At what point (income, net worth) is it justifiable to buy a nice car like a Porsche? Been wanting a 718 for a while, but don’t think it makes financial sense yet based on the 10-35% income rule. Currently at $165K TC and $280K NW, age 26

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Get a 918. It’s worth the eternal debt

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I've already got a 911. I'm good for now

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If you can contribute to a Roth IRA, you are not in a reasonable place for a Porsche.

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Ya fair point. Just switched firms and jumped from $135K to $165K.

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I think you could possibly do it now

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Depends on your priorities. I would max our retirement accounts and pay off all non mortgage debt first but that’s just me.

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@EY1 - Good points. Don’t have non-mortgage debt and already max 401K and Roth IRA

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Rule of thumb is you wouldn’t want your payments over $800 (and obviously to keep your interest rates low if financing). Could you swing a DP that brings your monthly payments down to that while keeping a solid purchase price on the vehicle?

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You could absolutely do it if cars are a priority in your life. For people who just use cars as tools and not for happiness, then yea that 10-35% rule applies. But it’s entirely different if this is your passion/hobby. Then it’s not just a car expense but also a leisure/entertainment expense. I don’t know what your base salary is but I’m assuming around $140k (total comp doesn’t pay monthly bills), in which case I don’t see why you couldn’t afford $1000/month over 60mo (speaking from experience). And assuming you could gather a substantial downpayment given your $280k NW, you could have an even lower monthly payment or buy a nicer spec. Stop wasting your life and get the car you deserve (again, if you are truly an enthusiast which all indications sound like you are)

uplifting

Are you getting the base model then upgrading parts yourself ?

Don’t buy a base model 718. Get the previous generation with the flat 6. The 718 chassis is brilliant but the 4 is soul crushing.

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