^^ those are good rules.....im floating at 38% and i actually dont like it...

oh, im a stress analysis engineer and i just dont want a gtr.......buying another home right now, and next car is my wifes...ill be getting me something again in about a year...

-j

 

While there is plenty of good advice here (and one that many many people should heed) but there are still, even in this econmy, a surprising number of people who can easily afford 100k cars. Once you cross a certain level of income and have no/low debt, especially if there are no kids, then purchasing cars like this is pretty easy.

These are the people paying cash for the cars, moding them to a sic degree and enjoying them...don't hate but learn the tricks to financial management, get a career going and do it for yourself.

I was hoping that this thread would answer the question (as I am interested in who the other GTR owners are...as those I have meet are like me mid-30s and professionals).

FYI - to answer from my end: DINK both management consultants (numbers much higher than those mentioned here), no kids, house to be paid off this year, paying cash for the car, solid savings. So I think I can afford to add it.

 

Remember you can sleep in your car you cant race your house.
I am in the process of selling 20% shares in an oilfield company I was a part owner of the sale would more than pay off a GTR. I thought about buying one as well but I have debt on my house that I decided it would be better to pay that down first. I have 2 kids and a stay at home wife so I could likely afford but there is just better things to spend my money on. PS I work as a Drilling Fluid Engineer and make over 6 figures.

 

I've always wanted to work for an oil company. What did you major in and how is the work life in your field?

 

Chemical or mechanical engineering, and TOUGH job as a drilling engineer. Very good pay though. Starting at 90K, and easily climbing up (if you're good at what you do).

 

That's what I imagined.

I am majoring in something that I have zero passion for: pharmacy. The pay is very good because even the worst pharmacist can make $200k/year if he/she wants to work 72 hours a week. I sold out for money basically. It was either major in engineering and come out with a BS or accept enrollment into the school of pharmacy for a 6 year program with a terminal Doctorate of Pharmacy. The good thing about a PharmD and being in the Army National Guard or Reserves is that if you are eligible to be a part of the Medical Corp your deployments are MUCH nicer and any officer that comes from a traditional combat arms branch and wants to stay in the Medical Corps will definitely make Lt. Col. or Col.

I'm thinking of going back to school for an engineering degree while working at CVS. ChemE would probably be the most logical bridge since it could be useful if I wanted to work in the pharmaceutical industry (manufacturing). MechE would be the most versatile overall, but I feel as if my passion lies more in CivilE with a focus on architecture.

 

The work life can be crappy depending on where you live/work. I live in Alberta Canada. I went to school with several guys that work in the USA and I have done some work in the US as well. When I worked in Alaska you worked 2 weeks on 2 weeks off but while you are working you are in the middle on nowhere living in a camp working 12hr shifts it kind of sucked. I worked in Texas for awhile it wasnt bad 2-3hrs of work per day if things were going well you are on call 24hrs per day. A lot of guys find themselves traveling for work so they live out of hotels and usually work 3-4weeks on and 1 week off so you are gone from home atleast 3 weeks out of the month. When I started out I think my salary was $35,000 (starting salarys are now more like $65,000+)per year and you get **** jobs away from home all of the time.
It pays well but I wouldnt do it again if I had the chance. It was alot of sacrifice starting out now its ok I work from home and only work about 150days per year.

 

If and when I ever own a GTR it will be used just like the Z I bought...

 

One important thing that hasn't really been hit in this thread is that your savings, retirement, etc. all play a VERY large role as far as whether you are 'eligible' to own a GTR. There are plenty of people out there making only $60-70k a year, but they've been frugal enough and have saved for a long enough time that they can AFFORD to buy something like this.

While "how much you make and what you do for a living" are important, the better question to ask is "considering your current job and your savings situation, how long will it take you to get into a position where you can comfortably afford a GTR". A car like this should NOT be an 'impulse buy' for anyone making less than 120-150k take-home, AFTER putting away a good chunk of money for bills, retirement, other savings, etc..... and even that would be an imprudent decision. As I said before, 'Average Joe' making $70k a year CAN afford a GTR, but he'll have to save up for it for quite a while.... and he would be burning quite a considerable portion of his savings for it (...and, this is just personal preference, but if I were saving for 5-6 years for a car, I'd opt more for a used 360 Modena as you can find them for $80-$90k now adays).

