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Discussion Starter #1 (Edited)
Hello! :)

I just signed up and wanted to ask many R8 owners their opinion if they will let me pull the trigger for my absolute dream car.

Income: $145k
Credit Score: 740
Goal: 2017 Audi R8 V10 Plus

I am 22 years old. Currently living in Orlando Florida. I did not go to college. I am single, with no kids. I still live with my family.
I choose to live with my family rather than by my own because I would be very lonely everyday, which is why I still live at home. Other than my parents, I have 2 brothers around my age and we work together and go to the gym together and chill together everyday. I will get my own place once I have a significant other. But for now, I am laser focused on my goals and happily living with my family.

All I do every single day is go to the gym first thing in the morning and go home and work on my e-commerce business, sleep, repeat.

I am at the point where my business brings me in $12k profit every single month. For the past few years I have been steadily putting all my profits back to my business and finally it is able to pay off and create a passive income for me.

The R8 is my freaking dream car and it is driving me crazy not having it yet after dreaming about it for so many years.

I currently own a 2018 Toyota Corolla LE with 45k miles and is paid off and I am planning on keeping it forever until it dies AKA never lol. I’ve always wanted to buy a cheap, but reliable beater. Which is why I chose a Toyota Corolla. And then go straight to my dream car. No middle price car like an M4, RCF, etc. those feels like it will just slow me down to my absolute dream car.

I have $52k saved up in my bank and I am debt free! I pay my mom $500 every month to help her on the mortgage and bills and my car insurance. Other than that, I have no other “big” bills. Food, gas, and gym are my other small bills.

Now my question is, can I just finance an R8?? My ideal R8 is around $130k and I’m guessing my monthly payments will be around $2k?
But that will still leave me at around $9k saved up every month after bills to save/invest!

Is this enough to “afford” my dream car?
I know a lot will say save up and buy in cash but I just can’t see myself throwing away that much to a car at once. I would rather use that money towards my business and future investments.

Also, I have 1.5% cash back rewards on my chase credit card. And I put every single business and personal transactions to that card and pay it off every single night before I go to sleep. And every month I get about $800 in cash back! That seems like free $800 to me just by running my own business!

That is one of my goals, I would love to keep growing my business and would love for my cash back to pay for my R8 so it feels like I’m not really paying for my R8 if that makes sense.

Also, I am currently earning $12k a month with my business and will be guaranteed to make more as time passes by.
I will be starting another business soon which will easily add more income. But then again I can not say it is a fact since it is still an idea. But i have full confidence and belief that it will.

Driving is a huge part of my day, if not, my absolute favorite part of the day! And driving a slow boring Corolla everyday can make me go crazy at times and just wish I can be driving my R8.

Well anyways, I would really appreciate any feedbacks. I don’t have anyone to talk to about this topic other than my family. They are all saying yes, life is too short. But I need more perspective and opinions especially from Supercar owners with experience. I was never taught anything regarding finances growing up, so please don’t mind if I sound very dumb with my finances. I will learn along the way :)
 

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From what you are posting i assume you are responsible.
And the only person who knows if you can afford a car like this is you.
Let me know if you can teach me on how i can start a e commerce business.
 

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Depends on what your prioritize. Some like to buy outright. Some like to use loan. Some like to live right on the edge financially. Some like a cushion. You're estimated loan amount is about right I'll tell you that much for $2,000 month with $130k financed. Consider it like a mortgage payment at that point that depreciates. Buying an R8 isn't a financial decision on all levels it's stupid. It's an emotional purchase. If you love the car, buy it. If you find it's too much just unload it in 6-12 months with minimal loses given it's already depreciated quite a bit. YOLO. :cool:
 
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wow, that's a lot of information:). i'll be honest with you...i cannot afford to own an r8 but since it's been my dream since 2007 i started my own secret $tash and when i had enough dough to buy the r8 that i really wanted and not just a beater so i could say i have owned one i pulled the trigger and never looked back. i'm not getting any younger...you only live once so go for it:)
 
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maybe you can afford to buy it. But can you afford to own it? Have you considered maybe paying off your parents mortgage and then get the r8? 22 living at home and buying an r8 seems very strange to me. I mean, giving them 500 bucks a month is kinda chump change when you’re taking about 150k fun money. And you’re still on her insurance? Car and health? What about your cell service?

