold out for the year - it will certainly be sold out before the 1st one is delivered.

"As I understand it, about half of the Corvette community is very upset at that new design"
Which is what happened at every new model release - then most buy the new model within the next 3-4 years.
.... according to GM's marketing department. And even if true, let's qualify that - that's based on a conservative/pessimistic planned production of ~ 30K units. Vettes sales have been struggling and are going down the path of the Camaro which I understand won't be produced after another 2-3 years or so.
As I posted - they are selling very fast. In much more volume then most any of the other cars typically associated with this category.
With your thoughts I am curious which of the past corvette series have you owned? (C1/C2/C3/C4/C5/C6/C7))

smitcat
Posts: 4633
Joined: Mon Nov 07, 2016 10:51 am

Re: Insane to buy a sports car?

Post by smitcat » Sat Aug 03, 2019 7:06 am

Sandtrap wrote:
Sat Aug 03, 2019 6:55 am
misterg wrote:
Fri Aug 02, 2019 12:04 pm
Since I was a kid, I’ve always dreamed of having a sports car. I want to do it in my lifetime. How much longer do I need to wait? Or, can I pull the trigger now? I want a convertible, something FAST and preferably stick shift (dying breed). The new Vette doesn’t have a manual option but it wins in terms of speed/value.

Front runners for cars:
2020 Corvette Stingray (~$80k)
2020 Porsche Boxster Spyder (~98k)

Age: 32
Status: Single, no kids
Income: ~$250k/year pre tax, maxing out 401k, backdoor Roth, and ESPP at work.
Living: Rent 3k/month (HCOL area)
Debt: None
Life insurance: personal $100k (20k cash value) policy plus employer 2X salary benefit
Savings: 750k (80/20 stocks/bonds)
Considerations:
1. You seem committed. But, do it sensibly. Purchase a used, or used classic. There's no sense in being the first buyer with the depreciation hit.
2. Your car insurance will go to the moon. Be prepared. Have you gotten estimates?
3. What do you drive now? Will this be an "only car"? What will you drive when it is in the shop? Do you have 2 covered secure reserved parking spaces?
4. Yes. There is are windows in the stages of life where doing something like this is financially doable and where one's time and lack of other big commitments (family,wife,kids,dog,mortgage,yard work,chores,new baby,new HELOC) do not make it as enjoyable. Actionably, you may own it for a certain period of time. So be sure that it is easy to resell for a reasonable price when you decide to do that.
5. Financially, because of your income stream, you can absorb the costs over time without intruding on your savings and other life expenses. So, buy it.

*Requirement: you must post a picture as well as specs of this new toy when you get it so those here unwilling or unable to afford such a toy can enjoy it vicariously through you.

Have fun with your new toy.
j
"2. Your car insurance will go to the moon. Be prepared. Have you gotten estimates?"
FWIW - that has not been my experience but perhaps different areas and different drivers make it so.

dmk395
Posts: 88
Joined: Sat Dec 30, 2017 9:13 am

Re: Insane to buy a sports car?

Post by dmk395 » Sat Aug 03, 2019 7:30 am

With your savings and income I'd say buy it, cash! However I'd also up your liability insurance and maybe even an umbrella policy (to be responsible) ha

Jack FFR1846
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Re: Insane to buy a sports car?

Post by Jack FFR1846 » Sat Aug 03, 2019 9:35 am

smitcat wrote:
Sat Aug 03, 2019 7:06 am
"2. Your car insurance will go to the moon. Be prepared. Have you gotten estimates?"
FWIW - that has not been my experience but perhaps different areas and different drivers make it so.
Doesn't necessarily go to the moon. My Elise insurance cost $700 a year for full coverage and high liability. Talk with your insurance agent and find out first, so you know for sure.
Bogle: Smart Beta is stupid

dbr
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Joined: Sun Mar 04, 2007 9:50 am

Re: Insane to buy a sports car?

