Would you delay retirement for 6 months to purchase dream car?

[pbonsalb]

Sure, why not as long as work isn’t killing you.

[TallGibbs]

Originally Posted by 412g80

May be I am one of the goofballs

I never want to retire. Boredom would kill me.

I have similar thoughts on boredome, however I frame it more like "in retirement, I get to finally pursue all of my hobbies." So, it's not a matter of being bored, its that I now have financial freedom to go and do all the things I really enjoy 24 hours per day.

The key to me is: have hobbies IN ADDITION to doing work that you love. Win-Win situation there if you can figure that out (and then report back to me how you figured that out).

[dreamingat30fps]

My gut says if you make enough to buy the car in 4 months then you should probably have enough in retirement where having $150k or whatever it goes for less would not make much of a difference and if it did I would be concerned you don’t have enough cushion in your savings.

However for a simple answer… sure I would. I’m self employed and I don’t hate what I do so doing it for 4 more months would not be an issue.

[Mavus]

easy yes as long as you are not miserable doing it and your health is not impacted

[Honda]

No, I wouldn't delay my retirement. I would get something I can afford right now rather than waiting 6 months and it may or may not happen

[HFW003]

As someone who is very close (a few years) to retiring I personally wouldn't do it and I have a great job which I absolutely love!

We all have different dream cars and things we want to do when we retire.

My Wife and I for example are going to go and live in Europe for a few years and when we get back I am going to by my "dream" cars. Something like an 2002, Fiat 124S or a TR4/6 rather than the latest and greatest.

Do what works for you!

[chassis]

Originally Posted by mjj

Thinking about purchasing my dream car next spring. It is pricey and would probably require me to delay my retirement an additional 4 months or so to pay for it. I am in decent health.

Just curious if anyone has contemplated this question?

What percentage of your net worth does the price+taxes of the car represent?

Net worth = all assets (including residential and commercial RE) minus all liabilities (including mortgage on RE, if any)

[pbonsalb]

Originally Posted by chassis

What percentage of your net worth does the price+taxes of the car represent?

Net worth = all assets (including residential and commercial RE) minus all liabilities (including mortgage on RE, if any)

How boring to apply an accountant or financial advisor's one-size-fits-all formula to apply to one's dream car purchase. The OP appears to me to be way past Financial Planning 101.

[mjj]

As the OP, i worded my original post poorly. I turned this into a financial/affordibility question more than the true underlying intent.

Which was; is it foolish/selfish to spend significant money on a 4th vehicle as I am winding down my career?

I have a fully funded retirement, own multiple properties and have zero debt. I love my job and my CEO wants me to stay on and retire with him at the same time. I just purchased a 25 M4 Comp a few months ago. Love it and plan to keep it for the foreseeable future. I just always wanted a Porsche Spyder but they never had enough power to justify a narrow use vehicle…until the RS version came along with the GT3 engine. Reports are that the boxster is going to be all electric by 26 so I have the scarcity and time is running out influence.

I was just interested if others had ever contemplated this question and rationally walked through the thought process. To be honest, what I really wanted was “validation” from others to say go ahead and purchase your dream car.

Based on the feedback, that is what I plan to do. Thanks to all for the feedback.

[chassis]

So delaying retirement was never the issue but rather the courage to make a discretionary purchase. Is this in the ballpark?

[Efthreeoh]

Retire now before the shit hits the fan and the roads you want to drive on turn to crap. The M3 is good enough. Enjoy it while you can.

[Diesel power]

I'm halfway to retirement and am personally not the kind of person to sit around. I have also seen too many mentors postpone retirement out of fear of boredom or people retire only to realize that having a little more money put away or something to get out of the bed in the morning for would feel better.
If you're in the position to retire comfortably in good health and have your dream car (which is a hobby in itself), then a few more months of work seems like a no brainer, after 30 or 4 years what's another few months?
Personally, my goal is to retire well, not young, and in between I'm trying to enjoy myself as much as possible while achieving goal 1.

[DanG]

Sounds like op has plenty of money. Retire now and spend the money on your dream car. Life is too short not to enjoyed every day. Heck I retired at 58.

[BlkGS]

Originally Posted by mjj

As the OP, i worded my original post poorly. I turned this into a financial/affordibility question more than the true underlying intent.

