Your Financial Mistake Car

[sonikaccord]

Ok ladies and gents. Post up a car that you want, or think that you want, but know that it would be a poor financial decision if you decide to follow through with the purchase. The car has to be somewhat attainable and realistic. I'll start.

I have been attracted to this Bi-Turbo, convertible, v12, Renntech modded Mercedes-Benz SL65 for about a month now. The sucky part is that I can afford the purchase...in about a year with a strict savings plan and selling off a lot of my possessions including body parts. I know that they break in 4 expensive areas, ABC suspension, convertible parts, turbos and motor mounts(the whole engine has to come out to replace these...good job Mercedes). But it's a $50k 800 hp 900ft-lb, gas guzzling, money snatching whore, that I cannot justify buying with no other reason than because I want it.

[verothacamaro]

Mercedes has been tugging at my heartstrings recently. The W205 C-Class is one of my favorite models at the moment and nothing is more attractive to me now than the C63 AMG:

[verothacamaro]

Those V12 biturbos are nasty. I can't imagine feeling that type of torque. I also can't imagine how strong a transmission has to be to handle that torque lol!

[Domesticated]

I really want a hellcat, once my bike and Jeep is paid off I can afford it. But I'm really going to buy a Gen 2 Viper. When I get my current toys paid off a Gen 5 Viper may be attainable, if so that's the car on the top of my list.

[CyborgGT]

If all I wanted to be able to pay for was rent, food, and this car (it's not like I have any other bills now, anyway), I could probably swing my dream NA1 NSX hardtop if I worked up a good down payment.

[Crankshaft]

I know I will get flamed for this, but an old millionaire I met about a decade ago dropped some knowledge on my that I feel I must share. He told me any car that you cannot afford to pay for in cash is a mistake, specially a new vehicle. He offered a personal 1 hour long speech about the importance of being financially independent and managing one's wealth, which I am very thankful for and have lived by since then. Due to his teachings, any car one cannot afford to walk up and pay cold hard cash for and live without a car payment will always be a bad financial decision UNLESS it is to be used as a form of income.

[verothacamaro]

I know I will get flamed for this, but an old millionaire I met about a decade ago dropped some knowledge on my that I feel I must share. He told me any car that you cannot afford to pay for in cash is a mistake, specially a new vehicle. He offered a personal 1 hour long speech about the importance of being financially independent and managing one's wealth, which I am very thankful for and have lived by since then. Due to his teachings, any car one cannot afford to walk up and pay cold hard cash for and live without a car payment will always be a bad financial decision UNLESS it is to be used as a form of income.

To some degree, this is great advice, but even rich people are smart enough to finance things, especially if the interest rates are favorable.

Hell - if you can get 0% financing, that's basically free money

[H311RA151N]

2017 F350 Super Duty. 6.7l Powerstroke. 440hp and 860ftlbs stock.

There is a nice one in town I stopped and looked at a week or so ago. I could swing it but so much for saving anything or much fun doing anything else in the mean time.




I second the advice stated. I own all my stuff. House is different. But nothing else.


-

[deevergote]

For me, it's a TVR Chimaera. They'll be legal for importation next year (1993 models). Low-volume British sports car with a Rover engine... what could possibly go wrong? The base model makes 240hp, in a car that weighs only a little more than my Miata (about 2300lbs). I think they look awesome, and they're astoundingly affordable. I'm hoping they're not popular enough for their values to skyrocket by the time I'm ready to buy (like the R32 Skyline did when it became importable.) The cost of the car won't be the worst part, though. The fact that I'll have to give up my Miata to own one is going to be what I'm likely going to regret.
I will buy it cash, of course. Never ever financing a used car again!

As for cars that I bought in the past that were poor financial decisions... a 2002 Pontiac Grand Prix GTP, purchased in early 2007, to be used for my job that required me to drive hundreds of miles a day... that was stupid. I think I paid $11,000 for it. By the time it started falling apart (a year later), I still owed $8,500 on it. Honda kindly gave me $3,500 for that POS, and rolled the remaining $5,000 into the price of my 09 Fit. (the Fit was absolutely a good financial decision!)

[Domesticated]

Deeve, buy one now when they're cheap. Leave it garaged or trailered. Register it when it's legal.

[Crankshaft]

To some degree, this is great advice, but even rich people are smart enough to finance things, especially if the interest rates are favorable.

Hell - if you can get 0% financing, that's basically free money

It was a very long and extremely interesting conversation and his advice was that real state was the only thing that one should finance but I did not include that at the beginning due to not being car related. This man was a broker with a firm doing a seminar here in Houston, he told me his earnings were in the millions per year and then showed me his car; a 96 Camry.

[Crankshaft]

For me, it's a TVR Chimaera. They'll be legal for importation next year (1993 models). Low-volume British sports car with a Rover engine... what could possibly go wrong? The base model makes 240hp, in a car that weighs only a little more than my Miata (about 2300lbs). I think they look awesome, and they're astoundingly affordable. I'm hoping they're not popular enough for their values to skyrocket by the time I'm ready to buy (like the R32 Skyline did when it became importable.) The cost of the car won't be the worst part, though. The fact that I'll have to give up my Miata to own one is going to be what I'm likely going to regret.
I will buy it cash, of course. Never ever financing a used car again!

As for cars that I bought in the past that were poor financial decisions... a 2002 Pontiac Grand Prix GTP, purchased in early 2007, to be used for my job that required me to drive hundreds of miles a day... that was stupid. I think I paid $11,000 for it. By the time it started falling apart (a year later), I still owed $8,500 on it. Honda kindly gave me $3,500 for that POS, and rolled the remaining $5,000 into the price of my 09 Fit. (the Fit was absolutely a good financial decision!)

If you are serious about the Skyline, I know where there was one here in Texas that was legal and for under $24k. To the Gent above with the NSX, I saw a red one here in Houston with a 5spd and low miles for $20k.

[deevergote]

I have absolutely no interest in a Skyline.

[sonikaccord]

It was a very long and extremely interesting conversation and his advice was that real state was the only thing that one should finance but I did not include that at the beginning due to not being car related. This man was a broker with a firm doing a seminar here in Houston, he told me his earnings were in the millions per year and then showed me his car; a 96 Camry.

Of course, but it also helps to build credit and finance a few small things. I would not go out and ask for more than 20k on a used car loan, personally, but it helps with the history.

Most truly wealthy people don't need to prove or show that they are wealthy. It is one of those things where either you are or you are not. The wannabes are the ones that buy things just to show them off and not for the engineering or design behind it...hence the SL65. It was once a 200,000 dollar car, now used ones are going for 30k or less. Depreciation is beautiful.

[sonikaccord]

If all I wanted to be able to pay for was rent, food, and this car (it's not like I have any other bills now, anyway), I could probably swing my dream NA1 NSX hardtop if I worked up a good down payment.

I think I would save the NSX for my last vehicle purchase. If I bought it now, I would probably J swap it and save the C the wear and tear.