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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.
I was using half your annual income based on the current median household income and the average price of a new car. I was being very conservative by saying half.
Median household income = $51,017
Average price of a new car = $31,252
I was using half your annual income based on the current median household income and the average price of a new car. I was being very conservative by saying half.
Median household income = $51,017
Average price of a new car = $31,252
What a bunch of num nums. The guy comes to the frugal board, because anyone else who doesn't practice frugality as a way of life may think he's nuts weighing whether to spend $57,000 on a used Porsche, when he has $1,500,000 accumulated. I guess he thought this board might relate better to his hesitation to spend that much money.
Guess he was wrong. You got him suffering from some mental disorder now. He was undoubtedly going through the self argument phase of making a big purchase, and wanted to hear opinions from others who do not spend money frivolously. It's probably good to suffer from some anxiety before making a large purchase. Most responsible people do. Just some more so than others.
He doesn't need your opinion, he just thought he might consider what others had to say before making his decision, because he probably understands the value of money better than the average Joe.
Tell me who hasn't struggled with purchasing a "want" as opposed to a need when you could well afford it. I agonized over two weeks before buying another lousy $229 Nexus tablet, because I had two all ready (earlier tablets) and didn't really need a third, and I have more than enough money. I changed my mind at least a dozen times in those two weeks before hitting the Buy Botton.
Last edited by modhatter; 08-18-2014 at 05:10 PM..
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.
Hi, I was having a similar problem. I am a Nigerian prince with an enormous amount of wealth. I wasn't sure if I could afford a Toyota Corolla junker with 100K miles on it, or whether I should go for a New Dheli-style rickshaw cart instead. I am an expert in financial investment, yet I need the opinion of strangers on the internet to determine what to do here. What do you guys think?
I was using half your annual income based on the current median household income and the average price of a new car. I was being very conservative by saying half.
Median household income = $51,017
Average price of a new car = $31,252
Hi, I was having a similar problem. I am a Nigerian prince with an enormous amount of wealth. I wasn't sure if I could afford a Toyota Corolla junker with 100K miles on it, or whether I should go for a New Dheli-style rickshaw cart instead. I am an expert in financial investment, yet I need the opinion of strangers on the internet to determine what to do here. What do you guys think?
OP, you seem like a nice guy, so I'd like to suggest you read a book entitled, The Millionaire Next Door by Thomas J. Stanley and William D. Danko. If you follow the advice in this book you will be set for life and possibly be able to retire early. It might also give you some insights about this car situation. I know fancy cars are important to young guys in LA, but your future well being is important, as well. Best wishes.
buy it. if you get bored, sell it and chalk it up as an experience...
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