I’m not trying to be a d*ck, but if my kid did that to me, I’d ask them to get their own place. I’d tell them, if you can buy your own r8, it’s time to fly little bird.

Anyway, off the soap box. Owning an r8 is can be awesome and irresponsible at the same time. Brcause you don’t have any other responsibilities - whatever, get the car if you can. Otherwise, save your pennies and drive the Toyota.

for what it’s worth, you don’t have to buy your dream car at 22. Not buying them is kinda what dreams are for...

-td
 

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I realize you enjoy living at home for the company, but you should definitely look into getting your own place before buying the R8. My parents would have kicked me to the curb if I did that and I had a very good relationship with them before I moved out. You're still very early in life. I would work more on creating a good life foundation before plunging all that money into a very depreciating asset. The R8 will still be there once you're ready.
 

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it sounds like u will be fine with the income, living with parents, growing business etc. But at the same time I have a friend who's retired at 32 who bought his first house at 19...currently the market is too hot to over invest, unlike his times when it was deep in the recession. It sounds like u have no problem getting an R8 now or later. If you can do the r8 as business write off I would do it, otherwise maybe save up your cash power to invest when this chaotic market do crash, who knows when. A 130k loan is definitely gonna set you back, not to mention the 17 v10 is still depreciating fast. There's a lot of them made and the car is still in production, time is on your side. It's good u have consistent income and no debt, but you have very little cash and building up a cash reserve is key when the time is ripe. If you do get the r8 it's important to get the warranty, makes the cost of ownership super low, maybe not as low as the corrolla but definitely way lower than other germans.
 

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Op, I would advise helping your mom pay off her mortgage first, then invest the rest. You'll have plenty of opportunity to buy your dream car a few years down the road.

Think of it this way. If you invest well in the next few years, you'll be able to afford a fleet of these fancy cars plus a big house and lots of money in the bank. Isn't that better than a used R8 bought on a budget?

Focus on building your future now, and play later. You'll enjoy your car more when you don't have to worry if you can "afford" the monthly payments and repairs. Good luck!
 

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OP - I had a similar story to yours by having my own business making money at a young age. I had the same desire in my 20's but ultimately decided to wait until 40 to buy an R8. I took care of the other stuff first like parents, house, investments, business cash cushion, charity giving etc. I also had the opportunity to live all over the world because I had been cheap in my 20's and 30's. Then I almost went completely broke a few times taking major business risk!

Living relatively free of financial concerns is worth a hell of a lot more than the feeling of driving a nice car.

Save your cash until you get your big break to turn that 15k a month into 150k or more a month. 145k a year is not a salary to afford a car like this in a responsible manner. Right now you have "short money". Make a small financial model of what the money you spend on this car will be worth if it grows at 8% (the market average) for the next 30 or 40 years. $130k invested today will be worth $2.6 million bucks in 40 years growing at 8%. There is no more powerful force than compounding interest. Max out a 401K that you set up at your business and max out a Roth IRA. Set up a college fund if you plan to have kids and put money in it. Then put as much as you can in a few Index Funds with a low expense ratios. Get to know a good midsize bank who you do your banking with and set yourself up to get business loans in your 30's and 40's so you can really grow.


Then again, I've never listened to anyone in my life, so I don't suggest you listen to me or anyone else on this forum. Do whatever the hell you want. If you want the car, get it. But you can't afford it responsibly in my opinion and I'd have a lot more respect for you if you got your financial house in order.
 