Which was; is it foolish/selfish to spend significant money on a 4th vehicle as I am winding down my career?

I have a fully funded retirement, own multiple properties and have zero debt. I love my job and my CEO wants me to stay on and retire with him at the same time. I just purchased a 25 M4 Comp a few months ago. Love it and plan to keep it for the foreseeable future. I just always wanted a Porsche Spyder but they never had enough power to justify a narrow use vehicle…until the RS version came along with the GT3 engine. Reports are that the boxster is going to be all electric by 26 so I have the scarcity and time is running out influence.

I was just interested if others had ever contemplated this question and rationally walked through the thought process. To be honest, what I really wanted was “validation” from others to say go ahead and purchase your dream car.

Based on the feedback, that is what I plan to do. Thanks to all for the feedback.

The bigger question is, can you even get one? RS Porsches are notoriously artificially scarce, where money aside, you often times can't find a dealer to even sell you one short of bribing them.

[DrVenture]

For every year one works longer, the benefits are pretty immense. I was going to retire 3 years ago. Mainly because I was tired of the commute and the work schedule was a problem. Along came CoVid and all that changed. Now I WFH and set my own schedule.

Each additional year is more Social Security, company funded medical insurance (No Medicare Part b premium, myself and wife), another year that I put the max into 401K, another year the company funds my retirement account, another year salary, another year bonus, another year investment growth and one less year of retirement to fund.

Meanwhile in these three years I funded my son's Master's degree, bought an M550, increased my net worth substantially and spent quite a bit getting my home up-to-date on maintenance.

If I hated my job, it would be less likely that I stuck around. I do agree that some of us prefer to stay busy, getting paid for it is a bonus.

I also find discretionary buying a bit difficult. It is not in my nature. I'll get over it! lol

[Chihuahua]

only 4 months? sure why not. I say go for it.

[avantegardestyle]

Originally Posted by 412g80

May be I am one of the goofballs

I never want to retire. Boredom would kill me.

this............

[XutvJet]

One of the biggest regrets people have at or near the time of their death is working too hard/not making enough time for themselves and postponing fun.

I envy those that love their jobs. I'm certainly not one of those. I could walk away right now from my job and not shed one tear or have any regrets. It's not that I hate it or the people I work with. My job is just a means to make money to support my family and the things we want to do. My job and "work" does not define the person I am. I'm done managing people, dealing with needy clients, emails, calls, meetings, administrative BS, office drama, etc.

[Alfisti]

I said this in the Porsche Experience thread and I think it applies here. OP the thread I reference in this comment may make you feel better.
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It's tricky. I am usually quite conservative with money and a planner etc but I am nearly 50, who knows how long you have left? I bought a 15 yr old 911 as a fairweather car, it was an absurd purchase really, total of 80K CDn which is mad money for a car. However I continue to DD a beater I have had for 14 years and owes me nothing and if shit hits the fan a 911 is a liquid asset and can be sold for very near what I paid for it. You can see me tie myself in knots here https://e84.xbimmers.com/forums/show....php?t=1768413

Not being a sniper but you have a well loaded new X5 in your profile, that's gotta be what, 70 grand? You could in theory drive a 10 year old CRV and weekend a 911 for the same money.

I hear you, 100pc, but I just felt it was now or never and you don't know what can happen to you as you get past 40.

[Alfisti]

Originally Posted by XutvJet

One of the biggest regrets people have at or near the time of their death is working too hard/not making enough time for themselves and postponing fun.

I envy those that love their jobs. I'm certainly not one of those. I could walk away right now from my job and not shed one tear or have any regrets. It's not that I hate it or the people I work with. My job is just a means to make money to support my family and the things we want to do. My job and "work" does not define the person I am. I'm done managing people, dealing with needy clients, emails, calls, meetings, administrative BS, office drama, etc.

Fuckin eh! I could retire today and be busy the rest of my life, never a dull moment.

[dgoldenz]

Do you own a house? Is this a car that won’t depreciate much? If so, get a HELOC and use it to buy the car, pay the interest each month, sell the car when done. Minimal outlay, just interest expense. You can probably find 6% promo rates for 6-12 months. If you have enough savings to retire you probably have enough to pay a few hundred a month interest on a loan.