I see a bunch of people on here with expensive cars and I've often wonder if they buy them outright or finance them. If finance, how much money they put down? Reason I ask is come spring time I, myself, am buying an expensive car as a toy and the price range could be anywhere from $30k - $100k.
I'm 33, single, the only debt I have is my mortgage, and I have excellent credit. I make good money as a construction project manager, pay into my 401k, Roth IRA and savings account, and I live a pretty modest lifestyle; my daily driver is a 2004 Subaru, I hardly take vacations, etc.
The reason why my budget is so wide is because I am inheriting a large sum of money, north of $250k, from my grandmother’s estate and I’m not sure how much a reasonable amount is to use on a car purchase. The cars that constantly cross my mind are a built C6Z, ZR1, C7Z, 997TT, Gen 4/5 Viper.
There’s no way I’m going to spend all my inheritance on a toy (if I did I’d go buy a UGR Lambo), but after unexpectedly losing my father a couple years ago I’ve learned how precious and short life really is to not enjoy as much as possible so that’s why I’m buying a nice toy; I just don’t know how much to spend. Whatever I don’t use in going straight into investments and my savings account. Since I don’t really have any debt would it be wise to put down a large deposit on a more expensive car and make monthly payments on a low interest loan, or buy a lesser expensive car and own it outright?
To you guys who own expensive, enthusiast cars, how did you do it? This is not intended to be a bragging thread, I’m very quite humble, I’m just looking for some serious advise. If you’re more comfortable responding via PM, that’s fine.
I'm 33, single, the only debt I have is my mortgage, and I have excellent credit. I make good money as a construction project manager, pay into my 401k, Roth IRA and savings account, and I live a pretty modest lifestyle; my daily driver is a 2004 Subaru, I hardly take vacations, etc.
The reason why my budget is so wide is because I am inheriting a large sum of money, north of $250k, from my grandmother’s estate and I’m not sure how much a reasonable amount is to use on a car purchase. The cars that constantly cross my mind are a built C6Z, ZR1, C7Z, 997TT, Gen 4/5 Viper.
There’s no way I’m going to spend all my inheritance on a toy (if I did I’d go buy a UGR Lambo), but after unexpectedly losing my father a couple years ago I’ve learned how precious and short life really is to not enjoy as much as possible so that’s why I’m buying a nice toy; I just don’t know how much to spend. Whatever I don’t use in going straight into investments and my savings account. Since I don’t really have any debt would it be wise to put down a large deposit on a more expensive car and make monthly payments on a low interest loan, or buy a lesser expensive car and own it outright?
To you guys who own expensive, enthusiast cars, how did you do it? This is not intended to be a bragging thread, I’m very quite humble, I’m just looking for some serious advise. If you’re more comfortable responding via PM, that’s fine.
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