Don’t buy a sports car if you’re not rich
Too many guys fall into the trap of buying a sports car they can barely afford when they’re young.
Whether it’s because you genuinely like nice cars or are trying to impress people, it’s a bad investment if you’re not rich.
Why you shouldn’t buy a sports car
The main reasons why you shouldn’t buy a sports car are as follows:
- Car payment is debt
- Maintenance is expensive
- Bad return on Investment
Car payment is debt
The average car payment in America is lasts for nearly 6 years.
Which is at an all time high, since Americans are buying more expensive cars with bigger loans.
Having a car payment is another form of debt, just like a mortgage.
If you’re trying to break free and live life on your own terms, then you must get rid of all debt.
That means not taking on any unnecessary debt, like a sports car.
You shouldn’t buy a car at all if you need to make a payment on it, unless you absolutely need a car and you’re getting an affordable, reliable one.
This way your car payment will at least be a minimum.
That cool car will be costing you precious money every month that could be used to stack in your savings or towards a business.
Every man trying to break free from wage slavery needs to spend less money on shit they don’t need, like car payments.
Maintenance is expensive
Buying a sports generally means your maintenance will be expensive.
Having a car means maintenance, which is an extra expense. You won’t to spend less money and minimize this as much as possible.
You do this buy getting the Toyota corolla or camry, not the BMW 5-series or M3.
Oil changes are more expensive.
You’ll probably have better tires on a sports car, which means more money too.
Everything adds up, and if you don’t stay on top of it, your regular maintenance bills will turn into even bigger, badder money drainers.
Bad Return on Investment
A sports car is usually a bad ROI.
If you buy it new, you lose value immediately.
The second you take it off the lot is like flushing money down the toilet.
There are some instances where sports cars don’t depreciate too much, and in some instances they’ll even appreciate.
But you’re taking a risk here. Even if you’re a car expert, it’s still a gamble.
You’re better off investing your money in your own business, throwing it in the bank, or even putting it in mutual funds than buying a sports car.
Buying it used is at least better financially.
Even then, there’s so many better ways your money can be spent.
If you’re in your 20’s and you want to build wealth, you simply can’t afford to buy a sports car.
For older guys, 30-40+, I still can’t recommend it if you haven’t built your wealth yet.
When you can buy a sports car
There’s two instances where you can buy a sports car.
- When you’re rich
- Carrer related
When you’re rich
If you have money, or at least can buy it in cash, then you can buy a sports car.
It’s not a great investment, but when you’re rich you can buy toys like cars and not worry about it.
And if you’re not rich, I would recommend at least having 100k in the bank, after you buy it in cash.
Meaning if the sports car was 50,000, then you spent the 50,000 on the sports car, and then have a leftover of 100,000 in the bank.
Now, this meant you spent 1/3 of your net worth on a fucking car.
I think that’s still pretty stupid.
But if you’re a car lover, and have a nice income from your business coming in, then go for it.
You have a career related to cars
The other exception is if you have a career related to cars.
If you opened up a detailing shop focused on high end cars, then it might make sense to at least have a mustang, Camaro, or Mercedes c-class.
Get your shit together before buying a sports car
Remember, my website is geared for guys trying to be winners in life.
This means spending your money wisely, owning your own time, and becoming financially independent.
If you want to be free from wage slavery, you’re going to have to hold off on buying that sports car until you’re rich or can at least buy it in cash and still have good back up money.
It’ll be worth the wait.
Buy a sports car when you don’t have to stress about buying a sports car.