Exactly, and tbh I’m going to make more poor financial decisions because I don’t want to potentially waste my life if you know what I mean. As far as retiring goes, I don’t want to retire, I just don’t want to end up homeless.
Before I got my Maserati GT, my plan was to buy one for $18-20k (4.2 2008-2009 car in the UK), keep it for a year to have the experience, then sell it and actual cost at the end would have been about $2-3k - which is cheap for a year of motoring and a good memory. Then of course I found mine really cheap at $6k so now I spend a lot of time improving its condition, but do not need to sell it. Do the work yourself and you do not need to worry so much about that Check engine light (mine is on at the moment, but only secondary air injection, so not a real problem and can be ignored for a while). Anyway, life is not about digits in a bank account. I feel money is just a tool that you use to leverage the things you want to do. Owning my car is one of those things. Besides with your car, it will not depreciate much at all, so it’s kind of like you stuck your money in an investment that did not give a return (but in this case you do get an emotional happy return even if you get no financial one).
Bro keep your car and make more money, it will be a good memory you can tell your children later Also just focus on making and multiplying your money and keep your fix-costs low You got this 💪🏽
Wait until you come out of the grocery store and a cart rolled into the tailight and it costs you $2000.00 to fix, and the chipped paint another $4500.00
As an older adult, I smile big at everything you've said here. When I was younger, I spent EVERY DIME on cars that I could barely afford, and therefore had to do most of the wrenching myself (which mostly I didn't mind). Now of course, thinking about the colossal cost of owning and driving one of these, you are completely right that it is better to have the money in your account and the associated peace of mind. It's better to wait until later in life (when you have more $$), though it is certainly painful to do so.
My father, who I considered a good business man, told me, if you buy items that depreaciate, then pay cash, if you buy items that increase in value over time, then you may consider to go for a credit. That is what I have done when buying my cars, I payed all cash. My house, I took a credit, since usually real estate increases in value. When it came to the decision for my Maserati GranTurismo, I made a finace calculation for the typical cost, like taxes, service, insurance and fuel and I came to cost of about US$ 370.00 / month. Then I added other cost, like tyre replacement, wishbone mounts ( a typical issue for cars with over 30.000 miles ...), disc brakes, etc. and that increased the cost to about US$ 420.00 / month. Something that many people do not think about is price depreaciation of a car. Statistically seen, here in Germany, my Maserati Granturismo will loose a value of about US$ 37.000 over the next 8 years. Actually one will have to save that money to be able to buy a comparable car in 8 years. Considering that, the monthly cost of the Maserati GranTurismo goes up to about US$ 800.00 / month. That is just the typical cost. One needs to be prepared also for unexpected cost, like motor, transmission, etc. repairs and for that I found out in worst case one needs to be able to have about US$ 10.000 aside, just in case... Anyhow, do I regret the buying of my Maserati GranTurismo: No !!! It is the most emotional car I ever have driven and it is a lot of fun, and that is priceless ...
I've talked to older people on a personal level about this. Most of them regret working like a dog with no reward and having no fun in their younger years. That, time of enjoyment. Cannot be recovered at an older age. No matter how much money you have. So I think one has to have fun, and be financially responsible. A balance. Neither or.
Personally for me, the main thing I look at before I buy cars is the aftermarket support. If the support is big enough, then there are plenty of companies and options available for parts and modifications. Also I’m a diesel technician, so doing maintenance on my Audi A7 and my E93 M3 is pretty easy lol, but still don’t let that discourage you from having fun with your car man.
Apologies if this has been covered... how many miles were on vehicle at time of purchase? Watched all the previous vids but dont recall getting that info. Secondly, as a owner or 2013 gts, i feel your constant downshifting at any slow down is potentially prematurely taxing your tranny..? Additionally, any parking anxiety, or front end scrape on steep entrances? Find myself googling parking entrances etc before going places.
You’re a smart luxury car owner lol, I’ve never heard of anybody looking up entrances before and no I’m not being sarcastic I’m genuinely saying that is smart especially for a lower car like a Lamborghini etc
At AVP Housing Development and Asset Consulting, we protect our clients by advising them on what is a "prudent" asset to acquire, and how to do it. Financial ability to acquire an Asset, is entirely different from how prudent it would be to acquire it. Explore all the options; leasing... renting... financing... cost of ownership, depreciation, resale value, warranty... or just putting your $42K in a better Asset Class that will generate a good Return On Investment, rather than something that depreciates. Money and its various forms, require the expertise to keep it, and grow it. "Toy cars", are usually money pits. Unless someone has a HNW that allows for such depreciation, while other Assets Appreciate, I advise them to stay away from them.
I have been through a lot of cars. I can tell you that 1 this is a luxury car and comes with luxury car problems after the warranty. But it's also a sports cruiser... and comes with those problems. You have so many other options with 40,000 in cash, but I'm sure you wanted this one. My advice is find something mote specific to what you want in a car. Also a 2021 quattroporte gts is even less. But this we were taught is a supercar, but it's not... it's for the supercar owner who wants a rolls royce experience. In a super car body. But honestly, these are gt cars, and only 5 or 6 competitors exist... Porsche is a better asset if you know what to buy. More fun, fewer issues.
