Was I schooled in the ways of the world?

In regards to buying new exotic cars:

 

"Ah, grasshopper still has much to learn.

 

No one buys these things, the vast majority are either bought or leased under a business expense, getting the owner a subsidized lifestyle and a tax credit to boot.

 

The go-go days of paying over list for a car have more or less dried up, unless it is something limited edition and those go to the churn crowd that lets the dealer keep his allocation.

 

One must never confuse the maximizing cash flow crowd with real wealth..."

 

 

Let's hear the TRUTH!!

 

I have never had a loan or a lease.

 

TIL: never post from happy hour

It really just comes down to the individual. For some people, it makes more sense to lease....others cash, loan or whatever. There really isn't one set way to buy an exotic.

Just depends what financial situation you are in. No one set answer.

 

I laugh at the ones who make fun of someone who is driving a "leased" exotic, go tell them to do the same thing, they wouldn't even be able to do it. Nor do they understand how leasing can be used as leverage and not tie up cash by taking a big chunk out, etc. This is just one of tne of the many examples.

TIL: never post from happy hour

Most new Lamborghinis are obtained with loans or leases. My local dealer is 99%.

Without getting to personal at what point did you guys decide you had "enough" to purchase the car? 2x, 3x, 10x the cost or at the point where you didn't even know the money was gone buying a $250-500k car.

 

I am not comfortably at the point where I can truly afford a Lambo, yet. So I am just wondering from actual owners perspective.

 

Hope this question isn't out of line from a non-owner! Don't want to be that guy,

I felt I had enough when I didn't need to ask if I had enough to afford one

An exotic is the absolute last thing you need, how one purchases one is a sensitive subject because you can look like a dick depending on your views/comments on the subject, personally I will only buy one if it has zero impact on my finances, I can think of a hundred things I'd buy before an exotic car.

 

If you get to that level of comfort the form of payment is irrelevant, cash, lease, etc. who cares?

 

Of course there are many ballers on a budget, remember the multi credit card guy?

 

One thing I will tell you, when it comes easy, it isn't as sweet, the charm and excitement is gone

 

Wish it was happy hour, but unfortunately just an email discussion with a know it all type.

Without getting to personal at what point did you guys decide you had "enough" to purchase the car? 2x, 3x, 10x the cost or at the point where you didn't even know the money was gone buying a $250-500k car.

 

I am not comfortably at the point where I can truly afford a Lambo, yet. So I am just wondering from actual owners perspective.

 

Hope this question isn't out of line from a non-owner! Don't want to be that guy,

 

"didn't even know the money was gone buying a $250-500k car." This statement is close but I will always know the money is gone, but it made no difference to any other financial plans I have.

 

When I worked at a dealership in 2007, it was a mix of people writing checks and the famous 144mo financing. Those who did the financing did it to be able to afford the car and others did it to keep money free.

When I worked at a dealership in 2007, it was a mix of people writing checks and the famous 144mo financing. Those who did the financing did it to be able to afford the car and others did it to keep money free.

 

Good insight, thanks!

 

Just don't like know it alls making such declarative condescending statements.....

This is always one of my favorite threads to watch...

144 month financing? 2012 cpo nissan maxima here i come!

144 month financing? 2012 cpo nissan maxima here i come!

 

I'm not sure if the company is around anymore, I think it was Woodside Credit? 20% down 144mo. I don't know what the requirements or rates were.

I'm not sure if the company is around anymore, I think it was Woodside Credit? 20% down 144mo. I don't know what the requirements or rates were.

 

They are still around. So is Putnam, Premier, Manhattan, Second City, and all the other leasing companies. Everyone is offering extended term financing as well. 72, 84, and 96 month terms are also available. The manufacturers caught on too and started offering aggressive subsidized lease packages for their cars as well. I always laugh at this thread because if it weren't for those types of financing, about 5% of the cars you see on the road would actually be on the road. Without that type of credit terms, the car companies that sell the cars we all love would fail to exist, at least in the current form of proper which they are enjoying.

Where I live, leasing penetration is about 10% for new exotics according to our Ferrari and Lamborghini dealerships, most buy in cash here.

 

I've never heard of anyone buying it through their corp or as a business expense, I'm sure it's done but I don't know anyone that does it.

Where I live, leasing penetration is about 10% for new exotics according to our Ferrari and Lamborghini dealerships, most buy in cash here.

 

I've never heard of anyone buying it through their corp or as a business expense, I'm sure it's done but I don't know anyone that does it.

 

From my understanding the corp writeoff is mostly talked about by people who don't have a corp (or any money). I've only known one guy who said he did it (lambo lease with a super low residual, then he bought the car outright at the end), but obviously I have no idea if it worked long term. This person was also in a position where it would be a pretty small line item on his corporate taxes, so it may have just slipped through the cracks.

 

I feel like it's really playing with fire unless you are in a car related business and can easily make the justification that this is for business use. But even then you have the car registered in the corp name which saddles the business with a ton of liability.

 

 

From my understanding the corp writeoff is mostly talked about by people who don't have a corp (or any money). I've only known one guy who said he did it (lambo lease with a super low residual, then he bought the car outright at the end), but obviously I have no idea if it worked long term. This person was also in a position where it would be a pretty small line item on his corporate taxes, so it may have just slipped through the cracks.

 

I feel like it's really playing with fire unless you are in a car related business and can easily make the justification that this is for business use. But even then you have the car registered in the corp name which saddles the business with a ton of liability.

 

 

I tend to agree. If one has to hold a single lease in the business to save the few bucks on tax, I suspect the problem is more so inadequate tax planning.

 

As I get older, I've found all forms of leases and financings are basically the same, for years now I just buy outright it's much simpler.

Of course there are many ballers on a budget, remember the multi credit card guy?

Wasn't there someone who bought one by mowing lawns?

I hope I could be that guy because I am nowhere near.

 

Wasn't there someone who bought one by mowing lawns?

I hope I could be that guy because I am nowhere near.

 

http://www.ferrarichat.com/forum/north-cen...ambo-6-0-a.html

 

He was a member here too.

I feel like it's really playing with fire unless you are in a car related business and can easily make the justification that this is for business use. But even then you have the car registered in the corp name which saddles the business with a ton of liability.

 

That's exactly what I was thinking, unless you have the car out as a rental how else can you justify it as a business asset?

 

That's exactly what I was thinking, unless you have the car out as a rental how else can you justify it as a business asset?

 

shop owners that use them for "R&D"