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

There’s no reason to not get it.

Financing it at 2.8% is a much lower percentage loss on the money you earned, versus keeping that money you earned and paying income tax on it. Plus, you get a Viper out of the deal. That would be a once in a lifetime experience for me and many others. Lastly, you’re apparently doing things right with earning that income, so you’re entitled to a reward for those efforts and it’s good to have that motivator to keep your head in the game.

 

Hopefully OP is picking it up now.

 

Yeah - the people talking about "not financing" something don't sense. Whether the asset is appreciating or depreciating is mathematically irrelevant - it's the delta between the interest rate and what the money could be earning elsewhere.

Anyhow - buy the Viper

 

People spend way more than 80k on ski boats that sit in their driveway never getting used.

Cars like that are a temporary indulgence. Get it and use till you're over it. Don't sweat the deprecation.

 

I like the idea of a cool asset that you can liquidate later for close to what you paid. Ones on my list are things like 1st gen NSX, mid-80’s 911, Defender 90, 70’s Toyota FJ, or the right year GTO. If the viper fits in that list of desirable vehicles that won’t depreciate, then I’m all in. If it will depreciate a little, what the hay anyways...

 

Are gonna drive it?
Yes?
Then it might as well be capable of fulfilling the abilities of a DD.
Porsche, in AWD.

If you're not gonna drive it much, pick your favorite muscle car from the late '60s/early '70s.

 

Basically. I’m looking at doing something similar but the plan is to buy something like a few year old Porsche so I don’t get crushed on depreciation. If I buy a five year old 911, in two or three years it won’t be worth too much less than it was when I bought it. If I buy a new mustang convertible, in two or three years it’ll be worth roughly half of what I paid for it.

 

People on a roadracing board worrying about depreciation...

 

If we were talking race bikes I don't think anyone would be.

 

A program Mustang is a good option. The local dealer buys program vehicles by the truckloads and sells them at huge discounts from new units.

 

Not enough of a discount. All those things drop like stones on the used market, in part because there are so many available that “a local dealer can buy them by the truckload”. You aren’t ever going to see a truckload sale on 911’s!


Plus those cars are likely to be out of rental fleets, so they’ll be more basic models that were beat to shit.

 

By having a $1300/month car payment not matter to my finances.
If you have money, its a non issue. Your asking from a poor persons perspective. In which case I could not justify it.

 

That’s a bit of a stereotype. Things have changed.

With the rental companies selling their used stuff through their own channels, that has taken the majority of them out of the auction scene. Given the condition of the Enterprise stuff I’ve rented, I would have zero concerns purchasing one of their vehicles. And, the vast majority of people simply need transportation and aren’t willing to risk damaging them, by abusing them.

When dealers buy program vehicles (off-lease, executive, media, promotional, and other factory-direct), those are manufacturer auctions or outright sales; there are no outside rental vehicles, fleet vehicles, etc. Every program vehicle I’ve looked at has been mid- to top-level trim, near-perfect, with very few miles.

The local Ford dealer has 7 locations. When they get in truckloads of a specific model, they’re usually lined up together and no more than a year old. Mustangs are usually $20-$25K, with convertibles and GT’s being the higher end. Loaded Chrysler mini-vans are in that range, with most being $20K. This past summer, he had a load of ‘18 Wrangler Saharas and all were $27-$31K. It seems everything he gets is ~1yr-old and 60-70% of new. Drive the thing a couple years, lose a further 10-15%, and move on. It’s a great way to buy anything and not take a huge depreciation hit. When you’re talking a premium product and you only lose XX% over a few years, the hit is still going to be at least the same or more dollars compared to lesser stuff, because the percentage loss is based on a much larger number. If one factors in actual operating costs of the premium product, the numbers really starting favoring the lesser product.

 

Funny the Mannheim auction in Ocoee, FL has rows and rows of cars from the rental companies.

 

I've always subscribed to the YOLO mindset, that's not to say it's ok to piss all your money away!

But if you're doing OK, happy in the home you're in, marriage/relationship is solid and you're busting your hump making a good living....then why not?!?!?
There is NOTHING wrong with satisfying a lifelong desire as long as your finances are in order, I've known a few who weren't and made a senseless purchase when they couldn't really afford to do so. Just be smart about it and don't use up your kids education money to make that dream come true! LOL!

As for the finance option you're considering, it looks like you're considering a 5yr term auto loan, quoting that $1300/mo expense???? ......if correct, and assuming you have equity on your home, have ya considered getting a HELOC instead? Monthly payments will be MUUUUUCH lower and you get to use it as a write off?!?!? Food for thought!

Huge fan of the last generation Viper, good luck with your decision!!!!

 

I didn’t say “all”.

 

unless you’re using the Heloc for actual home improvements and expenses this is no longer a good idea. The new tax laws changed that little loophole.

I mean you could do it. But if the IRS ever decides to question you on it do you want to have to prove it to them where the money you borrowed against your house went?

I had this same discussion about home equity loans with my CPA. He’s my Brother and that’s the response I got.

And if someone asks the OP why he bought the car he can give them the same answer I give people when they ask why I have so many motorcycles in my garage.


“Because I can”

 

You forgot " and you can never have too many motorcycles "

 

Thanks all.

I guess, kinda like when I bought the RC51 that I don't ride questions popped up...because I've got the money and I wanted it. If I get into a pinch, I can unload it.

Guess I gotta start figuring out logistics for SC-TX-SC. LOL!

 

Damn that seems like it would be a long ride in that vehicle. Get it transported to you, Rockefeller.