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  • I have succumbed

     

    to the temptation of a 2016 7-speed 460 hp Corvette.

    Before I get skewered by the group given the obvious financial insensibility, hear me out.

    -Got a great deal as they are clearing out the 2016s.

    -Paid cash.

    -At or approaching FI, with ample time off and little burnout at my day job.

    -Plan on retiring in 9 years when the youngest heads to college.

    -Three kids in grade school, so cannot really go on permanent vacation (though I do sneak away for a week every month or two).

    -Will save me at least a minute or two daily during my commute  

    -Figured why not, only live once.  May as well get it while I can still easily get in and out of it.

    Alright, I have my protective body armor on, I can handle the heat...

     

     

  • #2
    And that, dear GXA, is the reward you have earned for making good financial decisions all of these years. Good for you! Well timed, too, same day as WCI's article on his new Sequoia purchase. Never hurts to be in good company.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #3
      Ha! That is good company.  I did not even realize he had posted about that topic.  Makes me feel a little less guilty...

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      • #4
        No, no, no! You must drive a $5,000 car!

        Unless you're pretty much FI now and planning on working another 9 years. In that case, you can have his & hers '16 Corvettes.

        Cheers! And have a great weekend with the 'Vette!

        -PoF

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        • #5




           

          to the temptation of a 2016 7-speed 460 hp Corvette.

          Before I get skewered by the group given the obvious financial insensibility, hear me out.

          -Got a great deal as they are clearing out the 2016s.

          -Paid cash.

          -At or approaching FI, with ample time off and little burnout at my day job.

          -Plan on retiring in 9 years when the youngest heads to college.

          -Three kids in grade school, so cannot really go on permanent vacation (though I do sneak away for a week every month or two).

          -Will save me at least a minute or two daily during my commute  ?

          -Figured why not, only live once.  May as well get it while I can still easily get in and out of it.

          Alright, I have my protective body armor on, I can handle the heat…

           

           
          Click to expand...


          You should strongly consider taking a high performance driving course if you have not already. It may not be the 650HP version, but it really pays to know what these cars are capable of and how to handle them appropriately (even for everyday driving its amazing to know to how to drive better).

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          • #6
            .

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            • #7
              It's your money, you earned it, and you can do whatever you want with it. I have never been a fan of the Corvette personally, and I am concerned about the ability to drive your children around in it. Is the seating adequate?

              I have driven some nicer cars over the years, but they have taught me the following about myself:

              1. I enjoy the nice car for about a month, and then it is mostly a series of concerns (is that a new scratch, is that rattle new, I do not want to park it at some places, I do not want to valet park it, etc.)

              2. I do not enjoy spending the the additional money after purchase required to keep a nice car--higher insurance rate, higher personal property tax, more money for gas, more time/money washing the car, etc.

              3. I like to keep a low profile at the hospital and let the nurses drive the BMWs (and carry the LV purses).

              4. Yes, I would rather have the $50k in the bank and the Prius in the driveway.

              As they say, YMMV...enjoy!

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              • #8




                It’s your money, you earned it, and you can do whatever you want with it. I have never been a fan of the Corvette personally, and I am concerned about the ability to drive your children around in it. Is the seating adequate?

                I have driven some nicer cars over the years, but they have taught me the following about myself:

                1. I enjoy the nice car for about a month, and then it is mostly a series of concerns (is that a new scratch, is that rattle new, I do not want to park it at some places, I do not want to valet park it, etc.)

                2. I do not enjoy spending the the additional money after purchase required to keep a nice car–higher insurance rate, higher personal property tax, more money for gas, more time/money washing the car, etc.

                3. I like to keep a low profile at the hospital and let the nurses drive the BMWs (and carry the LV purses).

                4. Yes, I would rather have the $50k in the bank and the Prius in the driveway.

                As they say, YMMV…enjoy!
                Click to expand...


                Corvette is only a two seater, its biggest draw back really and the new ones are really nice. If you dont enjoy driving nice cars, really driving them then they make even less sense (they dont make much to begin with). My friend just turned his in for a 4 door bmw.

                I do enjoy driving them, and the high performance driving course I did (viper Srt) was amazing and so much fun as well as very educational and makes one a better driver. However, i can hardly understand the utility of any car as they just sit unused 95% of most every day.

                Id much rather pay for a fun day/wknd at the track with friends/family occasionally then drive the speed limit through town in an amazing vehicle.

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                • #9




                  It’s your money, you earned it, and you can do whatever you want with it. I have never been a fan of the Corvette personally, and I am concerned about the ability to drive your children around in it. Is the seating adequate?

