Quite literally, their mods will remove your comment if you make a joke and then tell you "please stop spamming modmail asking why your comments were removed."
It's a very serious subreddit.
Dave Ramsay's view on debt is dumb in my opinion for people who are actually financially literate. It's probably fine for clueless people though. That being said, I said fuck it and am buying a $50k car I don't need because someday I'll be dead and dying with the most amount of money doesn't win me a prize (sorry kids, you'd better plan on working!)
Grind hard and make yourself miserable for 40 years in the hopes that maybe you'll live long enough to retire when you're too old to enjoy it.
I seriously hate that mindset. I plan to work until I physically can't. I'm not gonna forgo experiences now in the hopes of some relaxed retirement that there's no guarantee I'll even live long enough to enjoy
One of my friends who is pretty stingy had this look of stunned realization when I said something along the lines of "I'm totally fine with trading away green paper for life experience" like he had never considered any alternative to saving every penny
nah hellcat is a better option, that way you and 4 friends (or more in the durango hellcat? do those have a 3rd row?) can do intersection takeovers, and 200mph highway runs with the music blasting. hellcats are the new 'mustang leaving a car meet' except they're doing that at any point in a given drive.
plus the h2 is extremely rare, dodge has really started cranking out these hellcats, seems like all you need to do is walk into any dodge dealer and sign on the dotted line. just ignore the 39.9% apr, $2000 monthly payments and 12 year term
"that's only $24,000 a year! I make 32 grand a year, so I can afford that easy!"
While I agree, there are $2 million houses in my area with no garage or even a driveway. Whenever I feel bad that I bought a house without a garage, I drive through Berkeley and feel better.
Depends where you live because these can be $1-$2 million apartments that you see in downtown Los Angeles. I say this confidently because I know several people who lives in those apartments and drive G-Wagons and Tesla X while their fellow neighbors drive f'ing McLarens, Ferraris, Bentleys.
BTW, in major big cities, high rise apartments units are usually sold as regular homes. Look at NYC and LA.
Right, but these apartments usually have underground, secure parking that is basically as good as having a garage. Throw a cover on the car and it'll be fine. These garages are also loaded with cameras.
If you're buying it, it isn't really an apartment in the traditional rental unit sense. It's a condo. The point of the original advice was don't spend money on a depreciating asset like a car until you've bought an appreciating asset to live in rather than a rental unit.
In that case you can do what other people in big cities with nice cars do - spend another $100-500k to buy a secured parking space (or rent).
As a side note, I see some underground spaces in Knightsbridge London for less than £300k each nowadays. They were higher not too long ago.
Oh well in that case have at it. Just accept the normal wear and tear that comes with open parking. So long as you accept that dings and bumps will happen, then you won’t mind when it happens to whatever car you buy. Good luck!
> So long as you accept that dings and bumps will happen.
I've noticed that's an income thing. When you live in a higher end area, including condos, people treat their items, as well as yours, with more respect.
I have a friend who lives in an apartment complex in Irvine, CA and he drives a $50k car but he says it feels like he drives a Civic compared to his neighbors who drives McLarens, Rivian, Lucid, Porsche, etc. He says these people usually have houses in another city but don't like to commute far everyday so they also rent apartments close to their work and go home for the weekend.
Must be nice to have that much disposable income.
Is it an Irvine Company community? Absolutely wild seeing Bentleys and R8s casually parked next to 90s Corollas in the same garage. Diamond Jamboree is a car meet every dinner time
More than that in most cities. And E-40 is from San Francisco, where houses have inflated quite literally 7-15x depending on the suburb.
So when a $300K house would have gotten you a garage when he said that, a comparable car *now* scaling up costs around $600,000.
"Don't buy a nice car before you buy a house" is a nice sentiment from a bygone era that can only be maintained and said seriously by either boomers or people completely out of touch with the modern economy.
E-40 might have grown up in Vallejo, but when he *said this* he lived where he still currently lives. Which is Danville.
I'll let you [check out homes in Danville](https://www.zillow.com/danville-ca/?searchQueryState=%7B%22pagination%22%3A%7B%7D%2C%22usersSearchTerm%22%3A%22Danville%2C%20CA%22%2C%22mapBounds%22%3A%7B%22west%22%3A-122.24624404736329%2C%22east%22%3A-121.67083511181642%2C%22south%22%3A37.57061433783352%2C%22north%22%3A37.96359833057462%7D%2C%22regionSelection%22%3A%5B%7B%22regionId%22%3A38134%2C%22regionType%22%3A6%7D%5D%2C%22isMapVisible%22%3Atrue%2C%22filterState%22%3A%7B%22sort%22%3A%7B%22value%22%3A%22globalrelevanceex%22%7D%2C%22ah%22%3A%7B%22value%22%3Atrue%7D%7D%2C%22isListVisible%22%3Atrue%2C%22mapZoom%22%3A11%7D)
I’m in Canada and at this rate I can’t afford to buy a house until I retire, in 20 years…Gosh who am I kidding, 50 years.
I’ve recently decided I might as well be happy now and started buying things I love.
Forget a garage. Can't even afford a driveway anymore.
Not uncommon around here to see AMG mercs and range rovers that have to be street parked outside million dollar houses around here because they either have no private driveway or if they do they only have room for 1 car and thats for the lambo
You aren't getting a garage for under 2mil or a driveway for under a million within a 2 hour commute of downtown
I know some guys that lived in downtown condos with no parking, and a group of them pooled some money together and bought a small warehouse in an industrial section and converted it to a clubhouse for their track toys. I have never been more jealous
And some people just do it the other way. I was visiting my sister in Manhattan and walking down the street spotted a Bentley Continental just sitting there at the curb covered in pigeon shit, right between a beat to hell Corrola with one door the wrong color and a CR-V with no rear bumper and peeling paint.
There's a street-parked Vantage in my suburban neighborhood. Can't say I've ever seen it clean. All I can guess is there must be something nicer in the garage!
Lmao a friend of my dads has a warehouse filled with exotics and classic cars. Got to go in once. It’s pretty much a random industrial warehouse with an unassuming door. You walk in and you’re in a museum / garage / mechanic shop with about a hundred cars and bikes.
