If you buy a used 2015 you will lose at most $20k over 2 years. The current owners probably lost over $30k.

 

+1. Exactly.

 

You and I sound very similar in some major ways. We have similar ages and incomes and are both fiscally conservative. Like you, I have no major expenses outside of my car and housing. When I was looking at cars I struggled for a long time on whether I could make myself buy the F-Type R. Outside of housing it's by far the most expensive thing I've ever owned. My previous car was less than 1/2 the cost.

Eventually I put together a spreadsheet and did the math on my finances. Then I simulated the plausible worst case scenarios. I looked at the opportunity cost of the money and calculated possible values in 10/20/30 years. I looked at my projected income growth over time. In every case I could think of getting the F-Type would be fine for me financially. I'd be able to maintain a high (60%+) savings rate. Still, it freaked me out a little. Large expenditures do that in my personal life. Hell, I give serious thought to whether I really need a $400 game console. It's just how I am.

So, I sought out advice from Internet strangers just like you did (I used r/personalfinance, which I'm sure you know is super conservative). When presented with the data even they said I should get the car.

So in the end I decided that I should get the car. It's been about 5 months now and I'm very glad I did. Don't get me wrong, there is still the occasional moment when I'm freaked out by how much it costs. I can afford it, but even so, it's a lot of money. Fortunately, those times are rare. More importantly, the grin the car brings to my face is absolutely worth it. I work extremely hard (like I suspect you do) and I've sacrificed a lot of things to be very good at my profession. Because of that, the moments of pure unadulterated joy in my life are relatively rare. This car brings me those. This car makes me smile in ways nothing else does. 95% of me is convinced that getting it was the right decision. 5% still wants to go get an 8 year old Honda Civic. Fortunately, I'm able to listen to the 95% now more than the 5%.

So, my advice to you is do everything you need to in order to be as comfortable as you can with it, accept that you just won't be completely comfortable with it, and take the leap. There are a lot of things money can't buy, but it can buy you the grin you'll make when you take off and hear that exhaust.

 

I make a bit more than that and am almost completely out of debt. Yet for me, I set my max at $70k. A bit arbitrary, but it felt right. This put me in the used category, so be it.

Here's the thing: once I saw the Ftype, that was it. I was obsessed. Its all I wanted. I saw it at the Detroit Auto Show in 2014 and I lost my mind I knew I was not going to pay $100k for it, so, yeah, nice to look at, nice to dream about - maybe one day.

Fast forward to this year, and I suddenly realized that the used market was now within my budget. I became re-obsessed. I kid you not, I even dreamed about it. The day I went to test drive it I was nervous and excited that I could actually own a car like this. It was all I had not to buy the first one I saw (BRG - OMG!! - but it was outside my budget).

So like others have said, if it doesn't grab you by the nads, maybe its not the right move right now. :-)

 

You guys make me laugh. While I'm a much younger person and don't have a wife/family to worry about, I make 1/5th of what you do and comfortably can afford the R while keeping my savings trends on par with what I need (granted putting 50k down). I believe you're over thinking this, even if it's only a two year lease.

 

Here's the answer you've been looking for OP...win-win for everyone!
https://www.jaguarforums.com/forum/f...-r-awd-161246/

 

Wife and Family substantially change the economics. They are a lot more expensive than the F-Type R.

 

Took the words right out of my mouth.

 

I can't believe this is a serious thread. Might be better than the PAGES long debate on "what if there's 87 octane gas left in line of a 93oct pump?!?!"

If you're smart enough to be that successful at 35...is this a serious question? I could build you a spreadsheet in about 15min's that will illustrate how you can afford the car easily and still save a bunch...especially with 2300/mo mortgage. IMO - there's a point where people start to save "too much" vs. living their life. Is retiring with $9mm vs. $6mm worth not having as much fun in your 30's / 40's?

You said, "I am not asking if I could make the payment, I know that is not an issue, I am wondering, "what is the norm?"

I realize it is not, per se, a good investment, but I also realize I need to "live life" as well....

Bottom line, do I make enough to get this???"

You basically are asking if you can "make the payment" by saying, "do I make enough".

Believe this is coming down to your conscious vs. anything income related.

Unless you have a raging coke problem or something?! haha...

DO IT - join the rest of us lunatics

 

1) The norm is irrelevant and unfortunately undesireable; most people carry far more debt than they should; not something you necessarily want to aspire to IMO. You know this. :-)

2) Despite a previous contention to the contrary, I think F types have been around long enough to prove that they are reliable....there are some common issues and complaints (as with ANY vehicle) but most are minor in nature. I wouldn't let Jaguar reliability sway you one way or the other.

3) I'm in a completely different position from you so I get that the lease is attractive for someone in your position but I'm much older, will be retiring soon and plan on keeping the F type for many years plus I hate owing money on anything so I paid cash for mine.....but I bought a 2014 CPO with 6,000 miles on it for about $30,000 less than a new one. The car will depreciate but not at the rate it did for the first 2 years. In the past I've purchased dozens of new vehicles and leased several but now I typically purchase lightly used and pay cash.

2 cents,
Dave

 

Here's some financial wisdom: no income needed whatsoever to buy an R (or any other car for that matter)...unless you don't have the cash to buy one.

 

True, but not $275k a year more expensive...

 

clearly you haven't met my wife...... ;-)




Dave

 

If you were a Mexican you could just come to this country and live.

 

Thanks for posting this. Question I've had for a long time.

 

Something you REALLY want is on the other side of fear.

 

no offense to anyone posting in this thread but this is boring. the op is stating that he has significant financial health, is a financial advisor but seems to lack financial acumen.


to the op...if what you tell us is true and that if you are a car guy or simply a guy that enjoys cars...just get the car. if your concern of timing the market or buying after a palatable amount of depreciation has occurred...just lease.


but, but, but...do not let your clients know you have been asking such sophomoric questions.


good luck with your new F-type!!


best,


pcb

 

I am with Stohlen on this one... I am sure the incomes of F-Type owners vary, with most leaning toward "comfortable". When it comes down to the decision to purchase, it's not about how much you make, it's what you can AFFORD (I'm sure a few still do that can't, but who are we to judge).

It sounds like the OP definitely can afford it, but is questioning the sensibility of the purchase... and that's purely subjective.

 

would love to see the OP ask this question on bogleheads.org...

 

This discussion seems rather odd to me too. It's the same as posing the question of whether a family making $100K can afford a $30K car.