How do you stop yourself from spending money on toys?
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Thread: How do you stop yourself from spending money on toys?

  1. #1
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    How do you stop yourself from spending money on toys?

    Lately I've really been thinking about one of these:



    A BMW 435i coupe with all wheel drive, a twin turbo engine, and a 6 speed manual transmission. I have enough money in my TFSA to buy a lightly used one for cash. I could also afford to finance or lease a brand new one.

    How do you ignore that voice in your head that says things like:
    -"your life would be much better if you had this!"
    -"you could die next week, enjoy life while you can!"
    -"live for the present, the future will take care of itself"

    My question is not specific to cars but any expensive things you want but don't need.


  2. #2
    Senior Member Userkare's Avatar
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    Aw c'mon, it's only 'starting from' $56K. You know you want a brand new shiny un-deflowered one that still has that new car smell. What's a little debt to have something like this to lord over your friends and neighbours. Go ahead, do it, you know you want to!

    http://www.bmw.ca/en/all-models/4-se...013/intro.html

  3. #3
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    -your life would be much better if spent time with your kids and spent money on things that enrich the lives of your family
    -you could die next week, and your family will need financial resources to support them

    I find cars particularly bad because they are money pits in terms of maintenance, insurance and the rest. The more expensive the car, the faster it drains your wallet with ongoing costs. They also have no residual value to speak of. Even a used one will decline in value by 15% per year. A new one loses 50% of its value immediately.

    The way I personally handle toys is to maintain a notional savings stream for those types of things. When I do something like cancel cable, the stream of revenue moves from cable (one kind of toy) to saving for another toy.

    If you have set aggressive goals for savings and wealth building and you have met those, and you still have a "toy budget" that fits the beemer and its ongoing insurance maintenance and fuel costs, then, well, you can afford it. For me, the next calculation is, do I want this toy or that toy?

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    So you have a separate savings account just for your "fun budget" and everything that is a want not a need gets paid for from that budget?

    I don't have a wife or kids so the only person I need to worry about is number one. Speaking of money pits, nothing is a bigger drain on money than the wife/kids. I'm sure a BMW is far cheaper to maintain than a little rugrat. My plan is to live life alone and then possibly get married and have a kid or two when I'm in my mid or late 40s, that seems to make far more financial sense than to get hitched while I'm young.

  6. #5
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    Quote Originally Posted by Earl View Post
    Lately I've really been thinking about one of these:



    A BMW 435i coupe with all wheel drive, a twin turbo engine, and a 6 speed manual transmission. I have enough money in my TFSA to buy a lightly used one for cash. I could also afford to finance or lease a brand new one.

    How do you ignore that voice in your head that says things like:
    -"your life would be much better if you had this!"
    -"you could die next week, enjoy life while you can!"
    -"live for the present, the future will take care of itself"

    My question is not specific to cars but any expensive things you want but don't need.
    I look at that picture and I get a bad feeling in my gut thinking about bringing that thing in for repairs. I once had a volkswagen GTI that I thought was cool until it never left the mechanic shop. The crap feeling of paying for repairs FAR outweighs the good feeling of a cool car IMO. If you are interested in a vehicle like that, I would suggest go rent one for a weekend and see if the feeling is gone by the end of the weekend.

  7. #6
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    Quote Originally Posted by Earl View Post
    Lately I've really been thinking about one of these:



    A BMW 435i coupe with all wheel drive, a twin turbo engine, and a 6 speed manual transmission. I have enough money in my TFSA to buy a lightly used one for cash. I could also afford to finance or lease a brand new one.

    How do you ignore that voice in your head that says things like:
    -"your life would be much better if you had this!"
    -"you could die next week, enjoy life while you can!"
    -"live for the present, the future will take care of itself"

    My question is not specific to cars but any expensive things you want but don't need.
    Need more info-what is your current vehicle and what is your current income, net worth?

  8. #7
    Senior Member tygrus's Avatar
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    A car is utility only. A $25,000 car gets you around reliably just as easy as a $50,000 one.

    And when people look you in that car, they dont think wow. They think over compensating for something.

    I buy the best used vehicle I can then drive it into the ground. Other fools pay for the depreciation.

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    I didn't want to make this a discussion about cars, but luxury items in general. For some it may be expensive vacations. For some it may be high end clothes, or jewelry, etc.

    If you think of a car as just a utility, then you're not a car guy and that's fine, you probably don't get any more enjoyment out of driving a high end sports car than driving a toyota corolla, but there are others who do. Others may for example be unable to understand why someone would buy steak when you can eat kraft dinner which will fill you up just as well, or why buy an Omega watch when a $10 walmart one will tell the time just as well, or why send your kids to a private school when a public school will teach them just as well, or any number of other things that some people will pay more for.

  10. #9
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    Quote Originally Posted by Earl View Post
    I didn't want to make this a discussion about cars, but luxury items in general. For some it may be expensive vacations. For some it may be high end clothes, or jewelry, etc.

    If you think of a car as just a utility, then you're not a car guy and that's fine, you probably don't get any more enjoyment out of driving a high end sports car than driving a toyota corolla, but there are others who do. Others may for example be unable to understand why someone would buy steak when you can eat kraft dinner which will fill you up just as well, or why buy an Omega watch when a $10 walmart one will tell the time just as well, or why send your kids to a private school when a public school will teach them just as well, or any number of other things that some people will pay more for.
    Now you are getting philosophical-my advice to you then (if this BMW is what you want) is to set some relatively difficult goal for yourself and then once you achieve it go out immediately and buy the BMW.

  11. #10
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    Coming from a fellow car guy, don't bother talking about cars (or any other depreciating item) on a financial forum, it's a waste of time.

    Also coming from a car guy, old sports cars are far more fun, more interesting, and cheaper than a new one.


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