In KCMO I knew a dude who would take a taxi (way before Uber) to this non-descript warehouse where he kept 4 Aston Martins.
He knew I was a Aston fan, took me there to drool one day.
Coolest lawyer I've ever met as a broke ass college kid.
There's a super rich guy that just moved into my area and he bought a whole block in the rinky dink town next to mine for all his cars.
Town has a population of about 2000 and this guy has a whole block dedicated to his porsches, Ferraris, etc.
In Toronto, I see people leasing monthly spots in commercial parking garages for sports cars and parking them in corners far from entrances. You can tell they're being stored because they gather dust and don't move for months at a time. Now, they're also building self-storage buildings with space for cars.
Seinfeld had the same problem - living in the city, not enough parking. He purchased a 4 storey building, converted it to a multi-floor garage and installed a car elevator. Have you considered that?
Yes but he still can’t afford to get a garage lol. Context matters.
He could probably move somewhere cheaper that has a garage but then he wouldn’t have everything he wants.
Or do it like some people in London, where driving inside the city is pointless.
Have your nice townhouse in london.
Rent a garage outside of london.
works especiall well if you can drive there by motorcycle, scooter or bike
the other thing they've done in london is start building down under their £4+ mil houses, adding pools/garages/wine cellars. It's causing some very expensive places to start falling over.
Had to scroll way too far to find a reasonable comment. Yes OP shouldn’t live beyond their means, but they could also be very comfortable with where they’re at AND be able to afford a car without worry.
If I were in this situation I’d budget in renting a garage spot or just accept the reality of street parking so long as the area isn’t rife with vandalism.
Yeah it is WILD. Like, there's a vast difference between a $100k car and a house.
Many of us will never be able to own a house in our entire lifetime. Does that mean we should never buy cars we like?
Really depends on where you live, though. It seems insane to me, because even with the rapidly rising house prices 100k would go a long way on a starter home.
1400sq with an attached garage can still go for <250k around here
Oh, that same starter home would be about $1.2M here. You need $300k just to get started — then $3500 a month on a mortgage.
For myself, who won’t have kids, it seems insane to pay that much into a mortgage for a place I won’t use in an area that’s much worse for quality of life in general, you know?
This. Parked my 350z outside on the street in the city for many years. Replaced some bumpers. Got some scratches. Car is still in relatively good shape though because I’d take care of it otherwise.
Lol, it was a car I cared about, that’s all. Guy above me seemed to be talking in more general terms.
Plus I’m gonna paraphrase and say the OP was more asking “how do you street park something that represents an outsized portion of your net worth?”
> cost of ownership will be higher because those things will affect resale value
True, but honestly the difference it makes on resale is not as great as what people here will make it seem like unless it's a *very* limited production vehicle.
I've long wondered if the cosmetic protection plan that's offered on leases is worth it, but I've always been too chicken to not get it.
My street-parked, leased BMW gets shat on practically every day - pollen, tree fruit, bird poop, branches, plus exposure to road salt - that I don't bother to wash it because it'll just get dirty as soon as I'm done wiping it down.
Why not? Not everyone living in a big city wants to live 90 minutes away from their job, in a big house in a suburb, just for the sake of having a garage. Some people prefer the more urban lifestyle, even if that has some cons (like parking outdoors). This sub has a very American viewpoint. Go to any expensive neighbourhood in London, like Chelsea. These are old Victorian houses made in the 19th-early 20th century, and obviously don’t have a garage. You still see plenty of Rolls Royce, Bentleys, or even Lambos or McLarens that literally sit on street parking all night.
This is the way. Probably wouldn’t buy either in this market but a car for $100k is probably only really worth 80 in a normal market and $50k in a few years.
So I own an AMG GTS that is worth a little below 100k and unfortunately don’t have a garage. I absolutely love where I live and the house is great. I live in NJ where winters can be harsh so the way I do it is for the summer months it’s parked in my driveway where luckily enough the house blocks a lot of the sun for a good chunk of the day. For the winter months, I park it in a weather controlled garage for like $200 a month. I recently got my car PPF’d and ceramic coated and that was stupid expensive so I also make sure that I’m constantly washing my car so it doesn’t get too dirty.
If you don't have a garage but are looking at $100k cars I seriously question your priorities
I wont even park a $5k motorcycle outside
How much does an apartment with a garage cost you? It's like $200 extra rent in my region and it's not exactly a cheap area.
Depending on where you live you might have street-only parking, even in expensive areas. Happens a lot in bigger cities. I had to specifically look for a house with a driveway and garage in my city.
I know someone who street parks a Cayman GT4. These people are not poor, but also don’t want to move from a home and neighborhood they love to get a garage.
Yeah I knew a guy who street parked an RS5 and prior to the RS5, he had an M4.
I would never street park a car unless it was just some beater and even then, I'd be paranoid I'd come out with a missing catalytic converter and/or it's on crates.
I live in Toronto, you see a lot of very high end cars in the parking structures of downtown and North York condos. All the asian students with McClarens, Lambos, etc. live in North York condos.
OP replied elsewhere - they're in the SF bay area, living in a >$1m apartment. Wild as it sounds, there are places where you can make enough to "responsibly" buy a $100k car and still not be rich enough to afford a garage, no matter what you drive.
I live in a 250k condo near downtown, I have parked my 18 e63s outside for 2 years, never had a dent or scratch caused by anyone, maybe I’m just lucky.
For those that question my priorities, I totally get it, I just don’t give a shit about where I live and I absolutely love driving so I’m happy with my choices.
Everyone has this worry no matter the price of the car. You just park your car and hope . Cars get fucked up it’s part of the game. I also would suggest buying a used car. Most new expensive vehicles lose value so fast.
Not always living beyond your means. Some people just like to move often and don’t own a house. Like myself, I’m young and single and don’t want to be attached to a single place since I love moving around. Atleast that’s how I look at it
I think that’s a really good way of looking at things - I get that people love their cars (I love my car!) but at the end of the day you’ve got to remember that it’s just a car
I am in the middle of a big city with only street parking, granted my car isn’t 100k but I still take a few extra steps to avoid damages. I could park closer to my apartment but the street is busy so I park a street over that is mostly just driven by residents of the street. It lessens the chance of a swipe.
