How To Afford A Lambo?

How To Afford A Lambo?

Austin, TX · Member since 2009 · 15 posts · 1 vote

Alright so, other than my introduction, this is my first post here. I have been thinking about this idea for a while, but I need some perspective to un-noobize it.

Owning a Lambo is definitely one of my dreams in life and I hope to achieve it. I'm a senior at the business school at UT and I'm graduating this December. I plan on working for a while to build up some cash and then purchase a home around $100-150k as my first home. Now I'm assuming my salary would be able to afford a $1500 monthly payment for my mortgage and $400 for my car payment.

My idea is why not swap the two payments. I want a used Lambo to avoid the depreciation costs. A used 04 Gallardo runs for around 90k. I would use the $1500 per month to the car on a 60 month lease and $400-600 for the mortgage payment.

Then once the car payments are done, that frees up $1500 per month and I could purchase another house and begin to lease out that house or the original one.

What do you guys think? Any help is appreciated.

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Will BarnardPro Member
Moderator
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
17y

You all have it wrong.
To afford a lambo right off the bat, all you need to do is become a big wig at AIG, screw everything up and get a few million in bonus money from your fellow tax payers.

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  • Flipper/Rehabber · Los Angeles, CA · Member since 2009 · 1k+ posts · 732 votes
    9y

    @David Dachtera , yeah I think that is a smart idea to leverage  the existing infrastructure/technologies like that . I know that a lot of existing private drivers switched over to Uber once it became popular. 

    There is also a company called Turo ( formerly Relayrides ) which allows one to rent out cars but it's not for ridesharing you may have heard of it It's more a competitor of traditional car rental companies. 

    I know there are several people on there that have a fleet of vehicles. I actually came across one guy on another forum that is in L.A and has a fleet of about 10 or more cars on there . Sounds like he does something like you mention buying decent used cars and offering them up for rent . He said he works from home for his full time job so it sounded like it wasn't too much of a hassle to run the business from home. Priuses seem to be pretty popular on the 

    I noticed the same thing on turo it seemed some of the rental rates are very high but some are more reasonable and likely do higher volume . 

    I had thought of the idea of leasing cars you can get some decent leases on luxury vehicles , not sure if it's a violation of lease though . Turo just says to check with leasing company on their site . 

    Of course there would be insurance and other expenses as well . Actually owning the cars would probably be safer. 

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