Cost (Philosophical)
11-06-2013, 04:52 PM
#1
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Cost (Philosophical)
I've been lurking here for some time now, and I haven't seen this issue directly addressed, so might as well be my first post.
How do you justify your expenditure on your cars? I don't mean pragmatically: it's clear this is all quite illogical. What allows you to get past the relatively large and somewhat unnecessary allocation of funds to a depreciating asset?
I ask because I am a real car nut, and the Porsche design, technically and aesthetically, has always appealed to me. That said, I'm a total cheapskate, and have never bought a car that cost more than $20k.
It's never been an issue of funds, not by a long stretch, just a matter of philosophy and fiscal restraint. So what gets you all in to, say, even an $80k car? How does one temper one's reason with frivolity?
How do you justify your expenditure on your cars? I don't mean pragmatically: it's clear this is all quite illogical. What allows you to get past the relatively large and somewhat unnecessary allocation of funds to a depreciating asset?
I ask because I am a real car nut, and the Porsche design, technically and aesthetically, has always appealed to me. That said, I'm a total cheapskate, and have never bought a car that cost more than $20k.
It's never been an issue of funds, not by a long stretch, just a matter of philosophy and fiscal restraint. So what gets you all in to, say, even an $80k car? How does one temper one's reason with frivolity?
11-06-2013, 06:20 PM
#4
Exactly, what are you saving for? As long as these funds doesn't rob food from your table and cause financial stress in your life. Then just do it. I'm still in my 30's for another couple of years anyways. I don't want to wait until I am 50's to enjoy the good things in life. I am a car nut too but what I've learned is, you can enjoy more of it, if you buy pre-owned. Cars lose most of it's depreciation in three years, a brand new Cayman that'll cost 80's will be in the mid 50's in three years and will depreciate slowly after that. So if you want to be financially logical in your decision. Buy used. Otherwise enjoy life.
11-06-2013, 07:05 PM
#6
Nordschleife Master
What allows you to get past the relatively large and somewhat unnecessary allocation of funds to a depreciating asset?
...
It's never been an issue of funds, ...just a matter of philosophy and fiscal restraint. So what gets you all in to, say, even an $80k car? How does one temper one's reason with frivolity?
...
It's never been an issue of funds, ...just a matter of philosophy and fiscal restraint. So what gets you all in to, say, even an $80k car? How does one temper one's reason with frivolity?
You will quickly learn that if you don't spend your money on something you will enjoy, your wife will spend it on something she will enjoy, and I can assure you that what she buys will not be an asset of any kind.
Last edited by Asquared; 11-06-2013 at 10:02 PM.
11-06-2013, 07:34 PM
#7
Rennlist Member
Asquared you have my dream car..... 
love the colors..... Let me know when your ready to sell it. 
Back to the topic.....
Its all about what you desire. You desire a bigger bank account and assets more than cars. That s why you can't spend more than $20k on a car. As much of a "car enthusiast" you are, you can't spend your money because you love money more.
spend it, have fun, you can't take it with you.......
love the colors..... Let me know when your ready to sell it. Back to the topic.....
Its all about what you desire. You desire a bigger bank account and assets more than cars. That s why you can't spend more than $20k on a car. As much of a "car enthusiast" you are, you can't spend your money because you love money more.
spend it, have fun, you can't take it with you.......
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11-06-2013, 08:03 PM
#8
When you take into account that I bought a CPO Cayman, and do the maintenance myself, it's not that unreasonable to own a Porsche. Like I said above, I'm not married, and have no kids. If I didn't have SOME enjoyment in my life, I don't know what I'd do with myself.
11-06-2013, 08:52 PM
#9
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It would seem I'm in the same situation and of the same temperament that you are and I successfully resolved my issues about spending money on a frivolous depreciating asset by buying a used 2006 CS with 85k on it last fall. Net of selling / trading parts that I didn't want or need, it cost me approx. $21.5k. Previous to this, the most I had ever paid for a car was $21.5k for my used '04 Audi A4 back in 2007 (which I still have, btw!), so buying a used Cayman doesn't necessarily have to break one's budget if you shop carefully.
