Should I buy a Car for Leisure?

Fellow Monkeys,

I have always been fascinated by cars as a young kid following car forums and reading car magazines. I was naive and during my early years (9-12 years old) I thought it would be amazing when I go work at a job and can afford to by myself a nice car.

Now when I have some capital and make good money, I am part of this community that basically thinks you have the IQ of a pigeon if you even think about getting a car as a junior person in finance in a major city.

I live in NYC and work in PE with great hours and barely any weekend work. I spent 3 years in banking getting top bucket bonuses and have been thinking about buying a vehicle purely for leisure. I also pay like 3k in rent. I was thinking of something potentially used in the ~$40k range (Cayman S, F-Type, other Suggestions?)

Apologies on the long post - the question I pose is what are your thoughts on this topic or how have you evaluated certain decisions around leisure/hobbies in the past?

I fully understand it is not the best decision (as echoed by literally every single one of my friends), but I feel like people are not evaluating the considerations behind this purchase and its value to me, rather they think I am trying to show off or something. I am in my mid-20s and I truly have a strong passion for cars and it gives me pleasure if I can own one before I am an old raisin looking mofo driving around in a drop top.

Any thoughts on how to go about considering this purchase?

Comments (38)

Oct 31, 2019

Your 4 options:

  1. Don't buy it: for money reasons
  2. 997 Porsche 911 Carrera (maybe S?): my personal preference, best balance of performance and comfort
  3. 993 Porsche 911 Carrera (maybe S?): more purist and better driving experience, far less comfortable
  4. 996 Porsche 911 Turbo: least pure, probably the fastest, still comfortable

"The three most harmful addictions are heroin, carbohydrates, and a monthly salary." - Nassim Taleb

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Oct 31, 2019

Good luck getting a decent 993 for under $60k,,,you might be able to find a 911sc targa for that price
But definitely not Cayman S, youll always be wishing you splurged on the 911

You could get a mint 1980's sharknose BMW M6 for that money with quite a bit left over too

Funniest
Oct 31, 2019
knightbanker:

Cayman S

"Buying a Porsche other than a 911 shows that your life didn't go quite as you planned." - Clarkson (or something to that effect)

"The three most harmful addictions are heroin, carbohydrates, and a monthly salary." - Nassim Taleb

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Oct 31, 2019

haha okay the Porsche is scratched off

Oct 31, 2019

I'm saying buy the Porsche, they're the best bang for your buck in that category. But get a 911, not a Boxster with a hard roof (aka Cayman)

"The three most harmful addictions are heroin, carbohydrates, and a monthly salary." - Nassim Taleb

Oct 31, 2019

You can get a powerful stylish drop top for a lot less than $40k. Is there a reason you want a car of that class?

Array

Oct 31, 2019

BMW I8 seems like a steal of a value IMO. Great design, hybrid with insane MPG, decent performance, and can find 2 year old used for sub 70k.

Oct 31, 2019

a bit out of my price range

Oct 31, 2019

Used ones are going super cheap....... several listings in the 50k ish range.

Sidenote i8s lease extremely well. I know a few friends leasing them for under $1k a month with basically nothing down.

thots and prayers

Nov 1, 2019

The performance is piss poor for the price. If you really want to cut down on the gasoline bill, just get a Tesla. Performance is far better and electricity bill < gas bill.

Range anxiety sucks though.

"The three most harmful addictions are heroin, carbohydrates, and a monthly salary." - Nassim Taleb

Oct 31, 2019

Do it. It's your money. You earned it. You might regret it you might not, lots of people save like crazy and end up regretting it, others don't. I think the only person who should tell you how to spend your money is yourself. When you get married that shit won't fly so do it now.

Oct 31, 2019

The same way you evaluate any other decision - does it make you happier and/or what's the worst that could happen (and can i live with it). Literally, you'd just bucket it with your 'entertainment' money - no different than going out to eat, buying random expensive things, travel, etc.

More importantly - why do you give a shit about what they think of your decision, to spend **your **money, on something **you **want, that makes **you **happy.

Oct 31, 2019

"Literally, you'd just bucket it with your 'entertainment' money - no different than going out to eat, buying random expensive things, travel, etc."

A $40,000 purchase does not fall into any of those categories that is a big deal to spend that money in your mid 20s. Definitely buy the car because it seems you have the means and it will make you happy. But don't just think of it as a normal purchase like going out to eat or traveling, it is much bigger. Factor in the resale value of the car at X mileage as well and your net cost will be lower.

    • 1
Oct 31, 2019

Go for it, man.

I don't know a ton about them, but have you looked into those NYC car clubs where you pay a membership and can "rent" a car for the weekend? Might be a good option as well. Classic Car Club of Manhattan is the one I remember reading about, but I'm sure there are others.

Oct 31, 2019

I would buy a used Audi S6/RS6, you can find a nice one for around 40k without too many miles on them. Beautiful car, fast, more practical than most other cars too. I think the 2012 RS6 has a 4.0L v8. You could fly in that thing and still drive it in NYC winters. Or look into used M3s. Idk buying an M3 or an S Class / RS Class Audi has always been my plan.

