I make a little over $120,000 yr. Is spending a years salary (plus a little) appropriate on a car? The house will be paid off in just a few months,, I am thinking I should do it... wife is thinking we need to add on to the house and get a pool. I would rather have the ZR1. as far as I can tell, I can afford it... but is it inappropriate at my salary? Are other ZR1 owners going to poo-poo me?
Do any ZR1 owners make less then $120k yr? I am not going to be ballsy enough to flat out ask what you make,, but can I get an over-under (120k)?
I make a little over $120,000 yr. Is spending a years salary (plus a little) appropriate on a car? The house will be paid off in just a few months,, I am thinking I should do it... wife is thinking we need to add on to the house and get a pool. I would rather have the ZR1. as far as I can tell, I can afford it... but is it inappropriate at my salary? Are other ZR1 owners going to poo-poo me?
Do any ZR1 owners make less then $120k yr? I am not going to be ballsy enough to flat out ask what you make,, but can I get an over-under (120k)?
In my opinion it is not a matter of what you make per year, but how much you have in savings, stocks, bonds, etc. If spending $120K will not make a big dent in you portfolio, then go for it.
The toughest part of your dream is probably just finding one to buy. The price of the car is $20-$25 over MSRP. This translates into a lot over your salary so find one first and decide if you want to spend the $$.
Personally I would get the pool and swim naked with my wife. Wait and get a used ZR1 for something reasonable.
I lost over $100,000 in the stock market this year...i wish i had taken the money out in june like i was going to...I could have bought a ZR1 and still have what is left of my portfolio to date...oh well...in time the money will return...
Headers, a small cam, tune, springs, cold air can be done for $5000 ish.
You now have about $50 k in the ZO-6 which is nearly new, about 525 rwhp (maybe a little more depending on the cam) in a car that weighs about 3150 lbs.
This car, though not a ZR-1 will keep up with it and out run almost anything else out there. Porches, Lambos, F430's etc.
After price premiums, taxes etc your at $150,000. for the ZR-1
Doing the math we can see that the ZO-6 gets you into a very nice car, that goes very fast and saves you a $100,000
Plus you still have the Hundo for the pool and keeping wifey happy. And lets not forget all the skinny dipping.
Did the pool thing, it looks nice, but no one swims in it. We use the spa some, I have much more fun with the vettes.
The pool mantaince is a pain in the a$$ and is never ending.
My lab loves the pool she gets the most use out of it, heck she evens likes the hot tub.
Neighors dog, and my sons dog
More fun and easier to clean
I have a new ZR1, and a few others.... paid cash for all of them. They are toys and you should pay cash for your toys..... They may not plumet in value but the chances are they will go down in time. So be prepared to lose 50 to 60 percent of what you pay, if you are OK with that, then it's all good fun... And they are much mor fun than a swimming pool that you won't use much after the first year.
I would suggest having at least 1 years worth of living expenses set aside plus a healthy retirement account before I would consider spending that kind of money on a depreciating asset. Also if you can't pay all cash you probably don't need it.
Yes.
A nice inground pool will increase the resale price of the home.
Eric
I may be wrong but I have always heard different and I own quite a few rental properties so I speak with agents all the time BUT it may be different in other parts of the US...Im not the pro.
Read this: http://www.associatedcontent.com/art...le.html?cat=54
Of course the wife wont give a craps ass about the reality cuz mine is doing this same exact crap...."I want a pool" NAG NAG
As far as the ZR1....not wise. Wait for years if you have to and let other fools take the depreciation hit...at least its not your hard earned money that was lost on a non appreciating asset...hell buy a Z06 and calculate what it would have cost you to make payments on that ZR1 and put that extra XXX into the market monthly while its low and wait for the rise...you will come out way better.
Everyone has their own opinion and way of doing things, but I have never had a car payment in my life. The rule for me is, either pay cash on the spot (especially for toys) or forget it. And you should not miss the money that you lay out for a toy. I would absolutely hate this car if I had to have payments on it.
Your making payments ? Rule of thumb, no more than 1/3 of your take home $$ should go to your car payment, provided no unsecured debt exists (Credit card, dept store card etc...).
Best to pay cash and deal with depreciation, if you have a business lease it (better for taxes), you'll always drive cars under warranty, if you have a line of credit, use it for the car (better for taxes).
I pay cash for everything I own. If you have to finance you cant afford. This rule of thumb is the ONLY way of keeping you away from financial ruin - particularly in times like these when NOTHING should be taken for granted. Employers will do what they have to do to survive no matter how good the employee. Further, what will Obama do with taxes on those making over 100K in the coming months? Only he knows for sure. We could jump to a 40%+ tax rate overnight. His repeated words that "we must all sacrifice" scares the hell out of me!
I inherited the pool when my wife picked out the house. I would take the vette anytime.
Pools enhance the value of your real estate but you will never ever get your pool investment back dollar for dollar if you are the original buyer of the pool. Doesn't work that way. Let someone else be the original buyer of the pool. Kinda like cars???
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GOLD72
1972 WB Coupe L48/TH400 - Sold
2001 QS Z06 - Sold
2006 VY Z06 - Sold
2007 MR Vert - NCM Delivery & Wife's Garage Queen
2010 Vanilla Latte CTS 3.6L Sport Wagon - Wife's DD
2011 AW ZR1 - NCM Delivery & Daily Beater
Corvette Store
Taboo? (questions about salary and affordability)
