No Lambo for Get-Rich-Slow Folks?

[hatterasguy]

I think part of knowing you can afford car is not just paying the car, but you also must look at the expenses of maintaining it, ever see the price of an oil change/timing belt replacement on a Ferrari? :nonod:

I think that's where MJ's rule on owning a car becomes very sound.

T belts are about $5k on a Testarossa. You must lift the car up from around the engine to do them. You can do them yourself for far less and my friends uncle does. You just need a lift because thats how the car comes apart.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[KyJoe]

T belts are about $5k on a Testarossa. You must lift the car up from around the engine to do them. You can do them yourself for far less and my friends uncle does. You just need a lift because thats how the car comes apart.

I did that on a 92 TR about 6 months ago. On the TR the engine comes out from the top, and the Testarossa (really the same car, just a bunch of changes) the engine unit removes from under like you said. I think the total on parts was about 2k and took a good two days of labor. The design is pretty neat really, I wish Lamborghini did the same . There is 4 bolts that hold the engine in place, it comes out as a nice clean unit (on the TR version), the worst part is the hoses that are just inches apart from the firewall. It's recommended to change the belts every 5 years on a Ferrari. The good part on a Lamborghini is that it has timing chains (except the Uracco ) and doesn't need the engine out , except for other things like a clutch, etc.

 

[hatterasguy]

How are Ferrari's to work on? I'm pretty familer with Mercedes and Jag's but havn't touched an F car. You can get 308's and 328's pretty reasonable, I figure if I can do a bit myself it would reduce the cost of ownership.

Can you do simple stuff like oil and filter changes, brakes, etc without much trouble?

 

[KyJoe]

The 308/328 is fairly easy to work on. There is no engine out on those to change the timing belt (there is two belts on the TR). Access is gained to the 3x8's belt by removing the right rear tire. They are fairly reliable cars if you drive them. One downside is they are one of the easiest cars to disconnect the odometer, some owners have done this while driving. You really have to judge the car on records & shape. You would be fine if you can work on a Jag or Mercedes.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[hatterasguy]

Odometer fraud, yep I'm quite familer with that. Old Mercedes have very easy odometer's to roll back or break. I have seen some 150k mile cars that were probably at least twice that from all the wear.

Thats why with these old cars service records are king, if you have a paper trail you can track the mileage.

 

[msa1]

I like what RK said about this subject. He found a classic car he had been looking for, for a long time. Instead of paying cash, he went out and bought somehting that would cashflow enough to pay for it.

Is the story BS? Maybe, but it makes sence to use any money in hand to create a stream of money instead of a loss.

 

[GLC65]

Odometer fraud, yep I'm quite familer with that. Old Mercedes have very easy odometer's to roll back or break. I have seen some 150k mile cars that were probably at least twice that from all the wear.

Thats why with these old cars service records are king, if you have a paper trail you can track the mileage.

Some Ferraris and Lamborghinis have multiple odometers.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[KyJoe]

I like what RK said about this subject. He found a classic car he had been looking for, for a long time. Instead of paying cash, he went out and bought somehting that would cashflow enough to pay for it.

Is the story BS? Maybe, but it makes sence to use any money in hand to create a stream of money instead of a loss.

Delayed gratification is one thing, but no gratification takes the carrot away from the stick. Maybe a Lamborghini isn't your goal. Try to substitute "nice house, a different car, vacations, clothes, eating out, watches etc" in it's place. Something makes each of us tick. There is more value to some things, than a dollar amount that could be added in the savings account.

 

[Antonio.]

Delayed gratification is one thing, but no gratification takes the carrot away from the stick. Maybe a Lamborghini isn't your goal. Try to substitute "nice house, a different car, vacations, clothes, eating out, watches etc" in it's place. Something makes each of us tick. There is more value to some things, than a dollar amount that could be added in the savings account.

Might as well substitute it with one word Joe OPTIONS If anybody is of need of a great authorized Ferrari and Lamborghini repair facuility feel free to give me a shout.

 

[hatterasguy]

Some Ferraris and Lamborghinis have multiple odometers.

I have been told that.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[msa1]

In this story he didnt delay gratification, it took a long time to find this certain vintage of car.
I personally feel under the gun to make things happen. I've yet to find my way onto the fast lane and its driving me nuts.

I have 5 kids that i'll have to start putting through college in 7 years and i'm not flowing near enough right now to live off of.

The only thing that is delaying my gratification is a little more knowledge.

 

[Imatk]

You shouldn't do anything that you don't want to do. Some people have a *thing* for cars, some have it for wine or car audio equipment, others have it for watches. Im sure Buffet has a practical view of autos which is why an old Crown Vic works.



You should spend a portion of your money on the things you enjoy. That might be a car, it might be a vacation, it might be an adventurous journey to Peru for 2 months, it might be a big house. It all depends on the person and what gets their adrenaline running.



