Wanting to own a lambo in the future and what it takes

QUORA:

I am 22 and want to own a Lamborghini in the future. I am a software programmer with a pay of $100K yearly now. How should I plan my finances to afford such a car in the future (near future hopefully)?

 

 

Some good answers from owners to this guy.

 

 

http://www.quora.com/I-am-22-and-want-to-o...uture-hopefully

Boom!

 

I came to appreciate the natural beauties of my other car – a Honda S2000. The Lambo, with all its power, felt a bit like a tank with a rocket engine strapped to it. Whenever you floored it, you took your life into your own hands – in both the thrilling and the scary sense of those words. The S2000, on the other hand, was always a pleasure to drive. It had a perfect balance of nimbleness with just the right sized engine, and a shifter that bordered on sublime. In other words, owning the Lambo helped me appreciate other cars as well.

First, plan for a house. Second plan for kids and college tuition costs. Waaaaaay down on the list is buying a 6 figure toy. That's the problem with this generation (yes, I know I sound old), instant gratification with no regard for the future or rainy days.

First, plan for a house. Second plan for kids and college tuition costs. Waaaaaay down on the list is buying a 6 figure toy. That's the problem with this generation (yes, I know I sound old), instant gratification with no regard for the future or rainy days.

 

I couldn't agree more but that is how my old man did it and how his old man did it. People constantly think I am spoiled or 1% because my parents paid for my college. NO! My dad worked HARD to pay for it and in turn I work hard to pay for my boys.

 

What parent WOULDN'T want to do that for their children?

First, plan for a house. Second plan for kids and college tuition costs. Waaaaaay down on the list is buying a 6 figure toy. That's the problem with this generation (yes, I know I sound old), instant gratification with no regard for the future or rainy days.

 

You don't sound old you sound SMART and that's why you have pretty much whatever you want now!

You don't sound old you sound SMART and that's why you have pretty much whatever you want now!

 

One of the reasons why I am where I am is because I observed, watched, listened to, learned from and respected people such as yourself!

 

Don't stretch for toys, it is extremely stupid to do so, pay your house off is a must, that's your nest egg, buy a passive income producing asset however big or small, if you are out of action at least you will know you have something coming in.

 

I'd rather dump $100k in a hole in the wall which will make me $500/month than buy a used Gallardo, use some of the income to rent a Gallardo for a weekend every other month and get it out of my system, at the end of the day most Lambo owners get just about the same amount of time with their cars anyway

 

 

I really don't think $100k annual income is anywhere near enough to buy an exotic car, that comes with exotic repair bills and maintenance. Unless you plan to live extremely frugal.

 

Multiply that income by 4-5, and now you are talking entry level used

 

The only comment I consistently disagree with is "rent the car for the weekend." It's not even close to the same thing as owning a car. Sure, you won't get the headaches that come with ownership, but that's part of owning a car. There are headaches to being a homeowner too.

 

Besides that, there are some good points in there.

First, plan for a house. Second plan for kids and college tuition costs. Waaaaaay down on the list is buying a 6 figure toy. That's the problem with this generation (yes, I know I sound old), instant gratification with no regard for the future or rainy days.

 

 

My entire generation is fucked thanks to instagram. I'm pretty young, most of the people I know (except the older guys I have as mentors) don't give a shit about future investments, they literally care about stupid shit like posting flashy items to instagram (and for strangers, not their friends and family).

 

But it also depends on where you live. Owning a Lambo is a lot easier in the less expensive parts of the country. LA/Boston/NYC/DC you look like a fcuking idiot if you park a Lamborghini in front of a million dollar house. But you park it in front of some monstrosity in Texas/AZ/ anywhere the cost of living is significantly less, you are good to go.

 

I would also say if you make less than 500K a year you are crazy for thinking about an exotic car.

The only comment I consistently disagree with is "rent the car for the weekend." It's not even close to the same thing as owning a car. Sure, you won't get the headaches that come with ownership, but that's part of owning a car. There are headaches to being a homeowner too.

 

Besides that, there are some good points in there.

 

Completely agreed but renting it is a a lot better than buy one using 10 different credit cards

It comes down to priorities. If a Lambo is your priority, you can swing one on your budget, there's no reason to skip.

 

I would also say if you make less than 500K a year you are crazy for thinking about an exotic car.

