Mrd916

For $550k i would take an Aventador and an R8 and still have a few bucks left over to tip Candy and Sade at the strip club who are working to put themselves thru med school

SpmMorrow

I agree You would need to make a lot more than that to own one of those cars. If you put 20% down and financed the car on a 84mos term with a rate of 2.99% you would still have a payment of $4755.17 per month. If you earn $150k that is almost 60% of your net income (Without insurance or gas). I guess if you are flipping a few cars here and there you can pull it off. Just hope your not holding too long.

Amazing car, if I had that type of money it would be hard to select the perfect super car, so many options for that price range.

s4play

iTrader: (2)

I remember reading in Forbes or some other magazine that in order for you to truly “afford” a car, the purchase price should be roughly at most 1/3 of your salary per year. Of course this depends on your current situation (single, college student, working, living arrangements, etc).

Many people think they can afford the car because they leased it or they dump every paycheck into a car payment just to say they own the car but in reality they just leased the car meaning they have to return it or they owe massive debt to have it.

If a GM made $150k per year gross, this means if he wants to live within his means he should at most own a $50k car. To own a Ferrari that is $200k , most owners you will find make easily $600k or most likely a 7-digit salary. LFA and other cars in that range like the Bugatti realistically have net worth well past 1 million and money is really not an issue. To them $100k is like $1000 to the rest of us. So for you to think a GM can truly afford it is wrong. I’m pretty sure if he bought one, he is doing it as an investment which is exactly what I would do to make money in the long run since he should have some discount or inside source.

vbb

iTrader: (3)

Looks at this post.
Looks at S4play's signature.
Deduces that S4play must be killing it financially.

But what you posted is exactly right. Obviously many people don't follow that sound financial logic, but it should be safe to assume that most people buying supercars don't actually finance them in any traditional sense of the word. If you're spending $150K+ on a car you're probably paying cash for all or most of it.

I've always adopted a personal philosophy similar to that in the Forbes mag. I know that cars are depreciating assets, but I also don't mind spending a portion of my money on a vehicle whereas some others are happy driving whatever gets them from point A to B and spending their money elsewhere. That said, there's a certain percentage threshold of my income that I won't cross, and as my income increases, so does the actual dollar value of the car I will buy, though the percentage remains below that certain threshold. Same holds true for my other toys and even my home. I'm not as conservative as some, but more conservative than most.

redsvt02

The General Manager of the Acura dealership i sold at for 2 years made 350k a year....so its not out of the question.

SPoon22

Yes. My thoughts and calculations exactly. His wife could be raking in the dough as well. Who knows...

CalitriSC

iTrader: (13)

I was told you can not finance the LFA without putting at least half down up front..

Kramer

iTrader: (15)

I am a finance manager at a Toyota store and my GM makes well over $300K per year and we are in a relatively small town of about 70,000 people and sell on average about 160-170 cars each month. If you are in that larger metropolis area, he should have no problem affording an LFA as a GM of a Lexus store........

SpmMorrow

When you consider the volume of cars $300k + is not that unreasonable.. Its only about $150 per car. Totally possible. I would still think you should earn closer to $600k + to consider a car of that magnitude but if your a car guy and you have your other finances in place why not. Good for him

flipside909

Well it all depends on if the buyer added custom options which they have been done with these latest orders of LFA. That certainly will push the price beyond the estimated $445k.

Just F Me

General rule of thumb I would assume for most people is that if you don't have rent/housing expenses (ie you live with your parents for free), then you can buy a car that equals your income. LOL.

But for most, a car should not cost more than 20% of your income if you have other obligations.

Someone said earlier that driving a Bugatti or LFA, you need a lot more than well over $1million net worth. I don't think even if you have a net worth of $10 million do you drive a Bugatti...that thing is insane to keep running as far as maintenance goes. Some people have said it costs more than owning a private jet....

http://www.autoblog.com/2010/01/17/b...use-a-private/

When you drive a $1million dollar car, you got easily over $10 million...and this is in cash, not assets/net worth. People who have that kinda money know WTF they're doing with their money. While people like us, spend our money on carbon fiber rear diffusers...and Junction Produce head rest pillows...LOL

MikeFoxx

iTrader: (8)

Eehhhh cars still dope regardless thanx for sharing the pic

vbb

iTrader: (3)

Yep, we're doing it again. Guy posts a simple pic showing an awesome car, and we're going through pages of over-analyzing how a person we've never met should manage their budget. It's probably safe to assume the guy who bought the car knows what he's doing with his finances.

Though this thread did teach me something... I would have never guessed that the GM of a car dealership, even a large one, was pulling in $350K+ a year.