FERRARI OWNERS ARE WE VIEWED AS WANKERS BY THE PEASANTS

a place down the road from me uses a steak sauce that tastes EXACTLY like a BaconDoubleCheeseBurgerDeluxe. a two-for!

dam i'm hungry... that's it, steak o'clock.

 

thr red and white yiros

 

nah barbie's stoked. now just have to go sacrifice a cow/neighbour...

 

lamb?????????????????? or elanor

 

I dont know about the rest of you, but i for example lost arund 7k by the time i sold my WRX, and to be honest with you that was not a substantial enough loss to prevent me purchasing my next car.

I figure to buy a Ferrari you would wanna have at least prolly $2mil worth of assets or more, and then the 7 or 10k wouldnt be that significant?

or have i got it all wrong? am i spending too much of my wealth on investments and should be spending a larger proportion of my wealth on a car?

I figure at the absolute max you would spend maybee 10% of your total wealth on a toy car, preferably less than 5% really though, but thats just my thaughts

 

not entirley accurate,
there are lots of real estate agents with zero net worth, they just bought a 360 for arguments sake financed it for 5 yrs with say 60 or 65% balloon (helps keep the payments down) ((any wonder why there are so many for sale)), and they don't worry about the tear up factor, the look factor is more important , so get in an do it

 

In the B&I thread I have seen many posts on exactly this. It comes down to opinion but the majority vote one should spend between 5-10% of net-worth on a car. Obviously this depends on net-worth. If someone young had a net worth of 10k, its unlikely that they would be driving a $500-$1000 car.

I would like to know if the net-worth car purchase calculations shrink depending on the liquidity of ones net worth.

But as Goober said, I am sure there are lots of people living well above their means.

 

Patrick... Steak Kilpatrick.
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Our whole society is living beyond their means!

 

and wait about 12 months it will happen but this boom will end witha bang, the signs are already there, the armour is cracking, and u will see desparate people do desparate things, the exotics will come down as the ever vibrant realestate agents fall down the abyss.
The early signs are that when agents ring u about property in the snow- the market is turning, 12-18 months ago even up to dec last year if u rang an agent re any property in the snowy's it was take a number and when i'm ready i'll ring u, now its them ringing to say u wanna buy anything. so its slowly happening, just be on your guard to buy an exotic, time they r a changin

 

I get p1ssed every time the reserve bank chickens out on the interest rate hikes. I've been patiently waiting for this crash for two years now.

 

Looney,

Your comments show you've given serious thought to the appropriate car value for your personal situation. It is a personal decision. Others have different ideas & values.

FWIW, my thoughts are virtually identical to yours.

Pity the not small proportion of the population with negative net wealth!

regards,

 

There is plenty of life left in the boom from the perspective of WA.

Over here the economy is extremely strong. High economic growth rate, many billions of dollars of new mining projects and infrastructure, growing population, rising real estate prices, little prospect of significant interest rate rises (from virtually historical lows) in the medium term, very low unemployment (~30 year low). Residential real estate prices are around the lowest of the Aussie capitals. Lots of land to develop.

Hasn't the heat largely already gone out of the markets in the eastern states? I thought the much talked about "soft landing" was a reality?

regards

 

hi all, just quickly "B&I thread" i have no idea what ur talking about.

But i agree with Peter on the WA issue, property prices here are still quite low (despite all the *****ing and whinging i hear from everyone that houses are too expensive), Mining is stronger than ever, and the amount o fcapital works being undergone here are huge, so WA economy in my opinion and many other peoples is very similar.

StephenS, I also have been waiting for the rates to rise, we can then finally see some of these mickymouse developers, investors, traders drop off the mark, and leave the money making to people who take it seriously and not these tag alongs.

And as far as the comments about a real estate agent in a 360 (for arguments sake), the best car i have seen any agent ever drive here in Perth is an S320 Merc (maybee S430, he took the badge off), and even that was purchased used. I personally may have assumed something wrong with some other Ferrari Owners, but i seriously would have thaught most people who are driven, successfull, responsible, and lucky enough to own a Ferrari, would have the common sense to not allow it to be a major financial burden, but only do it when such a luxury can be easily afforded. But like i said, i must have been wrong (in some cases anyway)

Cheers

 

Back in my hellion days I was a passenger in a monaro that did 160 km/h through the toll gates on the Sydney harbour bridge. I still shudder at the things we used to get up to!

