For those of you with HIGH end spare cars, IE 75-80 plus...

How do you justify the purchase?

I'm looking at picking up a 2014 Viper. I can afford it. Wife says OK, but I know it's insane to have a 1300 plus car payment on a car that sits in the garage and collects dust.

I can't imagine what my folks, the in-laws, and other family members close by will say.....I know it's my money and to hell with them, but still......just feels weird.

What say'eth the beeb??

 

Don't finance depreciating assets.

 

You drive it and enjoy it as much as possible and not worry about resale.
But I also wouldn't pick the viper so...

 

Never, ever finance toys like this. Pay cash and forget about it.

 

It's a business expense, so the business technically makes the monthly payment and will help on tax purposes.

 

What's your DD?

 

A 2014 Lexus ES.

 

I say it's your money, get it. Life is way too short.
I seen too many people catch a dirt nap, way to young that never let loose and enjoyed life.

 

What's wrong with getting a toy for awhile? I've bought a few over the years and enjoyed them.

 

@Aberk

 

1. If you have spousal approval then the battle is won.
2. Who gives a shit what everyone has to say. If they want some input on how you spend your money then they can start giving it to you instead of you working for it. If that's not happening then tell them to go pound sand when they flap their yaps.
3. If the financing is cheap then no reason not to finance it if your money is earning a higher return elsewhere. Just decide how much money you are willing to eat in depreciation to enjoy yourself. You can always get some money back out of it if you decide to part with it.

You only get one run through this existence. Having recently had a long time friend pass at 55 it put into focus again that we aren't really in control of what happens to us or when our exit will be.

 

Yeah, financing is currently @ 2.9% on $78,000 if I choose to finance the whole purchase.

And regarding the depreciation....part of me feels like these last gen Vipers will hold value fairly well. Maybe I'm crazy and I'm just saying that to convince myself. But....that's not what is leading me to this, it's more like, I don't think the cost of ownership will be that much over a few years.

 

It likely won't. I figure the HP beetle is going to cost me about 10k plus fuel, tires and services for a few years of driving. Note I am not including the sales tax I paid on the money spent. That'd make it about $19k for a couple years of fun.

I have been thrown a wrinkle however. Every time I bring up selling it the wife has an objection. It will likely be around for a while.

 

Yea, I can't imagine it depreciating more than 2k per year and probably less since that is the last version made.

 

It is justified if you using it. If not time to change
I went through few expensive toys in last 10 years. When they start collecting dust because I don't use them they are gone.

 

Good point.

 

If you do finance it, check what the insurance company says it’s worth and get gap insurance if you can’t afford cutting that check for a totaled viper if they aren’t gonna cover it all.

Otherwise, get the car!

 

Just get the car.
When family and friends question how you spend your money, make sure you thank them for their input.

 

Great point!!! Thanks

 

A Viper is on my mid-life crisis purchase list. Get it.