How to Finance Your First Exotic Car

[The White Coat Investor]

Coastalinvestor wrote:

Sorry I guess posts like these are just low-order compared to what I’ve been reading on other finance websites and books.  Posts should be devoted to arming physicians with knowledge that increases their net worth & financial literacy.  Trust me, I love cars as well I guess I just don’t see the point of discussing it here.

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It's pretty easy to tell what people don't want to talk about. It drops off the bottom of the page with one post on the thread. Nothing wrong with some interesting financial topics thrown in to spice things up while we wait for the next young attending with a mess of a portfolio and a NML WL policy to swing by.

As you hang around, you'll notice Craigy has a thing for nice cars bought on credit.

[CM]

I Find This Humerus wrote:

Why do you say that?

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Excellent name.  

Welcome to the forum.

[I Find This Humerus]

CM wrote:

I Find This Humerus wrote:

Why do you say that?

Click to expand…

Excellent name.  

Welcome to the forum.

Click to expand...

Why thank you. Anyone know how to get gifs to work as the avatar? It works on my profile page but not in the forum.

[G]

Coastalinvestor wrote:

Sorry I guess posts like these are just low-order compared to what I’ve been reading on other finance websites and books.  Posts should be devoted to arming physicians with knowledge that increases their net worth & financial literacy.  Trust me, I love cars as well I guess I just don’t see the point of discussing it here.

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It looks like you just joined the forum today.  Shucks, maybe give it a couple days?  I mean, it's not like we're talking about whisky investing....

[The White Coat Investor]

I Find This Humerus wrote:

CM wrote:

I Find This Humerus wrote:

Why do you say that?

Click to expand…

Excellent name.  

Welcome to the forum.

Click to expand…

Why thank you. Anyone know how to get gifs to work as the avatar? It works on my profile page but not in the forum.

Click to expand...

No GIFs, sorry. We already had one forum user who posted one with every single post. We've got him down to jpg now, which is a little easier on the eyes.

[White.Beard.Doc]

I would love to order a new Tesla Roadster at a cost of 200k.  It sounds like an amazing piece of technology with over 600 miles of battery range and incredible acceleration, plus the styling is stunning.  I wouldn’t even care about waiting a few years for delivery.  For me, it’s kind of like planning a great trip, the anticipation is almost as exciting as the trip itself.

However, despite the fact that I could easily afford to pay cash for one of these outrageous toys, decades of careful financial habits have become far too deeply ingrained.  Oh well, too bad, dream on...

 

[VagabondMD]

@Craigy, I like the creativity but detest the idea of owing a $200,000 car. The maintenance, the tax, and the worry. Not only that, I would probably have to change my image and my wardrobe to be worthy of such a vehicle.

We do not see fancy cars like that in flyover country very often. On a CME trip to Boca Raton, FL, a few years ago, I was waiting in a group for the valet to bring my car, when two guys pulled up in gorgeous white Rolls Royce convertible. It really looked like a piece of art on wheels. Everyone’s eyes were on this stunning vehicle.

Then, these two heavy bald guys get out, probably early to mid 40’s, and one guy is so obese that he needs assistance getting out of the car. I was expecting John Franco and Brad Pitt to step out and instead I see two guys who could have washed out of The Biggest Loser.

What a disappointment! This story is forever etched into my mind. I am not worthy of such a fine vehicle, and when I step out of my seven year old Prius, the expectations are set appropriately low.

[Coastalinvestor]

Sorry if I sounded grumpy in my last post - had a long day at work.

 

I actually see nothing wrong with buying a nice car  ... most personal finance blogs tell you to basically buy a used beater, but life is short.  Personally I am a fan of certified pre-owned programs and typically I buy after cars have gone through their major depreciation hit.

 

I do see some physicians at my workplace fall into a trap of buying a stable of exotic cars which I think is a big mistake.  Also - I work with one physician who bought a used Ferrari and while I absolutely love the Ferrari brand I think it's a bit overkill to bring to the physician garage.

 

I also belong to the Porsche forum and if you really want to study bad finance habits that's a great place to start.  You have guys who are literally trading up to the newest 911 every 6 months and you have other members encouraging them with excellent financial wisdom such as "YOLO - do it!"

[q-school]

Vagabond MD wrote:

@craigy, I like the creativity but detest the idea of owing a $200,000 car. The maintenance, the tax, and the worry. Not only that, I would probably have to change my image and my wardrobe to be worthy of such a vehicle.

We do not see fancy cars like that in flyover country very often. On a CME trip to Boca Raton, FL, a few years ago, I was waiting in a group for the valet to bring my car, when two guys pulled up in gorgeous white Rolls Royce convertible. It really looked like a piece of art on wheels. Everyone’s eyes were on this stunning vehicle.

Then, these two heavy bald guys get out, probably early to mid 40’s, and one guy is so obese that he needs assistance getting out of the car. I was expecting John Franco and Brad Pitt to step out and instead I see two guys who could have washed out of The Biggest Loser.

What a disappointment! This story is forever etched into my mind. I am not worthy of such a fine vehicle, and when I step out of my seven year old Prius, the expectations are set appropriately low.