Sometimes it is worth treating yourself, I was frugal for all of my 20s and saved a good pot of cash but had to treat myself to a W204 C63 at 29. I really enjoy cars and it gives me huge pleasure. At first like you it was hard to get my head around spending so much money when I usually don't spend much at all. I could have bought it cash 5x over but chose to finance half of it to allow my investments to keep growing. I would definitely advise any young petrolhead/enthusiast to save at least 2-3x the cash price of the car and then either buy it cash or finance and keep the money invested to cover your payments and maintenance.
I bought a 12’ Audi A4 when I was 23 for about 15K. Had it for about 7 months total under my name. TOTAL. I only really had it for about 3 months. It was always in the shop 😂. Spent around 4k just on repairs. I finally gave up when the oil leak was fixed (oil was just disappearing), and then the headlights went out. Car taught me to humble myself, poured so much money, then traded it in for a Toyota. Loved that Toyota to death, but now I have a Bronco. I’m only 27 now so, all I have to say to you is to enjoy the vehicle. It’s already paid off, clearly you’re having fun, and no finance payments! Yeah it might’ve been impulsive, but that’s something only really you can say it is. Even after I traded it in, the Audi was so fun that I didn’t regret owning it. You just have to make the decision if it’s worth the maintenance hassle, or learn how to service the car yourself. Good luck!
Even I spent $42 just about for my 2021 Camaro SS but I really do enjoy it. My commute to work isn’t very far, I daily my car and it just works out for me in my current situation. I put a lot of money down so I wouldn’t have to worry about paying for an extended period of time as I do plan on getting my mom a different vehicle in the near future. What I’m trying to say is regardless of what decisions we make, we have to understand that we live with those decisions and continue through life. Life is too short to have regrets about purchasing your favorite car, no matter the cost. I really enjoy these videos and I’m very proud of you Professor. Keep it up!!
I just spend just shy of £5k having my the clutch system rebuilt on my 20yr old Maserati 4200 (Manual). It was a relative steal when I bought it for £8k last year (with a relatively new clutch 30k miles ago) but have easily spent another £10-12k running it and it's still nowhere near perfect - it's crying out for a full respray. With the market tanking (at least here in the UK) the temptation to compare it to other/possibly better models cropping up on Autotrader is painful viewing. Friends think I'm mad but it's become a love/hate relationship now, plus I don't like new cars. If I had my time over and I had the £20k in my hand I'd probably buy something cheaper to maintain like a classic 'Yank Tank'
$42K is not a lot of money on a car. In Europe my wifes Mini Cooper costs just as much. The USA has much higher wages and lower taxes. I recommend you to get a better paid job ...
$42k on a car is A LOT of money. You can buy used cars for $5k. I'm guessing your a multi-millionaire, and so from your perspective that makes sense. If you have more than half your annual income invested into your car(s), that's extremely dumb.
All of this is nonsense financially speaking. And neither is that a good car nor a good looking car with the convertible nor a fast car. It’s a money pit, regardless of how you look it.
Only a money question ? Do remember that one's has only one life so, yes, when you buy a luxury car (even a cheap one) you must count and be sure to have some savings or incomes but even if you do it once a life, it's full pleasure.
The money is in your asset, depending on how much you drive it is dependant on how much it will depreciate. It’s already had its depreciation hit from when its new, so more than likely they have found their feet and will hold value
“massive car payment” or massive chunk of capital gone that could be invested in a house, business, emergency and capital net, incredible trips creating lifetime memories,your future etc. My dad died 10+ months ago. He was a genius mechanic and magnificent, spiritually evolved human.🙏He reached the highest levels of almost psychic diagnostician and electrical master to say the least. The Truth IME as a master part time tech but mostly from my dads vast career is that Italy makes some of the most beautiful and the most unreliable cars in world. I would never Maserati or an Alfa Romeo….painfully unreliable and expensive as hell to properly maintain. I thought the IS300 was bad stock or Boosted….your fuel economy is deplorable. But hey…..it sounds awesome 😂and I bet the leather is sweet.😂👍
@@ProfessorDrives Thanks, he was a magnificent man to the right side of Jesus. Find an Altezza IS300 and turbo charge it with the kit from CX Racing. Don’t get the turbo that comes with heir kit($200 discount +find an online coupon code). Pony up for a ball bearing Garett…$700-$1200. Also sell the wastegate that comes with their kit and pony up the money for an HKS ($900 and worth it). Buy a Greddy ultimate e manage for the fuel & engine management ($380) or an AEM Emu. Add a good oil cooler and a Megan racing 3 pass radiator. Boost it to 350 crank hp to start on the stock engine. You’ll have a crazy fun, reliable and very affordable to maintain daily driver and a huge fuking grin on your face every day. It’ll smoke a stock STI by a small margin. When your ready to turn up the boost add forged rods & forged pistons and a custom 3” exhaust system. The crankshaft on the IS300 GE engine is the same forged beast as the GTE turbo Supra. The IS300 is one of the best cars ever made and infinitely cheaper to own, insure & maintain than a Maserati money pit!!
