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If you live in the city, it doesn't make sense to own a car. IF I HAVE THAT MONEY though with no income and I need a car, I would just buy a decent used car.
Hi, I dont have a steady job at the moment. I'm a day trader and have made about 1.5 million in cash.
I dont own a car at the moment, and was wondering how much money should I spend on a car?
I've been looking at a Porsche Carrera 2007, it is $56k with about 16k miles and with a Certified Pre-Owned rating from the official Porsche dealership.
Is this too much? I originally had a deposit on a 70k out the door Porsche Macan but got scared that I was over-reaching and had them refund me the deposit.
What do you guys think? I've been wasting a lot of time on this decision.
I think the issue is the huge debt you have collected and keep collecting each month. Not to mention taxes!
In this case, I think you should only buy a new car when you are settled and need a new car. Sounds like you want one (but not really need).
If you don't care for the drivel I just wrote above, buy newer (2012/2013) certified benz or BWM with warranty left on it for around 45k and live with that until the warranty runs out and then see if your financial picture is stable enough to buy a 70k car that you really want.
And build a budget.. get books, classes at community colleges, or online and learn about budgets and money. Making money and keeping it are two different things.
That's not my definition of decent used car. LOL. I am talking about, hyundai, mazda, or even my car MINI. You can buy them for less than $25k even new. MY MINI is new when I bought it and it was less than $25k new.
Can you link me where you learn about day trading? And how you earn a million? I have some money I can day trade.
When I had 125,000, I had no transportation whatsoever and I spent 4,000 on a Scooter which was roughly 3.2% of my net worth at the time.
I have a little more liquidity now and would like to at least have a safer mode of transportation. I think a 2 seat sports car is fine because I did alright on a scooter. Not having a lot of trunk space should not be an issue. And I am using the same ratio.
61,000/1,500,000 = ~4%
Slightly higher multiple but 1% is fine. Is this an okay way of looking at it? At the same time I want to be frugal but also, I've spent a lot of time thinking about it and I'm at the point where the psychological time wasted is starting to outweigh spending slightly more on the car and getting back to work (daytrading).
I would look at this purchase based on your income and not on your capital. If it were me purchasing a new car I would not spend more than half my yearly gross income on a vehicle. If you were earning 140k per year then a 70,000 dollar car would not be unreasonable.
HALF your annual gross on a CAR??!! Wow. My last car cost me 15% of my annual gross (bought new -- I buy new and keep them forever) ... I got a 5-year loan with a silly-low interest rate and paid it off in half that time. I cannot fathom spending half my annual gross on a car.
To the OP: hmmm ... no job but you've day-traded your way to 1.5 million ... but you live with your mom and don't pay her any rent. Yep, all this is totally believable.
Buy a used Hyundai, get a job, and start paying some rent.
Are you saying im being a complete moron and $56k is meaningless to me and that i should just get the car?
Really. Is that what you got from my post? No, what I am saying is that this sounds totally unbelievable. But let's play along and pretend it is true.
You have 1.5M; did you make all that money this year? If not have you paid taxes before? Do you have an apartment or a place to live on your own? Either way, that would imply that you know how to do basic math and don't need strangers to tell you if you can afford a car or not.
If you made this money very recently and you are living with your parents, then you ought go talk to them. They might also advise you that before you do anything, you go see a tax accountant.
Hi, I dont have a steady job at the moment. I'm a day trader and have made about 1.5 million in cash.
I dont own a car at the moment, and was wondering how much money should I spend on a car?
I've been looking at a Porsche Carrera 2007, it is $56k with about 16k miles and with a Certified Pre-Owned rating from the official Porsche dealership.
Is this too much? I originally had a deposit on a 70k out the door Porsche Macan but got scared that I was over-reaching and had them refund me the deposit.
What do you guys think? I've been wasting a lot of time on this decision.
Quote:
Originally Posted by blktoptrvl
Really. Is that what you got from my post? No, what I am saying is that this sounds totally unbelievable. But let's play along and pretend it is true.
You have 1.5M; did you make all that money this year? If not have you paid taxes before? Do you have an apartment or a place to live on your own? Either way, that would imply that you know how to do basic math and don't need strangers to tell you if you can afford a car or not.
If you made this money very recently and you are living with your parents, then you ought go talk to them. They might also advise you that before you do anything, you go see a tax accountant.
Thank you.
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