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Well said Judd! Wish I was given this advice when I was 20. There's two ways to learn in life, the easy way and the hard way.

Listen to good advice and take the easy route or crash and burn the hard way. And it's no fun crashing, even in a R8! 😬
 

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I agree with most here.
I didn’t buy until I was 42. i have spent years on my education, and now growing my businesses. I sink a hell of a lot more money into my business to grow them than the R8. But I’m financially free enough to do that.
And there are many others on this board that are more well off than me.

You don’t have to wait forever. But there is a right time. I still have notes on my businesses. I am mindful of my investing, max my 401k,life insurance for my family, disability insurance, investing, chairatable giving, etc.
I’m not debt free by any means, as I have a mortgage, and a new car loan, as well as new business loans as I open locations. All paid off in 5 years time. I have a plan for everything when it comes to that.

You don’t have to wait until you have no mortgage, no bills etc. I have no stupid debt. No credit card debt. But I have a plan when I finance my businesses, so my income grows steadily. I could afford to pay off an entire High-end house with a check if I wanted to write it, but that’s not the smart thing to do.

Get yourself stable. Invest in your business to grow it. Make it where other people make you money. Max your retirement and get your life insurance in order once you get a family started. Make sure you take care of family first. Then when it’s play money, do it.

if you don’t have the house and garage of your own to put it in, and you’re not to the point where you don’t look at your checking account to see when bills come out, or even care when they do, then you aren’t ready to buy the R8.
 
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The Audi R8 is one of the finest performance vehicles on the road. It's powerful and agile, with an interior that looks and feels the way a luxury car's cabin should. Sure, the price is high, but the R8 is worth it for some buyers. Counting all the costs, you may have to spend around $3000 per year on the Audi R8 maintenance. A regular vehicle like a Camry will cost something around $500 to $600 while a big SUV such as the Ford Explorer will keep it under $1000. R8 maintenance is still less expensive than some other supercars.
 

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What does "afford" mean to you? If it's a technical term ("can I get a loan and buy this car"), then the answer is "potentially" - depending upon how well you can document your business income, length of time, no real debt, etc. But if it's a philosophical term ("can I 'afford' to make this kind of purchase and not hurt myself in other ways"), then the answer is very, very likely, "NO."

Look, I'll caveat my response by saying I'm very financially conservative - but I'll also say it's paid off in life, and I wouldn't have done it any differently given where I find myself today. Some things to consider:

- You're very young, and there will be plenty of time for buying huge depreciating assets like supercars. The time to do so is usually when your net worth is far, far, FAR above the purchase price of said depreciating asset. That's not where you find yourself at the moment.

- Financially, you want to build wealth in your life. You do that by putting money into investments - as much as possible, as often as possible, as EARLY as possible in life. You're in a good position to build life-long wealth if you figure this out NOW and act on it. Some discipline early in life will make you a very wealthy person down the road. But if you start blowing your money on stuff like supercars at 22 years old, it'll be a longer, harder road.

- Take a look around right now. There's double digit unemployment, entire industries are being wiped out, and nobody could have predicted any of it. Said another way, life can get complex in an instant. Survival is a long game. You need to think about what you'd do if your business imploded tomorrow and you needed to start from scratch - maybe in a different space, altogether. Many people get caught up in some short-term success and think it's a perpetual state of being. It's not. You need to play the long game - that means building (a) an emergency fund, (b) savings for stuff like buying a property, (c) retirement savings (since you likely won't want to work forever and no passive income stream lives indefinitely), etc.

- Go read some material by Jack Bogle - the late founder of Vanguard and the father of the index fund. Then take what you learn and start applying it to some compound savings calculators that will help you model what your investments will be worth 5, 10, 15, and 20 years down the road... if you put that "R8 money" into a simple S&P 500 index versus blow it on a car. I'll tell you now... the numbers will blow your mind. You can choose to use your good fortune and position at 22 to set yourself up for life... or have some temporary fun with a car and be right back where you are now, just later in life.