Absolutely. The MSRP on my car is $329,000 and obviously those funds aren't in other investments. However, I can afford the auto because I have a substantial monthly income and investments; furthermore, I was frugal (and still am in much respect) with all my income and investments in my income acceleration years.


In my opinion, if it takes longer than 2 months of your income to pay for a car, you can't afford it ... if you can't pay cash for a car, 20 times over, you can't afford it. This (in my opinion I stress) translates into a fact that 99% of society can't afford their cars - they are shackles to living FREE.

The oxymoron of it all is this: People buy luxurious cars to appear rich yet it has the opposite effect -- it puts them in debt and erodes their freedom as they are compelled to work harder to pay for the image.

Conversely, the guy with the website/business profiting $600K/MONTH, semi-passive, do you think he can buy a $250K car and not bat an eyelash? Its like buying a gallon of milk down at the grocery store.

Better uses of the money? Sure, more investments. However, whats the point of trying to harness the Fastlane? "Finishing rich" like David Bach wants you to do? Its to enjoy life with the *things* that you enjoy now, not when you're dead .... those things can be anything, from toys and doodads to home-schooling your children.

My passions are autos, computers, and writing.

Awesome post. Heck I thought I was doing well by having my Mustang GT paid off.

I have nowhere near 20 times the money it is worth though heh.

I'm working on it though... I'm trying

 

[WhipYaHead]

I agree %100, spend it on things YOU truly enjoy, a false image will only make you happy for so long.

Most important, be safe out there on the streets no matter what you drive.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[tchandy]

Originally Posted by msa1
I like what RK said about this subject. He found a classic car he had been looking for, for a long time. Instead of paying cash, he went out and bought somehting that would cashflow enough to pay for it.

Is the story BS? Maybe, but it makes sence to use any money in hand to create a stream of money instead of a loss.

I think I've heard a similar story from RK. He pretty much summed it up as buying an asset that will pay for doodads, in this case his car. If your business provides you income and you're not struggling finacially, then go right ahead and buy your car. The intent is for you not to use your savings. Your business that you set up will allow you to buy your car and other things that you really want. I think that's the key point of why we're on this site. It's applying delayed gratification to getting the things you want.

 

[JayKim]

I agree %100, spend it on things YOU truly enjoy, a false image will only make you happy for so long.

Most important, be safe out there on the streets no matter what you drive.

I had to learn this the hard way, got way into debt with a 3000gt and then got a newer car and more debt. Learned that I don't care what I drive anymore. I'm very happy with what I have now which is a beat up chevy cavalier 4 banger, great on gas. I sold the new car and have just saved that money. No payments at all.

Also Yes be safe out there, like mj said some punk will always try to race you. go to wreckedexotics.com, lots of destroyed works of art, mostly from racing.

 

[MJ DeMarco]

I had to learn this the hard way, got way into debt with a 3000gt and then got a newer car and more debt.

OMG the 3000GT was also my "hard lesson" ... bought one brand new and it made me an indentured servant to its debt and to a bad job.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[fastback]

I know some people are impressed by trinkets. It really depends what you want. If you have the money and want a nice car, then buy one.

Do the research, first. It costs big $ to maintain exotics. They are often not practical to drive.

Met a guy who had a Ford GT, he said it was a great car to drive, easy to drive, but he had only had it on the road 1 weekend this year. Waste of money to me, maybe not to him.

Met another guy who had another exotic, with 4 webers. Car was a bear to drive, PITA to tune, expensive to work on, rarely drove it.

Any kid who flips burgers and lives at home with mom, can save up enough money to lease a BMW. It's just another 'who cares' kind of car to me.

Richest guy that I met, drove an old pick up truck. That's what he liked.

If you buy a boat it's even worse. Figure 10% of the boat's cost per year for maintenance, and that does not include moorage fees.
A boat is even more of a luxury item than a car, because you will use it less.
An offshore boat uses 32-64 GPH of fuel, and each engine costs 50-80K
They do break.
The upside is there are no speed limits on the open water, so they are way more fun, and you can bring more people with you

But if you are really smart, you will spend time making money, and find friends that have the toys.

Cars, boats all go down in value every year you own them. If you have the money to buy an exotic car, don't. Buy a piece of real-estate (after doing good research) and rent an exotic car from an agency instead (most big cities rent these cars)

 

[hatterasguy]

Toys are fun! The guy that owns the heating company we use just bought a new boat, 65ft Viking I think.

But in the end they are just toys.

You can drive a lot of the exotic's pretty hard. I know a guy who had a string of Ferrari's and always put 20k-30k miles on them in the year he kept them. Took them hunting and everything, got a bit of deer blood on one of the seats on one.:smx1: A Dr. friend of mine uses his 911 as a truck. Fills it with boat parts and runs it hard. Drives it all year round in snow, rain, or whatever. Porsche's are tough.


