This is more of a follow up discussion on "what kind of car do you drive". It got me thinking: Its not so much how much you spend on a car but how it compares to you total net worth. How much do you have wrapped up in those fancy cars?
My neighbor, I am sure, has 80%+ of his net worth tied up in his (paid for) vehicles. It drives me nuts (pun intended) He is 26 years old and has most of his cash in things that are falling apart.
But I am curious. What is your percentage?
I don't think you're going to get a lot of honest answers as it's a bit personal. I see a lot of people in similar positions. Some of my prospective tenants drive more expensive cars than me yet can't come up with a deposit.
For me I don't track the % of my networth tied up in a car. For me a car is two things. A tool that gets me to and from a/b. Secondly fun. I am a car guy through and through. I can name a shameful amount of specs, model #'s, engine codes, prices, etc.
Some people on this site are very frugal and don't spend money on cars while others do this to be able to afford nice things. My car is a 2013 Scion FRS with 25k miles on it. What is important for me is that I owe considerably less than it is worth.
In the future I would love to get into classic exotics as a hobby. I watched a documentary the other day where a guy bought an old Ferrari for 200k. He spent another 200k fixing it up. 5 years later it was worth over 600k.
Ryan Dossey, Call Porter | http://Callporter.com | IN Agent # RB15001099
Free eBook from BiggerPockets!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!