magnificentbumba

Heres my situation:

I'm currently 28 years old and making about 80k per year. I've got no debt and I live with my buddy and pay 500 bucks a month rent. My cash reserves total 50k.

Originally I was planning on buying a TSX cash w/ navi, but now i'm entertaining the possiblity of going straight to a ferrari in the 150k range. Would you guys recommend this from a financial perspective?

IneedaTSX

Go for it

But personally I would stop renting

jerzpwr

first stop renting... invest in real estate as they appreciate in value rather than depreciate as all cars doo..

inkedup

LOL, if your still renting I highly suggest you buy a home before a Ferrari.

jwood_06TSX

Dude, buy a house first!!!!!! Buying a house will be an investment whereas buying a car is not. Plus, you need to buy two cars if you buy a Ferrari cause that certainly can't be your everyday driver....lol

Mokos23

Come on I would go straight to the Porsche 911 first and then a Ferrari a few yrs down the road.

jlukja

From a financial perspective its a terrible idea.

gftgrill

can you afford to maintain the ferrari? buy a house first and stop renting. I wouldn't want my ferrari in a house that other people have access to.

also, if people see you driving a ferrari everyday, then you would be a prime target for a robbery.

LoveMyTL-S

Buy a house and TSX!

FrazTL-S

are you serious?? why would you ever think of doing that? you make 80K a year and you only have 50k in reserve. that would be retarded to spend 150k on a car that depreciates as much as it does. do what the others said. buy a house, save some more money, then down the road you might be able to take on that kind of "investment".

heres a rule i go by, dont buy a car that costs more than you make in a year.....

LuvMyTSX

1. Buy house.
2. Invest some money for retirement.
3. Buy cheaper car.

rb1

Hey, that 50K could easily be worth at least a cool quarter-million to you at retirement time, and that's even assuming only a 5% return.

gtg710w

although ferrari would be a pimping and a chick magnet, I would rather go with a house first. that is, if I were you.

randomthought

House before the ride I say. You need a good safe place to park the Ferrari first.

LuvMyTSX

Lol...imagine buying a Ferrari and parking it outside at an apartment complex! It'd probably get screwed with, or worse, stolen.

TSX420J

Start with a house. Learn how to buy and sell properties. Then when you make 150k + a year get a ferrari.. Real estate is a great investment, and if you learn how to flip properties, you could be driving two ferrari's.

Ishakir

Yeah House + TSX > Ferrari in terms of the sensible thing to do...

Black_6spd

I applaud your position at such an early age.

The biggest mistake you can make right now is to accumulate a bunch of liabilities (Ferrari or any other dooda) where you'll be working simply to pay for them. You'll end up in a depressing, never-ending cycle.

If you haven't already, I'd put some serious thought into an investing and a business ownership strategy. Disposable income of 50k per year can generate some pretty good passive cash flow. Unfortunately, you most likely have a very high tax liability if you aren't a business owner or property owner.

Give yourself a goal where your assets will pay for ALL of your living expenses within 10 years or so. When you accomplish that, you can buy all the Ferraris you want.

DeeCee

I can't decide if you're being serious or joking....only because your decision is between a TSX or Ferrari.

dolparism

I don't know about your area, but if u live in VA or MD don't buy a house, cuz house value are going down.... go for rent now....you will cry if you buy a house now......IF HOUSES' VALUE DEPRRECIATE CURRENTLY.... wait for few years.....but i have no right to say about your Ferrarri...

TSX420J

I agree, it depends where you live. I live in miami FL and the properties are always going up.

dolparism

I would buy a Ferrarri if my income is at least 10K....what if you lose your job, or your bisiness goes down?

jlukja

I tend to agree. He only has one post. Troll?

Tmetcalf

If you are true and serious, not a complete liar and making it all up I would buy a house and also buy an NSX. That way have your acura that is close to a ferrari and you get your house. No matter what way you look at it you win.

Now on the other hand if you are BS'ing the whole thing, stop wasting everyones time and get back to your english homework before your dog eats eat it. Oh and by the way on your info it says you are 25, yet you post you are 28. Which one is it?

magnificentbumba

I filled out bogus information when i signed up. I didnt feel like taking the time to read the fields.


Anyway, i agree with you. I've decided that a Ferrari would be foolish at this point in time.

JAXFLTSX

YOU ARE AN IDIOT!!!!!!! buy a house screw the Ferrari. Or you can buy the Ferrari and if you lose your "80K" job at least you will have the best looking mobile home I have ever seen.

take everyone else's advice and purchase a Home stop renting. I am 27 and I am on my second House and I am soooooooooo happy that I didn't rent.

Plus your house makes money. The Ferrari WONT!!!!!

synthetic

20 years from now, you will either be crying or laughing at this thread.

Buying a $150K car with an 80K income is a very charming method of suicide.

moda_way

not sure why this thread is here. Per jlukja's advice, take it to Off Topic.