[SoCalGuy]

So here's my quandary. it's really a tug of war between emotion and reason. Left brain vs. right brain.

I live in New York where its not practical to really have a car, but I also have a home in LA where I spend on average a weekend per month. I had intended to move back to LA in the last year or so, but work and other things have kept me out East. At present, looks like I'll be in New York for another year or possibly two. My Karma, which I've had on order since early 2009, will be at my dealer in LA in the next few days. My friends and family think I should hold off buying it until I have more certainty about when I'll be back in LA for good, and the rational part of me agrees ($120K cash, in this economy, would make sense to keep liquid for as long as needed... especially vis a vis a car one will use 12-14x per year), but the emotional side of me wants it, despite Fisker's cone of silence, despite some of the fit/finish issues, despite the buggy software and also in case Fisker continues to raise prices (since many have said they've "underpriced" the car). I know for many reasons what the dispassionate observer would say, but am I crazy for even entertaining the idea of buying it now?

What do you guys think?

 

[ct-fiskerbuzz]

... I live in New York where its not practical to really have a car, but I also have a home in LA where I spend on average a weekend per month. I had intended to move back to LA in the last year or so, but work and other things have kept me out East. At present, looks like I'll be in New York for another year or possibly two. My Karma, which I've had on order since early 2009, will be at my dealer in LA in the next few days. ...

If it were me, and if the price had not gone up ~$6k, I'd wait until I got back to LA more or less permanently. However... if you can get it for the $6k-lower-price (by virtue of having the order in already), that makes it tougher. The way the economy is running, 6% in one year is pretty iffy. (The overall stock market from start of 2011 to end of 2011 was entirely flat, and if you had your $100k in high dividend payers you would be up maybe 4 to 5% at best, for instance.)

Then too, perhaps having a car in LA will act as more of a "get the heck off the wrong coast" incentive.

 

[matrix]

....but the emotional side of me wants it

You work hard so you can have things that you enjoy. I say IF you can comfortably afford it (and that's a big if), get it now and start enjoying it. If it will cause you financial worry, then wait... it's not worth adding to any financial stress. I wouldn't look at it as an investment, because it likely will not appreciate in value. It's just a toy, but oh what a beautiful toy it is!

 

[SoCalGuy]

One way I've been trying to justify it to myself is... the $6K I'd save by buying now would more than pay for my holding costs of the car (e.g. insurance)

 

[LonePalmBJ]

What do you guys think?

I think you're asking a bunch of drunks if we think you should have a beer

You know we're going to say yes, because like you, the car appeals to us and price, delay, headache and reason be damned, we want to own one.

Brent

 

[MJM]

I agree with Matrix -- it's a bit of a financial question. If your current asset and income situation OR potential future scenarios around income make this a stressful purchase, I'd walk away for now. You can always come back when more bugs have been worked out and when the Sunset and Surf (and Nina) are options. You'll have some more months or years worth of information on Fisker as a company and you'll have the benefit of seeing how the EV market develops (Fisker vs. Tesla and such).

If it creates no stress and you view it as an affordable luxury with the risks we've all accepted, then party on!

P.S. Nothing wrong with the East Coast. ;-)

 

[mattjs33]

I think you're asking a bunch of drunks if we think you should have a beer

 

[SoCalGuy]

I agree with Matrix -- it's a bit of a financial question. If your current asset and income situation OR potential future scenarios around income make this a stressful purchase, I'd walk away for now. You can always come back when more bugs have been worked out and when the Sunset and Surf (and Nina) are options. You'll have some more months or years worth of information on Fisker as a company and you'll have the benefit of seeing how the EV market develops (Fisker vs. Tesla and such).

If it creates no stress and you view it as an affordable luxury with the risks we've all accepted, then party on!

P.S. Nothing wrong with the East Coast. ;-)

Well, to add more color: I'm the world's cheapest person. I skimp on everything. A nickel here, a dime there. The Karma (and my LA house) are really the only "indulgences" I have. I'm 29, quasi-single, and have managed to save quite a bit since I left college ($500K, all in cash right now, plus about $400K in my home's equity). So the idea of parting with $120K of cash is a hard one, but at the same time, every time I see the Karma, drive it (have had 4 test drives), read about it, I fall in love with it! Clock is ticking so I'll have to decide in the next few days.

Also, I've thought about financing it, to preserve my nest egg, but my credit union is only offering 4.49% and that Premiere Leasing company is quoting around 6% - both way too high. If I could finance it 100% at say 2% or 2.5%, then the decision is MUCH easier!

 

[Sigurd]

SoCalGuy, one question: Does your girlfriend know you're "quasi-single"?

 

[SoCalGuy]

SoCalGuy, one question: Does your girlfriend know you're "quasi-single"?

Haha. It's... complicated.

 

[Fabulist]

I live in New York where its not practical to really have a car, but I also have a home in LA where I spend on average a weekend per month. I had intended to move back to LA in the last year or so, but work and other things have kept me out East. At present, looks like I'll be in New York for another year or possibly two.

@SoCalGuy: I would buy the car and find a way to use it in New York, even if it is just a weekend car.

-- Fab.

 

[SoCalGuy]

I live in New York where its not practical to really have a car, but I also have a home in LA where I spend on average a weekend per month. I had intended to move back to LA in the last year or so, but work and other things have kept me out East. At present, looks like I'll be in New York for another year or possibly two.

@SoCalGuy: I would buy the car and find a way to use it in New York, even if it is just a weekend car.

-- Fab.

Well, a couple problems with that. 1. A two-wheel drive car in NY winters is not ideal and 2. cost of garaging the car in Manhattan ($750/mo) and NYC insurance ($250/mo) makes little sense. I'd be spending $1,000/mo to just have it here and would probably still only use it one or two weekends per month.