Would you delay retirement for 6 months to purchase dream car? |
Post Reply |
|
Thread Tools | Search this Thread |
10-03-2024, 07:47 PM | #24 | |
Second Lieutenant
407
Rep 294
Posts |
Quote:
The key to me is: have hobbies IN ADDITION to doing work that you love. Win-Win situation there if you can figure that out (and then report back to me how you figured that out).
__________________
Car History (oldest to newest): Accord, 318i, 330i, Prius, Prius, M2
|
|
Appreciate
0
|
10-03-2024, 07:52 PM | #25 |
Colonel
5969
Rep 2,027
Posts |
My gut says if you make enough to buy the car in 4 months then you should probably have enough in retirement where having $150k or whatever it goes for less would not make much of a difference and if it did I would be concerned you don’t have enough cushion in your savings.
However for a simple answer… sure I would. I’m self employed and I don’t hate what I do so doing it for 4 more months would not be an issue. |
Appreciate
0
|
10-03-2024, 09:16 PM | #28 |
Brigadier General
6247
Rep 3,279
Posts
Drives: 2024 M340i xdrive
Join Date: Apr 2013
Location: Newcastle, Australia
|
As someone who is very close (a few years) to retiring I personally wouldn't do it and I have a great job which I absolutely love!
We all have different dream cars and things we want to do when we retire. My Wife and I for example are going to go and live in Europe for a few years and when we get back I am going to by my "dream" cars. Something like an 2002, Fiat 124S or a TR4/6 rather than the latest and greatest. Do what works for you! |
Appreciate
0
|
10-04-2024, 06:37 AM | #29 | |
Colonel
8127
Rep 2,512
Posts
Drives: 9Y0 Cayenne S
Join Date: Mar 2019
Location: Einbahnstraße
|
Quote:
What percentage of your net worth does the price+taxes of the car represent? Net worth = all assets (including residential and commercial RE) minus all liabilities (including mortgage on RE, if any) |
|
Appreciate
0
|
10-04-2024, 09:20 AM | #30 |
Lieutenant General
5787
Rep 11,319
Posts |
How boring to apply an accountant or financial advisor's one-size-fits-all formula to apply to one's dream car purchase. The OP appears to me to be way past Financial Planning 101.
|
Appreciate
2
Humdizzle6526.00 SYT_Shadow11928.50 |
10-04-2024, 09:38 AM | #31 |
First Lieutenant
681
Rep 361
Posts |
As the OP, i worded my original post poorly. I turned this into a financial/affordibility question more than the true underlying intent.
Which was; is it foolish/selfish to spend significant money on a 4th vehicle as I am winding down my career? I have a fully funded retirement, own multiple properties and have zero debt. I love my job and my CEO wants me to stay on and retire with him at the same time. I just purchased a 25 M4 Comp a few months ago. Love it and plan to keep it for the foreseeable future. I just always wanted a Porsche Spyder but they never had enough power to justify a narrow use vehicle…until the RS version came along with the GT3 engine. Reports are that the boxster is going to be all electric by 26 so I have the scarcity and time is running out influence. I was just interested if others had ever contemplated this question and rationally walked through the thought process. To be honest, what I really wanted was “validation” from others to say go ahead and purchase your dream car. Based on the feedback, that is what I plan to do. Thanks to all for the feedback. |
10-04-2024, 01:10 PM | #34 |
First Lieutenant
381
Rep 352
Posts |
I'm halfway to retirement and am personally not the kind of person to sit around. I have also seen too many mentors postpone retirement out of fear of boredom or people retire only to realize that having a little more money put away or something to get out of the bed in the morning for would feel better.
If you're in the position to retire comfortably in good health and have your dream car (which is a hobby in itself), then a few more months of work seems like a no brainer, after 30 or 4 years what's another few months? Personally, my goal is to retire well, not young, and in between I'm trying to enjoy myself as much as possible while achieving goal 1. |
Appreciate
1
DrVenture1370.00 |
10-04-2024, 01:27 PM | #35 |
Major General
11500
Rep 7,160
Posts
Drives: 2018 M2 AW DCT
Join Date: Aug 2012
Location: Seattle, WA
|
Sounds like op has plenty of money. Retire now and spend the money on your dream car. Life is too short not to enjoyed every day. Heck I retired at 58.
