Do you think...

[knitetrain05]

Originally Posted by SlingShot

Guess I'm the only one that looks at this from a different angle. Lets keep the numbers simple, you make $100k per year. The car is $60k, spread out over a 5 year loan. Now instead of 60% of your annual income, you are now at 12% of a 5 year income of $500k. Doesn't look so bad now ...

Thank you and congrats. You are the only one that understood what I was saying.

[DRKS1D3]

Originally Posted by 2012-1822

That being stated, do what feels good. You only live once.

Originally Posted by PalmerGA

I hate when people use this mindset as justification for someone to potentially dig themselves so deep in debt they can't get out. "You only live once" may be true, which is why you should live with the future in mind.

Stop speaking with sound logic! Some folks frown upon that. There are a group of people that still believe it is logical to own a $50,000 car and have it parked outside of their $18,000 shack and have $0.00 in savings. To each their own.

[Mannsiam]

Originally Posted by Billy10mm

I'm going to throw out a few assumptions here. To spend that much on nothing but a car, I'm going to assume that you live at home with mom and dad which means you're likely very young. Let's assume that you bought your 2010 SS when you were 18 and you spent $35K on it and financed that over 5 years. Let's be generous and assume that you got an awesome 0.0% financing deal.

So at 23 years old, you wasted $35,000 on a Camaro. Had you instead, saved up that money and at the age of 23 invested it in the S&P index, and assuming the S&P returns the same 7% annualized return that it's made since its inception in 1974, that one-time $35K investment would have been worth over $642K when you retired at the age of 65.

Young people spending money on depreciating assets is REALLY stupid, much more stupid than old people doing it. Compounding returns is the cornerstone of investing and your only friend is TIME. The earlier you are in, the more time you have to make returns.

I know, I know, "I'm only young once, I'm going to have fun now. I'll invest later." That's a dumbass statement and the amount of money one leaves on the table doing that is massive.

How important is time?

Johnny and Jimmy are twin brothers.

Johnny invests $100 per week every week starting on the day he turns 20 and stops completely the day he turns 30.

Jimmy doesn't invest a dime in his 20s but on his 30th birthday, he invests $100 per week every week until the day he retires at age 65.

Both brothers return an annualized 8% on their investments over their lifetime. Johnny retires with more money. Why? Because by the time Jimmy started investing, Johnny's investments were already making more money per month than Jimmy was putting in.

So go ahead boys and girls and spend that cash while you're young - but be prepared to be working while those around you are retiring to a beach home on the Virgin Islands.

Oh, and Supasport, move our of your parents house.

And if Jimmy took a train to who gives a crapville going 45MPH how many turtlew sould die by dehydration in the ocean?

[trashmanssd]

To each his own went bye bye along time ago. When we (by we I mean some) decide no one should be with out a home, with out cable tv, with out internet, with out a cell phone for emergencies. Now when people make silly stupid decisions a lot of times it cost the rest of us to take care of it so "to each his own" I think not. I may not be able to do anything about it but I reserve my right to judge and disapprove of it.

[patternpilot]

We all know what being upside down in a car loan is, right? Well I see this as being upside down in your income. You may squeeze by, but it won't be fun. I like my car, but I have other things in my life as well that I want to enjoy.

[strych9]

Originally Posted by knitetrain05

Thank you and congrats. You are the only one that understood what I was saying.

I understood it this way as well, though there were some very valid questions asked. Interesting topic.

[Swacer]

yes

[jewel25]

I would ask the people over in the "Tax return thread" There are many financial advisors over there that might be able to help you.

If I was making this situation based off my salary and financial situation I wouldn't dare make that mistake again.

[knitetrain05]

Originally Posted by jshaf

23% here, I have a couple less expenses than most, so it is easily doable with plenty left over. no way I would do 40% or higher

So with something like that said, The camaro SS club starts at about $152,000 a year. Any thing less then that, your foolish... Right guys? ( I'm trying to make a general point here)

[yellowrs]

great topic!

[layzurguy]

You only live once, and you can't take it with you

[All Star]

People here have never heard of the concept of "saving money".

Put $15k in the bank for 4 years on a six figure salary, and a Corvette is easily attainable.

Sent from my GT-P5210 using Tapatalk

[RolltideSS]

Originally Posted by Billy10mm

So go ahead boys and girls and spend that cash while you're young - but be prepared to be working while those around you are retiring to a beach home on the Virgin Islands

I'm not too concerned about this, by the time I retire there may not even be a Virgin Islands if the most extreme climate change predictions are correct. All because of those crazy people that waste gas and pollute driving their v8 cars. They should all be buying Prius which create more pollution than any other car being made.

Joking aside, you are completely correct - I spend my money fully aware of the foolishness of putting money into a car, but tomorrow is not guaranteed and I intend to have some fun now and some fun later if I get there