Re: [DML] Drive the dream?

[Ryan Wright <ryanpwright@xxxxxxxxx>]

On 1/23/06, Chris Murley <qumefox@xxxxxxxxx> wrote:
> Saying someone can't afford a delorean just
> because they aren't rich enough is just mean. You can own one on a
> $30k/yr salary. Either you can buy a cheap one, and fix it yourself
> knowing you'll have about $20k in it when your done, or you can get a
> loan and buy one in good shape to begin with and just make payments on
> it like you would with any other car.

Owning a car that is 2/3rds of your yearly salary is financially
irresponsible. Period. I know people do it all the time, but if you
told a financial planner he'd probably have a heart attack. Anybody
who has aspirations of retiring with dignity at a reasonable age would
not make such a foolish mistake.

If you have to engage in financial irresponsibility to own something,
"You can't afford it." Yeah, you can work your way into a DeLorean on
$30k a year. Heck, you could do it on half that. That doesn't make it
a good idea. Buying a classic or other specialty/exotic automobile on
credit is likewise a terrible idea. I'd highly advise anyone to pay
cash for their DeLorean and it's needs or don't buy it.

These are not the ramblings of some elitist jerk. Well, actually they
are, but that's beside the point. It's simply good financial advice
with a healthy dose of common sense. What happens when a DeLorean
suddenly needs a couple grand worth of work? That day will come and if
someone is living on $30k, making $300 a month car payments at 8%
interest (good luck getting a loan for a 1981 vehicle at a lower
rate), it's going to be a tough sell. So the car will sit in neglect
because the owner can't afford to care for it. Eventually he will sell
it for a fraction of what he has into it and the dream will be lost.
It happens all the time in this community. Where do you think the
$7,500 DeLorean comes from? It's someone's lost dream.

But don't let me tell anyone how to manage their finances, because I'm
not like "normal" people who have loads of consumer debt, live
paycheck to paycheck and finance cars. If you want to be normal,
follow the advice of normal people and pretend us successful folks are
just mean or don't know what we're talking about. Just remember that I
once supported a family on much less than $30k a year, so I'm not
knocking your income. I've been in your shoes and if things went to
hell I could find myself there again - and I'd sell my DeLorean in a
second.

-Ryan


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