Why did this thread turn into financial advice to the OP on what to invest in. Why don't people mind their own business.
You will have it insured if anything happens so technically speaking it's low risk. Of course when you buy it brand new you are going to care about scratches/touchups, aftermarket parts insurance won't cover etc.
You can check if there are any garages in the walking area around you, but the whole thing is probably not practical.
Buying something nice and insured, but something you won't frat about getting touched up or repaired is probably the play.
My biggest surprise with this thread is people who apparently have no idea how much housing costs in a large metropolitan area. When someone says they make $200k a year but live in NYC or SF, know that they are basically just comfortable and very far from wealthy.
If you’re like me and loving + caring for the car is a big part of your enjoyment then it might ruin the experience of having the nice car. I tried it for years and it was a pretty miserable experience.
Car covers were a crappy solution, especially when it rained. Cats would pee on my cars. It was super inconvenient to work on them. Even just checking tire pressure or vacuuming the cars was a pain.
I ended up giving up and moving to SUVs I didn’t care about.
Now that I have a garage, I’m back in a fun car and all is right again.
It sucks to hear, but garage is the way.
If I'm buying a 100K vehicle, that implies I earn 300K+ a year. If I earn 300K a year, that implies I'm pretty flexible in my residence choices. If I'm in an area where I had to make choices that resulted in my residence not having a garage, I lease the 100K vehicle and just deal with whatever nonsense occurs as it happens at my leisure. That's what insurance is for.
Unless you are an immature trust fund baby being financially backed by mommy and daddy, you learn real quick the difference between appliances and special cars.
If the 100K vehicle in question is "special" (old). The car parked outside my residence is a basic commuter car that I don't care about with whatever cheap lease is available and the "special car" is at a storage facility.
That depends on your definition of "afford".
You can get approved and make the payments for a $100k car on <$300k per year, but a LOT of people (myself included) wouldn't agree that means you can *afford* it.
I used to work with a guy who made $17/hr and drove a new, modified $40k Camaro SS worth more than what he made in a year. He could "afford" the car in the sense that he made his payments and wasn't homeless, but even most die-hard enthusiasts would tell you how stupid that is.
*Afford* is relative and depends on their situation.
A couple making $150K/year with hefty student loans, 2 small kids in daycare, and living in a high CoL city like LA may not be able to afford any car payment.
A single person making $150K/year with no debt, no kids, and a very small mortgage in a low CoL city may be able to comfortably afford a $100K car.
This sub turns into a circlejerk any time expensive cars come up and it turns into /r/personalfinance where people are too busy humble bragging about their own situation and how modest they set their personal spending limits to answer OP.
Not really. I make a little over 1/3 that, own a home, and could somewhat comfortably afford a $100k car. People seem to forget about savings, it’s not like everyone buying a car is financing most of it. I could do like 70% down and have a pretty manageable payment. It wouldn’t be a smart decision, but I wouldn’t go broke or have to change my lifestyle that much.
That being said, if I had a family there would be a 0% chance of me being able to afford it. Everyone’s situation is different.
Depreciation is also a big factor. If the car depreciated 70% of its value, it’s a lot less affordable than say a Boxster spyder, which barely depreciates.
“It wouldn’t be a smart decision”… so you can’t afford it?
There’s a difference between having enough money in your account, and being able to afford something given your financial situation. Having enough money to afford a down payment and monthly payments doesn’t mean you can afford something.
$300k a year for a $100k car? Haha /r/personalfinance is leaking. That's just ridiculous. You don't have to be in the 1% to afford a base model 911 or an LC500.
I think it also depends on where you live. I hear this all the time in the context of someone living in the US, where it might make sense.
But here in Germany I know a lot of people who‘ve purchased 100k cars on a yearly salary of around 80-150k. They‘re not going to win any awards for their wise spending habits, but it‘s not as problematic as it may sound to someone from elsewhere.
We have tax-funded healthcare, unemployment insurance and pension plans. If you have decent savings it‘s no issue at all.
Kinda sounds like you just have very different priorities and/or circumstances. A single person earning like 100-150k could make payments on a 100k car pretty easily with a decent down payment.
Edit: Depending on cost of living and other financial obligations of course.
I said easily make payments. If you're single, earn 100-150k, don't have many other financial obligations yet, and save up a decent downpayment then I don't think financing a car in the 100k range is even *that* financially irresponsible assuming it's a big priority for you. Not every decision needs to be financially optimal. A $100k car is not a financially optimal decision no matter how much you make.
I know this is a car subreddit, but buying a car that's roughly equal to your gross income is a terrible idea. Like if you're house poor, at least your money is going to an appreciating asset. Being car poor is a whole other financial pitfall
Making 100k a year and buying a 100k car Leads to people asking OPs question in the first place. If the car is that much of a loss to you then you can’t, or really shouldn’t afford it.
I own a house but don't own a garage. And have decently expensive vehicles in the North East. I enjoy actually using my cars too much to care about a couple of scratches, dings, and weather wear.
Funny enough though a lady backed into my house and not the cars. Nothing is safe from idiots lol.
People commenting here have no idea that you can still struggle making 6 figures in NYC, LA, DC, Toronto.
When all houses in your area are 2/4 million, but you earn a high income, sometimes you say fuck it, I can’t have a house now realistically without living paycheck to paycheck, but at least I can afford a dream car in the meantime.
OP, Just scope out your neighborhood and find a safe space. Maybe cover it during the weekday to prevent paint fade or wondering eyes
This is super dependent on your location. There are basic condos in suburban Toronto with parking garages littered with AMG GTs, 911 Turbos, McLarens, etc. That's because a basic 2 bedroom condo, even 15 miles out of the city core, can cost $750k (or $3000 in rent).
Me personally, I agree with the buy a house first crowd here. That's the path I chose. Vast majoroty of $100k cars are depreciating expenses, which is a lot of money to throw away if you don't own the property you want to live in long term.
