How rich should you be to buy an exotic car?
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- čas přidán 26. 08. 2020
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@EdBolian explains what it takes to safely and comfortably afford an exotic car.
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#ExoticCars #CarBuying #CarDeals - Auta a dopravní prostředky
You can live in a car but you can't race a house.
That’s why i live in my car
You never heard of trailer drag racing
I’m boutta gap a civic pulling my mobile home
@@alexc.8505 hey now i think my 20 year old civic would do just fine 🤣
Living in a Lamborghini may not be the most ideal or practical thing in the world, but that’s a scarified I’m willing to make.
Car guys everywhere: "Hey honey, this guy online said I can buy a Lamborghini!"
Sure. But unless your buying one for him and one for her? Don't count on her still being at home. When you get done signing your life away for that sweet Lamborghini? Lol
😂
@@earlputnal9124 She may leave, but more will come.
@@omgvague But not the kind that you'd want to stay with? Lol
@@earlputnal9124 Cheaper if you pay upfront anyway ;)
That moment you realize why Ed was such a successful exotic car dealer...
You're practically losing money if you don't buy a 10-year-old Gallardo.
@@chrisreynolds6391 lol! And people keep falling for it.
LMFAO on point, I'm doing percentages on my income as we speak
This guy could be selling me a v10 m5 with 100k miles on its original engine and i'd still end up buying it
Well you know that ALL car salespeople. Have gotta lower their customer stereotype and standards. Just for selling another car? Every once in a wildly stretched stratosphere? Lol
“Ed stop making these.”
-my bank account
lol
I woke up my neighbors, laughing about this comment. So true. Thanks! It's been a rough week.
@@xero256 Hope you have a better week going forward
xero256 Ha! Glad I could help even a little. Hope things go better in the coming weeks and months.
I was your 1000th like
So in short you don’t HAVE to be rich but it definitely makes things easier 😂
gtav
Life in a nutshell 😂
Amen.😭well.. Looks like I'm going to Pilot school after all. Lmaooooo!!
Actually, NO. You HAVE to be rich to own the same cars Ed drives
buy a house when the market is low, refinance when the market is high. slap a big down payment on a supercar. but with cost of living in general areas, I wouldn't consider one until you make close to or over 6 figures. unless you're gunna be that guy parking his lambo at the trailer park lol.
"All of your bills should be less than 50% of your income."
If more people learned this, there would be a lot less trouble in the world
Some people don't have a choice though.
@@MrEazyE357 Of course, and those people shouldn't be buying a nice shiny new car, or a big screen TV, or a super car. Live within your means.... unlike the government
Took me many stupid purchases to realize I pissed away 20 here.. 50 there. We're talking decades here. Once I stopped, I was able to buy nicer and nicer things
Yeah tell that to the renters and mortgage companies. I can live in a shoe box but my kids can't. No reason I should live like I don't have a job when I make decent money. The dollar just doesn't go as far as it used to. 🤷♂️
@@rayman1230 exactly, inflation goes up but wages stay the same
If only it was that easy. I make significant more than minimum wage where i live and still only save 30% if my income due to living expenses.
Dave Ramsey already found and disliked this video
Actually he would probably like it. A lot of what Dave preaches is in this video.
Dave Ramsey also preaches about living minimally and lives in a 14,000 square foot mansion.
Ed needs to sell the car, get on beans and rice, and start delivering pizzas every night.
@@policywonk8346 he absolutely does not preach living minimally. Just live below your means
Dayton Wintle You clearly haven’t seen his whole recent video series about living minimal....
Update: I still do not have enough to buy an exotic car
Can’t even buy one in gta ;(
@Bob Marly they aren't
@@mohitme1234 😂😂😂😂
I’m just trying to stay in top of my bills
Let me know what other questions I can answer about your exotic car buying goals. Have a great day!
Ed Bolian thanks Ed, always look forward to your videos!
How to identify a good mechanic?
Ed, we’ve seen all of your friends car stories but the one person we haven’t heard from is your wife! If Mrs Bolian would be up to sharing a story, we would all love to hear it. I’m sure she has one or two really good stories. Thanks!
What do you think a non lp clean Gated Murcielago with low miles is worth?
I make 5,000 a month and right now my bills total up to 2500 for everything. You think i can afford an exotic?