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i know you would not let other people's expectations stop you from doing some thing you wanted to do.

but that sounds almost dismissive because of obesity and baldness.   what are you saying?   only beautiful people can have nice things?  what's the matter with being bald?  are you a hair snob?  

[VagabondMD]

q-school wrote:

Vagabond MD wrote:

@craigy, I like the creativity but detest the idea of owing a $200,000 car. The maintenance, the tax, and the worry. Not only that, I would probably have to change my image and my wardrobe to be worthy of such a vehicle.

We do not see fancy cars like that in flyover country very often. On a CME trip to Boca Raton, FL, a few years ago, I was waiting in a group for the valet to bring my car, when two guys pulled up in gorgeous white Rolls Royce convertible. It really looked like a piece of art on wheels. Everyone’s eyes were on this stunning vehicle.

Then, these two heavy bald guys get out, probably early to mid 40’s, and one guy is so obese that he needs assistance getting out of the car. I was expecting John Franco and Brad Pitt to step out and instead I see two guys who could have washed out of The Biggest Loser.

What a disappointment! This story is forever etched into my mind. I am not worthy of such a fine vehicle, and when I step out of my seven year old Prius, the expectations are set appropriately low.

Click to expand…

i know you would not let other people’s expectations stop you from doing some thing you wanted to do.

but that sounds almost dismissive because of obesity and baldness.   what are you saying?   only beautiful people can have nice things?  what’s the matter with being bald?  are you a hair snob?  ????

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No, I am a general snob. I am Hair-challenged, however, and the beautiful car-beautiful people image was forever destroyed by the guys in the RR.

I operate on the assumption that status is a significant motivation for buying a fancy car. I would have been more impressed with the guys in the RR if they were running on the beach the same morning and blew by me.

[q-school]

Vagabond MD wrote:

q-school wrote:

Vagabond MD wrote:

@craigy, I like the creativity but detest the idea of owing a $200,000 car. The maintenance, the tax, and the worry. Not only that, I would probably have to change my image and my wardrobe to be worthy of such a vehicle.

We do not see fancy cars like that in flyover country very often. On a CME trip to Boca Raton, FL, a few years ago, I was waiting in a group for the valet to bring my car, when two guys pulled up in gorgeous white Rolls Royce convertible. It really looked like a piece of art on wheels. Everyone’s eyes were on this stunning vehicle.

Then, these two heavy bald guys get out, probably early to mid 40’s, and one guy is so obese that he needs assistance getting out of the car. I was expecting John Franco and Brad Pitt to step out and instead I see two guys who could have washed out of The Biggest Loser.

What a disappointment! This story is forever etched into my mind. I am not worthy of such a fine vehicle, and when I step out of my seven year old Prius, the expectations are set appropriately low.

Click to expand…

i know you would not let other people’s expectations stop you from doing some thing you wanted to do.

but that sounds almost dismissive because of obesity and baldness.   what are you saying?   only beautiful people can have nice things?  what’s the matter with being bald?  are you a hair snob?  ????

Click to expand…

No, I am a general snob. I am Hair-challenged, however, and the beautiful car-beautiful people image was forever destroyed by the guys in the RR.

I operate on the assumption that status is a significant motivation for buying a fancy car. I would have been more impressed with the guys in the RR if they were running on the beach the same morning and blew by me.

Click to expand...

its to pick up the chicks.  paradoxically, even though most men i know  (at that time of their lives) somehow think it helps to pick up the chicks, most women i know couldn't tell what kind of car it was anyways.  i mean, they know it's nice, but it's just a conveyance.

[I Find This Humerus]

The White Coat Investor wrote:

I Find This Humerus wrote:

CM wrote:

I Find This Humerus wrote:

Why do you say that?

Click to expand…

Excellent name.  

Welcome to the forum.

Click to expand…

Why thank you. Anyone know how to get gifs to work as the avatar? It works on my profile page but not in the forum.

Click to expand…

No GIFs, sorry. We already had one forum user who posted one with every single post. We’ve got him down to jpg now, which is a little easier on the eyes.

Click to expand...

You should update your profile pages then where it says gifs are allowed formats so other people don't waste time trying to figure out whats wrong.

[Craigy]

CM wrote:

The White Coat Investor wrote:

CM wrote:

Coastalinvestor wrote:

This post is a testament to why relatively few physicians have a high net worth.

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Not sure why this opinion is common. This survey indicates that 65% of physicians between 50-64 yo are millionaires, and 73% are millionaires by 65 yo:

https://www.medscape.com/slideshow/compensation-2017-wealth-debt-report-6008663#5

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I think you’re looking at those statistics in the wrong way. What you should have said was “despite 30 years of physician sized paychecks, 27% of doctors still don’t even have a net worth of a million dollars.”

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Maybe my glass is half full.

27% is closer to “relatively few” than 73%.

I’m on the frugal end of the spectrum and can’t relate to the usual level of spending for high-income professionals, but it seems that physicians haven’t earned their profligate reputation. This forum selects for savers and investors, so the consensus judgment here may be harsher than elsewhere.

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Most people tend to spend what they make, or a little more than they make.  Doctors make more than most people, but they generally spend a lot more.