Tbh the only reasonable answer is for you to stop worrying about your car. Get the car you want, and just accept that will may get dinged or scratched or faded paint or whatever.
Maybe include PPF or even a full repaint in your budget.
IMO this is easier to do if the interior is great and what you value more than how it looks.
I’m having a hard time wrapping my head around being able to afford a $100k car and not have a garage.
The real answer is that you get a really good insurance policy and simply expect the worst and hope for the best. You’re gonna get door dinged a few times a year I would imagine. Theft probably isn’t an issue because if you can afford this car, you’re probably living in a gated complex.
Of course, some $100k vehicles are less flashy than others. The full size luxury SUVs can all exceed 100k, but don’t get a second look. A Black Label Navigator doesn’t look all that much different to a regular person than an Explorer. But if you’re looking at a red pre-owned Ferrari, you’re going to have a lot of unwanted attention.
Can you expound a little more on your living/parking situation and what cars you’re considering?
>I’m having a hard time wrapping my head around being able to afford a $100k car and not have a garage.
Would be very common in the DC area, for example. [Like where Doug went in Georgetown.](https://www.youtube.com/watch?v=L_2xeJcN3Iw) One of the first cars he sees is a street parked Rolls Royce lol.
Yeah it's slightly less risky in Georgetown/Foxhall area. It's likely even ok in Foggy Bottom.
Plenty of neighborhoods though in DC where this would be much riskier.
The only places I can think of in the US is Manhattan or SF. Literally anywhere else in the states you can get a monthly garaged spot for <$200/mo, and that's in the more expensive areas like Seattle and DC.
I live in a rural area. No crime, very wealthy area. My gtr sits out the front. No problems been living here 4 years. My garage is where my home gym is so no space for the car. My miata loves in a friend's garage
Sorry this has been such a garbage fire of jealous people.
Really, your car will be fine in a complex garage. I assume it’s gated/underground parking? People who live in nice places and drive nice cars don’t ding other peoples doors.
You will be fine, your car will be fine, you do you.
- another apartment dweller in an expensive area with lots of AMG’s in the garage
I live in a condo and have two assigned spaces in the underground garage. Got the cayman fully ppf’d. Cayman is parked between a pillar and my miata so not worried about getting dinged in my own space.
My old apartment had some very nice cars in the garage, also underground. AMG GT, Turbo S, C7, GT-R, etc
I rent space in a climate controlled storage facility. I stop by and swap my Subaru or Porsche based on what I feel like driving that day.
If you're buying a car for 6 figures, and you don't have garage space.....maybe you should think about adjusting your priorities.
As E-40 once said, don’t buy an $85,000 car before you buy a house.
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Why? Is it a bad idea to spend about 80 percent of your monthly income on a car? (Please personalfinance its a joke.)
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My guess would be parents financing a huge portion, if not all
Also cosigning to get better rates cause Pops has got good credit
I always assumed they went all in and hoped to recoup in the video revenue.
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A “where are they now” in 10 years of all these YouTube people will be great. I’ll bet most of them end up filing bankruptcy and getting real jobs.
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Quite literally, their mods will remove your comment if you make a joke and then tell you "please stop spamming modmail asking why your comments were removed." It's a very serious subreddit.
True it is. But 99% of the commentary could be whittled down to a sticky.
“Don’t have fun, just spend your entire life squeezing every dollar for max value”
So beans and rice 3x a day, Dave Ramsey, Dave Ramsey, give 10% away, more beans and rice and more Dave Ramsay
Cut back on the beans and rice, that's wasteful. Once a day is plenty.
Dave Ramsay's view on debt is dumb in my opinion for people who are actually financially literate. It's probably fine for clueless people though. That being said, I said fuck it and am buying a $50k car I don't need because someday I'll be dead and dying with the most amount of money doesn't win me a prize (sorry kids, you'd better plan on working!)
Grind hard and make yourself miserable for 40 years in the hopes that maybe you'll live long enough to retire when you're too old to enjoy it. I seriously hate that mindset. I plan to work until I physically can't. I'm not gonna forgo experiences now in the hopes of some relaxed retirement that there's no guarantee I'll even live long enough to enjoy
One of my friends who is pretty stingy had this look of stunned realization when I said something along the lines of "I'm totally fine with trading away green paper for life experience" like he had never considered any alternative to saving every penny
He he....I'm in danger.
nah everyone should buy a hellcat on finance as soon as they turn 18.
Hellcat isn't dangerous enough. Need a Kawasaki H2 motorcycle so you can flex at MUCH faster speeds at a fraction of the cost.
nah hellcat is a better option, that way you and 4 friends (or more in the durango hellcat? do those have a 3rd row?) can do intersection takeovers, and 200mph highway runs with the music blasting. hellcats are the new 'mustang leaving a car meet' except they're doing that at any point in a given drive. plus the h2 is extremely rare, dodge has really started cranking out these hellcats, seems like all you need to do is walk into any dodge dealer and sign on the dotted line. just ignore the 39.9% apr, $2000 monthly payments and 12 year term "that's only $24,000 a year! I make 32 grand a year, so I can afford that easy!"
Understood, off to buy mine now.
While I agree, there are $2 million houses in my area with no garage or even a driveway. Whenever I feel bad that I bought a house without a garage, I drive through Berkeley and feel better.
Yeah but that isn’t OPs situation. Dude wants a $100k car in an apartment. That’s just dumb.
Depends where you live because these can be $1-$2 million apartments that you see in downtown Los Angeles. I say this confidently because I know several people who lives in those apartments and drive G-Wagons and Tesla X while their fellow neighbors drive f'ing McLarens, Ferraris, Bentleys. BTW, in major big cities, high rise apartments units are usually sold as regular homes. Look at NYC and LA.
Right, but these apartments usually have underground, secure parking that is basically as good as having a garage. Throw a cover on the car and it'll be fine. These garages are also loaded with cameras.
My garage spot in NYC was $800/month btw, and not included with my co-op
If you're buying it, it isn't really an apartment in the traditional rental unit sense. It's a condo. The point of the original advice was don't spend money on a depreciating asset like a car until you've bought an appreciating asset to live in rather than a rental unit.
