[trekguy]

Would you spend 1/3 your net worth to purchase a Karma, assuming you were approaching 60 years old and ready for retirement?

 

[Ecodoc]

Trekguy, you sound like a man with cajones just for thinking that. If you have a monthly income and can afford the payment, i'd probably ride this one out on credit. the rates are very good and in todays financial environment, cash is king. Now, if you're on hospice care and your future is limited and you're not even buying green bananas, go for it. Not to say this car isn't worth throwing all your savings at! You just have to work more and you'll have a great smile on your face every day to and from work. Oh. and when you go to your garage just to check on it like you checked on your kids when they were little. Yeah, I know we all do that.. or did that when it was new. Good luck on your choice.

 

[doug]

Would you spend 1/3 your net worth to purchase a Karma, assuming you were approaching 60 years old and ready for retirement?

Umm... no. Especially given how long people live these days, those funds will be needed for a long retirement.

Five years to live with a terminal illness? Maybe. Though, I'd probably go with something that has better performance.

 

[Weird Fishes]

Absolutely not. You'll need more than $200,000 to retire comfortably.

Your question does make me wonder about the net worth and/or average income of Karma owners, however.

 

[WOJO]

Skip it & move on.

 

[drliu]

Do you define "net worth" as including all retirement accounts (401s, 403s, etc.) and minus all liens, mortgages, etc.? If so, $200-250k total is not a safe retirement package unless you have an excellent pension or other strong source of retirement income.

But better to get financial advice from financial professionals rather than car enthusiasts (I realize there is probably some Venn diagram overlap here, but my point still stands)!

 

[Weird Fishes]

Speaking of financial advice from financial professionals...and I'm certainly no financial professional myself, but....I believe the rule of thumb is to spend no more than 20% of your annual income on a car since cars are depreciating assets.

Here's a handy dandy calculator that takes a slightly different approach to help you decide how much to spend on a car. http://www.befrugal.com/tools/how-much-to-spend-on-a-car/

 

[Richard Carnes]

Absolutely not. Unless you're living in "a trailer down by the river," $300k is nowhere near enough for retirement...

 

[ct-fiskerbuzz]

Speaking of financial advice from financial professionals...and I'm certainly no financial professional myself, but....I believe the rule of thumb is to spend no more than 20% of your annual income on a car since cars are depreciating assets.

Here's a handy dandy calculator that takes a slightly different approach to help you decide how much to spend on a car. http://www.befrugal.com/tools/how-much-to-spend-on-a-car/

Curious calculator ... it assumes you're borrowing for everything (car, house, etc). Admittedly I did take out a new 15-year mortgage to cover the house rebuild (I think I'm going to call it that rather than "remodel" since I'm paying more for the rebuild than I did to buy the place ).

 

[BMW]

Would you spend 1/3 your net worth to purchase a Karma, assuming you were approaching 60 years old and ready for retirement?

Ball out until you fall out!

But seriously, no.:thumbdown:

 

[Fabulist]

But better to get financial advice from financial professionals rather than car enthusiasts (I realize there is probably some Venn diagram overlap here, but my point still stands)!

I agree with @drliu. This is the wrong place to be asking this question. You should be talking to your financial adviser about your financial situation and to us about cars, not the other way around. :-/

 

[doug]

Still, given the pro-car bias you'd expect this group to have, the consensus appears to be NO.

 

[kwsmith007]

Well...I'm no financial adviser but I think the notion of spending 1/3 of your net worth at 60 years old unless you have a spectacular income, on a zany car is well..kind of insane. Don't get me wrong it's a fantastic car.

Obviously we don't have enough information, but using the information you gave us, if your 60 and have a total net worth of 350 grand and your thinking about blowing 115 grand on a car...Dude get some real financial advice. But as I said it depends on you income in addition to your net worth.

 

[SoCalGuy]

Sounds like you should call in to Suze Orman's Can I Afford It segment... hahahah (i really can't stand her btw)

 

[rex]

It's time for Suzy Ortman (isn't she that pundit on CNN that tells people yes or no on purchases like this?)

I love my car, and I do check in on it like I did when my kids were new born... I like it better the the 911 Turbo and Ferrari Maranello - there is something magical about it. And, I know from neuro research that the brain does strange things when it falls in love. Our emotional decision making overwhelms our pre-frontal cortex and we buy first and justify second... But the tag line is "responsible luxury" and so check with Suzy or a financial planner, if this is a responsible purchase... we are saying this because we care, and want good Karma.

 

[Ecodoc]

It's time for Suzy Ortman (isn't she that pundit on CNN that tells people yes or no on purchases like this?)

I love my car, and I do check in on it like I did when my kids were new born... I like it better the the 911 Turbo and Ferrari Maranello - there is something magical about it. And, I know from neuro research that the brain does strange things when it falls in love. Our emotional decision making overwhelms our pre-frontal cortex and we buy first and justify second... But the tag line is "responsible luxury" and so check with Suzy or a financial planner, if this is a responsible purchase... we are saying this because we care, and want good Karma.

How poetic

 

[kwsmith007]

It's OK to fall in love...I've done it many times...But don't fall in love with a car that will impact your future financial station...no mater how good she looks!!