 

One of my police officer clients, who lectures down at Wollongong Uni, says he hits Engadine 16 minutes after he leaves the Uni....
All in a SS highway Patrol car.. He wouldnt say what speed he sat on, but id imagine that to be 200km/hr+ for an extended period of time....

This all happens late after he finishes his lectures at night...

 

Go for the WRX now if that's what you want Dingo - life is too short to procrastinate. If you set your sights, heart and soul on owning a Ferrari one day, it will materialise. Be patient and keep saving.

 

I have always heard this defined as:
buy a car that is 1x your annuall income.
and buy a house that is 5x your annual income.

all above this is luxury or invested. hence if you make 400k a year through wage and investment then get a new 360....

it sort of works...

Cheers
-Pete

 

oh goodie i'll keep my eyes peeled for a datsun 120Y. i always figgered they were just tall Espada's anyhoo.

 

yeah agree on that..... life goes at break-neck speed

werking in dozens of offices over the years you get to know far too many people who've set their dreams on a life which is a rollercoaster of mediocrity, ooh i gotta keep this job so in 6 or 7 years i'll be team leader, just below middle management... so many doing the "putting away 5%" and still not willing to have fun now, all waiting for something, "oh i don't want to be retired and on the pension"... yeah i don't want to be old with a bit of money but no good memories. rather lose it all a dozen times over by the time i reach that age.

 

"buy a car that is 1x your annuall income.
and buy a house that is 5x your annual income."

A little extravagant for me, i have a car thats 6 months income or less and a house thats around 2 yrs income, the rest is invested, i feel a little uncomfortable spending any more, however i know i am very security conscious, and im only 26, so ive not had too many years to actually invest my money so im still acumulating


And Ash... I too am familiar with this mediocraty of the working office, truth be known im actually an entry level pleb at my work and have been for 6 years now, i dont see the point in working hard for someone else to get a lower management roll, i like my pleb job, no stress easy work and definately not a second more than 38 hpw, then i just go home invest my money wisely and make the $$$ there, work is for suckers, unless you can use the suckers you work for to just secure a basic steady income to invest and generate wealth that way, I personally am scared to run my own business etc, for fear of a lack of security, and the long hours that it may entail, life is far too short to work allot.

 

me too, it will happen there are too many millionaires in Aust at the moment geared to 110%, they were not in the early 90's or have short memories, if rates hit double digits again the sphincter factor will hit triple digits,---welcome to trailer park city

 

Really!!!

i dont think ash said those things to be a pleb forever. sure staying in a low job is easy and non stressful, but a higher income certianly helps your cashflow to invest in more. And if you aim to be ceo/director then you have to move past the ''crap jobs''.
Work and life is easy at the top and bottom of the ladder it is hardest in the middle. at the bottow you just do what your told, at the top you delegate (obviousley not as easy as that). its the middle i agree is hard as you have to differentiate yourself, but for someone like me who wants to actually have an influence in a company it means getting to the top and working past the middle "crap" jobs...


Also, if you are an office pleb and only do what you have to and are ''entry level'' then:

im assuming you would be around the 40k mark.

so a car is 20 k thats fair

but how would you buy a house for 80k????


my point was not to be extravagant it was meant to show constraint really targeting middle income earners on 60k a year with a family. ie on 60k you would buy a nice new ford territory, then a house for 250 - 300k...
this would be a modest house.

i would like to hear your explanation??? and where you find a house for 80k.

 

"and where you find a house for 80k" because my investments earn me more than my proverbial $40kpa, more around the $x00+ kpa mark + my pleb income.

but as someone previously stated, it changes as you earn more, if you have $10k to your name you wont have a $500 car (in most circumstances), and if you have $20m, not everyone will have $1m worth of cars, the same with houses, while im not rich, id rather have a modest house and allot more of my money invested, perhaps if i had $20m then id happily have a house worth 5 years income, as i'd have enough aquired wealth to support all my toys etc.

I think this thread has gone soo of track its not even funny.

 

Dangit, off to the western suburbs I go