How much is TOO Much to spend on a car?

[dmp]

Looking for insights from folk my age +....

Let's say you had enough income to spend $100,000 on a car. Is it moral to blow that kinda wad on a car? I'm on the fence even spending half that. Although, if I had he means, I'd buy a SEVEN figure car...

What're your thoughts? If you were blessed with winning the lottery, or otherwise came into BIG (7 digits +) money....would you feel okay buying...say...Austin Martin? Porsche GT2? Carerra GT? Ferrari? Where would you draw the line?


I'm a car guy. I don't have even a $30k car - even then, some folk in my circle thought I was spending "WAY too much!" because a Kia or Hyundai would have "worked just fine!" getting me to and from the places I had to be.

 

[country woman]

If I ever came into that sort of money I would buy my self a Dodge Ram with baby duels and a horse trailer

 

[GritsnGrace]

If I had that kind of money, I could buy a house and a car!

 

[Godisgr8r]

I wouldn't spend it on something extravagant like a Porshe, but I would spend it on something nice. I don't think I could blow the money just because I had it. I know too many people that need help to spend it foolishly.

 

[FlatpickingJD]

I personally wouldn't spend that much on a car, but that's just me. I think the only thing immoral about spending that kind of money on a vehicle would be if you can't afford it, or if it keeps you from getting things you need, like a home or clothes and education for your kids, that kind of thing.

Not to derail the thread, but would you increase your charitable donations if you came into a large sum of money? If nothing changes in your life if you come into money, other than the amount you spend on things and/or donate to charity, is it really immoral to spend on things you can afford?

 

[copinghubby]

I think there needs to be a balance. You should definitely consider your motivations. Are you buying the car as a status symbol of material wealth? If that is your motive, then any amount is too much.

If blessed with that kind of money, there needs be balance between your needs (house, car, etc...), wants (porsche, mansion, etc..) and good you could do with that money (your church, charitable orgs, etc...).

If you feel that you have this balance, then yes, spend the money on a car.

By the way, i would go for the Porsche

 

[Kelly]

They lose value so fast, I'd never spend more than $25K or so.

 

[godismyabba]

If I had no debt and plenty in retirement and was giving as well, I say buy what you want. I received an email showing a Mercedes Maybach, $426,000.00!!!! WOW. Yup, I could go for that.. or a really nice truck. You can't take it with you and there are people who have more money than they know what to do with. Thats ok if its legal gain.

 

[dmp]

Not to derail the thread, but would you increase your charitable donations if you came into a large sum of money?

I was taught a good lesson on giving recently.

Almost everyone I know talks about how much they would give if they won the lottery, or something like that.

Recently, I was challenged with "You keep saying you'd give all this money if you won the lottery - but what are you giving NOW with the fortunes God's blessed you with?"

Humbling. The person who said that to me had just realized they weren't giving really ANYTHING of substance. What did they do? The went and bought a car for a needy family they knew. They didn't have the cash, but worked out a way to finance the car for the family who desperately needed a vehicle. The vehicle was used, and had a lot of miles, and wasn't very expensive - but it meant the world to the family who received it.

I think there needs to be a balance. You should definitely consider your motivations. Are you buying the car as a status symbol of material wealth? If that is your motive, then any amount is too much.

If blessed with that kind of money, there needs be balance between your needs (house, car, etc...), wants (porsche, mansion, etc..) and good you could do with that money (your church, charitable orgs, etc...).

If you feel that you have this balance, then yes, spend the money on a car.

By the way, i would go for the Porsche

Personally, I take no status in the car I drive. I'm blessed enough to drive a car I happen to love. I drive for the joy of driving! It just happens that all the REALLY fun cars happen to be status-symbols.

re: Porsche. One can find a 2000ish 911 for less than $35k nowadays...

They lose value so fast, I'd never spend more than $25K or so.

I don't happen to buy a car for it's value or re-sale value. As I mentioned, I buy cars which 'speak to me' - not in a KnightRider way...but in a way which makes me feel connected to the experience of driving. Zoom Zoom.

 

[PoundingMetal]

Personally, I take no status in the car I drive. I'm blessed enough to drive a car I happen to love. I drive for the joy of driving! It just happens that all the REALLY fun cars happen to be status-symbols.

I agree completely. After 15 fantastic years of enjoyable driving in my Miata, I finally got new car. Since I love small covertibles and this time around I wanted a back seat for my son, I got a Mini Cooper. I'd have been really happy with another Miata. But the backseat was a must. Anyway, like dmp, to me the car was just a step up from my old car. Nothing to do with status. But, my goodness, did my boss go nuts when he first saw it. It was crazy how he acted. He really thought this was a "life changing purchase". For about a week he was more excited with the car than I was. NUTS!

Finally, to answer the OP question: I think it is different when you suddenly come into money, as to someone who has had money their entire life. Spending 100K and more on a car without a doubt becomes a symbol of status. Personally I'd feel kinda awkward driving through my neighborhood in a car like that. Big money just ain't me. Even if I happen to win the lottery, I can't imagine changing much.

 

[dmp]

I agree completely. After 15 fantastic years of enjoyable driving in my Miata, I finally got new car. Since I love small covertibles and this time around I wanted a back seat for my son, I got a Mini Cooper. I'd have been really happy with another Miata. But the backseat was a must. Anyway, like dmp, to me the car was just a step up from my old car. Nothing to do with status. But, my goodness, did my boss go nuts when he first saw it. It was crazy how he acted. He really thought this was a "life changing purchase". For about a week he was more excited with the car than I was. NUTS!
.

I went from a 93 Limited Edition Miata (Hard Dog Double Diagonal Stainless bar, Azenis, Racing Beat springs and sways, etc) to a 2004 RX8 because of the whole back-seat thing.

 

[JPPT1974]

It is best to find a car that
Is under your budget and that
Insurance is well worth your fit.

 

[ulu]

If I was loaded I would have no qualms about buying a ferrari or lamborghini. Always wanted one.

 

[JPPT1974]

When it is over $50,000 IMHO!

 

[starrycc]

1c or 1p is too much for me - I ride a bicycle and catch lifts and public transport if it too far or too much luggage or the weather's too bad.

34 and still haven't learnt to drive! I hated driving lessons when I tried nearly 13 years ago. But the freezing rain and howling gales make me wish...

Oh BTW I think more than £400 would be too much to spend on a new bicycle!

oh and I think cars over £12,000 are definitely a waste of money

If everyone rode a bicycle and walked as much as they could, we could cut carbon emissions quite a lot and get fitter at the same time!

Can't believe the Chinese prefer to sit in traffic jams in choking pollution than cycle round the city - plenty more room for bikes and it's not that far!