The 2 rules I generally follow with this is:
1: Don't ever be upside down on the car's value
2: You should be able to take the hit financially (still be able to pay rent and food) if you wrap it around a tree
Anze G Agreed 100% but many like to live high on the hog on credit!
If everyone followed this, there'd be no traffic in LA, New York, or anywhere really for that matter.
Raynedog00 hahahahahahahaha true
Get gap insurance
@@greyosu9247 That's pretty shitty advice. Pay more money monthly to insurance because you couldn't pay more downpayment so your already too-long monthly payments for a car not worth what you're paying off in case you crash it and can't afford food.
You shouldn't be in that situation to begin with.
Quite useful. New title:
How to prevent non-car friends and family from saying “I told you so.”
Very important
Back when I used to maintain McLaren F1’s I calculated that it cost at least a dollar every time you stepped on the clutch!
I always knew clutchless shifting would come in handy one day... the day I own a Mclaren f1
Shrewd negotiation is actually how I feed myself. Money is for chumps.
I heard someone say ask how much they want for it even if its not for sale or if they know anyone that has one for sale.
Shrewded Wheat, breakfast of champions and brought to you by this months sponsor ...
*puts gun to dealers head* yeah how much is the car now?
This should've just been called "Why Ed Will Never Own a McLaren."
12c for 80 is looking pretty smart
BrazilBro is it though with potential repair costs?
@@nitro677racing just gonna have to repair it yourself. From my research there are a lot of home remedies for issue. The worst one is the cam phaser issue that will eventually need updating and tearing the head down
@@BrazilBro_ When it's $3k to replace the battery, that isn't very smart.
Borderline5440 at this point, a McLaren is actually a perfect car for a lroject where you DIY the whole thing. There’s a guy in instagram called rille347 who does exactly that to his 720S, going as far as to make his own front end to the thing.
Why be rich when you could just *shrewdly negotiate*
I have gotten free tools so thats the most shrewd ive been.
Camry gang?
Lmao
Five-finger discount
Like makin them an offer they can’t refuse
Ed, great video. Very useful. My first exotic was a 1997 NSX. Bought it at 27 years old, and my dad had to “co-sign” ... but I still have it today with 52k miles, all OEM/stock. Definitely worth it.
Sell it. You’ll get $110k
@@chrishayes7966 na the nsx is special
I just forwarded this to my economics teacher with the subject: THIS IS WHAT YOU SHOULD HAVE BEEN TEACHING US!!!
So let us know what he responded!
@@blockbertus Same here. I'd like to hear what he/she said. the car world has changed significantly.
I hope that's some kind microeco teacher otherwise you're going to get roasted.
Yeah, but economics =/= personal finance.
Haha nice
I ASKED ED BOLIAN FOR ADVICE ON BUYING my civic SI and this dude responded! Fan for life. Respect from Canada
I just bought a 360 Modena using the Ed lowballing tactics. Flew across the country and drove it home. It’s a dream come true even if it’s a POS to the average Ferrari enthusiast 😅
Congrats! I love the 360 and if it's kinda rough that means you can drive it guilt free!
okcivicx thanks! High mileage (44k) and a little rough around the edges, the perfect guilt free Ferrari! Will try to make some videos on it here soon as it needs a lot of little odds and ends and I’ll also be doing the maintenance myself.
Good job man!! Who cares what other chumps think-you are living your dream man
I figure, "don't spend more than you can afford to lose," so I'm probably in the "not until I can buy it outright" camp.
and you will probaly never have it...screw going to the grave with regrets...there are responsible ways to have it withought buying outright
If you finance
@@daytonaguy3584 if you're going to the grave, then by definition you don't have regrets. Dead people don't have feelings. However, those you leave behind will be left with your poor decisions and debts. I sure hope with thinking like that you don't have a significant other/dependents.
@@brois841 dont really feel like engaging on this...think what you want
Don’t buy a lambo outright lol
Check the description for links to other videos of exotic car buying advice from Ed.
you mean when he created whole vinwiki to drive up price of Manual LP640 to sell at profit and use that money to buy another free of debt....best advise ever
We know it’s you Ed
video idea - how you evaluate a car you are considering purchasing to decide what you need to offer in order for the purchase to make sense.
I’ll never forget a guy telling me “for the amount you spend on all these cars you could have got a Lambo”. And he was right. Although I do enjoy driving a different shit box each day of the week.
