Going off my budgeting I've worked out that I can still save 35,000 per year for whatever miscellaneous activity. I budget my food weekly and that comes under expenses. So assuming GTR costs might cost me 5k per year then I should be able to enjoy life on an okay level.Exactly. They are expensive cars to run and maintain. So as long as you can afford to both buy the car and pay the maintenance/servicing/repair bills, still be able to eat/go on holiday/otherwise enjoy life by all means go for it. But if you're only just affording the car you won't last long with it...
I'm assuming about $1400 for tyres, $1500 for servicing per year, $1000 for insurance and $1000 in unexpected costs. However if I'm under assuming I'd love a rundown on some of the expenses I'm not thinking of.What does the 5k cover?
I think your 'unexpected costs' budget a bit light tbh. Also depends on the mileage you are doing. That looks OK if you're doing 6K or fewer miles per annum. But far too light if you're doing 12K.I'm assuming about $1400 for tyres, $1500 for servicing per year, $1000 for insurance and $1000 in unexpected costs. However if I'm under assuming I'd love a rundown on some of the expenses I'm not thinking of.
I think I can make this work and still have enough left to enjoy life. I'm still growing my buisness and will likely increase income by another $460 per week in the next 3 months, which is around when I'll be looking to purchase so I'll know well and truly how well it'll work out by then.
I'm going to be doing roughly 80-100kms per week as it would only get driven to work and back as well as the occasional weekend drive and likely track days twice per year. My partner and the kids get around in our family car so shopping trips and visiting family etc. is usually done in that.What fuel expenses will you incur?
Yeah, I think I'm looking at around 4500-6000 per year. Work is 3km away and I go there and back 4x per week, so 24kms in work travel and I'd anticipate about 50-100kms in leisure travel every other week or so.I think your 'unexpected costs' budget a bit light tbh. Also depends on the mileage you are doing. That looks OK if you're doing 6K or fewer miles per annum. But far too light if you're doing 12K.
What was in the service at £4.5 k if you don’t mind me asking? thats Lamborghini service territoryThere's no real right or wrong answer so long as you can afford it and still enjoy life. I service mine every 6 months, cheapest service was just over £500, most expensive was just under £4.5k.
Thanks man, it's a little silly and ridiculous. It's affordable but it'll be a stretch. Maybe I should go for a smaller loan and get something like a c63. It'll still be a good bit of fun and won't cost as much to keep running and I'd be able to pay it off over 5 years at a smaller weekly expense.If it's p.a. then that is the amount you pay per year, for each year, on the amount borrowed. So 6% each year = $6000. 7 years, so $42,000.
In the UK, rates are quoted as APR (annual percentage rate), which takes into account the as time goes on, so you owe less, i.e. you are paying intertest on an every decreasing amount.
If it was 6% of the amount paid off each year (as in your seconds example), then it would not matter how many years you borrowed the money for, it would still works out at 6% of the amount borrowed. Clearly it's never going to be that !
What you need to know is the APR, then you can use endless online calculators which will tell you the total you will pay.
This one uses pa:
Stick in $100,000 and 6% pa and it says $142,000 (give or take a few dollars).
This uses APR:
which gives a figure of $122,000
But, either, you will pay a lot of interest because of borrowing over such a long period of time.