When is it financially acceptable to buy a dream car?

bugslet

N1AK wrote: »

Compound interest on an investment (assuming 4% above inflation) would turn £50k at 25 into the equivalent of £130,000 at 50 or £240,000 at 65. If you had to borrow to get the £50k then the cost is even higher.

That's such a sensible answer. Trouble is you never buy anythiing based on that:D

SliAbhaile wrote: »

Funnily enough I was reading a post on sportsmaserati.com yesterday where someone was asking whether he should get a Ghibli and one wise reply suggested that asking on a Maserati forum meant his mind was already made up, if he wanted advice against buying it he should have asked on MSE.

Love it!

I was 40 when I got a VX220 turbo, brand new. I could afford to write a cheque for it. Up until that point, it had been the occasional fairly average car, with a lot of use of work vans in between. I loved the VX ( had a second hand non turbo for about 8 months before), and never regretted spending the dosh on it. Had it for 7 years, 6 years of enjoying driving it as opposed to just pointing a vehicle in the right direction and sitting back, zzzzzz. The last year, I stopped enjoying it and sold it.

I wouldn't have bought it on finance though, it's just throwing money away when a lesser vehicle would do. Now drive a 55 plate ex GPO van, which fits 5 dogs in far better than the VX.

kteara

BillJones wrote: »

When I first got a 911 (GTS 4 Cab...) I tried to view the wind noise as a positive, keeping my speed down on the long trips. In the end, though, I just got annoyed, and drove something else.

I've a C63 now, but, of course, miss the top-down motoring and steering response on a summer morning out of town.

Also miss my RS4, SLK55, Elises...

Basically, I can't find any one car that does all I want. Even 2 is hard.

Can u please give me some advice. I'm 20 and all the cars you named are goals I want to achieve but I don't want to sacrifice home ownership for one.

Ozzuk

Life is a balance. You could be hit by a bus at any time so you should balance what makes you happy now against also preparing for the future. For me, its always been houses first then cars, I've balanced my 'needs' by having relatively cheap sports cars (5-15k) as well as nice houses until now (at 39) I can focus more on nice cars if I want to.

I bought a almost new 370z last year and sold it after 6 months - why? I was afraid of driving it anywhere because it was completely unmarked. Many people just do not respect anything nice. I had much more fun owning several 350z for half the price.

That said, I'm currently driving a volvo diesel auto (albeit R-design) and so far removed from my history of RWD sportscars its unreal. I'm now considering either E92 M3 or Porsche Cayman for a bit more fun in my life but I do have the concern again once I buy I may regret 1:having such a nice car I have to worry about and 2: the money tied up in it.

I also echo comments about track days - but really I'd advocate a race day with someone like Palmer Sports. Once you've done that you'll never want a track day, its a different league.

In summary, we only live once, balance living for today with planning for tomorrow and remember your priorities will change as you grow older.

jimjames

Ozzuk wrote: »

I bought a almost new 370z last year and sold it after 6 months - why? I was afraid of driving it anywhere because it was completely unmarked. Many people just do not respect anything nice. I had much more fun owning several 350z for half the price.

That has been exactly my problem and one reason why I'm selling my 911. I occasionally drive it to work but if I can't get a parking space on site I'm paranoid about any damage with it being left on street. It just gets to the point that I can't enjoy it anymore but taking a 12 year old diesel I have no worries where I leave it.

InsideInsurance

kteara wrote: »

Can u please give me some advice. I'm 20 and all the cars you named are goals I want to achieve but I don't want to sacrifice home ownership for one.

So the basics of having more money is either to earn more or to spend less.

If you want to spend less on these cars then you look at older versions or lower spec. Do you really want the SLK55 or would the SLK250CDI meet your desire which you can lease for well under half the price of the 55?