Their ment to be used, whats the point of spending a lot of money on a nice car than hardly driving it? Drive the snot out of it!

http://www.nytimes.com/2009/10/04/automobiles/collectibles/04ego.html?_r=1

Now this is how its done!

 

[mkzhang]

I guess not many people loves car as much as I do haha.

My plan (aside from my business), is after I exceed my upper limit goal this up coming year (2010) of 100k. I will spend it all... you heard me... ALL on a used Lambo/Ferrari/Porsche or Aston

Then I will proceed to bum with my parents for another few years haha, from next year on, all the income will be put into investment to generate further income. However cars are the only motivation in my life and without it I lose all my drive and ambition, so I gotta have one.

Plus I just turned 21, no shame in bumming with the mom and dad for another two - three years.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[maximus20895]

Do the research, first. It costs big $ to maintain exotics. They are often not practical to drive.

They are often not practical to drive? They are NEVER practical to drive. People who buy these exotic cars know this, but they dont' car. Buying an exotic car isn't about getting from point a to point b. It's about the love and desire for the car.

 

[LagunaLauren]

I agree that most people who drive nice cars financially probably shouldn't be driving those cars. Most people like to try to look rich, but are barely getting by. I used to lease (actually was a better tax write-off for me) several Mercedes and bought a new Range Rover (piece of sh*t!) and pay for them from my paycheck at my career before I retired. I could afford to, but I did have a different outlook when I started investing in property. I bought a brand new convertible Mercedes cash on a whim from the proceeds of a RE deal I did and it felt like winning a free car. Only you can decide when you should splurge on luxuries. Of course you can always use the money to invest, but at some point you need to treat yourself and reward yourself with what you enjoy. Otherwise, it just becomes a chore and a sacrifice and you could become bitter and resentful. What's the point of constantly making gobs of money if you won't allow yourself to enjoy it?

 

[LagunaLauren]

As a side note, it cracks me up when I hear about people concerned about the cost of repairs on an exotic car. If you can truly afford a car like that, repair costs are not an issue. I have friends who own an Enzo Ferrari, Rolls Royce Phantom, Bentley Continental GT, Aston Martin DB9Convertible, etc. Not ONCE have I heard them bitch about the cost to maintain them! :smx4: Reminds me when I bought my first multi-million dollar home. My Mom's reaction was "That's a big house for you to clean! How are you going to do it?" Seriously, Mom? You think I can afford an expensive house but not pay for a maid once a week?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[PaulRobert]

Do the research, first. It costs big $ to maintain exotics. They are often not practical to drive.


But if you are really smart, you will spend time making money, and find friends that have the toys.

Cars, boats all go down in value every year you own them. If you have the money to buy an exotic car, don't. Buy a piece of real-estate (after doing good research) and rent an exotic car from an agency instead (most big cities rent these cars)

Not trying to be harsh or calling you out, but those two statement get me agitated when I hear people say them. If you are wealthy enough to afford a $350,000 Lamborghini you can without a doubt afford a $1000-$2000 oil change (MJ can put the real price ) They may not be practical but they sure as hell are fun to drive. Most of the time people use that statement as an excuse for not having one. Quoting a hater " I would buy one of those but it's like 10 grand to change the oil dude."

When I will have the money to buy my Lamborghini, I will buy it, not rent it or lease it. The reason: It is the car that started my pursuit of knowledge toward the fastlane and I have a passion for Lamborghinis. You buy yourself nice things as a reward for your hard work. Do you know that renting a Lamborghini can be more expensive over the long run than actually buying it?

As a side note, it cracks me up when I hear about people concerned about the cost of repairs on an exotic car. If you can truly afford a car like that, repair costs are not an issue. I have friends who own an Enzo Ferrari, Rolls Royce Phantom, Bentley Continental GT, Aston Martin DB9Convertible, etc. Not ONCE have I heard them bitch about the cost to maintain them! :smx4: Reminds me when I bought my first multi-million dollar home. My Mom's reaction was "That's a big house for you to clean! How are you going to do it?" Seriously, Mom? You think I can afford an expensive house but not pay for a maid once a week?

Amen I know an entrepreneur that has a very nice exotic car collection. Heres the funny thing- He only pays the insurance on them. He has his cars used in magazine/pop culture/super-model/ advertisements and uses that cash to pay for the extra costs of his cars. He has his cars working for him, making him money. :fastlane:

 

[LagunaLauren]

Lamboman-Cool that your friend's cars pay for themselves! Smart! One of my friends charters his private jet when he's not using it. he was making $30k positive cash flow each month above his carrying costs for it. (Don't think he's making as much now in this economy, but even if he's just breaking even, that rocks in my book!) Another friend charters his yacht for $60k a WEEK when he's not using it. LOVE that some luxuries can bring in $/pay for themselves! Fastlane thinking for sure!:icon_super: