Income for F-type R...
#61
04-21-2016, 07:07 PM
Veteran Member
No need to apologize...it's just that this forum is not all that anonymous. As time goes on, more and more of us are meeting one another in person. It's turning into a not-so-virtual social club.
#62
04-21-2016, 07:08 PM
no offense to anyone posting in this thread but this is boring. the op is stating that he has significant financial health, is a financial advisor but seems to lack financial acumen.
to the op...if what you tell us is true and that if you are a car guy or simply a guy that enjoys cars...just get the car. if your concern of timing the market or buying after a palatable amount of depreciation has occurred...just lease.
but, but, but...do not let your clients know you have been asking such sophomoric questions.
good luck with your new F-type!!
best,
pcb
to the op...if what you tell us is true and that if you are a car guy or simply a guy that enjoys cars...just get the car. if your concern of timing the market or buying after a palatable amount of depreciation has occurred...just lease.
but, but, but...do not let your clients know you have been asking such sophomoric questions.
good luck with your new F-type!!
best,
pcb
Thank you so much for coming to my "sophomoric" level.
I didn't ask if I could afford it, in fact, I believe I said that the payment wasn't an issue.
I am just trying to wrap my head around a 100k car, that's all...wondering if most buyers of a car at this cost simply write a check and don't notice there bank account drop 100k, or if in general, people are buying "what they can afford," which is dangerous.....
For me it is definitely not "market timing." No such thing when buying a new car, IMO (minus some limited production ultra rare cars.). Buying new is just about always a losing proposition...
#63
04-21-2016, 07:22 PM
The closet jag dealer is 8hrs away...that also goes for about every car brand other than Ford, Chevy, and Dodge....
Someone mentioned in a previous post about driving a sporty car will attract wealthy clients or give the image of success....that is probably true in most areas in the US...but in North Dakota, everyone drives a pickup truck and the wealthiest people are humblest I have ever met. They walk in my office covered in mud, driving their 8yr old truck, and have enough money to buy the city.
(Again I am not looking for others personal info, just their input)
#64
04-21-2016, 07:56 PM
I am typically, anti lease and buy used. However, with my track record of how quickly I go through cars, purchasing new is pointless.
As for "financial wisdom," don't buy new regardless of your cash situation, that would be the smartest...as well don't buy a Jag, prolly a Honda Civic or Camry. This is a f-type forum, there is not a lot of "financial wisdom" in purchasing a f-type
#65
04-21-2016, 08:01 PM
1) The norm is irrelevant and unfortunately undesireable; most people carry far more debt than they should; not something you necessarily want to aspire to IMO. You know this. :-)
2) Despite a previous contention to the contrary, I think F types have been around long enough to prove that they are reliable....there are some common issues and complaints (as with ANY vehicle) but most are minor in nature. I wouldn't let Jaguar reliability sway you one way or the other.
3) I'm in a completely different position from you so I get that the lease is attractive for someone in your position but I'm much older, will be retiring soon and plan on keeping the F type for many years plus I hate owing money on anything so I paid cash for mine.....but I bought a 2014 CPO with 6,000 miles on it for about $30,000 less than a new one. The car will depreciate but not at the rate it did for the first 2 years. In the past I've purchased dozens of new vehicles and leased several but now I typically purchase lightly used and pay cash.
2 cents,
Dave
2) Despite a previous contention to the contrary, I think F types have been around long enough to prove that they are reliable....there are some common issues and complaints (as with ANY vehicle) but most are minor in nature. I wouldn't let Jaguar reliability sway you one way or the other.
3) I'm in a completely different position from you so I get that the lease is attractive for someone in your position but I'm much older, will be retiring soon and plan on keeping the F type for many years plus I hate owing money on anything so I paid cash for mine.....but I bought a 2014 CPO with 6,000 miles on it for about $30,000 less than a new one. The car will depreciate but not at the rate it did for the first 2 years. In the past I've purchased dozens of new vehicles and leased several but now I typically purchase lightly used and pay cash.
2 cents,
Dave
I also hate owing money on anything. (That is half of my dilemma)
Not that an f-type is ever practical, but it sounds like you purchased an F-type as practically as possible. 👍
#66
04-21-2016, 08:20 PM
Veteran Member
#67
04-21-2016, 08:27 PM
Veteran Member
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#68
04-22-2016, 03:35 AM
To the OP, considering you can afford the car, but are trying to find yourself a reason to buy (you obviously seem quite sensible with money), the question you asked is wrong.
It should have been can you afford NOT to buy this car?!
For me I'm a daily driver, I earn nowhere near as much as you, hence I bought the V6 version, however I can comfortably afford it within my budget. What else would I spend the money on? Holidays? Keep it for a rainy day? The wife (probably)?! Or would I keep it as an emergency fund? I can, and you can clearly afford to do all the above and still get the car, you're just worried about loosing out on the residual as it doesn't make financial sense.
It never will.