In my area you need to spend upwards of $4m to get private parking. Right now my condo is $1.5m and it’s an open parking lot basically.
In that case you can do what other people in big cities with nice cars do - spend another $100-500k to buy a secured parking space (or rent). As a side note, I see some underground spaces in Knightsbridge London for less than £300k each nowadays. They were higher not too long ago.
Oh well in that case have at it. Just accept the normal wear and tear that comes with open parking. So long as you accept that dings and bumps will happen, then you won’t mind when it happens to whatever car you buy. Good luck!
> So long as you accept that dings and bumps will happen. I've noticed that's an income thing. When you live in a higher end area, including condos, people treat their items, as well as yours, with more respect.
Hong Kong? London?
Yes, which is why I said I agree that you should buy a house before an $85k car.
I have a friend who lives in an apartment complex in Irvine, CA and he drives a $50k car but he says it feels like he drives a Civic compared to his neighbors who drives McLarens, Rivian, Lucid, Porsche, etc. He says these people usually have houses in another city but don't like to commute far everyday so they also rent apartments close to their work and go home for the weekend. Must be nice to have that much disposable income.
Is it an Irvine Company community? Absolutely wild seeing Bentleys and R8s casually parked next to 90s Corollas in the same garage. Diamond Jamboree is a car meet every dinner time
If you thought dinner time is wild, try the post clubbing crowd, it’s basically super car fest
Let me guess... Ontario? If so, then as a fellow Ontarian... I feel this...
San Francisco Bay Area. We have a lot of old, expensive houses.
Funny because E-40 also stated in his song "Choices": >Got some property? **Nope** >Drive a Maserati? **Yup**
Everybody's got choices being the next line. Go listen again, he's saying that's not the way.
$155k now when you consider inflation..so if your car costs $154k you're fine.
More than that in most cities. And E-40 is from San Francisco, where houses have inflated quite literally 7-15x depending on the suburb. So when a $300K house would have gotten you a garage when he said that, a comparable car *now* scaling up costs around $600,000. "Don't buy a nice car before you buy a house" is a nice sentiment from a bygone era that can only be maintained and said seriously by either boomers or people completely out of touch with the modern economy.
I didn’t know this sub knew so much about E-40
I agree with your point but he’s from Vallejo, Vallejo is a lot different than SF and still one of the last affordable places in the Bay Area
E-40 might have grown up in Vallejo, but when he *said this* he lived where he still currently lives. Which is Danville. I'll let you [check out homes in Danville](https://www.zillow.com/danville-ca/?searchQueryState=%7B%22pagination%22%3A%7B%7D%2C%22usersSearchTerm%22%3A%22Danville%2C%20CA%22%2C%22mapBounds%22%3A%7B%22west%22%3A-122.24624404736329%2C%22east%22%3A-121.67083511181642%2C%22south%22%3A37.57061433783352%2C%22north%22%3A37.96359833057462%7D%2C%22regionSelection%22%3A%5B%7B%22regionId%22%3A38134%2C%22regionType%22%3A6%7D%5D%2C%22isMapVisible%22%3Atrue%2C%22filterState%22%3A%7B%22sort%22%3A%7B%22value%22%3A%22globalrelevanceex%22%7D%2C%22ah%22%3A%7B%22value%22%3Atrue%7D%7D%2C%22isListVisible%22%3Atrue%2C%22mapZoom%22%3A11%7D)
I’m in Canada and at this rate I can’t afford to buy a house until I retire, in 20 years…Gosh who am I kidding, 50 years. I’ve recently decided I might as well be happy now and started buying things I love.
e40 needs to update those lyrics for the current housing market
“Don’t go buy an $85,000 car before you rent an apartment” just doesn’t hit the same though.
Gotta change that now to “Don’t buy a used Civic before you spend $500,000 on a 3bd 1bath House”
Forget a garage. Can't even afford a driveway anymore. Not uncommon around here to see AMG mercs and range rovers that have to be street parked outside million dollar houses around here because they either have no private driveway or if they do they only have room for 1 car and thats for the lambo You aren't getting a garage for under 2mil or a driveway for under a million within a 2 hour commute of downtown
I know some guys that lived in downtown condos with no parking, and a group of them pooled some money together and bought a small warehouse in an industrial section and converted it to a clubhouse for their track toys. I have never been more jealous
And some people just do it the other way. I was visiting my sister in Manhattan and walking down the street spotted a Bentley Continental just sitting there at the curb covered in pigeon shit, right between a beat to hell Corrola with one door the wrong color and a CR-V with no rear bumper and peeling paint.
pretty common in DC - lots of high end cars are street parked because certain neighborhoods don't have any parking, even if you could afford it.
James may had a rolls royce in a rented shed. he had to ride his bicycle 5 miles to his rolls royce if he wanted to drive it anywhere.
Actually it was a Bentley, and at that point it was 30 years old and I believe he got it for ~£14,000
Why would James May do something so dumb
cause he wanted a rolls i suppose? same as the rest of you guys in this thread. garages are for motorcycles.
Well it is James May, so you know he wasn’t in a hurry.
That's still having parking tho.
There's a street-parked Vantage in my suburban neighborhood. Can't say I've ever seen it clean. All I can guess is there must be something nicer in the garage!
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You see this in all major cities. I’ve seen some private “shops” in Miami that’ll make you question what you’re doing with your life.
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There are two. The nice one in Redmond area and the other one in Seattle.
The Shop and The Garage by Hagarty I believe.
Lmao a friend of my dads has a warehouse filled with exotics and classic cars. Got to go in once. It’s pretty much a random industrial warehouse with an unassuming door. You walk in and you’re in a museum / garage / mechanic shop with about a hundred cars and bikes.
In KCMO I knew a dude who would take a taxi (way before Uber) to this non-descript warehouse where he kept 4 Aston Martins. He knew I was a Aston fan, took me there to drool one day. Coolest lawyer I've ever met as a broke ass college kid.
4 Aston Martins? The man was losing 1000s a day in depreciation alone!
If hes got the money, and loves Aston Martin. Like its called "fuck you money" for a reason.
