Gallardo purchase at what income level?

Someone I know recently had a catastrophic failure of their Gallardo to the tune of 50k out of pocket (if he went through Lamborghini for replacement of his engine).

 

Kind of ironic that Rob posted this tonight on a Gallardo needing a new engine.

I didn't base it on income, but rather net worth. I'd say that if you want to drive an exotic car, it should be at most 10% of your net worth. So, for $130K, you should have about $1.3MM in assets.

I sell non factory ones at work pretty frequently that I feel are as good as the manufacturers warranties , even better in some cases due to 24hr roadside, lockout, tire change , and other benefits. Unfortunately , I called my provider and asked about a Gallardo and he quickly told me they weren't interested haha.

 

Yeah, I forgot to specify for exotic cars the aftermarket warranties usually are shit.

 

 

 

Another thing to think about is getting the car worked on. Lambo of Atlanta would be the closest Authorized dealer.

Kind of ironic that Rob posted this tonight on a Gallardo needing a new engine.

 

 

Not really, it's the same person I was talking about.

Not really, it's the same person I was talking about.

HAHA I giggled when I saw this.

Its a mutual friend guys

Not really, it's the same person I was talking about.

 

 

HAHA I giggled when I saw this.

Its a mutual friend guys

 

Oops

If you are going to pay cash, I really can't see how yearly income is a huge concern. Against the views of alot of people on here, I financed some of the diablo which I am perfectly fine with but I assumed I would not need anything very expensive in terms of maintenance and unfortunately something popped up right after buying. I regret not planning for that a little better but I was fairly impulsive in buying. You seem to have done your homework however so I think you'll make a good decision

This is just my opinion:

 

I wouldnt want my remaining disposal income to be less than what I was budgeting for the car each month, and I would want plenty of room in my Gallardo budget. I would say I would want to budget about 3k a month to a used Gallardo that I paid cash for. This should cover insurance, gas, maintenance, and some left over to build up for those unforseen issues. Income level to achieve this would depend on what my other expenses were, and how much I really wanted the car. If all my other expenses were 6k a month, and I really wanted the car, I would want to make at least 12k a month after taxes.

 

This is just my opinion:

 

I wouldnt want my remaining disposal income to be less than what I was budgeting for the car each month, and I would want plenty of room in my Gallardo budget. I would say I would want to budget about 3k a month to a used Gallardo that I paid cash for. This should cover insurance, gas, maintenance, and some left over to build up for those unforseen issues. Income level to achieve this would depend on what my other expenses were, and how much I really wanted the car. If all my other expenses were 6k a month, and I really wanted the car, I would want to make at least 12k a month after taxes.

 

3K a month for the G? What for? I sure am glad I didn't buy a G if it was going to cost me $3K a month to drive on top of the depreciation.

Zmydust - I'm a similar age and I'm on my second lambo (both Gallardo's) and third exotic and never had to pay for more than scheduled service, a battery, and new tires. My Mercedes needs more repair work than my G!! But then again I drive the benz everyday LOL.

 

BTW, a $15k hit (let alone a $50k hit!!) for something would hurt me too. Not so much financially but emotionally - I hate spending money on stuff like that. But I still choose to own an exotic.

 

As for income/purchase etc - my first lambo was financed - as was my 7 figure house and 2 other expensive cars at the same time. Later on I saw a friend of mine loose his house and basically everything because his company went under. That was a big reality check for me. So I sold my toys and worked on living below my means until I had some financial security. Over the next few years I paid off my house and cars and had some money in the bank. When I felt better about things I bought another lambo this time for cash. And let me tell you it feels so much better knowing it's mine and not being afraid to drive it.

 

So I guess what I'm saying is I would buy it if it is not going to adversely affect your sense of financial security. No car is worth that!

I read this completely wrong, I read it as "all my cash" as in mine and not someone else's (ie bank) . It would not be all my available cash.

 

than it looks like you can afford it!

I think what you are looking for is for someone to hold you hand while you are doing it!

There are a bunch of what ifs how much time do you have to read them all?

Buy it, drive it, enjoy it and than sell it when you done with it, you WILL loose money on it, it WILL cost you money to maintain, service or repair it if major components start failing, how much will depend on a million different factors.

 

I am not at home now but in the afternoon I will be able to get to my crystal ball please PM me your star sign and DOB

 

In all seriousness you are the only one that can provide answers to your questions.

 

 

Take 2 or 3k, rent one for a weekend, drive the piss out of it and get it outta your system.

I think a more plausible ending wold be, at the bank pushing loan papers under your grandmas nose saying, please Nana sign here and here and there followed by a huge hug while saying thank you Nana you are the best!

I will still have to show the bike a bit of attention, here is mine . 2008 Hayabusa with nitrous and all the minor mods. 8.50's in the quarter on pump gas and streetable tires.

 

That is a pretty mean bike and a nice pass BTW. The bike will be an easy second to the car for sure, I wouldn't recommend that you park the bike beside the car in case the bike gets gealous and falls of the kickstand into the Gallardo

Only YOU can answer that question.

3K a month for the G? What for? I sure am glad I didn't buy a G if it was going to cost me $3K a month to drive on top of the depreciation.