Keep grinding. When I was 23, I was in a 2003 Hyundai Tiburon. At 35 now with the c7 z06, house, and cheap truck. Continue increasing revenue stream and you'll scale up well. You're already doing solid compared to most of us.
Take the full joy and forget regrets … people wait too long to enjoy and die without taking the chance to have just enjoyment, or to be too old to taste it .
Looks like I did well, financed a lower miles BMW 340i at 23,500$ at 7%. Not my best rate, but rates are up right now. I've paid off cars with my bank before so they gave me a good rate.
Hey. Elvis's 1958 bmw 507 was fully restored however engine/trans was missing / could not be restored and so a v6 GM engine/trans was mounted instead. Keep the Ferrari engine on the side on an engine mount you can crank up ever so often.
@ProfessorDrives. Mate !! Enough with the hindsight. You've got it !! Stop moaning now, enjoy it 🙂, and manage the costs as you are clearly capable of doing. Btw, it's a good buy.
I don't really agree with your logic around financing your car. Imo it just all comes down to how much you can afford in dry loss. There is nothing wrong buying an imaginary car that would cost 100k dollars and taking a loan for it, if the said car will cost you 200dollars a year in maintenance and depreciation. Much less wrong than buying cash a 10k dollar car that will cost you 1k a year in maintenance and depreciation. This is how I reason personnaly. This is why, even if I could afford a 370z, I went for a z4 2.5l for my daily. I know the z4 will cost me more in raw price but a lot less in dry costs (insurence, fuel, maintenance, depreciation...). So I never really did agree to that "you have to pay cash and be able to afford 10 times the car". To le it's bs. The raw cost of the car doesn't matter, it's all the money you won't get back when you'll sell the car that matter. So at the end of the day, a loan is nothing more than an added dry loss that you should considere if it allows for more saving in dry loss somewhere else.
I would’ve put a down payment on a townhome and rented it out. Now that is something you can leave your kids once it’s gets payed off by tenants. I’m in my mid 30s now with 3 houses and a $45K car easily. Get your head back in the game man.
LOL, the exhaust note, gives you a pass bro. It is the most beautiful automotive sound ( even though it is attached, to the laughingstock, of entry level super cars ).
The opportunity cost and compounding interest analysis will tell the tale. This analysis does not even include the added fuel, maintenance, and insurance expenses that the Maserati produces. I’m also assuming that you have another car that is your everyday driver. Investing $42k today, at a compounding 10% interest, for 40 years, produces $1.9M. Again, this doesn’t even factor in the other added expenses. Is driving that Maserati today worth foregoing an extra $1.9M at age 63? That is the real question.
This is why I gave up on retiring, I like working and I feel it will make my life easier not stressing out so much about it. I’m still investing, but I won’t retire unless forced to.
I had my QP (2009) for 7y - DISASTER - you have the same drive train, suspension as my QP (4.7L) - if you daily drive it, you will end up fixing the suspension ($1700/side) every 2yrs. The shocks ($1k each) will break - I had the ones that change when hit the "sport" button. There is also a "tiny" coolant tube behind the firewall of the engine that will need to be changed - mine went out and cost $2700 to repair. The alternator is about $1000. If you want more info I have a book/pages of receipts thicker than a novel....
@@ProfessorDrives ask me any questions its all in my head? I actually shredded those docs once i got my insurance payout! I once heard the saying the best days are the day you buy your Masi/Ferrari and the day you SELL it! 1000% true...
When you buy a car…specially an Exotic…you must know what you’re getting into….those cars are not meant to be the joy of your life….moments its what they give you. Man up bro….drive the 💩 out of it…and move on.
@@BlakeTimmins-zs9gsThat’s terrible advice with respect!😂😂 Buy a creampuff 2001-2005 Lexus IS300 in auto or preferably rareish manual that doesn’t have a bazillion miles. Do all of the maintenance like oil seals and suspension, buy forged alloy wheels, do coil overs & strut bars….:Minimum 75 shot of wet nitrous with all of the safety and convenience bells and whistles(window switch, bottle opener etc.) or even better turbo charge it… …Then live happily ever after with one of the greatest cars ever made that’s very affordable to maintain and drive it like you stole it every day. Also Buy a brake lock for your amazing boosted IS300 so it’s very difficult to steal as car theft is part of life on Earth unfortunately.😱😱😱🇺🇸🇺🇸🇺🇸
If you want to make money invest in Bitcoin! A $42K bitcoin investment will quickly grow to $420K net worth !!! Then when you want to impress the right girl, rent a Porsche or Alpha Romeo for the weekend! Afterward go back to your moped or ride the bus. Beautiful car though and a great chick magnet!
No you love the car. The issue is you tried to use the car to become famous on youtube because you are easily inspired by others. Obviously thats not working out as you know this isnt some overnight thing and bam a million views. Now you are regretting it. I said the truth sorry it hurts.
@@iwatchfamilyguy Part of owning an exotic car is the exhaust sound, if you hate that so much, go buy yourself one of those Glorified golf carts they call Tesla.
