Life changing dilemma

[peanut]

I guess you always look on those life changing moments and think "actually it wasn't really that big a deal" but certainly when you're at those junctions in your life it's really nerve wracking!

I've been lurking on this boards for ages and what I realise is that Lamborghini owners are humans. They aren't all filthy rich snobs who would use $100 bills as toilet paper. They're very down to earth...and human. They still grunt about excessive service costs, and still carefully weigh up the pros and cons of options on the car etc.

For a very long time I've wanted to become a Lambo owner and things have come to a head recently and the dealer has told me I basically have about 24 hours to make a decision otherwise the build slot opportunity will probably be lost, and if so, there's no guarantee of when the next build slot date is (for the little market where I live). If it means the car is another 8-10 months away, that would just devastate me

I really want this car - I've watched every Youtube video on the subject, I know the specs inside and out, I've read practically every thread on this board. It's just something that will make me happy.

The issue is my family don't think I have the financial means to support it and very against it (instead they think I should get an appreciating asset - like property) and they feel that it's money down the drain (compared to property). Getting this car would not only mean I antagonise them but it would mean I need to borrow 50% of the cost, which is over 5 years of disposable income (post tax post mortgage). Simply because I just don't have the cash to purchase outright right now.

I know the sensible thing is to wait till I am more successful and have the deep pockets to buy outright - but I just feel I'm out of time.
- I'm starting to lose all my hair and pretty soon there's no way I would be able to have the roof down as the wind and a "comb-over" is a farce.
- My gf is forcing me to propose and start a family. I want this car whilst I have the last fleeting bits of my unshackled youth.
- It's quite embarrassing but this has become an all consuming obsession.

I'm confident I'll be able to manage the interest and repayments because my business is growing - and whilst it'll mean I'll be shackled with enormous debt over the next 5 years, you know what, at least those will be 5 brilliant years.

Am I crazy? Maybe. But I just think life's too short. Even if my financial future gets messed up and I have to sell the car to pay off my debts, so what - yes I lose a few hundred thousand but so what? Again, life's too short for that crap. I don't care if I have 10 investment properties - just 1 nice house and a nice car is good enough for me.

Or am I crazy?

I probably don't deserve this car right now - but I've worked damn hard all my life and I want it badly.

[xudaniel1949]

Please, Don't buy the car. Lambo should be a toy to a man, not a financial burden. In my humble opinion.

[Pokrpro]

Peanut, I agree with you in a sense. You get 1 shot at life, do what makes you happy! But a lot goes into it. You say your Gf wants to take the next step, is that something you are ok with? Her opinions count now..... Like you, I am shopping for my first supercar, and while my wife doesn't think I should do it (she isn't a car freak), she does understand and respect my decision. That goes a long way. I also, don't have millions to throw away, and will be financing half of whatever I buy. But, as long as it doesn't affect your main responsibilities, then go for it! I have seen too many family/friends die at a young age, and ill be damned if I am not going to live life to the fullest. Just be patient, and take time to go over all of your finances, and make sure it will not hurt you........

[workinmanslambo]

Dump the old lady and get a pick up truck


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[jc77]

If 50% of the car is 5 YEARS of your disposable income, you shouldnt even be thinking about this. Thats barely enough to make the payments on the remaining 50% loan.

[Evoking]

Ok. So I see you have weighed all angles. You clearly seem to have a grasp of how fiscally irresponsible it would be for you to get the Lambo. But you still want it. If this were an impulse decision I would say definitely DO NOT get the Lambo.

But if you've been weighing this for some time then its clear that you understand what you'd be getting into. That said, I am a huge believer in minimizing conflict. Not with others as it may sound. But minimize conflict within yourself. If you please others at the expense of your deep desire you are actually INCREASING conflict. Internal conflict that is. And since the voice we hear WAY more than our family, wives or anyone is the voice in our own head. If you don't get it the question is this: Do YOU have a way to rationalize it so that you LOVE your decision to not get it. If you can do this then by all means do the fiscally responsible thing and wait. But if you will torment yourself in internal conflict... well then you must buy it.

Btw, this applies to ALL things. Including marrying your girlfriend. Doing things out of compulsion is to not genuinely do something at all.

Lastly, remember that buying a Lambo isn't putting $290k down the drain. It only costs you however much it depreciates during your ownership. So if you decide the fun isn't worth the expense after a year then you lost $60k or so. But even that isn't really a loss if YOU decide $60k is a small price to pay to realize a dream while you're still young enough to enjoy it.

[Red Mark]

Peanut, I like your name btw (pea-nut), forget all the nay sayers. Buy the car.
The easiest cosigners would be your parents, ask them nicely, promise you will take care of them and let them cosign. Or, find a rich wife (doesn't have to be yours, btw).

Enjoy your life.



I edit my post.
I see that you live in Australia, no way to escape authorities unless you are a very fast swimmer. Dismiss my previous post.
Work your ass off instead.

[lp580]

Peanut, I like your name btw (pea-nut), forget all the nay sayers. Buy the car.
The easiest cosigners would be your parents, ask them nicely, promise you will take care of them and let them cosign. Or, find a rich wife (doesn't have to be yours, btw).

Enjoy your life.




I edit my post.
I see that you live in Australia, no way to escape authorities unless you are a very fast swimmer. Dismiss my previous post.
Work your ass off instead.

best advice in this thread lol

[lamborghiniforme]

Invest in your business and family first. When it is self sustaining and you're in the surplus, which you will, buy that Lamborghini that you're dying to get

[Hitz101]

I would say simply do not buy or loan out any item that you can not easily afford the payments for. If your making 8k a month lets say & have a 3k mortgage another 2k in random bills & food & such you don't then want to get a 2k + loan car of course. Nothing is wrong with getting a loan on part of a new car of course but only if you can easily afford those payments & it sounds like your saying it might be a struggle to do so & would be taking up all your free money & you would not be able to really do anything else but pay for that & bills which if that is what makes you happy go for it but I would not. I would wait until you get your income up to where paying that 2 - 3k payment each month is nothing to major to you & you can easily afford that or you can also just buy it outright if you want as well.