 

In my post I said I would BUDGET 3k. It shouldnt cost that much, but it gives the cushion needed in case something unexpected happens as I stated in my post. If nothing bad happens, then you will just have extra money set aside to battle the depreciation costs.....

 

 

 

Budget 3K / mth for a Gallardo? Holy hell...

 

That's about what I paid for race gas this summer though (July-September only)...

Carbuff, who did you buy your warranty from? I heard the non factory ones are no good.

 

Third party Extended warranty, but bought thorough a Canadian Lambo dealer. I believe the one I have is only available to Canadian cars.

 

So check around, and talk to your US Lambo dealers about extended warranty options. They should have something similar. Most limit the "per incident" cost, so check that out carefully before you sign. It does give you nice peace of mind. I highly recommend it if you don't like to gamble.

I still don't understand...What does INCOME LEVEL have to do with anything if you're paying for the car in cash?!!!

 

You keep "harping" on that detail but won't make that clear. You're just running everyone in circles.

 

Understand, this is just for the sake of curiosity, don't get offended: Is it a personal and social image concern? What does it matter? why is income level important? I don't think anyone can answer that for you.

 

There are people that own Lamborghinis that have 10s and 100s of millions in the bank. There are others that make literally $70k to $200k a year that own them. I really don't think anyone can say at what "income level" one should or normally is at to own a Lamborghini Gallardo. AGAIN, the choice is yours, if you can handle it (based on the info you currently have) then get one, simple as that. If you don' feel comfortable, then DON'T. I agree with Fortis, sounds like you want your hand held..

I still don't understand...What does INCOME LEVEL have to do with anything if you're paying for the car in cash?!!!

 

You keep "harping" on that detail but won't make that clear. You're just running everyone in circles.

 

Understand, this is just for the sake of curiosity, don't get offended: Is it a personal and social image concern? What does it matter? why is income level important? I don't think anyone can answer that for you.

 

There are people that own Lamborghinis that have 10s and 100s of millions in the bank. There are others that make literally $70k to $200k a year that own them. I really don't think anyone can say at what "income level" one should or normally is at to own a Lamborghini Gallardo. AGAIN, the choice is yours, if you can handle it (based on the info you currently have) then get one, simple as that. If you don' feel comfortable, then DON'T. I agree with Fortis, sounds like you want your hand held..

 

 

Noone is being run in circles and I'm getting some great advice . It was a question asking for opinions, which I've gotten. I have no idea why this thread bothers you so much. All is well here, you are welcome to move on. This is not a type of purchase I have made before nor anyone around me so I posted here for good advice and opinions from people I knew would be far more informed than me.

Budget 3K / mth for a Gallardo? Holy hell...

 

That's about what I paid for race gas this summer though (July-September only)...

I know the feeling, last year we spent a small fortune on VP Import for the Supra a few of us race.

"I really don't think anyone can say at what "income level" one should or normally is at to own a Lamborghini Gallardo. AGAIN, the choice is yours, if you can handle it (based on the info you currently have) then get one, simple as that. If you don' feel comfortable, then DON'T. I agree with Fortis, sounds like you want your hand held.."

I agree, buy one and be done with it.....

I still don't understand...What does INCOME LEVEL have to do with anything if you're paying for the car in cash?!!!

 

You keep "harping" on that detail but won't make that clear. You're just running everyone in circles.

 

Understand, this is just for the sake of curiosity, don't get offended: Is it a personal and social image concern? What does it matter? why is income level important? I don't think anyone can answer that for you.

 

There are people that own Lamborghinis that have 10s and 100s of millions in the bank. There are others that make literally $70k to $200k a year that own them. I really don't think anyone can say at what "income level" one should or normally is at to own a Lamborghini Gallardo. AGAIN, the choice is yours, if you can handle it (based on the info you currently have) then get one, simple as that. If you don' feel comfortable, then DON'T. I agree with Fortis, sounds like you want your hand held..

 

Zmydust I think some people are somewhat getting frustrated because your thread has a hint of a much hated "What do you do for a living? thread.

 

I think the answers you were looking for are something along the lines of:

Hi my name is .....

I am married or not

I have .... children

My employment status is ......

My net worth is......

I earn .....

I spend ....% of my monthly income on G or M car

You see where I am going with this?

 

I know that your intentions/questions were genuine because you wanted to work out the Lamborghini buyers demographic and see if you can comfortably fit in or not but some members here including myself are very sensitive releasing that sort of information, mainly because we consider LP a play ground, an escape from our daily routine, when we log in we leave "business" at the door.

I don't think Swil means you any harm, he's just frustrated because you show all the signs of someone that can comfortably afford the car but yet is reluctant to take the big step, hence my comment that you want someone to hold your hand.

 

I will tell you that my car was equally as reliable if not more reliable than a 996 other than the scheduled maintenance a set of tires and the factory recalls that were done free at the dealer the only thing I had to do was drive it like it was meant to, if you pay cash for it than monthly cash flow/income should not even be a point of discussion, buy the damn thing and see what happens, good luck with it all and please remember LP members are harsh but fair

 

 

 

 

Zmy , are you spying for the IRS ?

GTR? Not that it is any substitute for a lambo, but cheaper, under warranty, hauls ass, and still has some exotic appeal if you want some attention. No need to go car broke!