The stereotypical/prototypical doctor has a home he can barely afford, a wife he can barely afford, an ex wife he couldn't afford, sends kids to schools he can barely afford, still paying on his own student loans from decades ago, keeps kids on the payroll well into adulthood, has one or more club memberships, has two or more luxury cars on lease, takes multiple annual lavish vacations, dines out frequently, has a wine collecting and drinking hobby, may own a second or third vacation home, loves expensive artwork, furniture and clothing, possibly a boat in there somewhere, etc.

Obviously there's a little hyperbole in there but I'm sure most of us can think of a few people we know personally that check a lot of those boxes.  You can check two or three, maybe four of those boxes without a problem, but if you treat them like pokemon, accumulating wealth starts to sound pretty fanciful while you just try to keep your head above water.

[Craigy]

Vagabond MD wrote:

@craigy, I like the creativity but detest the idea of owing a $200,000 car. The maintenance, the tax, and the worry. Not only that, I would probably have to change my image and my wardrobe to be worthy of such a vehicle.

We do not see fancy cars like that in flyover country very often. On a CME trip to Boca Raton, FL, a few years ago, I was waiting in a group for the valet to bring my car, when two guys pulled up in gorgeous white Rolls Royce convertible. It really looked like a piece of art on wheels. Everyone’s eyes were on this stunning vehicle.

Then, these two heavy bald guys get out, probably early to mid 40’s, and one guy is so obese that he needs assistance getting out of the car. I was expecting John Franco and Brad Pitt to step out and instead I see two guys who could have washed out of The Biggest Loser.

What a disappointment! This story is forever etched into my mind. I am not worthy of such a fine vehicle, and when I step out of my seven year old Prius, the expectations are set appropriately low.

Click to expand...

Hate to break it to ya,  :lol:  but these cars, by and large, are all owned by old guys.  Especially as you climb the MSRP ladder.  There's a few trust fund babies and young entrepreneurs mixed in there, but as the price goes up, so does the average age, since they're the only ones with enough disposable wealth to drop on a $400k or $2M car.

And then there's the phenomena of the relatively cheap Corvette, which seemingly has white hair and gold chains as a prerequisite to placing your order.  :lol:

q-school wrote:

Vagabond MD wrote:

q-school wrote:

Vagabond MD wrote:

@craigy, I like the creativity but detest the idea of owing a $200,000 car. The maintenance, the tax, and the worry. Not only that, I would probably have to change my image and my wardrobe to be worthy of such a vehicle.

We do not see fancy cars like that in flyover country very often. On a CME trip to Boca Raton, FL, a few years ago, I was waiting in a group for the valet to bring my car, when two guys pulled up in gorgeous white Rolls Royce convertible. It really looked like a piece of art on wheels. Everyone’s eyes were on this stunning vehicle.

Then, these two heavy bald guys get out, probably early to mid 40’s, and one guy is so obese that he needs assistance getting out of the car. I was expecting John Franco and Brad Pitt to step out and instead I see two guys who could have washed out of The Biggest Loser.

What a disappointment! This story is forever etched into my mind. I am not worthy of such a fine vehicle, and when I step out of my seven year old Prius, the expectations are set appropriately low.

Click to expand…

i know you would not let other people’s expectations stop you from doing some thing you wanted to do.

but that sounds almost dismissive because of obesity and baldness.   what are you saying?   only beautiful people can have nice things?  what’s the matter with being bald?  are you a hair snob?  ????

Click to expand…

No, I am a general snob. I am Hair-challenged, however, and the beautiful car-beautiful people image was forever destroyed by the guys in the RR.

I operate on the assumption that status is a significant motivation for buying a fancy car. I would have been more impressed with the guys in the RR if they were running on the beach the same morning and blew by me.

Click to expand…

its to pick up the chicks.  paradoxically, even though most men i know  (at that time of their lives) somehow think it helps to pick up the chicks, most women i know couldn’t tell what kind of car it was anyways.  i mean, they know it’s nice, but it’s just a conveyance.

Click to expand...

You vastly underestimate the prowess of a female looking to land a doc husband!  They might not know the make and model, but they can smell money coming from a mile away. 

White.Beard.Doc wrote:

I would love to order a new Tesla Roadster at a cost of 200k.  It sounds like an amazing piece of technology with over 600 miles of battery range and incredible acceleration, plus the styling is stunning.  I wouldn’t even care about waiting a few years for delivery.  For me, it’s kind of like planning a great trip, the anticipation is almost as exciting as the trip itself.

However, despite the fact that I could easily afford to pay cash for one of these outrageous toys, decades of careful financial habits have become far too deeply ingrained.  Oh well, too bad, dream on…

 

Click to expand...

So you mean to tell me you DIDN'T put your $50,000 deposit on a $250,000 founders edition, due for 2020 delivery??   

[CM]

q-school wrote:

its to pick up the chicks.  paradoxically, even though most men i know  (at that time of their lives) somehow think it helps to pick up the chicks, most women i know couldn’t tell what kind of car it was anyways.  i mean, they know it’s nice, but it’s just a conveyance.

Click to expand...

.