I make less than $500k a year. Section 8 of LamboPower over here.

My buddy was making 75k a year and bought an 04 gallardo and will have it paid off by the end of this year after 3 years of payments. The catch? He has no kids lol. He told me if he and his wife had kids they would fund their college accounts first before even thinking of an exotic car.

First, plan for a house. Second plan for kids and college tuition costs. Waaaaaay down on the list is buying a 6 figure toy. That's the problem with this generation (yes, I know I sound old), instant gratification with no regard for the future or rainy days.

 

I do agree with this. I also agree that this generation does have this blind problem now, but I would place blame on the past generation for not teach their kids growing up. My parents make great money, but they thought me I have to work for what I want and all about Finances, saving, preparing for kids and house in the future, I feel a lot of parents are not doing this. Just my thought.

The best advice to this kid is to never ask the internet for advice. It's like rolling into the DMV waiting room and asking the driving public how you should drive. Sure, I think that a Lamborghini is so much better enjoyed with a little salt on your hide, but that doesn't matter for shit. I don't think the decision has much to do with his financial state (anything is possible) and I would never tell him what to do with his money (like all those worthless hippies and sheltered nerds in the comments section who have already succumbed to settle for everyone else's priorities). If you don't at least try to do what you want, regardless of what other people say, you'll eventually leave this world still wondering about everything you never did. That comments section is jam-packed with dickless cowards that typify the can't-do spirit of failure that thrives in so many people.

I make less than $500k a year. Section 8 of LamboPower over here.

 

 

I'm right there with ya.

 

I'm right there with ya.

 

 

The quote, your post and the signature.

First, plan for a house. Second plan for kids and college tuition costs. Waaaaaay down on the list is buying a 6 figure toy. That's the problem with this generation (yes, I know I sound old), instant gratification with no regard for the future or rainy days.

 

Damn man. I did the house and then did the car. I mean kids/college? What if they're duds?

I think it comes down to personal preference for how much money you need. Personally I think no more than 20% of your net worth in toys is a good rule of thumb, but I'm sure someone here will say 10%, 5% or 1%. I think you need to balance it though. Life is short so enjoy it while you can, whether it's buying toys, traveling or some other hobby.

I agree, do what makes you happy. The best bit of info in there was about realizing WHY you are buying.

 

I have a hard time posting pictures of my car on IG of FB. I just don't like coming off as 'look at my stuff' even though I freaking LOVE my car and want to share it. Weird spot to be in I guess.

The new generation does have a skewed view.... I was happy as a pig in shit with my gti 16v... You can't really plan an exotic car purchase, different circumstances for different ppl.... Like if you don't have kids... Where you live....etc... Problem is youngsters these days see too much much unearned wealth flaunted in social media... Kardashians cough cough when I was young if you had a bmw you were a doctor or lawyer, 911 turbos were a rare sight... And Lambos.... Pretty much unicorns. I saw a diablo in a car show once.... It's fucked...

Ps... When I was a kid teachers failed students, my parents whooped my ass when I was bad and no one gave a shit about hurting our feelings... These days every kid gets a trophy, parents buy them everything... Then they get depressed when their boss fires them for being a dumb ass

The new generation does have a skewed view.... I was happy as a pig in shit with my gti 16v... You can't really plan an exotic car purchase, different circumstances for different ppl.... Like if you don't have kids... Where you live....etc... Problem is youngsters these days see too much much unearned wealth flaunted in social media... Kardashians cough cough when I was young if you had a bmw you were a doctor or lawyer, 911 turbos were a rare sight... And Lambos.... Pretty much unicorns. I saw a diablo in a car show once.... It's fucked...

 

I worked three jobs to buy my GTI 16V in 1988.. Man, I loved that car.. Alpine pull-out and Blaupunkt stalk mount EQ.. Thought I was the man.. lol..

I love how some of the answers on that website in the initial post are people who are telling him it's a terrible idea because car payments for a car that cost that much are a terrible idea. Do some people honestly not fathom the idea of buying outright?

I love how some of the answers on that website in the initial post are people who are telling him it's a terrible idea because car payments for a car that cost that much are a terrible idea. Do some people honestly not fathom the idea of buying outright?

 

You would be AMAZED how many people consider financing/payments the ONLY way to purchase a vehicle, at any cost. If you can afford the payment, you can afford the car, etc.

 

It's frightening.