Post by dbr » Sat Aug 03, 2019 11:00 am

The only thing wrong with your post is thinking you need approval from a bunch of us idiots on the Internet. Seriously. Bogleheads is not about how people should live their lives.

stoptothink
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Re: Insane to buy a sports car?

Post by stoptothink » Sat Aug 03, 2019 12:28 pm

dbr wrote:
Sat Aug 03, 2019 11:00 am
The only thing wrong with your post is thinking you need approval from a bunch of us idiots on the Internet. Seriously. Bogleheads is not about how people should live their lives.
The "can I afford this house" threads are one thing, but IMO most of these "can I afford this car" threads are thinly-veiled humblebrags.

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Doom&Gloom
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Re: Insane to buy a sports car?

Post by Doom&Gloom » Sat Aug 03, 2019 12:53 pm

dbr wrote:
Sat Aug 03, 2019 11:00 am
The only thing wrong with your post is thinking you need approval from a bunch of us idiots on the Internet. Seriously. Bogleheads is not about how people should live their lives.
Preach it, brother!

OP, decide on a car you'll enjoy and buy it at a good price. Zoom Zoom Zoom!

wrongfunds
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Re: Insane to buy a sports car?

Post by wrongfunds » Sat Aug 03, 2019 1:03 pm

stoptothink wrote:
Sat Aug 03, 2019 12:28 pm
dbr wrote:
Sat Aug 03, 2019 11:00 am
The only thing wrong with your post is thinking you need approval from a bunch of us idiots on the Internet. Seriously. Bogleheads is not about how people should live their lives.
The "can I afford this house" threads are one thing, but IMO most of these "can I afford this car" threads are thinly-veiled humblebrags.
Unless proven otherwise, most posts in this forum are humblebrag of one type or another. Proof? Wait until the next "is it dangerous to keep $7,000,000 in unmarked bills under my bed to avoid the upcoming negative interest rate" type of topic to pop up

tim1999
Posts: 3635
Joined: Tue Dec 16, 2008 7:16 am

Re: Insane to buy a sports car?

Post by tim1999 » Sat Aug 03, 2019 1:39 pm

stoptothink wrote:
Sat Aug 03, 2019 12:28 pm

The "can I afford this house" threads are one thing, but IMO most of these "can I afford this car" threads are thinly-veiled humblebrags.
Agreed.

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Sandtrap
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Location: Hawaii No Ka Oi , N. Arizona

Re: Insane to buy a sports car?

Post by Sandtrap » Sat Aug 03, 2019 1:50 pm

misterg wrote:
Fri Aug 02, 2019 12:04 pm
Since I was a kid, I’ve always dreamed of having a sports car. I want to do it in my lifetime. How much longer do I need to wait? Or, can I pull the trigger now? I want a convertible, something FAST and preferably stick shift (dying breed). The new Vette doesn’t have a manual option but it wins in terms of speed/value.

Front runners for cars:
2020 Corvette Stingray (~$80k)
2020 Porsche Boxster Spyder (~98k)

Age: 32
Status: Single, no kids
Income: ~$250k/year pre tax, maxing out 401k, backdoor Roth, and ESPP at work.
Living: Rent 3k/month (HCOL area)
Debt: None
Life insurance: personal $100k (20k cash value) policy plus employer 2X salary benefit
Savings: 750k (80/20 stocks/bonds)
Is this what you are considering?
Image
Wiki Bogleheads Wiki: Everything You Need to Know

bstewie
Posts: 150
Joined: Wed Oct 04, 2017 8:16 pm

Re: Insane to buy a sports car?

Post by bstewie » Sat Aug 03, 2019 2:09 pm

OP, I would do it and have done it. Will made a comment about tires, keep his comment in mind. If you are enjoying the car you’re talking tires every 10k. If you’re REALLY enjoying it, even more often. My main concern as a renter would be lack of ability to own it in an environment where I could provide it proper care.

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