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Budgeting towards a super car

Discussion in 'General Automotive Discussion' started by Speedy 33, Jun 28, 2020.

  1. Natkingcolebasket69

    Rossa Subscribed

    I mean you seem to have executed perfectly your strategy so maybe you have dreams of say a Porsche 918 or GT and if you repeat your wise choices on a couple more car (if that was your goal) you would have serious equity!
    I’m curious on the ford gt feedback heard interesting feedback but never driven one!


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  2. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    3,527
    I was also really fortunate on timing. When I was looking for a Diablo Roadster, I started in early 2013, 6-7 deals fell through, and I finally bought in March 2014. Within 6 months, prices shot up $50k and they never looked back.

    On the Ford GT, I was looking at cars at the lower end (asks from $200-240k and they were pretty plentiful late last year, 3 or 4 were even local to me). Then Barrett Jackson came in January, where they featured the GTs and auctioned off like 11 of them. And every last one sold for $330k+, which was crazy because a couple of them had 6-8k miles and honestly they looked a bit rough.

    By March 15th, the bottom end of the market disappeared and I've only seen 1 below average car with a $250k ask....everything else jumped to $270k. So now even a wreck sold for $168k....crazy times, was real lucky to pay $14k more for a decent driver grade car 4 months earlier.

    I'm really running out of time to do this again.....it just takes me a good chunk of time to build up 6 figures.
     
  3. Natkingcolebasket69

    Rossa Subscribed

    Awesome story for sure!


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  4. Speedy 33

    Speedy 33 Rookie

    Jun 27, 2020
    4
    Full Name:
    Glen
    This is some great advice, For me we are talking around $550K for both cars when it boils down to it, its the price of a average home depending on where you live of course in the world. I would possibly wait till the Lamborghini Evo comes down in price,at the moment here its a cool $500K new. I guess it comes down to allot of hard work and budgeting, I guess paying one off at a time with a decent deposit is always a option. For me I know i said i would hang onto them for a few years but I think when you have them in your drive way its a different story.
     
  5. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    3,527
    The Ford GT is a wonderful car in every respect. The one I bought has the mods that turn the amp to 11 (Pulley & Tune, Accufab muffler-less exhaust, full Moton 3 way adjustable suspension, and the short shifter) so it is much faster (est 650+ HP), stickier due to the suspension, and louder than the stock car. It’s not a car for cruising, it always wants to run hard…which is a good compliment to the Diablo, which is great in every situation, just as compliant on a top off low speed cruise as it is hooning around.

    But what a package on the GT, goes like hell, stops great, sounds great, great balance, great shifter, great clutch, plenty of interior room, no driver aids so nothing to interfere with driving.....and then it is one of the best looking cars ever.
     
  6. 71Satisfaction

    71Satisfaction Formula Junior
    Silver Subscribed

    Jul 15, 2012
    760
    New York and Norway
    Full Name:
    Art
    #31 71Satisfaction, Jul 3, 2020 at 1:23 PM
    Last edited: Jul 3, 2020 at 1:36 PM
    I'm 56, I used to work a regular day job in a non-equity position, with a house, wife and 3 kids. I'm retired and I have achieved my childhood goal.

    How do I budget?
    I don't. I accumulate cash or equivalents, until the funds match or exceed a car that I desire. I save, I invest, I don't waste.

    From my perspective - the bottom line for "budgeting", no matter what, how, when or where - you *have* to start saving for it... It is the most tangible, empowering step you can take to achieve the goal.

    Usually the younger you are, the less patient and the more likely you are to finance to get it in your driveway. The older you are, the more you can usually afford to save and the accumulation accelerates. Trust that you'll still be plenty young when the time is right. At some point it will make sense to move some of the savings into investments to grow the money.

    No matter what; The sooner you start, the younger you'll be when that time arrives.

    You saved for a house, well done! So you got this...

    Here: Do this now. Open up a new tab on your browser. Go to your online bank account. Set up a new savings account labeled "Supercar" and opt for a weekly automatic transfer from Checking into that Savings account. It can be $10.. the amount doesn't matter. It's the accumulation that does. That's it. Now watch and wait. Some day you will get there.

    You can plan, post threads, budget, list, research, dream, ponder, window shop, test drive.. but you ain't any closer unless you start saving the actual money you will use for a purchase.

    But it works every time.

    Man, this sounds like a Life Coaching session.

    Cheers,
    - Art
     
    Natkingcolebasket69 likes this.
  7. Natkingcolebasket69

    Rossa Subscribed

    Compounded interest is the way to go!


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  8. Speedy 33

    Speedy 33 Rookie

    Jun 27, 2020
    4
    Full Name:
    Glen
    Thanks Art, fantastic advice, funny enough I just started doing that, I am young but I am not in any kind of rush, the cars are always going to be there, it does not worry me if they have extra millage added on the clock. I have to admit though the market was much better then and money was rolling in more when i bought the house. Since Covid it has certainly made things more challenging, but I am in the process of building up a small company. Its like a number plate I say on a super car saying earn it. which i thought was true. I think you appreciate it more working hard for your goal and achieving it, rather than just paying things off and at the end of the day you have lost more money than you put in.
     

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