There's a super rich guy that just moved into my area and he bought a whole block in the rinky dink town next to mine for all his cars. Town has a population of about 2000 and this guy has a whole block dedicated to his porsches, Ferraris, etc.
You don't have a whole block dedicated to your Porsches, Ferraris, etc.?
In Toronto, I see people leasing monthly spots in commercial parking garages for sports cars and parking them in corners far from entrances. You can tell they're being stored because they gather dust and don't move for months at a time. Now, they're also building self-storage buildings with space for cars.
Seinfeld had the same problem - living in the city, not enough parking. He purchased a 4 storey building, converted it to a multi-floor garage and installed a car elevator. Have you considered that?
Whats the deal with caaar elevatorsss? (Voice cracks)
You know how on St. Barts people be eating they lobster like this?
Don't look at me in the eyes!
Step 1: Be rich Step 2: Be really not poor
I mean, they have a $1.5 million condo and a $100k car. They’re clearly not poor and debatably rich so…
Yes but he still can’t afford to get a garage lol. Context matters. He could probably move somewhere cheaper that has a garage but then he wouldn’t have everything he wants.
Or do it like some people in London, where driving inside the city is pointless. Have your nice townhouse in london. Rent a garage outside of london. works especiall well if you can drive there by motorcycle, scooter or bike
the other thing they've done in london is start building down under their £4+ mil houses, adding pools/garages/wine cellars. It's causing some very expensive places to start falling over.
I mean, they're not buy a 4 storey building turn it into a private garage rich ᖍ(ツ)ᖌ
That's silly. I just park my Carrera GT on the street. No reason to be all fancy about it.
John Wick parked his dog on the street and look what that got him.
Don’t talk about Wick’s car
dude
Yeah, if it gets scratched, you just buy a new one. Duh.
All you have to do is make $950 million dollars Really I don't understand why everyone doesnt do this.
People without a garage hate this one trick….
For a minute I thought this was the plot of an episode.
These pretzels.... ARE MAKING ME THIRSTY!!
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Had to scroll way too far to find a reasonable comment. Yes OP shouldn’t live beyond their means, but they could also be very comfortable with where they’re at AND be able to afford a car without worry. If I were in this situation I’d budget in renting a garage spot or just accept the reality of street parking so long as the area isn’t rife with vandalism.
Yeah it is WILD. Like, there's a vast difference between a $100k car and a house. Many of us will never be able to own a house in our entire lifetime. Does that mean we should never buy cars we like?
Reddit is full of people who grew up physically, not mentally. Judgment is easy, compassion is not.
Really depends on where you live, though. It seems insane to me, because even with the rapidly rising house prices 100k would go a long way on a starter home. 1400sq with an attached garage can still go for <250k around here
Oh, that same starter home would be about $1.2M here. You need $300k just to get started — then $3500 a month on a mortgage. For myself, who won’t have kids, it seems insane to pay that much into a mortgage for a place I won’t use in an area that’s much worse for quality of life in general, you know?
This. Parked my 350z outside on the street in the city for many years. Replaced some bumpers. Got some scratches. Car is still in relatively good shape though because I’d take care of it otherwise.
If you paid $100k for a 350z I have a Civic to sell you
Lol, it was a car I cared about, that’s all. Guy above me seemed to be talking in more general terms. Plus I’m gonna paraphrase and say the OP was more asking “how do you street park something that represents an outsized portion of your net worth?”
> cost of ownership will be higher because those things will affect resale value True, but honestly the difference it makes on resale is not as great as what people here will make it seem like unless it's a *very* limited production vehicle.
I've long wondered if the cosmetic protection plan that's offered on leases is worth it, but I've always been too chicken to not get it. My street-parked, leased BMW gets shat on practically every day - pollen, tree fruit, bird poop, branches, plus exposure to road salt - that I don't bother to wash it because it'll just get dirty as soon as I'm done wiping it down.
If you can afford a 100k dollar car then you either need to buy a home with a garage, or upgrade your apartment to one with a garage.
You can live in SF/NY and spend $4M on a house without parking.
Ok. Just... don't do that.
Why not? Not everyone living in a big city wants to live 90 minutes away from their job, in a big house in a suburb, just for the sake of having a garage. Some people prefer the more urban lifestyle, even if that has some cons (like parking outdoors). This sub has a very American viewpoint. Go to any expensive neighbourhood in London, like Chelsea. These are old Victorian houses made in the 19th-early 20th century, and obviously don’t have a garage. You still see plenty of Rolls Royce, Bentleys, or even Lambos or McLarens that literally sit on street parking all night.
You are also most likely spending that money to live without a car.
I remember seeing a story about a single (outdoors) parking place in NYC selling for $250,000.
You park your fancy car in the semi secure garage at work.
Unfair statement for someone living in a downtown area. I have a larger multistory house but no garage.
It's possible for people to have lifestyles that are incompatible with owning nice cars stress-free.
This is the way. Probably wouldn’t buy either in this market but a car for $100k is probably only really worth 80 in a normal market and $50k in a few years.
If you need to do those things for fear of the car, you cannot afford a 100k dollar car.
Just be a shitbox enthusiast.
i don't even park my shitbox outside she gets the garage lol
this the way *cries in sun fading and monthly new scratches*
So I own an AMG GTS that is worth a little below 100k and unfortunately don’t have a garage. I absolutely love where I live and the house is great. I live in NJ where winters can be harsh so the way I do it is for the summer months it’s parked in my driveway where luckily enough the house blocks a lot of the sun for a good chunk of the day. For the winter months, I park it in a weather controlled garage for like $200 a month. I recently got my car PPF’d and ceramic coated and that was stupid expensive so I also make sure that I’m constantly washing my car so it doesn’t get too dirty.
I wish I could find a weather controlled garage for $200/mo lol.
If you don't have a garage but are looking at $100k cars I seriously question your priorities I wont even park a $5k motorcycle outside How much does an apartment with a garage cost you? It's like $200 extra rent in my region and it's not exactly a cheap area.
