What type of car can you afford? Viper? 300K

[Granger73]

According to this Bloomberg report, you need 300K to be able to afford a Viper. Do you agree?

http://images.businessweek.com/ss/09/03/0319_how_much_can_you_afford/8.htm

[FLATOUT]

Definitely don't agree.

[Uranium235]

I don't think I get it. For an income of $300k, I can afford $84k in housing for a year? So a $7000/month house payment? Without going into my finances, that seems WAY higher than my house payment...maybe I should have bought a bigger house. And the $102k car? Is that expected to be paid off in the course of one year/bought cash?
When I bought my Viper, I was still in the military, making maybe $50,000/year. Then again, I didn't pay $100k for it.

Matt

[KRATEDISEASE]

you need a signature and a job.

[ViperSmith]

In reality it "all depends" $300k in NYC isn't as much as $300k in Texas :p

Bills matter too. If you can cover your bills with an income of $50k, pulling in $100k gives you a bit more room to buy toys.

Plus, priorities.

Perhaps $300k gets you into buying cars with cash territory?

[TrackAire]

I would think that is in line if you own more than just a new Viper. Does anybody here have a family and only own a Viper as their primary car? A new Viper, his daily driver, her daily driver, a couple of cheaper cars for the kids, car insurance, registration, a little maintenance, etc....it adds up. That doesn't include all the other gems of life (income tax, state tax, health insurance, mortgage, vacations, strip clubs, tuition, etc). $300k just doesn't go as far as it use to.

Cheers,
George

[ViperGeorge]

Could you afford a $140K GTS on $300K in income? No, not with taxes going up like they did this year.

[Newport Viper]

According to this Bloomberg report, you need 300K to be able to afford a Viper. Do you agree?


The way the prices are crashing. No way.

[ACRucrazy]

What a stupid article.

[Bitten]

It is pretty stupid. If you don't live in a huge house and you save your money you should need far less than 300k a year.

I had 9 cars. I got good sales and came up with half down no out of pocket. A very reasonable note at a low rate made me decide to leave my money in the bank. I also showed trade in value as almost the value of the New car.

I think having kids or other expensive hobbies like boats, RVs or hunting also detract from your income significantly.

[SWEEN]

Couldn't find a date but has to be an old article, says with a 1,000,000 you can afford a Lamborghini Murcielago

[mnc2886]

It is pretty stupid. If you don't live in a huge house and you save your money you should need far less than 300k a year.

I had 9 cars. I got good sales and came up with half down no out of pocket. A very reasonable note at a low rate made me decide to leave my money in the bank. I also showed trade in value as almost the value of the New car.

I think having kids or other expensive hobbies like boats, RVs or hunting also detract from your income significantly.

Fixed it. That's why I don't have a Viper yet. Wouldn't trade them for the world, but I wouldn't give you a penny for another!!!! A Viper will come in due time...maybe this year even....:p

[Shooter]

I would think that is in line if you own more than just a new Viper. Does anybody here have a family and only own a Viper as their primary car? A new Viper, his daily driver, her daily driver, a couple of cheaper cars for the kids, car insurance, registration, a little maintenance, etc....it adds up. That doesn't include all the other gems of life (income tax, state tax, health insurance, mortgage, vacations, strip clubs, tuition, etc). $300k just doesn't go as far as it use to.

Cheers,
George

Thanks for the laugh. :)

[plumcrazy]

all you need is about 140K cash,

[Anonymous]

I have had over 40 cars in my 38 years and the biggest difference is buying used cars to new cars,you loose to much with the new ones but with the used ones you can play with your money.

[MI Viper]

It is pretty stupid. If you don't live in a huge house and you save your money you should need far less than 300k a year.

I had 9 cars. I got good sales and came up with half down no out of pocket. A very reasonable note at a low rate made me decide to leave my money in the bank. I also showed trade in value as almost the value of the New car.

I think having kids or other expensive hobbies like boats, RVs or hunting also detract from your income significantly.

We have both, but still have a 2009 genIV, (We bought used, but in New car conditon). With that being said, we have our $$ priorities in order, our house is paid off, kids college is paid for, (FL Prepaid tution Plan) boats are paid off, (last 5 boats have been bank repos also), only payment is on our rental house, (My mother-in-law lives there now). So it is possible, but we don't impulse buy things either, then again, we exceed the threshold, BUT we work our butts off running our own (2) person engineering consulting company...

[MI Viper]

Could you afford a $140K GTS on $300K in income? No, not with taxes going up like they did this year.

Yeah, don't get me going about TAXES! :mad:

[Policy Limits]

Anyone can afford anything.

[Nine Ball]

Stupid article.

[Jay M]

I think most of us car guys live a bit beyond our means when it comes to cars. But it's better than being addicted to crack.

~Jay

[Torquemonster06]

^^^^^^^^this^^^^^^^^

[Newport Viper]

But it's better than being addicted to crack.

Tell me about it. I'm on my third wife...

[St.Char]

you need a signature and a job.

+1...this goes a long way these days!

[Coloviper]

What is ridiculous about the article is if you are putting your kids through college as they say, are you laying out $100k cash to completely pay off or buy a new car outright every year as they state? Idiot dials in a new car 100% outright purchase to his calcs for every year trying to show a negative cash flow.

Dumb article! I swear the dumber the article, the more attention it gets on the internet these days.

[Policy Limits]

I'm going to call Suzy Orman & determine if I can buy a second viper...

[kabooz321]

out of curiosity, how expensive is it to ensure a gen v viper? i now it's subjective. But in general how bad is it?

[JonSav]

was 3000 for me.. But i'm in my 20's with a driving record

[Policy Limits]

900 bucks with 1k deductible 1/2 mill policy but in 30's with no record