 

I agree 100% with you Z1. I've had some awesome cars in my day, but I was very smart about how I spent (and currently spend) my money. Plenty put away for a rainy day house purchase.

Speaking to the $$$ of what it takes to own a GTR - There is no specific number. It’s a complex blueprint of cost of living, current liabilities, personal priorities, etc.

I love what I do, but I’m starting my transition into a new field and even taking a pay cut to do so! My goal is to work for a large automotive brand as the VP of Government Affairs. After retiring I plan to run for the US House of Representatives.

Currently I work as a congressional liaison to the Supreme Allied Commander of Europe / U.S. European Command. I get to travel Europe and spend plenty of time on “the hill”.

To everyone looking to follow in the footsteps of what current GTR owners do - you might want to rethink your career decision indicator.

 

Im sure your not doing somthing wrong...

I look at my situation and I definatley have done alot of things wrong...Im 27 as well.

 

good read IMO...

 

I just bought my first Z, a new, black, '08 Roadster GT (I'm 52 years old). I got a job as a full-time, full paid firefighter/paramedic in 1978 earning $14,000/year (NE Ohio). By 1981 my salary was up to $20,000/year. I bought a '74 Vette (T-Tops and all), got married, bought a house, raised three kids, owned a new mini-van, a new Ram 1500 then a new F-150 (needed a truck 'cause I was working two jobs), moved up through the ranks at the FD (lieutenant in '90, captain in '98, chief officer in '04 - each time getting a 16% raise). The FD has been a great career for me and my family. My "baby" is currently a Marine LCpl and the wife and I live quite comfortably (she quit working about four years ago - optician @ WalMart). Hard work and money management should not be ignored. I'll retire next month after 30+ years of service (moving to SoCal - house is already sold) and walk with a severance package worth about $350,000. Would I have liked to have kept the Vette, or bought a Z years ago, Sure! - but where would I have put the baby's car seat? Priorities are what it's all about, and all too often life gets in the way of your dreams, so you accept, adapt, improvise, and move on. You never know what you don't know until you learn what you don't know. Before I bought the Z I took my sticks to the dealer to make sure they'd fit in the trunk. With my wife's blessing, I'm going to drive my Z and play a lot of golf. We're not rich by any stretch, but we love our lives and will enjoy the remainder, and my ferverent hope is that the last check I ever write, it bounces. I've never seen a hearse with a luggage rack, fellas, you can't take it with you.

 

I agree with a few others have said here... You know you can afford something when you can buy it with cash. IMO, annual salary isn't a good gauge of whether or not you can afford something. Annual salary just means you make enough each month to afford payments on something that you hope to eventually own. If you lose your job and can't make payments, you find out pretty quickly that you don't really own the stuff you thought you did...

People trap themselves all the time in the "if I make 6 figures, I can afford XYZ"... It's a lie. The trick is to live below your means so that you can afford your lifestyle no matter what. You shouldn't have to feel obligated to work long hours or to keep a job that you don't like just so you can drive a certain car.

I'll never forget the day I went out to lunch with my boss who earned about $200K a year and I was telling him how much I liked the $800K house he just bought and the new BMW he just bought, etc. and he was honest with me and told me that he really didn't like his job, but he was in debt up to his eyeballs so he had to stay there.

 

owner of this company owns one:
http://www.300below.com/site/home.html

 

+1.

You should always live below your means and save a decent sum of money so you can have something to fall back to on a rainy day.

Also, "six figures" is a HUGE range. It could range from someone who just cracked 100k/year to someone who makes 900k/year. The lifestyle of each would be completely different. A GTR is a huge financial decision for someone who makes 100k/year (and I seriously don't think this person could afford a GTR comfortably), but not necessarily so for someone who makes 900k/year. For the latter, it's probably pocket change to him.

 

A fellow mud man. Who do you work for? Im currently at work offshore in the Caspian Sea. 10 more days and counting!

 

wow drilling fluids engineer making 6 figures, i knew i should of held out for more.

 

car should be no more than 20-17 % of your annual income.