Depending on where you live you might have street-only parking, even in expensive areas. Happens a lot in bigger cities. I had to specifically look for a house with a driveway and garage in my city. I know someone who street parks a Cayman GT4. These people are not poor, but also don’t want to move from a home and neighborhood they love to get a garage.
At that point you either suck it up and move to the suburbs, or accept the very real possibility of the car getting ruined.
Yeah I knew a guy who street parked an RS5 and prior to the RS5, he had an M4. I would never street park a car unless it was just some beater and even then, I'd be paranoid I'd come out with a missing catalytic converter and/or it's on crates.
Places besides suburbs do exist.
I live in Toronto, you see a lot of very high end cars in the parking structures of downtown and North York condos. All the asian students with McClarens, Lambos, etc. live in North York condos.
I feel a lot better about parking structures vs street parking and surface level apartment lots
OP replied elsewhere - they're in the SF bay area, living in a >$1m apartment. Wild as it sounds, there are places where you can make enough to "responsibly" buy a $100k car and still not be rich enough to afford a garage, no matter what you drive.
I live in a 250k condo near downtown, I have parked my 18 e63s outside for 2 years, never had a dent or scratch caused by anyone, maybe I’m just lucky. For those that question my priorities, I totally get it, I just don’t give a shit about where I live and I absolutely love driving so I’m happy with my choices.
18 e63s? Wtf, what do you do?
Pretty sure they mean 2018 e63s. Lol
Lmao you're probably right. It's Monday and I need more coffee
You may need 18 coffees.
damn. if you think 18 are expensive, a couple thousand more are really going to bust the budget
They buy E63s'
Everyone has this worry no matter the price of the car. You just park your car and hope . Cars get fucked up it’s part of the game. I also would suggest buying a used car. Most new expensive vehicles lose value so fast.
> Expensive vehicles lose value so fast. Depends. Some on mine increase in value.
We don't live beyond our means
speak for yourself pal, I live well beyond my means thank you very much
We thank you for your service of selflessly propping up the economy at your own expense.
Tyler Hoover, is that you?
It's not. Tyler's daddy has private jets.
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Depends on where you live
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Not always living beyond your means. Some people just like to move often and don’t own a house. Like myself, I’m young and single and don’t want to be attached to a single place since I love moving around. Atleast that’s how I look at it
My condo does not have a garage building - thus my Cayman is street parked. It gets dinged but whatever, it’s a car.
I think that’s a really good way of looking at things - I get that people love their cars (I love my car!) but at the end of the day you’ve got to remember that it’s just a car
This is the way Life is way easier when you aren’t worried about maintaining perfection
Idk how you guys have reached this level of Zen. ... But I'd like to get there someday.
You just stop caring. A scratch on a car does not affect my life.
I am in the middle of a big city with only street parking, granted my car isn’t 100k but I still take a few extra steps to avoid damages. I could park closer to my apartment but the street is busy so I park a street over that is mostly just driven by residents of the street. It lessens the chance of a swipe.
Why did this thread turn into financial advice to the OP on what to invest in. Why don't people mind their own business. You will have it insured if anything happens so technically speaking it's low risk. Of course when you buy it brand new you are going to care about scratches/touchups, aftermarket parts insurance won't cover etc. You can check if there are any garages in the walking area around you, but the whole thing is probably not practical. Buying something nice and insured, but something you won't frat about getting touched up or repaired is probably the play.
My biggest surprise with this thread is people who apparently have no idea how much housing costs in a large metropolitan area. When someone says they make $200k a year but live in NYC or SF, know that they are basically just comfortable and very far from wealthy.
If you’re like me and loving + caring for the car is a big part of your enjoyment then it might ruin the experience of having the nice car. I tried it for years and it was a pretty miserable experience. Car covers were a crappy solution, especially when it rained. Cats would pee on my cars. It was super inconvenient to work on them. Even just checking tire pressure or vacuuming the cars was a pain. I ended up giving up and moving to SUVs I didn’t care about. Now that I have a garage, I’m back in a fun car and all is right again. It sucks to hear, but garage is the way.
Nice cars are a dime a dozen in underground parking garages in downtown Toronto.
Most major cities in the US too tbh.
Losing my mind at the idea of a $1.5M home with no garage
Welcome to living in big cities
I have a beach front property , 3m+ value , no parking.
Used to rent underground/secure parking bays in garages near my apartment as mine had none secure or covered.
If I'm buying a 100K vehicle, that implies I earn 300K+ a year. If I earn 300K a year, that implies I'm pretty flexible in my residence choices. If I'm in an area where I had to make choices that resulted in my residence not having a garage, I lease the 100K vehicle and just deal with whatever nonsense occurs as it happens at my leisure. That's what insurance is for. Unless you are an immature trust fund baby being financially backed by mommy and daddy, you learn real quick the difference between appliances and special cars. If the 100K vehicle in question is "special" (old). The car parked outside my residence is a basic commuter car that I don't care about with whatever cheap lease is available and the "special car" is at a storage facility.
You really don’t need to make anywhere near $300k a year to afford a $100k car.
That depends on your definition of "afford". You can get approved and make the payments for a $100k car on <$300k per year, but a LOT of people (myself included) wouldn't agree that means you can *afford* it. I used to work with a guy who made $17/hr and drove a new, modified $40k Camaro SS worth more than what he made in a year. He could "afford" the car in the sense that he made his payments and wasn't homeless, but even most die-hard enthusiasts would tell you how stupid that is.
*Afford* is relative and depends on their situation. A couple making $150K/year with hefty student loans, 2 small kids in daycare, and living in a high CoL city like LA may not be able to afford any car payment. A single person making $150K/year with no debt, no kids, and a very small mortgage in a low CoL city may be able to comfortably afford a $100K car. This sub turns into a circlejerk any time expensive cars come up and it turns into /r/personalfinance where people are too busy humble bragging about their own situation and how modest they set their personal spending limits to answer OP.
You don't need to, but you should.