At the end of the day, you can take or leave any advice here, mine included. But I'll say this - I meet people every day who CHOOSE to struggle financially in life. They find plenty of scapegoats to blame, but they'll rarely admit that their own actions played a role in it. They can tell me about all sorts of things, but they're financially illiterate - choosing to never pick up a single book and read about how to build wealth. They can point at a ton of fun toys they've had over the years, lots of vacations, but they shrug their shoulders when you ask them what their retirement plan is... how much they'll need to live... or why they're not on track. Yes, there are some circumstances that happen TO you that can keep you from reaching your goals, but for the majority of people, it's a choice... granted, a hard choice that requires discipline and some research, but a choice nonetheless.

Ask yourself where you want to be in life 10 or 20 years from now. Find a person that resembles that state of being and ask THEM for advice. I'm not suggesting that you need to be an old man to buy an R8, but, in my humble opinion, doing so after you have REAL financial momentum in your life is probably the right balance that will cause no long-term regrets. Money at a young age is fuel for future wealth - wealth that will leave you in a position to buy a FLEET of supercars at some point and never ask, "can I afford this." So, will you use that fuel properly or burn it frivolously? I was in your position in my 20's when the R8 launched, and boy how I fought the urge to go buy one - I could have "technically" done so. But I resisted. I invested. I built a business. I bought property. I got married, had a child. When I "finally" bought my R8 in 2014 I was still only in my 30's, but I was also now sitting on a seven figure brokerage account, property, and a solid career. I'm now into my early 40's, have multiple millions in the bank, and very few financial concerns - other than getting to a point where I could feel comfortable retiring early if I chose to do so. Simply put, as much as I love the R8 (which is a LOT - check the date I joined this forum!), I wouldn't trade financial success (or freedom) for the chance to own one in my 20's... that's just too big of a price to pay.

Now, the flip side to this whole argument? You can get hit by a bus tomorrow and so the "YOLO" crowd will tell you to act on your impulses. That's fair - to a certain extent. From my point of view that's a risk you take when choosing to plan for the future. You MAY miss out on some experiences if life deals you some lemons. So, even if you're not chasing wealth, just make sure you're BALANCING planning for the future while living today. Best of luck!
 

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I got a 335 new at 19 and new m3 at 22. Was a good stepping stone car while getting everything in order. But obv if I went straight to R8, I might have lost less money when it was time to sell.

Find ur balance. Yolo is important these days too with Covid.


Sent from my iPhone using Tapatalk
 

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Discussion Starter #19
Thank you guys so much for the responses. Short answer, I am not getting the R8 anymore. I’ll discipline myself and be patient.

Also thank you for the members that had posted very specific responses with advices. I will DEFINITELY listen to your guy’s advices. I was never taught not one bit of these in school so I sincerely appreciate and feel very grateful for the advice. I’ll just learn more online for more specific information. For anyone reading this, this isn’t an ending for this topic. I would still like to hear your inputs and even more advices if you guys have any for me to comfortably afford my dream car one day or any advice in general. In the meantime I will be focused on growing my businesses, while still saving like crazy, and helping my family, and investing. Thanks guys! 🙏🏼

Also, for the living with the family part. I guess it’s just a Filipino tradition lol. I have Filipino parents and they have absolutely no problem with their kids living with them for as long as they want to help support us succeed. I’m very thankful for that. I guess I can afford to live on my own but I’d rather be at home working on my businesses while having company with my family. Living by myself working all day on my businesses on a set routine would probably just lead me personally to loneliness and depression. But I’ll definitely have my own place once I have my own significant other and plan on a family.
 

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Kudos for waiting on buying an R8. In a couple of years, you'll be able to buy one for significantly less with how things are with the economy.

Also, there's nothing wrong with living with your parents. In Asia, most families take care of our elders living in the same home until they pass. This is also the reason why we don't have high numbers of elderly deaths during this pandemic!
 
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