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

[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?

[eleven11]

I haven't personally been in that situation, but I believe I understand your question. I think that's a reasonable approach. You've got your investments in order (I assume), and simply want to make this purchase without tapping into those retirement investments. My main advice is to stick with your decision and plan, no matter what happens to the markets/your investments. Your portfolio drops 20%? Stick with the plan and enjoy your purchase.

[///MPhatic]

No one can answer this for you, as it depends on how owning your dream car will make you feel.

It's not the minutes that you live, it's how much you live in each minute.

There is no next life to get what you want, better get what you want now.

[E90convert]

You worked 35+ years in the pursuit of financial freedom. You're asking to work <1% longer to not only hit financial freedom but also to have your DREAM car for the rest of your life presumably?

Seems worth it to me. But frankly, I would try to make it work without working.

[Snave01]

What's 6 more months after all of those years...it's a rounding error. Unless you really hate your job or health reasons are making the job difficult, it's a no brainer to me. Easier to stay and get the dream car than leave, regret it and maybe try to find another job making the same or more $ (good luck at retirement age). You could always keep working with the intent of getting the car and deciding it's no longer worth and bail then.

[G80indy]

that's an easy yes
especially if you're in good health, and good standing with employer

...it's also about timing with (your choice of) car versions and availability.
for my situation I dropped a dime for a manual tranny ICE M3 in 2023 MY, before they go away for good. I don't mind working; blessed to enjoy my work.

[BlkGS]

Originally Posted by Snave01

What's 6 more months after all of those years...it's a rounding error. Unless you really hate your job or health reasons are making the job difficult, it's a no brainer to me. Easier to stay and get the dream car than leave, regret it and maybe try to find another job making the same or more $ (good luck at retirement age). You could always keep working with the intent of getting the car and deciding it's no longer worth and bail then.

Agreed 100%. Get your dream car*, you might not ever have another chance.



*Unless it's something stupid like a Miata.

[DarkishM5C]

If I was in that situation, I would absolutely do it! Why? Because I know myself, I would regret not sacrificing the time to attain my dream car.
"We must all suffer from one of two pains: The pain of discipline or the pain of regret. The difference is discipline weighs ounces while regret weighs TONS" - Jim Rohn.

[Humdizzle]

i guess it depends on the job and work to pay ratio.

personally i would.

[G80indy]

Originally Posted by BlkGS

Agreed 100%. Get your dream car*, you might not ever have another chance.



*Unless it's something stupid like a Miata.

ouch. That could very well be a dream car for many folks

[412g80]

May be I am one of the goofballs

I never want to retire. Boredom would kill me.

[FC4]

Your dream car is only 4 months of work away?

Dream bigger.

[XutvJet]

Originally Posted by 412g80

May be I am one of the goofballs

I never want to retire. Boredom would kill me.

Well some of us have lots of hobbies and other things that occupy our time and our jobs get in the way of them I can keep myself completely busy without my job and I fully plan to retire in 3 years at 53. CANNOT WAIT!!!!

[mjj]

Originally Posted by FC4

Your dream car is only 4 months of work away?

Dream bigger.

Porsche Spyder RS is a big enough dream for me.

[XutvJet]

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?

The biggest questions in my mind are what is this car and if it's high end, are you considering the costs to maintain and insure?

My father died at 70 from heart surgery complications. The two weeks leading up to his death and right before surgery, he was hell bent on buying a new convertible Mustang GT once he got his heart fixed. He was a car guy (had a 66' GTO) but once he had a family, he took the conservative approach and never owned a fun car like that again. When faced with age and death, I think he realized that he put off getting fun things for himself for decades and didn't "live" as much as he wanted even though he had the means. It always took the safe and responsible approach.

Being a car guy, I really took that to heart. I always wanted a Porsche but figured they were too expensive and hard to maintain. However, at 48, I decided to take a chance and I bought a 2011 Cayman as a fun car. Sure, it's only a $30K Porsche, but it's my Porsche, it is an absolute blast of a car to drive, and is generally easy to work on myself. Plus, everyone that doesn't know about Porsches thinks it's brand new and really fast. Neither is true. To me, this is my dream car and I'll never part with it unless it's totaled. If the motor blows, I'll replace with a built one and won't spare any expense doing that. With that said, if I didn't know how to work on cars, this car would have easily cost me $8K-11K in repairs/maintenance over the last 2 years rather than under $4K doing it all myself.

[FC4]

Originally Posted by mjj

Porsche Spyder RS is a big enough dream for me.

Cool.

I struggle to see how 4 more months of work will have a material impact on being able to afford the car or not.

[wizardofOz]

Life is too short.

[E90convert]

Originally Posted by mjj

Porsche Spyder RS is a big enough dream for me.

You must be a pretty high earner to buy an RS Spyder in 4-6 months of work! Get after it, that is definitely a car worth retiring on.

[mjj]

Originally Posted by FC4

Cool.

I struggle to see how 4 more months of work will have a material impact on being able to afford the car or not.

It is not a material impact. I am just frugal and risk averse.

[mjj]

Originally Posted by XutvJet

The biggest questions in my mind are what is this car and if it's high end, are you considering the costs to maintain and insure?

My father died at 70 from heart surgery complications. The two weeks leading up to his death and right before surgery, he was hell bent on buying a new convertible Mustang GT once he got his heart fixed. He was a car guy (had a 66' GTO) but once he had a family, he took the conservative approach and never owned a fun car like that again. When faced with age and death, I think he realized that he put off getting fun things for himself for decades and didn't "live" as much as he wanted even though he had the means. It always took the safe and responsible approach.

Being a car guy, I really took that to heart. I always wanted a Porsche but figured they were too expensive and hard to maintain. However, at 48, I decided to take a chance and I bought a 2011 Cayman as a fun car. Sure, it's only a $30K Porsche, but it's my Porsche, it is an absolute blast of a car to drive, and is generally easy to work on myself. Plus, everyone that doesn't know about Porsches thinks it's brand new and really fast. Neither is true. To me, this is my dream car and I'll never part with it unless it's totaled. If the motor blows, I'll replace with a built one and won't spare any expense doing that. With that said, if I didn't know how to work on cars, this car would have easily cost me $8K-11K in repairs/maintenance over the last 2 years rather than under $4K doing it all myself.

Sorry to hear about your dad. He sounds a lot like me. I have been so used to dedicating myself and my income to my family, I almost feel guilty spending it on myself.

[XutvJet]

Originally Posted by mjj

Sorry to hear about your dad. He sounds a lot like me. I have been so used to dedicating myself and my income to my family, I almost feel guilty spending it on myself.

Thank you and don't feel guilty.

[Snave01]

Originally Posted by XutvJet

Thank you and don't feel guilty.

This. My mom and dad never spent money on themselves, even as they were well into their golden years and could afford to. My mom would always say she wanted to leave as much as possible to us kids even though most of us (we all have 1 or 2 that struggle) would be considered by most to be well off. They both passed within a few years of each other, never really spending money on themselves for anything but necessities. I kept telling them they did their part in raising us and we have to make our own way.

They never understood how it meant more for us to see them enjoying the money than having it for ourselves after they passed. So, enjoy the money you earned by doing/buying the things that make you happy. You only get one go ‘round.