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As usual, ezmass hits the mark with his post, great advice in there.
The only thought I have to add is the idea that you could for now at least get something more fun than the corolla. Many enthusiasts like myself have a normal progression from boring cars (my first car was an automatic toyota tercel) to more and more exciting cars. That progression is fun and makes you appreciate the pinnacle even more when you get there. So for now get something more exciting than the corolla in the 20-30k range and then as you build wealth you can also incrementally progress until you reach the r8.

At the same time, I also wouldn't wait too long on the R8, they won't be making naturally aspirated v10's for that much longer and a car does feel better when it's new so I wouldn't wait much past 5 years to make the move.
 

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Theres a lot of advice here but remember you make your own destiny.

If I had listened to everyone around me at 21 years old out of college I would have gotten myself a 10 year used Corolla for $4,000. I didn't listen and I leased a new Scion TC because at the time it was a good starter car, relatively fun to drive, and very reliable.

I went from that to a VW mk7 GTI for 3 years. Then to an Audi S3 for 3 years. Then to an SQ5 a year ago (which I gave to my wife), and now finally an R8. The journey took 10 years. I'm not a advocate of extremes - ie - drive a used beater for 25 years until you've had kids and paid off your house and have $1m saved in retirement. I'm also not a fan of the extreme of sinking a large portion of your income into the car when you're 22 years old and still living at home (and I'm not judging, its a great way to save money!).

I find towing the middle ground to be the best option risk-wise. Go out and test drive a bunch of cars so you can slowly appreciate having the nice one down the line. Its hard to appreciate an R8 if you've only ever had that. Its also a lot more difficult to step down to a lower-level vehicle if you start that high.

Good luck!
 

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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.
LOL i'm pinoy as well so i can relate to your situation. our daughter is 26 and she still lives with us and our son is 29 but just moved out last year bec of he has a fiance now. we've always told our kids that you will be always welcome to live with us until you decide you can be on your own. we're a bunch of enablers hahaha! heck i still handwash my daughter's audi, put gas and give her shopping money then her salary is also shopping money bec it's rent free and food is free...everything is free. don't feel bad living with your parents...they actually like that. it's the filipino/asian way...LOL
 

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I was in a similar situation as you, very high income right at a young age: 23 years old making 200k/year. Cars are an absolute money pit so I started saving towards a condo instead. After buying the condo, at age 26 I purchased a 2014 R8 for just under 100k after tax.

Look at affordability by your net worth, not your income. The car's price should be under 50% of your total net worth (if you are a hardcore car guy). If you want to secure your future financially aim for under 25%.
 

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I was in a similar situation as you, very high income right at a young age: 23 years old making 200k/year. Cars are an absolute money pit so I started saving towards a condo instead. After buying the condo, at age 26 I purchased a 2014 R8 for just under 100k after tax.

Look at affordability by your net worth, not your income. The car's price should be under 50% of your total net worth (if you are a hardcore car guy). If you want to secure your future financially aim for under 25%.
I actually did similar. Lived with my parents till 26 and saved for a condo. I bought an FR-S right out of college at 23 (2013), then upgraded to a Focus RS, and then after I bought a condo, bought the R8. I never felt like I missed out on anything and being able to fully build up the FRS was actually fun and taught lots of good lessons. Also building equity into each of the cars helped with the R8 purchase; I barely owe anything on it.
 

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Im getting ready to put mine up for sale-
 

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What EZMAASS was great advice!!! I’m 53 YO and just purchased my first R8 (2015 Spyder V10 w/18K miles). I made sure I had everything else taken care of (home, retirement, college, savings, etc..) before I pulled the trigger and when I did, I opted for pre-owned and saved over $100K. YOLO is a good excuse right now given what we’re all living through. That said, you need to play the long game and set yourself up for success. If you play your cards right (which you are), you’ll be able to afford your dream car in 10 years without sacrificing your future.

GOOD LUCK!!!!
 

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Is 12K/mo after taxes or pre-tax? That's a big difference. Regardless, you can "afford" it, meaning you won't go broke if you bought the car. If it ends up being a bad purchase financially, you'll recover from it as it seems like you have a pretty good thing going for you right now.

There's also a lot more to it than just the financial aspect. Buying a car like this might enable you to "level up" and motivate you to accomplish even more than you think you're capable of. After the R8, you might want to go for a Huracan or even an Aventador. Exotics are great motivators. I know they've played a huge part in motivating me to continue elevating my goals and achieving more than I could ever have imagined. Good luck!
 