__________________
BMWCCA member Puget Sound Chapter
|
Appreciate
0
|
10-04-2024, 02:01 PM | #36 | |
Colonel
3450
Rep 2,711
Posts |
Quote:
|
|
Appreciate
0
|
10-04-2024, 03:22 PM | #39 |
Major General
6015
Rep 5,553
Posts |
One of the biggest regrets people have at or near the time of their death is working too hard/not making enough time for themselves and postponing fun.
I envy those that love their jobs. I'm certainly not one of those. I could walk away right now from my job and not shed one tear or have any regrets. It's not that I hate it or the people I work with. My job is just a means to make money to support my family and the things we want to do. My job and "work" does not define the person I am. I'm done managing people, dealing with needy clients, emails, calls, meetings, administrative BS, office drama, etc.
__________________
The forest was shrinking, but the Trees kept voting for the Axe, for the Axe was clever and convinced the Trees that because his handle was made of wood, he was one of them.
|
Appreciate
0
|
10-04-2024, 03:29 PM | #40 |
Brigadier General
6968
Rep 3,293
Posts |
I said this in the Porsche Experience thread and I think it applies here. OP the thread I reference in this comment may make you feel better.
.................................................. .................................................. ........ It's tricky. I am usually quite conservative with money and a planner etc but I am nearly 50, who knows how long you have left? I bought a 15 yr old 911 as a fairweather car, it was an absurd purchase really, total of 80K CDn which is mad money for a car. However I continue to DD a beater I have had for 14 years and owes me nothing and if shit hits the fan a 911 is a liquid asset and can be sold for very near what I paid for it. You can see me tie myself in knots here https://e84.xbimmers.com/forums/show....php?t=1768413 Not being a sniper but you have a well loaded new X5 in your profile, that's gotta be what, 70 grand? You could in theory drive a 10 year old CRV and weekend a 911 for the same money. I hear you, 100pc, but I just felt it was now or never and you don't know what can happen to you as you get past 40. |
Appreciate
0
|
10-04-2024, 03:30 PM | #41 | |
Brigadier General
6968
Rep 3,293
Posts |
Quote:
|
|
Appreciate
0
|
10-04-2024, 04:30 PM | #42 |
Lieutenant Colonel
2122
Rep 1,893
Posts |
Do you own a house? Is this a car that won’t depreciate much? If so, get a HELOC and use it to buy the car, pay the interest each month, sell the car when done. Minimal outlay, just interest expense. You can probably find 6% promo rates for 6-12 months. If you have enough savings to retire you probably have enough to pay a few hundred a month interest on a loan.
|
Appreciate
0
|
10-04-2024, 04:48 PM | #43 |
Major General
5717
Rep 6,623
Posts
Drives: 2018 340i M Sport
Join Date: Apr 2006
Location: Chicago, Edgewater (via Texas & Tennessee)
iTrader: (0)
Garage List 2018 BMW 340i M Sport [8.78]
2020 BMW M340i xDrive [9.00] 2018 BMW 340i M Sport [7.38] 2006 BMW 330i Sport [5.83] 2004 BMW 330i ZHP [7.13] 2000 BMW 328i [6.17] |
Absolutely!!!
__________________
www.bmwcca.org member #388003 - Use me as a referral & you could win a one day ///M Driving School!! ___________________________________________ |
Appreciate
0
|
10-04-2024, 06:43 PM | #44 | |
First Lieutenant
681
Rep 361
Posts |
Quote:
There are several used for over mSRP with less than 100 miles. It comes down to if you are willing to pay well over MSRP. |
|
Appreciate
0
|
Post Reply |
Bookmarks |
Thread Tools | Search this Thread |
|
|