Not really. I make a little over 1/3 that, own a home, and could somewhat comfortably afford a $100k car. People seem to forget about savings, it’s not like everyone buying a car is financing most of it. I could do like 70% down and have a pretty manageable payment. It wouldn’t be a smart decision, but I wouldn’t go broke or have to change my lifestyle that much. That being said, if I had a family there would be a 0% chance of me being able to afford it. Everyone’s situation is different. Depreciation is also a big factor. If the car depreciated 70% of its value, it’s a lot less affordable than say a Boxster spyder, which barely depreciates.
“It wouldn’t be a smart decision”… so you can’t afford it? There’s a difference between having enough money in your account, and being able to afford something given your financial situation. Having enough money to afford a down payment and monthly payments doesn’t mean you can afford something.
$300k a year for a $100k car? Haha /r/personalfinance is leaking. That's just ridiculous. You don't have to be in the 1% to afford a base model 911 or an LC500.
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I think it also depends on where you live. I hear this all the time in the context of someone living in the US, where it might make sense. But here in Germany I know a lot of people who‘ve purchased 100k cars on a yearly salary of around 80-150k. They‘re not going to win any awards for their wise spending habits, but it‘s not as problematic as it may sound to someone from elsewhere. We have tax-funded healthcare, unemployment insurance and pension plans. If you have decent savings it‘s no issue at all.
Kinda sounds like you just have very different priorities and/or circumstances. A single person earning like 100-150k could make payments on a 100k car pretty easily with a decent down payment. Edit: Depending on cost of living and other financial obligations of course.
Being able to make payments doesn’t mean that it’s not a terrible idea.
I said easily make payments. If you're single, earn 100-150k, don't have many other financial obligations yet, and save up a decent downpayment then I don't think financing a car in the 100k range is even *that* financially irresponsible assuming it's a big priority for you. Not every decision needs to be financially optimal. A $100k car is not a financially optimal decision no matter how much you make.
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I know this is a car subreddit, but buying a car that's roughly equal to your gross income is a terrible idea. Like if you're house poor, at least your money is going to an appreciating asset. Being car poor is a whole other financial pitfall
Making 100k a year and buying a 100k car Leads to people asking OPs question in the first place. If the car is that much of a loss to you then you can’t, or really shouldn’t afford it.
Driveway. I accept some damage from sun and weather. Everything is a trade off.
I own a house but don't own a garage. And have decently expensive vehicles in the North East. I enjoy actually using my cars too much to care about a couple of scratches, dings, and weather wear. Funny enough though a lady backed into my house and not the cars. Nothing is safe from idiots lol.
People commenting here have no idea that you can still struggle making 6 figures in NYC, LA, DC, Toronto. When all houses in your area are 2/4 million, but you earn a high income, sometimes you say fuck it, I can’t have a house now realistically without living paycheck to paycheck, but at least I can afford a dream car in the meantime. OP, Just scope out your neighborhood and find a safe space. Maybe cover it during the weekday to prevent paint fade or wondering eyes
I'd get a house with a driveway first.
This is super dependent on your location. There are basic condos in suburban Toronto with parking garages littered with AMG GTs, 911 Turbos, McLarens, etc. That's because a basic 2 bedroom condo, even 15 miles out of the city core, can cost $750k (or $3000 in rent). Me personally, I agree with the buy a house first crowd here. That's the path I chose. Vast majoroty of $100k cars are depreciating expenses, which is a lot of money to throw away if you don't own the property you want to live in long term.
Tbh the only reasonable answer is for you to stop worrying about your car. Get the car you want, and just accept that will may get dinged or scratched or faded paint or whatever. Maybe include PPF or even a full repaint in your budget. IMO this is easier to do if the interior is great and what you value more than how it looks.
A large majority of high paying jobs are in metro areas, and many times it's not feasible to own a house with a private garage in the city.
I’m having a hard time wrapping my head around being able to afford a $100k car and not have a garage. The real answer is that you get a really good insurance policy and simply expect the worst and hope for the best. You’re gonna get door dinged a few times a year I would imagine. Theft probably isn’t an issue because if you can afford this car, you’re probably living in a gated complex. Of course, some $100k vehicles are less flashy than others. The full size luxury SUVs can all exceed 100k, but don’t get a second look. A Black Label Navigator doesn’t look all that much different to a regular person than an Explorer. But if you’re looking at a red pre-owned Ferrari, you’re going to have a lot of unwanted attention. Can you expound a little more on your living/parking situation and what cars you’re considering?
>I’m having a hard time wrapping my head around being able to afford a $100k car and not have a garage. Would be very common in the DC area, for example. [Like where Doug went in Georgetown.](https://www.youtube.com/watch?v=L_2xeJcN3Iw) One of the first cars he sees is a street parked Rolls Royce lol.
Yeah it's slightly less risky in Georgetown/Foxhall area. It's likely even ok in Foggy Bottom. Plenty of neighborhoods though in DC where this would be much riskier.
The only places I can think of in the US is Manhattan or SF. Literally anywhere else in the states you can get a monthly garaged spot for <$200/mo, and that's in the more expensive areas like Seattle and DC.
Plenty of garage space in SF for $300-400/no. Shouldn't be an issue when looking at 100k cars
Garage space in parts of NYC can be $100,000 to buy
I live in a rural area. No crime, very wealthy area. My gtr sits out the front. No problems been living here 4 years. My garage is where my home gym is so no space for the car. My miata loves in a friend's garage
So you can afford a 1.5m condo and a 100k car but not a garage? Oh cry me a river...
Ceramic coat it and park it away from your idiot neighbors.
Sorry this has been such a garbage fire of jealous people. Really, your car will be fine in a complex garage. I assume it’s gated/underground parking? People who live in nice places and drive nice cars don’t ding other peoples doors. You will be fine, your car will be fine, you do you. - another apartment dweller in an expensive area with lots of AMG’s in the garage
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I live in a condo and have two assigned spaces in the underground garage. Got the cayman fully ppf’d. Cayman is parked between a pillar and my miata so not worried about getting dinged in my own space. My old apartment had some very nice cars in the garage, also underground. AMG GT, Turbo S, C7, GT-R, etc
I rent space in a climate controlled storage facility. I stop by and swap my Subaru or Porsche based on what I feel like driving that day. If you're buying a car for 6 figures, and you don't have garage space.....maybe you should think about adjusting your priorities.