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The advice here is golden - props to @ezmaass

As someone who was in that exact same position and still in my 20's, I can share some of mine.. being able to "afford" an R8 is more than just buying the car outright or via loan, the maintenance can really hit you on the head if you don't know what to expect; and especially since you're 22, crashing is all but guaranteed if you take the car for granted. But I will say, it depends on your goals for the future..

I wanted an R8 ever I first saw one at 17, I'll never forget the feeling as I saw one whiz by - I made it my goal to make the R8 my first car, even when I had less than £1000 in the bank :) At 21, when I got my first job in the US, I could "technically" afford one ($100k salary, stable job, $20k saved), I obsessed over lease payments, being able to buy one and looking at the newest models that would come out but ultimately I decided against it. Instead I wanted to wait until I was ready. Looking back, I'm glad I waited - I bought the R8 as my first car last year (at 25) after cashing out $1M (before tax) and I have to say, it doesn't feel like I missed anything those 4 years - insurance is cheaper, I'm more responsible and it's a better feeling when you go to a dealership without the relative worry of finances. I opted to buy a used 2011 model, with 30k miles for $80k pre-tax as this was an amount that I was comfortable losing in a worst case. Since then I've probably spent $10-20k in maintenance and customization - this is a cost I could definitely not account for when I was 21, so be prepared to spend more than the sticker price

The folks in this forum are a lot more life experienced than I am (+ have more wealth), and I can't say for sure I won't regret the purchase 10-20 years from now but the feeling I get when I'm driving, what has always been my dream car, is unparalleled. If finance and affordability is a question, then all you'll do when you buy the car is obsess over how many miles you've driven on average in hopes of keeping it low. I mentioned goals for the future, because mine are much bigger than the potential investment loss - and that's the question I asked before I dished out the $ - would I care about this purchase 10 years from now if it all works out, if I hit my goals?

Invest in yourself and if that means buying an R8 will give you the drive to pursue even bigger dreams, then that in itself is worth more than the compound interest you'll make on the money otherwise

Hopefully this gives you the perspective from someone who went through the exact same thing (not to discount any advise from wiser folks) :) P.S. I'm an aggressive investor, 95% invested in stock market, no property, "single" and run a tech company
 

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First, congratulations on having the smarts to ask! Everyone has different priorities in life but I think you've made a wise decision to hold off on the R8. You've gotten some sound financial advice here. My life/business advice to add: Since you are running your own business, make sure you have capital sufficient to grow it, or preserve it through a rough patch, first. Otherwise you will have to sell part of it, or borrow money, at the worst times and terms. Second, you will want to have relationships at some point. No one is going to want to come over to your parents house on a first date, even if you have an R8, so get your own place if you want to date (even if it's next to your parents.) Third should come buying your car, even if you are a car nut. Several have mentioned depreciation, but I want to reiterate this for you since you are young and may be unfamiliar with it. If you are buying something expensive the purchase cost does not matter. What matters is the difference between what you pay for it and what you sell it for. It is a major cost with an R8, or any other current production car, and you should budget around 10% of the purchase cost per year. There are other costs besides financing and depreciation costs too. For example, you are not an expert, but you may be buying the car from or selling it to an expert, and they will do better than you, so budget you will lose 5% of the purchase price just buying and selling the car. Depends where you live, but you will also spend a bundle on taxes and registration too. Here in California, over 10% if you keep the car 3 years. Also, I don't know, but insurance might be 3% per year for someone your age on an R8. So if you keep the car for three years you should budget about 30% in depreciation, 9% in insurance, 10% in taxes/reg, and 5% transaction losses. That's over 50% of the purchase price in three years you are almost certain to lose. I didn't include the financing costs, so that's if you paid cash and had no maintenance or repair expenses. Bottom line, I would suggest not buying an R8 or other current supercar until you have 50% of the purchase cost in the bank and not needed for other things, unless your income is 2 or 3 times the cost of the car. That will be a fantastic moment in your future! Good luck!
 

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Income don't mean ****. Net worth is what matters. Plenty of people have high income and then get blown away the minute the wind shifts. If you can't afford to buy the car with cash and give it away to someone the next day, then maybe you should re-evaluate your choices. R8 is an expensive toy. At a young age the focus should be on building net worth. Get that taken care of and you can live your life the way you want and you won't have to ask anyone if you can afford an R8.
 
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