ZR1 LT5 Chris shitboxes are fun because you do care what happens to them. Or care how they look
Liquidate and upgrade 👌
😂😂😂
It depends on person perspective too,some love to modify their car more than buy high performance car.For me I aiming for buying new Lamborghini and it definitely be permanent car in my garage because it's my dream car.
I agree 100% with the C2S logic most people don't look at the depreciation close enough long term.
Ed. Outstanding job. Seen people dig themselves into overwhelming debt because no one took the time time to explain this to them
Great video. I have stressed myself out a lot buying exotics and trying to keep them under 10% of my net worth. It always ended up being more like 25% which ultimately made me feel I wasn't making a "grown" up decision keeping them. Glad you made this makes me feel better about going over 10%.
Try to look like you won the lottery 10 years ago LOL
You can enjoy a old car. If you are driving something to impress people around you, you're not a car guy
I enjoy driving older vehicles!
I don’t see myself ever owning anything made after 2006
At least you still look like you won the lottery.
That's so wrong. But so true. LMAO.
Great info and a conversation that no one but you Ed could have and say the word “responsibly “ and mean it. Thank you for the wisdom. Here’s to our super car aspirations.
Good Morning here on the west coast. Thanks for the Upload Ed,
Love starting the day with your stories or your know how knowledge.
Have a wonderful day!
Having Ed as my life coach on youtube costs me 12.99 a month. Worth every penny.
Ed, just wanted to let you know that I used your 'used vehicle buying tips' when I bought my daily driver 2018 Titan XD last month. Contrary to your belief, your advice IS applicable to non-exotic cars. I feel I managed a shrewd negotiation and bought the truck for $4K under asking, which may not seem like much, but it frees up that money for any equipment or aftermarket parts I want on it. Thanks for the great content and confidence to get what I want without getting worked over at a dealership!!!
being smart with your money applies to any situation tbh
Good, clear insight. Many people have trouble seeing beyond a simple monthly payment. Your explanation may help some folks "raise their eyes" a little, and understand car ownership (exotic or otherwise) in a wider context. And dang you are easy to listen to!
Thanks Ed. As someone with a very humble background that now owns 2 Porsches and a Mercedes, I appreciate straight talk and your channel in general.
THIS is the one I’ve been waiting for!
Ed: when can you afford your exotic car? Me who’s 13 who can’t even get a job : interesting...
It's closer than you think!
1. Dream 2. Write your dreams down 3. Work and save and make steps to make your dreams come true
There is nothing stopping you from achieving your goals.....
Bathroom Sign work hard hustle it be easy
Remember the 50% rule..
Better than dreaming of being tik tok famous.
Great conversation to have. I like that you took a responsible approach to this.
Ed gives great advice for anyone wanting to buy any car... whether you are rich or poor. Debt ratio, income, maintenance, and up keep he provides sound advice.
I know a few were mentioned in here but a video going over "entry level" exotics would be awesome.
Good idea
VINwiki yes, please!
I can already predict the first gen r8, gallardo and ferrari 360 being the main 3 people think of. Maybe a mclaren 12c but that ones iffy
snowren24 👀clean record clean credit score would be the first
bigmaxcc haha well no points (for now) and a 780 score.
Great to see another Ed story!
Thanks for your vids Ed! The videos with you always feel natural, like it’s you talking directly to the viewer, which is awesome. Keep up the awesome work!
So happy I found this video. I can see everywhere on the internet giving financial advices about cars but none of them were truly car enthusiasts. Everyone sees a car like a status symbol and no more than that. To me, is the motivation of moving forward, the reason why I don't give up, the strength of belief and the ambition to succeed. You can't tell me to spend no more than 10% on a car because otherwise is iresponsabile
Now I just need a video on how to convince my wife that its a financially responsible decision!
Financially responsible and fun cars are not in the same conversation 😂 maybe an NSX though if you keep it stock.
I’d like to see a video from Ed’s wife on this subject.
If you need to convince your wife that it's a financially responsible decision, then chances are it's not ;)
There is this guy in my country who has a really common construction job and spends almost literally any penny he owns on his cars. Dude has owned a nearly endless list of exotic cars and currently drives a Lamborghini Murchielago. The guy really should have his own CZcams channel, but he does occasionally pop up in car vlogs and magazines.
New points of view always appreciated!
