Shanghai Porsche 918 Crash

[tomonomics]

^^ I was thinking the same thing...the kids borrowed it while dad was away, and boy are they in trouble. Maybe it's the lighting, but doesn't that look like a shady neighborhood for 918?

[j.fro]

Originally Posted by njbray

I bet those two guys in pic 1 are saying,
"do you think we can fix it before my Dad gets home?"

"Dude, my Dad's got a ********************in set of tools"
J. Spicoli

[BIGJake111]

Originally Posted by j.fro

"Dude, my Dad's got a ********************in set of tools"

J. Spicoli

Sadly I have a friend just like spicoli, I guess everyone has that one friend haha.

[FirstPorsche987]

Originally Posted by Perfectlap

10% of your net worth in one car? Not too smart no matter how rich or poor...
Odds are if someone's making those kinds of decisions they're probably making other bad decisions elsewhere (bad investments, over-leveraging, etc.) and won't be rich for too long. Plunking 10% of your dough into a single car? LOL... not even if I had it.

Not at all. That car is an investment. (As long as you don't set fire to it or drive it into a tree.) It will appreciate must faster than just about anything else--with the possible exception of a LeFerrari.

[Nine8Six]

Originally Posted by tomonomics

^^ I was thinking the same thing...the kids borrowed it while dad was away, and boy are they in trouble. Maybe it's the lighting, but doesn't that look like a shady neighborhood for 918?

lol yea she didn't get to pick up the sexiest looking tree huh. Poor thing.

That happened in the French concession... where almost every freakin properties & bldg are the "former" mansion of him and her this and that etc. Nearly impossible for the gov to demolish anywhere in that place or rebuilt like they do everywhere else in the city.

Shanghai is the same as the New York we know but X15... in everything lol. Believe me the 918 is perfectly fit for that show

There's 0.0003% of it

[Timco]

One went BBQ here in the US before the one in that country above us who's name must not be mentioned.

[thstone]

I am sure that the wrecked 918 can be repaired. As was reported, as long as the carbon fiber tub is intact, they'll just bolt on a new front subframe, swap over the good parts, and replace the damaged bits.

Sure it will be expensive (in relative terms) but not even close to the value of the car.

[Perfectlap]

Originally Posted by BIGJake111

I was about to say, be careful with the percentages, I feel that 95 percent of people who own new cars have more money in that car than 10%. Luckily Homes and such hold value, people that sink tons into a new car can only resale it for a fraction of what they payed.

Well even if it is 95%, what most people do is really irrelevant if the question is what is the best way I can grow my net worth. If you speak to pre-war generation retirees they think its insane how much the average family over-extend themselves. These pre-war people simply never had a life where the family had two car loans, a loan for a home having more than two bathrooms, multiple credit cars etc. with barely 10% going into savings and retirement or worse 0%.
While financing the purchase of a new car that accounts for more than 10% of your net worth is not remotely a good idea (if you intend to have money when you're retired), at least that car loan is limited to a short loan repayment of 4-6 years relative to the grand scheme of your productive working years that could last 40 years or more.
A home purchase on the other hand if done incorrectly, and that's extremely common, can be far more detrimental to the cause of wealth creation over the course of 30 years of loan repayments. The invention of the 30 year mortgage opened the door for people to buy way more home (dollar wise) than they should be if their goal is to build wealth. It's largely why the U.S. savings rate is barely more than 1% and why the percentage of people who move up from the middle class has been stuck in park. The days when people got rich from their houses is long gone. For the very wealthy in NYC, London, San Francisco or Miami Beach, buying a home can be the best investment they ever made. It really comes down to which incomes are rising and which are stagnant. If home buyers are paying more for homes because the banks and their investors are putting out more money for loans, and not because the incomes of borrowers are rising quickly, then that's a recipe for a bad investment. But a fantastic recipe for the person putting out the loan however since tens of Millions of people are only too willing to over-leverage themselves simply to get back slightly more than they put in after 30 years.
As Roger Lowenstein once said (loosely), it's not the merits of the idea that can burn you as much as the leverage you put behind it.

Originally Posted by FirstPorsche987

Not at all. That car is an investment. (As long as you don't set fire to it or drive it into a tree.) It will appreciate must faster than just about anything else--with the possible exception of a LeFerrari.

I consider anything bought that can be resold to be investment. You're choosing to put money behind one thing instead of another. Simply because something is an investment does not mean it's a good investment if the expectation is a profitable return. If a 918 buyer's rationale for committing more than 10% of their net worth into a single car is primarily based on it being an investment, due to the cars exclusivity, then that's a pretty poor decision as far as risk. For one thing, it's a single play. You are violating the basic principle of never committing more than a few percentage points into a single investment selection. Now you're simply up against the averages with no compelling reason to take on that degree risk to swing for the fences. Now if you're using 10% of your net worth to start a business well that's another matter. I think most people agree that buying a million dollar car like a 918 or a P1 is an indulgement pure and simple. That it represents more than 10% of your net worth makes it an impulsive/emotional indulgement. But for the record I wish I had these problems.

[FirstPorsche987]

Based on previous supercar financial performance, there is every reason to believe that car will appreciate faster than just about anything else.

[com3dorm3]

I know a guy that can fix that with hammer and a screwdriver.
Note to self: Get my net worth to $10M so I can spend 10% on a 918
I'll let you guys know when I get there.

[jdlmodelt]

Originally Posted by Perfectlap

10% of your net worth in one car? Not too smart no matter how rich or poor...
Odds are if someone's making those kinds of decisions they're probably making other bad decisions elsewhere (bad investments, over-leveraging, etc.) and won't be rich for too long. Plunking 10% of your dough into a single car? LOL... not even if I had it.

As one top 0.001% rich person once told me (from a family that was at least five generations outrageously rich),
"it's not about what you make, it's about what you keep."

I get the feeling you are out of touch. Think about the income of the average worker and the cost of new cars that can be $20-$50k. At ten percent of their income that would suggest they are earning $200k-$500k. That's way above average income for most folks. But, that's what they have to pay to purchase a new car. People are spending way more than 10% of their income to buy a car everywhere...

[Perfectlap]

Originally Posted by jdlmodelt

I get the feeling you are out of touch. Think about the income of the average worker and the cost of new cars that can be $20-$50k. At ten percent of their income that would suggest they are earning $200k-$500k. That's way above average income for most folks. But, that's what they have to pay to purchase a new car. People are spending way more than 10% of their income to buy a car everywhere...

you're talking average income. I'm talking about what is owned minus what is owed.
two very different things.

Also, a car does not represent the same thing for a driver earning the average income and someone in the top 0.01%.
The average guy needs it to get to work, it's not a speculative play or toy. Living expense vs. (supposed) investment.

[Nine8Six]

I'm so freakin poor, wage slave, have to work extra hours and all... unsubscribed

Originally Posted by com3dorm3

Note to self: Get my net worth to $10M so I can spend 10% on a 918. I'll let you guys know when I get there.

U got room for a passenger?

[demick]

Originally Posted by j.fro

"Dude, my Dad's got a ********************in set of tools"
J. Spicoli

Relax, all right? My old man is a television repairman, he's got this ultimate set of tools. I can fix it.