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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
    3,578
    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

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    Awesome story for sure!


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  4. Speedy 33

    Speedy 33 Rookie

    Jun 27, 2020
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    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
    3,578
    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
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    Jul 15, 2012
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    New York and Norway
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    Art
    #31 71Satisfaction, Jul 3, 2020
    Last edited: Jul 3, 2020
    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
     
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  7. Natkingcolebasket69

    Rossa Subscribed

    Compounded interest is the way to go!


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  8. Speedy 33

    Speedy 33 Rookie

    Jun 27, 2020
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    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.
     
  9. Carnut

    Carnut F1 Rookie
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    Nov 3, 2003
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    Morrie
    Funny, I have owned 484 cars and never dreamed about owning any of them. They are just machines I play with. Dreams are nice, but the reality is sometimes the dream is better than the reality. For a guy who never made it past the 8th grade (died 5 times before the age of 20), was homeless begging for food in my 20's my only thoughts were to survive another day. Do yourself a favor go rent a few of these cars, you might find that they are not a fantastic as you think. You will almost always loose money on a car, and that is something I know more about than most. Good luck young man!
     
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  10. ralfabco

    ralfabco Two Time F1 World Champ
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    #35 ralfabco, Jul 6, 2020
    Last edited: Jul 6, 2020
    Buy a car that is ten years old or older. The same car must be in exceptional mechanical and cosmetic condition. Make sure a marque specialist performs a detailed inspection of the car and documents the findings.

    The F12 and Huracan have a while before the vehicles are essentially fully depreciated. In addition some vehicles and options are known to develop into money pits.

    You will need to research the model and determine if the vehicle has issues. Avoid the models with the significant issues/defects.
     
  11. ttforcefed

    ttforcefed F1 World Champ
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    Aug 22, 2002
    13,163
    Holy cow - i cant name 400 cars. How many years does 484 cars transcend?
     
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  12. BMW.SauberF1Team

    BMW.SauberF1Team F1 World Champ

    Dec 4, 2004
    12,728
    So a Stradale? Probably the only thing I like that fits that description and not break the bank with maintenance. I still think the Speciale is too new of a car to go after now unlike the Stradale which is getting close to missing out on a good one that stays in a collection for good. I really like the Speciale, though...
     
  13. Natkingcolebasket69

    Rossa Subscribed

    Wow- off topic but how did u turn ur life around ?


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  14. ralfabco

    ralfabco Two Time F1 World Champ
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    I don’t follow either of those cars. I believe the Stradale has some type of cult following with the F car enthusiasts.
     
  15. Carnut

    Carnut F1 Rookie
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    Nov 3, 2003
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    Morrie
    I have written my story, and it will be published once I pass on. Since it is a few hundred pages, lets just say determination, and the fact whenever anyone told me I could not do something, I did!
     
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  16. anunakki

    anunakki Five Time F1 World Champ
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    Oct 8, 2005
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    Feel the same about women
     
  17. Carnut

    Carnut F1 Rookie
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    Well I just hit 485, I don't think I have even talked to that many women in person in my life. Way too uncomfortable for someone like me. I avoid people whenever possible
     
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  18. bounty

    bounty F1 Veteran

    Feb 18, 2006
    7,621
    San Diego, CA
    #43 bounty, Jul 9, 2020
    Last edited: Jul 9, 2020
    I'm 39 and make more than i ever thought I would in a corporate day job because I got lucky with the profession that I sorta chose and was sorta talked into by a friend. But even at this profession, if I wasn't disciplined about keeping my expenses low and putting my money to work for me it would be really easy to get into a situation where I was paycheck to paycheck or even accumulating credit card debt. I have worked almost as hard keeping my expenses and possessions low as I have in my day to day profession and just now for the first time I am seeing impossible goals looking more of a question of "when" than "if".

    I put 35% of my income into retirement. I will admit that a portion of that comes from my employer, but I'm also putting in a substantial % of that and i don't know of any of my peers that are contributing anywhere close to the level that I am. And I did this gradually over the course of years. If i got a 3% merit increase, I upped my retirement contributions by 3%. If I got a bonus at work I would throw that into my Roth IRA. I never saw my income go up too much over the years (minus the few times I would switch companies for pay bumps) so my lifestyle never got adjusted too much. Besides my retirement account i also setup auto-deductions into my taxable stock market accounts. So I'm saving 35% of my pretax income and probably another 20-30% of my after tax income...technically.

    I also kept my cars entry level and boring and still do. I lease a nice Camry accord once every 3 years. But I have resisted going out and accumulating a big lease or car payment because that's money early in life that wasn't going to be doing anything but depreciating.

    Now here is the real kicker. Besides my retirement accounts, I lost everything in a divorce a few years ago and had to start over from scratch (she was short sighted fortunately). And despite this hurdle I am well on my way to still having a nice end of life by simply keeping my expenses low and maintaining a decent high paying job.

    And at this age I am just now starting to see my compound interest gaining steam and let me tell you it is a thing of beauty. So I guess my biggest piece of advice is to stay away from debt as much as you can and keep your income and expenses in a position where you can start having your money work for you. You might only be seeing 10-20 dollar swings in the stock market in your 20s as you're contributing, but 40 will come fast and now those 10-20 dollar swings are 5000-10k swings and in another 20 years those swings become 50-100k as your wealth builds and your nestegg grows. And auto-deductions are IMO the biggest winner. Have money always flowing into savings, retirement, emergency fund, and taxable stock market accounts with every paycheck even if those amounts are small in the beginning stages of your life. I can't get over how much money that turns into over time and I can't preach how easy it is to setup for people with an interest in personal finance.


    The only downside to the path I chose is that I'm a little older now and my interest in material things - even including exotic cars is not nearly as high as it was in my 20s. Part of that is that I've had the blessing of making a good enough living and the career I am in is that i have enjoyed the fancy dinners, the nice cloths, the nice cars on mostly my dime, but some of that came through my profession and have gone the opposite direction than I thought I would in my 20s. The truth is I could afford a nicer apartment, I could afford a nicer car, I could afford to eat out more and I could still be able to build the kind of wealth that aligns with my goals, but the desire for those things has gone away to a large degree. I like eating a chili dog - not some little one bite piece of fish on a plate 10 times it's size. I like old jeans and t-shirts. I like knowing I can park my car and if it gets a ding or hits a certain mileage level who cares? There is freedom in not having your things owning you in a figurative sense...but that is strictly my opinion and I got to that conclusion from my own experiences and life path. Its kinda how I still value a nice looking female, but I'd much rather be with a 7 I get along with than a 10 who is just a piece of furniture in terms of compatibility. I am more likely to splurge on a nice vacation than a meal, car, or better apartment.
     
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  19. flifer

    flifer Karting

    Mar 3, 2016
    148
    Miami
    Full Name:
    Mike
    Hate to derail this thread further but I'd love to hear that story, always enjoy your posts! Maybe on fchat you could document more about your cars and purposes of each machine throughout the years.
     

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