Enlightening video. I’m going to be on the market for my first exotic in 2022-23. This was informative. Thx Mr Bolian.
6:45 I felt that :( I didnt have bearing failure, more the rod leaving the block failure. But what a car the M6 was while I had her.
Shit!!!
I like this. He gave alot of information and tips that he didn't have to.
Bought my E-Class Coupe for 1900 bucks over 12 years ago, fixed it up and still love it to this day.
I really like his videos. I am using this logic on my next new/almost new truck purchase
Wise words - this is pretty much the exact considerations I had before I bought my LP560. With regards to maintenance costs, try to find a car that’s had major necessary work done recently. In the case of my Gallardo, I found one that had a new clutch installed (one of the inevitable big expenses with these cars). It doesn’t add much to the sale price, but is worth hunting out in order to avoid paying the extortionate cost further down the line.
Ed’s talking I’m in!!!
Wouldn't that be amazing to have all the stories avaliable as podcast on Spotify as well ? Has it been though already ? Thank you for your work Ed !
Thank Ed, very relatable topic!
I blindly and emotionally bought my dream car, I had no idea I was going to get hit with $12,000 in maintenance and repair costs in first 14 months of ownership but I still never regret it and would do it again.
which car is that and what kind of maintenance/repairs?
"Look like you won the lottery 10 years ago " 😂
Good to know this kind of information. It's not something that everyone thinks about. It's also something that you have to factor in when making a purchase. It doesn't have to be an exotic either. It could be a sports car or something that the lay-person that doesn't have a larger income can afford.
Everything Ed just said.. i wasn't listening to purchase an exotic car.. i was listening to purchase a $15000-$30000 car and everything still applies and is still relevant. Ed is brilliant
This is really good advice. My '18 Acura NSX is pictured left. I've spent nothing on this car in my 1 1/2 years of ownership beyond the monthly payments, gas, and I do the maintenance myself which is a few hundred dollars.......That's exactly the way I planned it. I bought it brand new, with a warranty that I haven't had to use, and with Honda reliability, I'm pretty sure she'll be problem free for many years. As for depreciation, that only matters if you plan on selling the vehicle........I don't sweat depreciation. BTW traded in my Gen V Viper GTS for this....made $29K..on that....
Congrats! Love the NSX. Enjoy it
So you plan on keeping your NSX for??? I want one and I love the NSX but it really is a bad example for this strategy that Ed explains in the video. Probably the worst depreciating exotic after Maseratis. 2017/2018 examples can be found now for 115-130k
Happy for you. I also want to buy my first exotic car which is Lamborghini brand new because I want to spec it as I want.This car will permanent car for me since it's my dream car
This series is gold
I have never had a car but when I will do it might as well be an exotic 😅
Another Classic From Ed's Secret Lifestyle Nuggets:
"Travel Like You Won the Lottery Ten Years Ago".
Thanks Ed !
Found this informative and validating in my recent hunt/quandary over what 911 to end up in as my first exotic: older Turbo or newer 4S with the target price being somewhere around $70K. Wouldn't be a daily driver, but it would get a lot of use.
For all the 15k V10 M5's I have saved on Facebook Marketplace, this answer was unintentionally extremely direct lol
Do rod bearings and vanos the day you buy it, and save for the SMG dying and you'll be fine
I still want a V10 M6!
I would ask Ed to convince my wife for me, but I’m also worried he’ll do more than that
It comes down to being responsible not just in the purchase and how it relates to one's finances, but also in how one drives this type of car. I never speed around town, but I've stretched my 911's legs in the hills once a week since I've owned it. Responsible freedom!
This is great Ed. Once someone understands finance, a whole new world of common sense opens up. How much does a car cost? Depreciation + finance costs + MRO (Mainenance, Repair, and Operation).
Nothin like some VINwiki to start off the morning
Have a great day!
Its 17:20 rn 😂
Ed: my first exotic car purchase was financed through the Japanese Mafia and they were shrewd negotiators.
*VinWiki opening plays*
"...what is your vulnerability?" A very underrated variable in car buying. Great angle! 👍
Thanks Ed, I'll use this for when I get my first Viper.
I bought an expensive car before I could truly afford it and I was so stressed out driving it, always worried about it breaking down. Luckily I sold it for what I paid for it and learned my lesson
I don’t have a high priced exotic in mind. I’d like a gen 1 or 2 Viper and build it from there.
