If I'm a single guy with my college loans all paid off, working as a Dentist making a six figure salary (~$120), could I afford to have a Ferrari F430 (~$200k) and house in a nice neighborhood (~$500k)?
2007-11-25 04:17:02 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
In addition to getting the house and the Ferrari, are you also planning to pay taxes (on your income and on the house), eat, have an occasional date, go to a movie, buy health insurance (if your employer doesn't furnish it), put some money away for emergencies, etc.?
You need to take a piece of paper and add up all your expenses and figure out your own answer to the question. My guess is the answer is NO.
2007-11-25 04:24:43 · answer #1 · answered by Edward G 6 · 0⤊ 0⤋
Yes. If your credit is good and you are willing to do an Adjustable Rate Mortgage (ARM) on the house, you might be able to swing the car payment on the Ferrari. I do not know if they lease Ferrari's, but if they do you could definitely swing an ARM and a car lease on $120K. Then all you would need was a hottie beside you in the passenger seat with a rich Daddy.
2007-11-25 12:43:58 · answer #2 · answered by bonniegreen 2 · 0⤊ 1⤋
Bluntly, NO. Your level of income won't support both the house AND the Ferrari.
2007-11-25 13:26:38 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
you are completely out of your mind!
the ******* car insurance on that ******* car would be miraculously HIGH! never mind the mortgage on your house!... your better off spending the money to build your own house.. and then just pay the land taxes and **** after buying the land to build it on.... no word of a lie.. my dad did this.. it is easier and less money is spent in the end...
A ferrari ranges anywhere from 150K+ the ferrari you want.. the lowest price on one i have seen is 168K... never mind your house payments and the insurance..
you should calculate all of your expenses and find out what your sum of cash woudl be att he end !
Good Luck! i wish you all the best!
And nice choice on the ******* car.. thats really sexci :)
http://autos.yahoo.com/ferrari_f430_coupe/
2007-11-25 12:25:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No, you can't. It is NUTTY to by something that is almost double your yearly salary.
They don't finance Ferrari's for that long anyway, plus you have to get on a waiting list to buy one.
Obviously you haven't checked the price of the maintenance on one.
2007-11-25 13:08:56 · answer #5 · answered by Expert8675309 7 · 0⤊ 0⤋
Certainly you could but you would get more job satisfaction and a more beautiful girlfriend if you gave free dental services to the homeless and lived a modest life.
Ferrari ? Nice suburb ? All hogwash in real life.
2007-11-25 12:42:23 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Surely you are kidding. Do you still want to be able to eat? Wait until you are making $350K or more. You might be able to afford the car or the house, but not both.
2007-11-25 12:20:25 · answer #7 · answered by Judy 7 · 0⤊ 0⤋
Buy house, buy old car. Take money and buy quality stocks. Stocks go up in value, cars go down. Never, never, make a car payment. Cars are worst investment in world.
2007-11-25 12:23:06 · answer #8 · answered by William C 7 · 0⤊ 0⤋
Are you 15 years old wanting to be a dentist?
2007-11-25 12:22:30 · answer #9 · answered by freerealtorsearch 1 · 0⤊ 0⤋
No that isn't that high income you can have a house or a car not both
2007-11-25 12:24:05 · answer #10 · answered by shipwreck 7 · 0⤊ 0⤋