What does make sense is how gorgeous the car is, how every time i see it I fall in love with it all over again (much to the wife's annoyance). How I get excited like a little kid every single time i start it (still 6 months down the line), how I find excuses to drive anywhere; if my dogs weren't tiny id consider taking them for a walk behind the car!! Its the only car I bother my **** to wash every weekend, and actually enjoy caressing (I know, pervy) instead of taking it to the local cleaners at the supermarket (I dont usually care about swirls that you can only see when up close)
That enjoyment and fun is certainly worth any depreciation and loss to me. Someone else said you cant take it with you, so at least enjoy some of it!!
I WISH id gone for the V8 now, I normally change cars every 3 years, and currently will go for the V8 next.
If none of what I posted makes sense, then no, this isn't the best car to waste that amount of money on. There are other fun cars, cheaper and with better residuals.
It should have been can you afford NOT to buy this car?!
For me I'm a daily driver, I earn nowhere near as much as you, hence I bought the V6 version, however I can comfortably afford it within my budget. What else would I spend the money on? Holidays? Keep it for a rainy day? The wife (probably)?! Or would I keep it as an emergency fund? I can, and you can clearly afford to do all the above and still get the car, you're just worried about loosing out on the residual as it doesn't make financial sense.
It never will.
What does make sense is how gorgeous the car is, how every time i see it I fall in love with it all over again (much to the wife's annoyance). How I get excited like a little kid every single time i start it (still 6 months down the line), how I find excuses to drive anywhere; if my dogs weren't tiny id consider taking them for a walk behind the car!! Its the only car I bother my **** to wash every weekend, and actually enjoy caressing (I know, pervy) instead of taking it to the local cleaners at the supermarket (I dont usually care about swirls that you can only see when up close)
That enjoyment and fun is certainly worth any depreciation and loss to me. Someone else said you cant take it with you, so at least enjoy some of it!!
I WISH id gone for the V8 now, I normally change cars every 3 years, and currently will go for the V8 next.
If none of what I posted makes sense, then no, this isn't the best car to waste that amount of money on. There are other fun cars, cheaper and with better residuals.
Last edited by whiskey29; 04-22-2016 at 03:38 AM.
#71
04-22-2016, 10:38 AM
Senior Member
#72
04-22-2016, 12:03 PM
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#73
04-22-2016, 02:42 PM
Ask yourself this, will you question yourself day and night whether you should get it or not? Even if you happen to pass it temporarily, will the thought always dawn on you? Much like many have already said, "you only live once". It's your decision at the end of the day if you get the car or not, but like many of us on this forum whom had very similar experiences buying the car, after the fact I doubt many, if any, of us have regretted the decision financially or emotionally once. Any route you go, enjoy yourself, life is too short for worry!
#74
04-22-2016, 02:46 PM
Well, I'd say... why an 'R'? Have you driven one?
A base V6 is 40K cheaper, is equally beautiful, is much closer to your 50K comfort zone and compared to your 4 ton truck will seem very sprightly indeed (and could be tuned to S performance for $1K or less). Plus the base V6 models seem to depreciate far less in comparison to the 'R's. Keep the options on the non-crazy side and you can keep the price down and still have a nice car. Even more reasonable - a lightly used V6...
A base V6 is 40K cheaper, is equally beautiful, is much closer to your 50K comfort zone and compared to your 4 ton truck will seem very sprightly indeed (and could be tuned to S performance for $1K or less). Plus the base V6 models seem to depreciate far less in comparison to the 'R's. Keep the options on the non-crazy side and you can keep the price down and still have a nice car. Even more reasonable - a lightly used V6...
#75
04-22-2016, 03:30 PM
Senior Member
I don't expect anyone to tell me there income, nor am I asking for that, however I need a little help....
I am actually a financial advisor, so typically I would be giving advice on this topic, but luckily for me, the Internet allow us to stay anonymous.
Here is my issue, I easily think I can afford a 1200 payment on an R lease, however the most I have ever spent on a car was about 50k.
Not wanting to get into the lease-buy debate as that is another topic. (I go through cars about every 2yrs, so buying new is foolish to me). With that being said, I have always purchased used cars in the past...
Anyway back on point, maybe it is a mindset, but I just can't fathlom driving a 110k car around.
I make about 350k, and have no debt other than about 12yrs left on a mortgage that is 2300 a month. I am 35, my wife works part-time and will probably quit completely within the year...she makes about 15k a year.
No plans for any major financial purchases in the future.
(Please don't take this the wrong way, I am sure there are people that make a lot less, I am not trying to brag, that's why I love the anymonity of the Internet...I also know there are a lot of people that make A LOT more.)
I am just having trouble, in my mind, trying to justify a 110k car. Don't get me wrong, I love cars, I currently daily drive a H1, which is about my 25th car. Maybe it is all in my mind, but I picture everyone who buys 100+k car making at least 500k....(however in my job, I see many people, that most would think make ALOT of money, (doctors and lawyers) who drive very nice rides, but aren't as great off as one would think....I am not asking if I could make the payment, I know that is not an issue, I am wondering, "what is the norm?"