Of course, the cost of operating it is quite another matter, because I spent nearly $7k on parts for it back in September, when I had to replace the clutch and flywheel and decided that with 98k on it at that point, I should refurbish the suspension and various other parts (starter, engine and transmission mounts, CV boots, etc.) while I had the time off from work to do everything myself.
Frankly, if I wasn't in a position where I could maintain and repair these cars myself, then there's no way I could ever justify the cost of owning one. Something to keep in mind as you ponder your decision, as many people never seem to look past the initial purchase price when evaluating the affordability of a car...
Of course, the cost of operating it is quite another matter, because I spent nearly $7k on parts for it back in September, when I had to replace the clutch and flywheel and decided that with 98k on it at that point, I should refurbish the suspension and various other parts (starter, engine and transmission mounts, CV boots, etc.) while I had the time off from work to do everything myself.
Frankly, if I wasn't in a position where I could maintain and repair these cars myself, then there's no way I could ever justify the cost of owning one. Something to keep in mind as you ponder your decision, as many people never seem to look past the initial purchase price when evaluating the affordability of a car...
11-07-2013, 05:45 PM
#10
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Thread Starter
It would seem I'm in the same situation and of the same temperament that you are and I successfully resolved my issues about spending money on a frivolous depreciating asset by buying a used 2006 CS with 85k on it last fall. Net of selling / trading parts that I didn't want or need, it cost me approx. $21.5k. Previous to this, the most I had ever paid for a car was $21.5k for my used '04 Audi A4 back in 2007 (which I still have, btw!), so buying a used Cayman doesn't necessarily have to break one's budget if you shop carefully. Of course, the cost of operating it is quite another matter, because I spent nearly $7k on parts for it back in September, when I had to replace the clutch and flywheel and decided that with 98k on it at that point, I should refurbish the suspension and various other parts (starter, engine and transmission mounts, CV boots, etc.) while I had the time off from work to do everything myself. Frankly, if I wasn't in a position where I could maintain and repair these cars myself, then there's no way I could ever justify the cost of owning one. Something to keep in mind as you ponder your decision, as many people never seem to look past the initial purchase price when evaluating the affordability of a car...
Interesting responses to this so far. Wouldn't have thought mortality was such a driving factor in this endeavor.
11-07-2013, 05:52 PM
#11
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Retirement up to the point of maximum tax shelter, then investment. In other words, I simply never figured out the spending bit, except where there's a return involved, and that's why the car hobby is unrequited. Your point is very valid, though.
11-07-2013, 06:45 PM
#12
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As I said, most people would not have felt the need to replace the entire suspension as I did (or have a PASM-equipped car, which has very costly struts as compared to the non-electronic version), but I'm also using the car for some semi-serious autocrossing and wanted to be sure I wasn't leaving any time on the table because the suspension wasn't performing optimally, so I sucked it up and replaced everything all at once.
That said, if I tally up the cost of maintenance and necessary repairs I've done over the past year, the total is still over $3,000 and the car has been driven only ~13k during that time, so it's still a significant cost per mile.
But that's always the downside/risk of running an older car. I don't have any monthly payments, but I do sometimes have to pay for costly maintenance and repairs in big lump sums. You pays your money, etc....
11-08-2013, 02:03 AM
#13
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usually, if you fix a car right, you get excellent service out of it, hence the $$ spent up front will mean less overall expense and you won't be spending $100 a week on this and that type repairs.
11-08-2013, 06:42 PM
#14
Always good to save for retirement, I have mutual funds, stocks, bonds, money-market, saving account, 401K, and a Roth IRA. I got my base covered, I also have a monthly budget for hobbies which includes cars. I can definitely retire earlier if I don't spend it on cars but then what's the point of living if you don't enjoy it.