InsideInsurance

jimjames wrote: »

That has been exactly my problem and one reason why I'm selling my 911. I occasionally drive it to work but if I can't get a parking space on site I'm paranoid about any damage with it being left on street. It just gets to the point that I can't enjoy it anymore but taking a 12 year old diesel I have no worries where I leave it.

Why worry about it? Surely thats what insurance is for?

In 13 months of having my car there has been 1 dent in the wing from a hit and run (£250), an incident with a wall and the rear bumper (£150) and scratch on the rear corner (fixed free as done whilst at the garage)

Ok the car is a fair bit bigger than my old one so possibly a bit more chance of someone knocking it in a carpark/ road but not massively changed and any "new" car I am going to be precious about and want to fix these sorts of thing irrespective of its a £75k car or a £15k car.

Generally I dont tend to drive into dodgy areas anyway irrespective of what car I have. The few times I've parked it in not the best of areas it's been fine as there's always a small number of people looking at it when I've come back to get it and so the chances of it being nicked is arguably less if anything (though the watching crowds have been a bit disappointed when they see me get in it )

Ozzuk

InsideInsurance wrote: »

Why worry about it? Surely thats what insurance is for?

In 13 months of having my car there has been 1 dent in the wing from a hit and run (£250), an incident with a wall and the rear bumper (£150) and scratch on the rear corner (fixed free as done whilst at the garage)

Ok the car is a fair bit bigger than my old one so possibly a bit more chance of someone knocking it in a carpark/ road but not massively changed and any "new" car I am going to be precious about and want to fix these sorts of thing irrespective of its a £75k car or a £15k car.

Generally I dont tend to drive into dodgy areas anyway irrespective of what car I have. The few times I've parked it in not the best of areas it's been fine as there's always a small number of people looking at it when I've come back to get it and so the chances of it being nicked is arguably less if anything (though the watching crowds have been a bit disappointed when they see me get in it )

Wouldn't you have to pay your insurance excess everytime? The point in my case, it was a mint car, I didn't want the hassle of getting it 'fixed' if it got scratched/dented/scuffed, sure I could but it means finding someone who can do the fixes properly.

I feel similar (pride and joy) if its an older car, but invariably there are already a few marks. My 'new' one was completely mint so yes, it the fear of losing that deminishes enjoyment, for me.

It may not even be rational, but that first curbing of the alloy, first ding, first chip...

jimjames

InsideInsurance wrote: »

Why worry about it? Surely thats what insurance is for?

In 13 months of having my car there has been 1 dent in the wing from a hit and run (£250), an incident with a wall and the rear bumper (£150) and scratch on the rear corner (fixed free as done whilst at the garage)

Yes insurance will cover it but I then pay for the privilege.

Someone hit the car while parked and cracked the bumper. Small damage and only cost £300 to repair. Insurance premium increased by £100 despite it being an non-fault claim when we weren't even driving. If I was in my other car I wouldn't have even noticed the crack or been bothered so it would have saved me the increased cost of insurance premiums by not claiming.

InsideInsurance

Ozzuk wrote: »

Wouldn't you have to pay your insurance excess everytime? The point in my case, it was a mint car, I didn't want the hassle of getting it 'fixed' if it got scratched/dented/scuffed, sure I could but it means finding someone who can do the fixes properly.

I feel similar (pride and joy) if its an older car, but invariably there are already a few marks. My 'new' one was completely mint so yes, it the fear of losing that deminishes enjoyment, for me.

It may not even be rational, but that first curbing of the alloy, first ding, first chip...

If you claim, my excess is £500 so the 3 minor bits that have happened to me I've just paid cash.

I agree with you though, that is a "new car" thing not an "expensive car" thing. So trading in a new 911 because you are too scared of damaging/ losing it to get a new BMW 325 doesnt resolve the problem.

Whiner

kteara wrote: »

I don't really care that you think my biggest motivator is sad. Yes logically it might not make much sense. But supercars are my passion and have been since I was a child.

Your way of thinking tells me you are still a child.