I realize it is not, per se, a good investment, but I also realize I need to "live life" as well....
Bottom line, do I make enough to get this???
(I understand people will say, "you are a FA and asking for our help, glad my money isn't with you"....I get it, I just want some honest input.)
I am actually a financial advisor, so typically I would be giving advice on this topic, but luckily for me, the Internet allow us to stay anonymous.
Here is my issue, I easily think I can afford a 1200 payment on an R lease, however the most I have ever spent on a car was about 50k.
Not wanting to get into the lease-buy debate as that is another topic. (I go through cars about every 2yrs, so buying new is foolish to me). With that being said, I have always purchased used cars in the past...
Anyway back on point, maybe it is a mindset, but I just can't fathlom driving a 110k car around.
I make about 350k, and have no debt other than about 12yrs left on a mortgage that is 2300 a month. I am 35, my wife works part-time and will probably quit completely within the year...she makes about 15k a year.
No plans for any major financial purchases in the future.
(Please don't take this the wrong way, I am sure there are people that make a lot less, I am not trying to brag, that's why I love the anymonity of the Internet...I also know there are a lot of people that make A LOT more.)
I am just having trouble, in my mind, trying to justify a 110k car. Don't get me wrong, I love cars, I currently daily drive a H1, which is about my 25th car. Maybe it is all in my mind, but I picture everyone who buys 100+k car making at least 500k....(however in my job, I see many people, that most would think make ALOT of money, (doctors and lawyers) who drive very nice rides, but aren't as great off as one would think....I am not asking if I could make the payment, I know that is not an issue, I am wondering, "what is the norm?"
I realize it is not, per se, a good investment, but I also realize I need to "live life" as well....
Bottom line, do I make enough to get this???
(I understand people will say, "you are a FA and asking for our help, glad my money isn't with you"....I get it, I just want some honest input.)
#76
04-22-2016, 04:40 PM
Veteran Member
Yes you make enough to get this, and yes in my opinion this would be the norm, even overkill for your income and debt. You being a more practical person may beat yourself up for pulling the trigger on such an elaborate high end car, but trust me, once you start driving it you'll never regret it. My monthly payments just tick way away just like it's another necessary expense and I don't even think about. The best part about my day is just thinking about the next time i'm going to drive the car. Do it! Live life and have some fun.
I don't make anywhere near what the OP makes, so I bought as much car as my budget allowed. A three year old XFR with 34K miles for $40K. I don't drive it every day and put about 8K miles per year. It's steadily depreciating but I don't care. I just love it.
And I purchased the extended warranty that covers me to 100K miles or Aug. 2020. I'm definitely keeping it that long, possibly longer. I feel it was a great financial decision for me. For the person who constantly changes, your current latter is the only prudent path. But how much fun is prudent?
I think most of the problem is where the OP is from. People will notice the slick guy in the Jag, and in that environment, his anonymity is reduced or completely gone. And I'm sure he is either from there or has assimilated significantly to be doing that well there, so the values of the community do matter to him.
Bottom line...if you love it and you can think about it constantly, get it. If it's just a car, get something more flippable. Maybe a classic that might appreciate?
#78
04-23-2016, 12:06 AM
Thanks to all who shares their input. As for the sarcastic, demeaning, and childish posts, well, it was worth wading through your insults in order to read the replies of owners who embrace the forum and likely share in a love of cars...
Perhaps I worded my orginal post poorly, perhaps I shouldn't have disclosed my income, age, or profession, that was my attempt at providing information to others in order to offer well informed responses.
Thanks again, I have an appointment to visit with a dealer in WI in early May, luckily they don't have the color I want, so I know I won't make any rash decisions that day!
Perhaps I worded my orginal post poorly, perhaps I shouldn't have disclosed my income, age, or profession, that was my attempt at providing information to others in order to offer well informed responses.
Thanks again, I have an appointment to visit with a dealer in WI in early May, luckily they don't have the color I want, so I know I won't make any rash decisions that day!
#79
04-23-2016, 08:55 AM
Since you are planning on leasing, you could consider that the residual value of the car drastically reduces the amount that you are financing - in those terms, you're driving around a $60k-ish car.
#80
04-23-2016, 09:16 AM
Unless someone is a car enthusiast or a Jag owner, how is an "average Joe" on the street knows that your driving around in a $100K car? Besides, the "average Joe" doesn't give squat what you drive. Furthermore, this isn't the 1970's, where $100K would buy you a supercar. A $100K car today just isn't that special. Heck, virtually all major automotive brands these days have at least 1 model that approaches or exceeds $100K. And nowdays, with easy credit, low interest rates, and attractive financing options, you don't have to be a millionaire to drive like one. Even one of my neighbors who manages a convenience store just bought himself a new 7 series last week.