Great vlog 👍 Keep them coming.
That was great Ed. Well done sir.
I expected not to like this video, as i am more of a Dave Ramsey person, but I was pleasantly surprised.The key, from ed, is avoiding that loss of principle which is done by buying used. I think ramsey would approve.
I do not like the concept of financing a car. I have financed one car in my entire life and hated it so much that have never done it again. I have also had what most people would consider exotics my whole life. In my 20's I had a Porsche, a Ferrari and a Lotus at various times, and I had no real money. Each one was purchased "With needs" and after it was fixed and I had enjoyed it a while it was moved on for the next one. The Porsche replaced a Duetto, the Ferrari replaced a Fiat Dino (Which surprisingly the Fiat Dino is worth much more than a 308 now) and the Ferrari was replaced by a Lotus. Each had a car that financed it's purchase. I don't know how easy this would be to replicate as this was during the 80's and cars were simpler, but i do know that putting a clutch in a gallardo is not rocket science, and you can buy a Gallardo that needs a clutch for a lot less.
Ultimately what I got from this video is that you can play with exotics without going broke and if you are somewhat smart about it you may not make money but you can turn it into a zero sum game.
Since the hurricane decided to spare us I shall continue my morning routine of vinwiki and coffee love to hear the stories and it helps me be in a better mood for the rest of the day!!
Great video, very honest. Thanks Ed.
Thanks Ed, I got my calculations straight now!
Still can't an exotic, but I really like listening to you! 😂
If you're asking this question then you're probably not rich enough.
When i heard Ed was telling a story I had to be early!
Thanks for being early!
@@EdBolian Well I'm in Australia so midnight isnt too bad! Thanks for posting early so I get to watch before bed!
This is really great information thanks so much!
Good summation! The same applies to airplanes. I've not owned a supercar, but I've owned airplanes and this rundown was great. I'll add that it's wise to have a maintenance fund. Every month, stash some cash into a maintenance fund. If that big maintenance item is $15,000, amortise that amount of money over the expected time frame you estimate you will need to do that maintenance and fund the account.
Don't forget about insurance. I was eyeing my dream car and all the numbers were lining up, until I called the insurance companies.
Forreal. That's what people don't realize. Even if you have a good record, the state/city you live in can definitely play a huge factor in that.
@@lwdn3379 You are correct. We were told by multiple in a high risk area because of the number of accidents. So even if you have a good record, it might stop you from getting that dream car.
You are the most enjoyable guy on CZcams I mean that truly.... Freddie is a distant 2nd
Thanks for this Ed, great video.
Great video Ed. Thanks.
my porcelain echoes with the whiskey flavored baritone that is Ed's voice as i clog-up the crapper again.
This deserves a million likes bro... I shit myself laughing
I was just thinking about this
Ed, I always enjoy your videos. I wanted to know if you read a lot of books. You have a way with words when telling your stories, it adds so much more “flavor”.
I’m so glad i watched this video! Learned a lot
this was super usefull thank you
My pleasure. Good luck!
I owned 4 cars as a 24 year old, I lost alot on my previous 15 Audi A6 when I got my c43 amg. Very nice cars but I should have just stayed in my 11 ford taraus with $25k in the bank and bought a old Porsche to have fun in. Still doing great but I've made a promise no new cars until I can buy my Lamborghini huracan and if the c43 shits itself then I'm trading it in on a 03-05 e500 or 12 Honda accord
What do you do brother?
damn 24...
Nice
24.What do you do?
Video was very enlightening. Got me into my first exotic. 1986 Honda Civic.....
I recently pulled the trigger on a used R35 GTR. It took me a long time to decide, and everything you mentioned in the video is genuine. The cost of ownership, depreciation, and other surprise costs were all things to consider before buying the car.
Two years later, how has it been? Any regrets? I’ve been wanting to pull the trigger on one for a long time now.
Sees title
Dave Ramsey will like this one
I've always lived by the motto
"you can live in your car, you can't drive your house"
You obviously don't have a wife or kids or actually still live at home with mum and dad.
@@StealthX3000 can't drive those either
@@luclapierre7621 Lol
Ed's videos are never boring
Love this talk. Great job.
Lotus Elise is a great car for this
An e60 is too
Honestly surprised MasterClass hasn’t contacted you yet
Thoroughly enjoyed the video.
Great video thank you ! Learned a lot