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

[Bc2005]

For those of you who don’t want to retire because you are going to be bored, think very hard and try to figure out how you are going to make that change in the future. Getting older won’t make your life less boring unless you take action and fix it yourself.

[pbonsalb]

I retired at the beginning of the year. Have not had enough free time yet to be bored. Too much to do. It’s more of the things I want to do. Maybe it is neglected things and I will catch up and then get bored.

Could have bought my dream car, a 911 Turbo (991.2 or 992), for what I have spent traveling. The memories and experiences are priceless. I have no regrets and will eventually also get that dream car or maybe it will be some EV.

[medphysdave]

If you love your job and it's lucrative it can be tough to leave. I'd probably work for 6 more months if I felt like I could have my dream and not impact my retirement finances. On the flip side I think we all have to start the wind down process at some point. Just make sure the car doesn't get in the way.

But 100%. Work the extra 6mo if you're healthy, active, and mobile.

[E90convert]

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.

Check out the book Die With Zero. It’s a controversial title, but the content offers a different perspective than the typical delayed gratification is “better” mindset.
I’m not making assumptions about you, but this book helped me enjoy life a little more now, and feel comfortable with my future planning, and the unknown. This book might make you feel like you have all the permission you need to enjoy the wealth you built.

[mjj]

Originally Posted by E90convert

Check out the book Die With Zero. It’s a controversial title, but the content offers a different perspective than the typical delayed gratification is “better” mindset.
I’m not making assumptions about you, but this book helped me enjoy life a little more now, and feel comfortable with my future planning, and the unknown. This book might make you feel like you have all the permission you need to enjoy the wealth you built.

I will definitely check that out. Thanks for the recommendation.

[Neusser]

Originally Posted by avantegardestyle

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

Will never understand this mentality.

I am 47 and could just about retire now if I sold my house and moved to the country, and honestly it is really tempting.

I will never understand how one could get bored with no job to go to.

The system may have taken your soul.

[David70]

I had a job where they eliminated the position, gave me a good severance and I didn't look for another job. Eventually about 9 months in a former colleague called and offered me a job (no longer there as he turned out to be a jerk, found another job). For about 6 of the 9 months I had plenty to do, eventually things ran out, my wife still works. I have hobbies, exercise, other things. I like to travel, it's difficult to do that 6 months a year as it gets really expensive. I probably have enough money to retire now but not sure I want to completely retire at my age. I think more likely would be to find I job I like more than my current job, do it part time. Whatever it pays would go to me able to spend extra.

[pbonsalb]

If you don’t have enough to do, then working part time as suggested above, preferably at something you enjoy or at least tolerate, is a great idea. Brings in some income as well. If you are counting on Social Security, beware that collecting before your SSA retirement age results in a clawback if you earn more than about $20k at your job while collecting SS. After your SSA retirement age, this does not apply.

I have no worries about running out of things to do. My wife has 3 small businesses spread across 4 locations, 2 of which we own. There are always things to do — we have a part time maintenance guy but there is enough additional work to occupy me indefinitely. We have 2 houses that I can tinker around. I have 2 cars to restore. We have traveled a couple of months each if the last 2 years and hope to continue doing so. Also have extended family to spend time with and help.

If I was single, I would have kept working.

[Donatello.]

Only 4 months? Hell yes I would

[Socal_R8]

I can't answer that until I know what the "dream car" is......lol

[Alfisti]

Miata

[mjj]

Originally Posted by Alfisti

Miata

2008 Saab

[Pauly Wauly]

Originally Posted by Alfisti

Miata

A Miata on steroids

[Alfisti]

Originally Posted by mjj

2008 Saab

Funny you say that because my 13 year old is adamant he wants to restomod the Saab wagon when he is old enough to drive. "It's so old it would be ironically cool dad".

[DrVenture]

The older (dream) car that I want is the one that I have: a 2008 GT500. It is like a 1960's car in its simplicity, but very reliable, has the ABS, A/C and airbags and is faster/more powerful than anything from the 1960's. Plus, still easy to work on.

I have improved ride height, suspension, wheels/tires, power, clutch and cooling. Then added a head unit with backup camera and CarPlay - done! No frills, scary fast and still comfortable and reliable. I consider it best of both worlds.

The newer car that I covet is also in my garage - the 2022 M550i.

[mjj]

Originally Posted by DrVenture

The older (dream) car that I want is the one that I have: a 2008 GT500. It is like a 1960's car in its simplicity, but very reliable, has the ABS, A/C and airbags and is faster/more powerful than anything from the 1960's. Plus, still easy to work on.

I have improved ride height, suspension, wheels/tires, power, clutch and cooling. Then added a head unit with backup camera and CarPlay - done! No frills, scary fast and still comfortable and reliable. I consider it best of both worlds.

The newer car that I covet is also in my garage - the 2022 M550i.

I understand the love for the Shelby.

[Bumpinjeep]

If it were me, I would work the 4 to 6 months and buy myself the retirement present I deserve.

[dgoldenz]

Originally Posted by Bumpinjeep

If it were me, I would work the 4 to 6 months and buy myself the retirement present I deserve.

Or just retire and buy it anyway. Worst case scenario is losing $20-40k

[nick3753]

No brainer, work 4 more months, work 6 more, quit now and eat ramen the rest of your life. You only live once.

Seriously, worst case you sell it later and likely get what you paid, maybe more.

[JLPXP]

Go for it. Life is too short. Work these extra months...

[STi from DSM]

I have seen a lot of posts regarding this and what or what not to do. Ultimately it is the OPS decision, but I did not see one post in regards to what the OP said about his retirement situation with his CEO. It sounds like you have a great working relationship with your CEO and you want to retire at the same time. if working the extra 4-6 months will get you into your dream car should you do it? ABSOLUTELY! 4-6 extra months is nothing. It sounds like the OP has no debt, meaning everything is all paid off already so you would just have this car payment and other ancillary taxes that you have to pay. Let's imagine this car has a $225k price tag. Now please do not beat me up on these numbers. The national avg. rate from Autotrader is 6.89% APR. That would be roughly $3,840 per month. Assuming you have no house payment or car payments would this be doable? All signs point to yes for me. As long as you can afford it and there is little impact to your retirement, why not?

I also didn't take into consideration the OP would probably just be paying for the car out of his retirement and would not have a monthly payment, but I didn't want to assume.

[Efthreeoh]

"Frugal and risk averse." That's hilarious in the context of this thread.