{ "media_type": "image", "post_content": "Can the kid afford a 80k Porsche? He makes 135k, debt 20k, savings 35k, 401k 80k. I’m shocked at how many encourage him to get a car that costs ~his post tax income https://joinfishbowl.com/post_ua3mxw8xxn", "post_id": "61910cdf2dec2c0027deda1b", "reply_count": 35, "vote_count": 6, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }
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Honestly you can get a used Porsche if they really wanted to + this doesn’t take into account how much they have in savings right now. If they have a sizable down payment and have monthly payments while also contributing to their savings, I don’t see why not?

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Well the post indicated an 80k car , not used. What do you mean sizable savings? The life net savings are 15k after you remove the debt, that’s super low. That’s not enough for an emergency fund

This being an investment bowl, I'd say definitely YES -- as long as she buys a classic Porsche :) We bought a 1986 911 with 60k miles on it back in 2010 for $16k. If we were to sell it today, it'd go for +$90k with those miles, $60k with 100k more.

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A Porsche to go to Target?

funnylikehelpful

More like Forever 21

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The average American does this all the time but the scenario would be making $50k, no savings/retirement and buying a $60k pickup/SUV with a 96 month loan

likefunny

A2, did you even read D2’s comment!

smart

Extremely representative of average Americans

likesmart

Yes, unfortunately

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Def no

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They can get a used Boxter!

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I am an immigrant and coming from that background most of my friends with similar or even lesser savings than Op have premium cars ranging from BMW/Audi to Porsche/Tesla. So it’s mostly the mindset is what I feel.

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I can agree with this as well, being an immigrant. It’s not surprising and not as controversial as it seems. I think financial literacy plays a part as well as long-term planning. I know from personal experience that my friends are more focused on living for today and letting tomorrow take care of itself.

Lease?

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So you can spend $45k for 3 years? That might make even less sense.

smart

It’s *her post tax income. *She makes 135k a year (and wants a Cayenne 🤢)

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Thank you for the clarification, I can’t edit the original post to change to her.

She posted in the original that this was a joke.

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I think she stated it was initially a joke. She probably considered it after reading some of the comments encouraging her to go for it and chose to participate in the conversation. I learned a lot from that thread. I was thinking of purchasing a Lexus but will hold off and pay off debt before moving forward.

They can do whatever they want, tbh. This is the investment bowl and we're all skewed towards saving up.

It's a ridiculous idea in our eyes, but hey if they really want it...

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Yes they can afford it as long as they keep the job.

Absolutely not lol

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So someone who isn’t into cars, still has student loans, and has <1y of income in assets wants a Porsche that costs almost their net worth? Hm this one’s a close call 🤔

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Can she ? Yes. Should she ? Most likely no.

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She*

funny

They can afford, but will be paying from future retirement and investment savings which are foregone.

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“Rule of thumb” is 35% of your annual salary as the cap for the car. Based on that, their budget is $47,250. If they can buy a Porsche for that amount (preferably less), go for it.

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