Type R Owners: What's your annual income?

[RepublikaSrpska]

It's the whole 'rich vs wealth' argument? For while someone might be considered rich making a certain amount - but....if they spend as much if not more than then they bring home - with little to know investments for the future - they might be much worse off than someone who is making significantly less yet is able to save a larger % of their income.

My comment is purely for the fact that there are people paying $800+ in monthly payments for a car that they will never get a return on in the end. I bet theyre either living in a shithole or in mommie and daddys basement with no other responsibilities.... and the fact that someone said they had a 9% something interest rate smfh

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[AlphaDigital]

Ill have you know, my parents basement is fucking comfy.

 

[arpypat]

My comment is purely for the fact that there are people paying $800+ in monthly payments for a car that they will never get a return on in the end. I bet theyre either living in a shithole or in mommie and daddys basement with no other responsibilities.... and the fact that someone said they had a 9% something interest rate smfh

Yup, post #4 on this thread. Basically gave away a 2018 Si too... just to get into a 45k loan on a Type R.

 

[TheGreekFreak]

I stick to the rule of everything you own with motors/wheels not being worth more than half your annual income. IMO, assuming you don't buy in cash, if you can't pay it off in 3 years without the payments being a small percentage of your income, you can't afford it.

I love cars, about to add my third (which costs quite a bit more than the CTR), but anything above an old Honda or Toyota that just gets you to work is a luxury.......and luxuries don't take priority over saving/investing for the future. Everything needs to stay in its respective pie slice of the budget that dictates your strict boundaries regardless of your income.

There are too many broke people whose car payments exceed their investing. Factor in compounding interest and I cringe when I see some 22 year old immediately buy an expensive car after getting their first job, knowing that purchase probably cost them half a mill+ in retirement.

 

[Neciovato]

I stick to the rule of everything you own with motors/wheels not being worth more than half your annual income. IMO, assuming you don't buy in cash, if you can't pay it off in 3 years without the payments being a small percentage of your income, you can't afford it.

I love cars, about to add my third (which costs quite a bit more than the CTR), but anything above an old Honda or Toyota that just gets you to work is a luxury.......and luxuries don't take priority over saving/investing for the future. Everything needs to stay in its respective pie slice of the budget that dictates your strict boundaries regardless of your income.

There are too many broke people whose car payments exceed their investing. Factor in compounding interest and I cringe when I see some 22 year old immediately buy an expensive car after getting their first job, knowing that purchase probably cost them half a mill+ in retirement.

As a friend told me once - its like digital rights management - can't pass that knowledge down to the youth - seems like a lot of us were or have been guilty of making bad decisions in our youth when it comes to money. I know I try to pass that knowledge to some of the 'kids' I work with making 6 figures before they are even 25yrs old - and its like - if you just do a little bit at that current age - your retirement will be insanely good.

 

[AlphaDigital]

I recently saw someone comment that you should not own a fun car like the FK8 if you cannot afford to outright buy it in cash. This one boggled my mind. MBN to have 50k~~ sitting around to buy cars.

 

[Austin@Wunderladen Racing]

I recently saw someone comment that you should not own a fun car like the FK8 if you cannot afford to outright buy it in cash. This one boggled my mind. MBN to have 50k~~ sitting around to buy cars.

Reminds me of all of the Dave Ramsey rants I see on social media from time to time, "Don't rent, buy your house with cash!". Well if that was an option I probably wouldn't be looking for financial advice lol.

 

[AlphaDigital]

Reminds me of all of the Dave Ramsey rants I see on social media from time to time, "Don't rent, buy your house with cash!". Well if that was an option I probably wouldn't be looking financial advice lol.

Even if you had the money, theres gotta be a better way to utilize it rather than buying a car outright and watching its value drop the moment you drive it off the lot

 

[wildbilly32]

Reminds me of all of the Dave Ramsey rants I see on social media from time to time, "Don't rent, buy your house with cash!". Well if that was an option I probably wouldn't be looking financial advice lol.

D.R. stating the obvious. Once again making a living telling other people how stupid they are...sigh.

 

[AlphaDigital]

Might as well just ask me "have you tried not being poor?" lulz.

 

[wildbilly32]

Even if you had the money, theres gotta be a better way to utilize it rather than buying a car outright and watching its value drop the moment you drive it off the lot

The only advantage to paying cash for a toy is you don't have to pay the juice to the loan provider. I know the financial folks will disagree with me and that's ok.

 

[Austin@Wunderladen Racing]

Even if you had the money, theres gotta be a better way to utilize it rather than buying a car outright and watching its value drop the moment you drive it off the lot

100%. Cars are almost never an investment you'll get a worthwhile monetary return from.

Especially with how bad inflation has gotten in recent times, buying things outright means paying more because the dollar is only getting weaker (hurts to say that). If you have a fixed rate loan and the dollar continues to weaken you end up paying "less" each month. Just need to make sure your income increases at least match inflation haha.

 

[AlphaDigital]

The only advantage to paying cash for a toy is you don't have to pay the juice to the loan provider. I know the financial folks will disagree with me and that's ok.

If the goal is to ultimately come out ahead, why not eat a little bit of interest and invest your money into something that will have positive returns?

Whether its stocks, real estate, small business. With a good rate and short term, you wouldnt be eating that much cost and we know the gains to be had with an investment that pays off, like real estate.

 

[wildbilly32]

If the goal is to ultimately come out ahead, why not eat a little bit of interest and invest your money into something that will have positive returns?

Whether its stocks, real estate, small business. With a good rate and short term, you wouldnt be eating that much cost and we know the gains to be had with an investment that pays off, like real estate.

My ultimate goal in buying a toy car is to enjoy it until I can't get in and out of it(I'm an old guy...). Nothing more. Nothing less.

 

[AlphaDigital]

My ultimate goal in buying a toy car is to enjoy it until I can't get in and out of it(I'm an old guy...). Nothing more. Nothing less.

Sorry, my example was hypothetical, not directed at you. But my goal is the same.

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