GT-R owner------Occupation ?
How many working couples out there have 2 $500-600 car payments on say a $80,000 - $100,000 combined income. People think nothing of that. Well what if the same couple drove 2 old paid off Hondas and bought a GT-R with a $1250/60 mo payment. Now that would be crazy right even though the financials are similar?
Responsible people know when they can afford a car like this even if they don't fit the mold being presented by some here.
Responsible people know when they can afford a car like this even if they don't fit the mold being presented by some here.
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Joined: Aug 2007
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From: Maryland
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.
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.
It's all about having something to fall back on. I want to have fun in my 30's, but I also want to eat. You don't know what the future will bring. That's the reason I say for me.. at least 300k a year with diligent savings, and good tax write offs would be needed. To be more thourough about it.. at least 200k in the bank, after taxes, with good investments, would make me feel comfortable enough to justify a 70-90k car purchase. Maybe that's overkill for some people.
Not all. Employee vs consultant wages can vary greatly. Were you work, years worked, Prject engineer vs mud man on well site etc. I make just under 6 figures. My PE is around 115k. I know consultants that make 240k, but lack 401k, insurance, job stability, etc.
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Joined: Jan 2009
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From: St. Petersburg, FL
I've been a consultant for the past 8 years and that is one of the biggest negatives besides doing your own taxes.
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From: Here and There
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Joined: Sep 2005
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From: Vegas
I didnt read all 6 pages but LOL at the guy who says $200k/yr isnt enough to warrant buying a GT-R.
If you're making $16k a month... A $1-2k car payment is a drop in the bucket and leaves more than enough to live a very comfortable lifestyle.
If you're making $16k a month... A $1-2k car payment is a drop in the bucket and leaves more than enough to live a very comfortable lifestyle.
My household income combined with wifey is only about 125k and our only car payment is 650$/mnth and we think that is pushing it. anyways, sorry for my long spill.
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Joined: Sep 2005
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From: Vegas
I dont think I would be comfortable buying an 80k car making 200k a year. Keep in mind, you wouldnt clear 16k a month. After 401k deduction, Fed/State tax, lt/ST disability, Social security,med dental insurance, you would be clearing around 9.5k a month. Then of course you would want a nice place to live and park your car, so figure 2.5k a month morgage. Now your clearing around 7k. Then you got, food, bills, fun, travel, extra savings, restaraunts, gas, insurance, clothes, wife and kids maybe, etc. SO, I guess you could afford it technically, but It would be a matter of priorities I guess.
My household income combined with wifey is only about 125k and our only car payment is 650$/mnth and we think that is pushing it. anyways, sorry for my long spill.
My household income combined with wifey is only about 125k and our only car payment is 650$/mnth and we think that is pushing it. anyways, sorry for my long spill.
It's not a matter of what job you've got, or if you make tons and tons of money. It's just about good financial management. And like you said... Priorities. If your priority is saving up for your kid's college fund, then you probably wont want to shell out for a $100k car. If you're like the guy who posted that he and his wife both pull in a good amount of money and dont want kids... Well then, why not buy a GT-R?
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Joined: Oct 2004
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From: New Jersey
Trust me I know how it works... I'm a CPA.
It's not a matter of what job you've got, or if you make tons and tons of money. It's just about good financial management. And like you said... Priorities. If your priority is saving up for your kid's college fund, then you probably wont want to shell out for a $100k car. If you're like the guy who posted that he and his wife both pull in a good amount of money and dont want kids... Well then, why not buy a GT-R?
It's not a matter of what job you've got, or if you make tons and tons of money. It's just about good financial management. And like you said... Priorities. If your priority is saving up for your kid's college fund, then you probably wont want to shell out for a $100k car. If you're like the guy who posted that he and his wife both pull in a good amount of money and dont want kids... Well then, why not buy a GT-R?
If I just graduated college and I only make 30k/year, what kind of "good financial management" will get me into a GTR?
You're talking from a 35 year old's perspective when you might have already finished paying your mortgage and have some net worth. I'm viewing this from a 22 year old's perspective in which I have to find out how to achieve a level of income where the purchase price of a GTR is small relatively to one year's income.
If we add a decent (private) high school and college tuition we are looking at $500k.
1 child = 5 lightly modded GTR's
It is a matter of your profession/career and your level of income DOES matter.
If I just graduated college and I only make 30k/year, what kind of "good financial management" will get me into a GTR?
You're talking from a 35 year old's perspective when you might have already finished paying your mortgage and have some net worth. I'm viewing this from a 22 year old's perspective in which I have to find out how to achieve a level of income where the purchase price of a GTR is small relatively to one year's income.
If I just graduated college and I only make 30k/year, what kind of "good financial management" will get me into a GTR?
You're talking from a 35 year old's perspective when you might have already finished paying your mortgage and have some net worth. I'm viewing this from a 22 year old's perspective in which I have to find out how to achieve a level of income where the purchase price of a GTR is small relatively to one year's income.
I works out for him i guess as it is 2 years later now - not a compromise I would have made at 22-23.
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From: New Jersey
I know a guy who graduated college with a Mech Engineering degree and landed a nice job. His starting salary was in the 50's. He decided to live at home with his parents after college and buy a C6 Z06 right after it came out. This was back when there was markups, so he also paid 10k over. He made a life choice there to live under his parents roof, but easily afforded a nice car on not a huge salary.
I works out for him i guess as it is 2 years later now - not a compromise I would have made at 22-23.
I works out for him i guess as it is 2 years later now - not a compromise I would have made at 22-23.
I can understand if you don't make enough and have to stay home in order to save money but staying at home with parents so you can own a nice car is just lame.