    • 1
Oct 31, 2019

Facts. E series m3 wipes the floor and sounds amazing.

Array

    • 1
Nov 1, 2019

In my mind I have gone back and forth between RS7 and M3 for what I consider to be a realistic and obtainable "dream" car. I still don't have an answer but realized I would be ecstatic with either

Nov 1, 2019

Damn didn't realize the RS6 could be that cheap now. Those are fantastic. I think Jags are often overlooked, they're a ton of fun. I totaled two of them.

"The three most harmful addictions are heroin, carbohydrates, and a monthly salary." - Nassim Taleb

Nov 1, 2019

yeah also the F type looks sick AF

Oct 31, 2019

I'm in the same boat as you except I'm mid 30s and not in PE but still looking for excitement. Always loved cars esp the 911s but cost to keep one in the city is prohibitive.

Am strongly considering picking one up and finding a parking spot somewhere in Westchester near a metro north stop. Looked at car clubs but they seem too expensive and restrictive. Hard to lose a lot on a nicely bought used turbo if it's a weekend beater. I'm trying to make a decision soon. Good luck.

Oct 31, 2019

buy a miata with 4 turbos dont be a pussy

heister:

Look at all these wannabe richies hating on an expensive salad.

https://arthuxtable.com/

    • 1
Oct 31, 2019

Get a bike it's fun and you can easily store it the 364 days of the year you're probably not going to ride it in your apartment with having to purchase / rent a parking space in NYC. When you become a big dick swinging MD by a 911 and make your intern clean it once a week to build character.

    • 1
Oct 31, 2019

That's the issue, I just feel like the value it will provide to me is much less once I am a grey haired MD.

Oct 31, 2019

Not sure about your cash flow situation but you can always just try passport by Porsche for a month and see how it works out for you. I believe they're running a fall promo now waiving the activation fee.

Oct 31, 2019

Mercedes C63 Amg for three main reasons: It looks great, it's a Mercedes and it's powerful. Price varies if you're buying a coupe or sedan though so it may be slightly out of your price range

Array

Oct 31, 2019

I would do it. I'm in my mid 20s and make nothing close to PE $, but I just got a 2016 mazda 3 hatchback and it has been so much fun to drive. Makes my commute enjoyable and it feels good to drive a respectable vehicle.

Most Helpful
Oct 31, 2019

Are you in Manhattan or out in the Boros? As a note, in Manhattan you'll either be paying a few hundred a month for parking or spending hours a week fighting for street parking. In either case NYC is rough on cars (especially street parking, but don't expect kid gloves from the attendants for off-street either) so expect depreciation several times as fast as average.

In either case, I'd suggest considering something fun and completely impractical that won't break the bank, but will still be fun. I know GoldenCinderblock was joking, but a Miata (particularly the 94-05 1.8s before they got overweight) may be a good option. It's slow enough that you can wail on it in Manhattan without ending up in the tombs, nimble enough to be fun, and cheap enough to basically be disposable, while still being pretty reliable. You don't need new car reliability and features since you probably take the subway to work, and just want fun, so it's pretty ideal.

    • 4
Nov 1, 2019

My best friend had a Miata just like this. We would take it up to the mountains and he would just swing the tail out all the way up and all the way down. Even go into parking lots just to drift around light poles. Definitely a ton of fun.

One time we did this across the police station thinking, "What are they gonna do? Get out of their office and pull us over?" Well they did do exactly that. In case anyone here has the decision making skills I had in high school, don't do that.

"The three most harmful addictions are heroin, carbohydrates, and a monthly salary." - Nassim Taleb

Oct 31, 2019

You will barely use the car, would be my guess. For a couple hundred bucks or sometimes less, per day, you can go on Turo and rent a different car each time. If you did this ten times a year, it would be WAY cheaper than owning. Especially counting parking and other BS. Plus, you can go with a wide range of cars that change whenever you want them to.

    • 1
Nov 1, 2019

Best advice on this whole thread. Also i dont know why no one has recommended leasing a car yet. Buying a car is bad all around in my opinon.

Nov 1, 2019

If you get a car be prepared to pay 300+ a month for a garage unless you wind up doing on in the outer boroughs. I street parked for a few years but it's not worth the hassle if you are not driving everyday.

I have a buddy who has a e39 m5 in his garage in his building and he never drives it. Similar to you he bought it knowing he didn't need it but got a good deal and it just sits around.

If you buy something nichey/ limited edition you probably have a better chance of limiting depreciation through your ownership too.

    • 1
Nov 2, 2019

Don't let some god damn dweebs determine YOUR car experience. If you enjoy driving a Cayman, go for it. I'd take some time and try out different cars on Turo before deciding.

mbavsmfin:

I don't wear watches bro. Because it's always MBA BALLER time!

Nov 2, 2019
Comment
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