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HelicopterOff Topics › I do not need a Tesla!
07-12-2017 05:40 PM  4 months agoPost 21
Pistol Pete

rrProfessor

Seffner, FL

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how do you determine "if you can afford it, buy it"?
Same way you justified getting your helis.

Kudos to the OP and wife.

I dont need a Tesla but surely would like to get one as well.

~~Enjoying the hobby one flight at a time~~

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07-12-2017 06:50 PM  4 months agoPost 22
RappyTappy

rrProfessor

North Denver,​Colorado

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Meh, Tesla they are cool but seem so souless to me. Ive watched many a video of the Tesla beating other performance gas cars, but I cant help thinking Id rather be in he other car. Kinda like electric versus nitro with helis and planes, love the sound, shakes and rumbles a fire breathing engine makes, its more than half of the experience and fun to me

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07-12-2017 07:16 PM  4 months agoPost 23
ssmith512

rrKey Veteran

Indianapolis, IN USA

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Just wondering, how do you determine "if you can afford it, buy it"?
How do you reach that decision?
If the credit card transaction clears, then I can afford it.

(not really - but unfortunately there are plenty out that shop like that)

Steve

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07-12-2017 09:41 PM  4 months agoPost 24
Heli_Splatter

rrElite Veteran

USA

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Well then, I cannot afford a loaf of bread. LOL

If I had a million dollars cash sitting in the bank. I would be asking myself if I could afford it. Sure I can pay the sales price, but can I afford it.

I ask the same thing about GA aircraft. If the plane costs $50K can I afford it. All the hangar rental, annuals, fuel. It is an easy call, no... so I rent.

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07-12-2017 10:00 PM  4 months agoPost 25
ssmith512

rrKey Veteran

Indianapolis, IN USA

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It is an easy call, no
No it is not. The criteria to determine "affordability of a purchase" changes depending on the cost of the purchase, loan parameters, other debt responsibilities, liquid assets at time of purchase, etc.

The ability to be able to pay for something is much different from being able to afford something. IMO.

Steve

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07-12-2017 10:58 PM  4 months agoPost 26
ticedoff8

rrKey Veteran

Morgan Hill, CA. USA

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Hijack in progress

Nobody pays cash for a $120k car.

To "afford" it, you have to think of it as a percentage of your annual income and your Debt to Income ratio

If a Prius has a $400 per month payment ($4,800 / year) and the buyer makes $24k per year, that $400/mo is 20% of their gross.
Can they "afford" that car?
Factor in all their other debt and the answer is: Probably not.

The $100k loan may have a $1,500/mo nut ($18,000/yr).
Where does this fit in your Debt to Income ratio?

Or, you lease it.
If you own your own business, then the government ends up paying about 50% of the cost

Believe 1/2 of what you see and none of what you hear.
Fake News will be the downfall of our Republic!

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07-12-2017 11:12 PM  4 months agoPost 27
Heli_Splatter

rrElite Veteran

USA

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A $120K vehicle does not have the typical rules apply. Nobody has to have a vehicle worth that much. So typical debt/wealth ratios do not apply to a luxury purchase. Homes, Cars, boats and planes can all fit into the luxury category. Don't even begin to talk appreciation.

If you are financing such a purchase, I think that you cannot afford it.

On the other hand, give us 20 years and a VW bug will be $150k.

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07-13-2017 12:03 AM  4 months agoPost 28
Gary Jenkins

rrElite Veteran

Nowhere, US

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Why would you want to buy that car?

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