car choice
 

After your financial status have become stable (bought house, no student loan, 1 kid) and making $150-200k a year, what would you do? Assuming that your wife loves car too.

15 years plan

1. Buy ONE of your dream cars (under $120k, in my case GT3), keep it 15 years and get a DD every 8 years (z/sti/evo.. under $35k)

2. Buy a new M3/Cayman R (~$75k) for DD and trade in every 5-6 years.

2

1

I'm sorry but I don't think someone making $150-200k can truly afford the GT3 with insurance and maintenance even if it's not a daily driver. Those kind of cars are for people who own their home out right.

and buy such cars cash...

I suppose #1 with the changes higlighted above. Would go with lightly used GTR to save 20K or so as well.

You think someone would buy a GT-R and "lightly" use it? Never gun it?

I wouldn't even make it out of the parking lot without beating the piss out of a gtr.

black box knows all, just have the tech download all the data, will tell you every time it was launched, if VDC was ever turned off etc. I could care less if it was tracked as long as the maintenance was on point, VDC was never turned off and it's in great shape.

Also, i'd get an extended warrantee to take me out to 100K miles in essence giving me a new car warrantee since I'll be keeping it stock.

:icon17:

my wife makes another 6 digits on top of mine...

choice #2

I had a similar decision this year. DINKWADs that have worked hard for years. I keep cars a long time, so my DD is 2002 WRX and I had a very nicely modified classic miata.

My dream car is an NSX: I just like it. Not the fastest, not the best value, just something *I* really admire from an engineering and classic perspective.

However I couldn't justify spending more money on a used car vs. the 2010 ZR we picked up slightly used (also looked at Boxster's, Caymens).

Unless I owned my house outright, I personally cannot justify over 50K towards a car...its a bloody car, and its not a wise financial move.

100K ain't what it used to be thanks to our lovely tax system...but 50K out of pocket for a piece of metal with 4 tires is a lot of scratch.

So IMHO, I like option 3 which is to get a used fun car, share it with the wifey, and you each have a fun/practical DD for 10 years at a clip as cars
do last quite some time. So you are replacing a DD every 5 years lets say, and you put 5K/year away for that DD...25-30K should get you a very nice CPO car.

All the while, the 70K you didn't blow on that exotic pays down your mortgage, which is a real ROI you can count on (vs. the pathetic interest rates of today).

- b

Dude it's your money get what ever you want. But the point I was making was about priorities. It doesn't matter how much you are making there's always a more expinsive house and car to keep you in debt.

With as much money that you are saying you and your wife make you are most likely going to be living in a half million to one million dollar home and paying high payments. You also need to think about all sorts of insurances (medical and life being the big ones).

Lifestyles eat money up fast and I wouldn't suggest a $100k "toy" car until the house is paid off.

+1. Sage advice. :tup:

I'm with bvi on this one. Too much money for a car. Both my wife and I have suv's for daily drivers, which last 8-10 years. Then we have more reasonably priced toys, a couple sport bikes, a 280z, and the new 370z. The 370z is my dream car (practical dream car). Sure, I'd love to have a Ferrari, but there would be no way in he'll I'd spend that much on a car.

Well.. In Texas, houses are relatively cheaper than other states, it usually costs $350k for really nice neighborhood, 2 story, 5 bedrooms, and it's new!

By looking at comments, I would just go with next M3, keep my Z as daily (if my Z breaks down I would have to get wrx or something), and wait until my house paid off then chase for my dream car.
Personally, I have a really bad experience about buying a used-car so I am keeping myself away from another one.

Thanks for all the inputs!

:iagree:

Option 2 while paying down house. And in 5-6 years reevaluate your situation. Maybe then option 1.

If that launches you into the $250-300K a year crowd, you're pulling in $15k+ a month net (at the higher tax brackets)...

You've a house in Dallas, probably low mortgage rate if it's new. I'd lease an M3 for now as a DD, sock $5K a month into a conservative investment vehicle, and in three years buy your dream car outright. The then freed up $5k/mo cash flow can go to maintenance and insurance. :icon17:

I've done some researches about the maintenance and insurance of GT3, and it varies a lot.
Insurance=3~4k /year
maintenance=1~2k/year
does that sounds right?

I make like $160ish, that's a lot of money if you're single, but that doesn't add up to much with family of 5, 15yr mortgage (big payments) and a good 32% of my income goes to health insurance and retirement savings right off the top. I am a LONG way away from a GT3, about 20 years of 5% income growth...

If you've just entered the work force, then I can imagine the insurance rates would be around what so say, soji. It's a little less for us old folks. :D

Factoring that for maintenance sounds right. Figure a couple hundred for oil changes + routine maintenance. U buying new, CPO, or used?

#2 wait for new m3 if you like cars as well as luxury or if you're a huge car nut then cayman r!

I will get new M3 if not, GT3 less than 10k miles on it.
I will have to see the actual spec of M3 before I make a decision because both M and GT3 are my dream cars and want to own them both.

M sounds right for my age because I still have more than half a century to live and it will probably a better idea to invest for future.
If I ever lucked out later on, hopefully drive GT3 before my 50's.

I will probably keep on my two fun cars, new one every 6-18 months plan.

Well, it sounds you're on the right footing with the earnings power you've got now; just keep your head on straight, work hard (play hard too!), and keep your priorities straight, and you've a good chance to driving a GT3 WELL before then.

One point I must make: you're dual income right now, but I'm sure discussions on raising your kids will come up, and it'll come down to your preferences. My wife and I came up to this crossroads awhile ago, and talked about her leaving the workforce and becoming a full time mom. It's a decision that I don't regret (except for when I talk about the cars we drive. :D ). I'm sure you'll both come to a decision that suits you both (We're single income, but I know a lot of DIMK [Dual Income, Married with Kids], that work out their schedules quite well - and one of the bubbas drives a GT2 *cry* ).

Good luck, and enjoy that M!