                  I have driven some nicer cars over the years, but they have taught me the following about myself:

                  1. I enjoy the nice car for about a month, and then it is mostly a series of concerns (is that a new scratch, is that rattle new, I do not want to park it at some places, I do not want to valet park it, etc.)

                  2. I do not enjoy spending the the additional money after purchase required to keep a nice car–higher insurance rate, higher personal property tax, more money for gas, more time/money washing the car, etc.

                  3. I like to keep a low profile at the hospital and let the nurses drive the BMWs (and carry the LV purses).

                  4. Yes, I would rather have the $50k in the bank and the Prius in the driveway.

                  As they say, YMMV…enjoy!
                  Click to expand...


                  I used to think the same but I too recently got an American muscle car and absolutely love it. I do worry about the scratches, parking, etc. Insurance and gas costs have certainly skyrocketed. I do like getting cars that don't fit the traditional mold of a luxury vehicle so as to avoid the glances at the hospital. $70K is a lot to spend on a car but thus far, I am absolutely loving mine

                  Comment


                  • #10
                    Without hijacking the topic too much, what would you guys recommend if someone were interested in swapping out luxury cars every 2-3 years?

                    Leasing seems to make the most sense but I'm beginning to tire of the mileage restrictions and the worry about every little ding and scratch.

                    I deduct the lease payments as a business expense but since I'm a W2, that 2% floor is getting harder and harder to surpass every year.

                    I wonder if it would make more sense to just purchase the car in cash and claim the large depreciation deduction on the years where I trade in the vehicle?

                    (I know, I know. The financially savvy thing to do would be to purchase the car and just drive it into the ground.)

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                    • #11
                      Definitely off topic but if you have not already done something, you should strongly consider having some or all of the car wrapped with XPEL (self healing film). This will protect your car against rock chips, scratches, etc.

                      At the very least, you should do the mirrors, front and hood.

                      This will save you heartache and protect your investment to a certain extent.

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                      • #12
                        YOLO.  I bought a porsche boxster off ebay in my late 40s.  It was fun but impractical.  I am currently driving a Ford edge and am totally guilt-free hauling dogs in it. I agree with Vagabond about flashy cars and LV purses attracting the wrong kind of attention at the hospital.  I just read another Financial Samurai posting on stealth wealth and it really hits home.

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                        • #13




                          It’s your money, you earned it, and you can do whatever you want with it. I have never been a fan of the Corvette personally, and I am concerned about the ability to drive your children around in it. Is the seating adequate?

                          I have driven some nicer cars over the years, but they have taught me the following about myself:

                          1. I enjoy the nice car for about a month, and then it is mostly a series of concerns (is that a new scratch, is that rattle new, I do not want to park it at some places, I do not want to valet park it, etc.)

                          2. I do not enjoy spending the the additional money after purchase required to keep a nice car–higher insurance rate, higher personal property tax, more money for gas, more time/money washing the car, etc.

                          3. I like to keep a low profile at the hospital and let the nurses drive the BMWs (and carry the LV purses).

                          4. Yes, I would rather have the $50k in the bank and the Prius in the driveway.

                          As they say, YMMV…enjoy!
                          Click to expand...


                          I have a similar philosophy. I am not a car guy and just need a vehicle that starts without any issue, goes on without breakdowns and goes from point A to B and back.

                          My patients do not know what car I drive since the staff and I park in the back. But we have a small entrance directly on to a busy main road. I am amused by the look of incredulity on the faces of my patients when the sharpy turn in to my front parking lot from the main road in their Lexus or BMW and see an oldish 2007 Camry waiting to get out and make a left turn and then they see my face. And they do a double take of the car and me and are perplexed. Is their doc not earning enough that he cannot even afford a new car, let alone a Lexus like them?

                          At least when they get their bills they are not angry at me blowing my money on a Porsche.

                           

                           

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                          • #14
                            Thanks for everyone's input!  I look at this as another one of life's fun experiences.

                            Thus far I have really enjoyed driving it!  Rowing through the gears with lots of torque and acceleration leaves a huge grin on my face.

                            I do worry a little about scratches and will try to park it away from others - but it is meant to be driven and enjoyed.  With three kids involved with various sports (in fact I took one of the kids to a soccer game in it today), it will inevitably smell a little like a gym

                            Being completely comfortable with our current and future financial situation really opened up this opportunity.  No regrets yet.

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                            • #15
                              Paid cash. Saving 20%+ for retirement. Finances in order. Student loans paid off.

                              Dunno, seems to me like you're fine spending your money in any way that makes you happy.
                              Helping those who wear the white coat get a fair shake on Wall Street since 2011

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