How much must I be worth to buy a Ferrari?
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  1. #1
    Member diegohwang's Avatar
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    How much must I be worth to buy a Ferrari?

    what’s a good net worth to justify buying a ferrari or any luxury sports car? should it not be more than 5% my net worth if we think of it in percentages?




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  2. #2
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    Re: How much must I be worth to buy a Ferrari?

    I’m sorry but what a stupid thread


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    Re: How much must I be worth to buy a Ferrari?

    Quote Originally Posted by City74 View Post
    I’m sorry but what a stupid thread


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    You need enough money to not only buy the car but afford the very high maintenance costs.
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    Member Hamstur's Avatar
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    By same 5% measure, someone who owns a 30K car should have a net worth of of 600K.

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    Member delco714's Avatar
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    Re: How much must I be worth to buy a Ferrari?

    I dunno

    I have a 108k$ jaguar
    I am 29
    I make 209$k usd a year

    Networth.. hmm. 100k
    Whoops

  7. #6
    Member delco714's Avatar
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    Re: How much must I be worth to buy a Ferrari?

    Quote Originally Posted by delco714 View Post
    I dunno

    I have a 108k$ jaguar
    I am 29
    I make 209$k usd a year

    Networth.. hmm. 100k
    Whoops
    Oh sorry... We need pics right

  8. #7
    Member TheWalrus's Avatar
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    Re: How much must I be worth to buy a Ferrari?

    What's the point of this question? The answer is obviously, 'it depends'. Some car guys, with regular salaried jobs, responsibly drop Ferrari money into their cars - because they're passionate about them and they focus on only that hobby. Other people can overextend on a used Kia because they blow money everywhere.
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    Re: How much must I be worth to buy a Ferrari?

    I don't know why there are haters on this question. I've often thought about things this way. As my net worth has grown significantly over past few years I've had thoughts like, "how much money should I have in the bank before I buy a Rolex" etc.

    I do think it would be very variable depending on your situation. For example if you're a bachelor vs having three kids you're going to be putting through college in the next 10 years.

    If you're a bachelor I'd say yeah, if its 5% of your net worth go for it and its still fairly responsible, maybe even if you've only got $3m (10%). If you've got three kids to put through college in the future than probably more like 3% of net worth $10m.

    The $30k car to $600k net worth analogy doesn't make sense though, because a $30k car is a car and is generally considered a necessary operating cost (sure you can get a $5k car but then its not reliable). A $300k Ferrari is not a car its a toy, if you have the Ferrari then you also need a $80k Escalade or similar to go buy groceries.

    To the 29 year old with the Jaguar, good for you but you should definitely consider focusing more on your long term wealth. Saving $50k a year it takes a long time to get to $1m. If you keep these spending habits up you might always appear rich, but you might never be actually wealthy.

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    Re: How much must I be worth to buy a Ferrari?

    double post
    Last edited by Golder; November 30th, 2018 at 21:20. Reason: double post

  11. #10
    Member delco714's Avatar
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    Re: How much must I be worth to buy a Ferrari?

    Quote Originally Posted by Golder View Post
    I don't know why there are haters on this question. I've often thought about things this way. As my net worth has grown significantly over past few years I've had thoughts like, "how much money should I have in the bank before I buy a Rolex" etc.

    I do think it would be very variable depending on your situation. For example if you're a bachelor vs having three kids you're going to be putting through college in the next 10 years.

    If you're a bachelor I'd say yeah, if its 5% of your net worth go for it and its still fairly responsible, maybe even if you've only got $3m (10%). If you've got three kids to put through college in the future than probably more like 3% of net worth $10m.

    The $30k car to $600k net worth analogy doesn't make sense though, because a $30k car is a car and is generally considered a necessary operating cost (sure you can get a $5k car but then its not reliable). A $300k Ferrari is not a car its a toy, if you have the Ferrari then you also need a $80k Escalade or similar to go buy groceries.

    To the 29 year old with the Jaguar, good for you but you should definitely consider focusing more on your long term wealth. Saving $50k a year it takes a long time to get to $1m. If you keep these spending habits up you might always appear rich, but you might never be actually wealthy.
    Lmao. You don't know me. You don't know my situation at all actually :)

    I've been making six figures since 23 and paying school loans and trying to enjoy life. Why? My parents got their dreams and life expectancy cut 20 years short. It changed my life.

    So. I'll say it again. You don't know me and my situation. I have everything I need doing what it needs to make me financially independent before 50 and more money than I can use when I retire at that time. I've earned what I have

    I have no kids, and I don't really spend money elsewhere. I also didn't pay 100k.

    Don't you worry, I'll have actual wealth in a matter of time. I'd probably recommend minding your business when making statements like that
    Sappie66 likes this.

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