I'm 40....Buy the NSX now or later?

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BillyIdol

Contributing Member
Joined
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I would appreciate some help from you guys. Thank you in advance. Please be nice, this is a difficult time for me.

I have had this dream of driving the awesome sportscar since I was 15 years old. THIS HAS BEEN A 25 YEAR DREAM! You know....the Ferrari 308, the Lamborghini Countach, the Testarossa, the Lotus Esprit, etc. I have finally settled on the Acura NSX. It is rare. The car looks awesome, almost like a Ferrari F40. What I really like is the reliability and the exotic car looks! An exotic that is reliable, and you can drive it everyday, sign me up! Watching The Fast and The Furious movies has not helped either!

Unfortunately, I am getting divorced in 2-3 months. Aren't they all unfortunate? The settlement has been signed. She moved out of the house 7 months ago.

Well, on a lark, I went out to test drive an NSX. I mean, when I walked up to this car.......my jar dropped. It was red and beautiful! When I got in, I felt like I was in the cockpit of a fighter jet! I also felt like I was in a red Ferrari. I didn't know you could see the "bumps" of the hood from inside. This car felt so exotic! So low and swoopy! Photos don't do these cars justice! The roar of the engine was intoxicating! Well, anyway, the car did have too many mechanical problems.......but the seed was planted. I love these NSXs!

Well, to say the least, my ex was wild with the finances. She had this incredible urge to support her family. This caused a lot of fights. So, in order to have any money left, I cut way back on the expenses, especially the car expenses. I am fine now with my 2002 Toyota Camry, auto transmission. I have to commute in bumper to bumper traffice for 8 miles. This takes 25-30 minutes. So a manual might be a pain.

I am an elementary special education teacher. I am real good at it. I am at the top of salary schedule. I have been teaching for 15 years. I am a saver. I have always been practical. Well, a year ago, when I wanted to buy a business, my wife says, "If you buy a business, I'll divorce you!" I started a business 5 years ago, it didn't go well, but I have learned from my mistakes. I want to buy an ongoing business that is stable. When I buy it, I will have cashflow from day one. I will also be bringing in investors......Other People's Money!

Buying this business is very important to me. I don't want to become distracted. I'm afraid that if I buy the NSX, that I will be so excited about it that I will get distracted. Also, if I want to close on a million dollar business, sometimes you need to have up to $70,000 in closing costs ready to go. I may need the money, or I might not. But when you need 50k to close the business, you need 50k!

At first, I was thinking, "Wait......buy the business, then get the car!"

But another (aggressive) side of me says, "BUY the car, AND buy the business! LIFE IS SHORT, TIME IS PRECIOUS! I'M 40 YEARS OLD! WHAT AM I GOING TO DO, WAIT TO BUY ONE WHEN I AM 60? SHEESH!!!!!" Sometimes a car can inspire you to be more and do more, sort of like a beautiful woman!

I don't NEED the car! I WANT the car! I mean.....buying an NSX has nothing to do with practicality other than living my dream of having an NSX! Achieving dreams is also important. I guess I want to "treat myself" to something nice after a miserable 9 year marriage and divorce! I guess I feel that I "deserve" it!

What would you do?

How has buying an NSX changed your life?

Buy the NSX now, and buy the business?

Or buy the business first, then buy the car?


Thanks,
John
 
john, as you said "life is too short" and yet you will never know what is gona happens next ?

i say go for it. beside you can always sell it if you feel the need for something else. of course, it will not depreciate that much either.

good luck.

-nat
 
Hi John,

Sorry about the divorce, or should I say congratulations since you called it "a miserable 9 year marriage"...=)

IMO, you're in a pretty tough spot. What I would probably ask myself:

If I bought the business, how soon can I afford the NSX, and can I wait that long?

If I bought the NSX, can I still buy the business? If not, how long would it take for me to save enough to buy the business, and will that business opportunity still be there?

If you are buying into a profitable million dollar business, I don't think it would take you very long to save enough for your NSX, so personally, I would buy the business. If all goes well, you can buy a lot more than just an NSX, perhaps a big house with a big garage to park your NSX in, and perhaps a kick ass daily driver to give your NSX a break during the week. The possibilities are limitless once you have the cashflow...=)

Just my .02 cents...

Good luck with your decision...

Levi
 
I say buy it! It wont cost you 50k if you have to sell the nsx! I'm 29, about to get married...thanks for the words of encouragement!:eek: :eek: :eek: Just kidding! :wink:
 
Sorry to hear about your divorce... but it sounds like your downturns can be turned into opportunity.
Before buying the business or the car, ask yourself a few questions....

1) Buying the NSX... its usually not whether you can afford to buy the car or not... its whether you can afford to keep it... remember the price of oil changes, tires, bodywork, everything, is significantly higher than that for the Camry.

2) Buying a car can affect your credit score for buying a business... it is easier to buy a business first, then to buy a car based on getting loans (at least in my experience). But you may want to check with your bank or accountant.

3) Buying a business has hidden costs as well. Taxes, employee liabilities, maintenance, etc are oftentimes not disclosed by a seller. Be careful with your purchase.

4) In terms of 1&2 above... its usually not the absolute price that is significant, but more the monthly payments... check with your bank and look at your finances and see what you're able to buy with making monthly payments on a car and business purchase. Be sure to have reserve money left over for insurance and emergencies and you should have a good picture of what you can afford.

Good luck!
 
Well I'm in a little different situation. I'm 26. Never married, no kids. I'd been lusting after an NSX since I was 22. I finally had the financial capabilities to get one..... but I was really dragging my feat. Didn't know if I wanted to drop the money. My buddies said, "life is short, you may get hit by a dump truck tomorrow on the way to work... who knows? If you have the ability to get it, and you want it that bad.. do it!" And you know what? I'm glad I've taken their advice. I would buy it now. Enjoy it while you are young enough to enjoy it. If you ever need cash flow later.. you could always sell it.

P.S. Congrats on an end to stressful things!
 
Hi John,

I am 36, selfemployed and divorced as well... As long as your financial backround allows you to purchase an NSX, do it.
After purchasing it you will get distracted as long as the child in you want to play with the toy. Some weeks later it will put back power to you after work while you are driving it.

Regards Michael
 
24 no wife no kids, you should do it ;) nsx is amazingly practical for what it is, then again its the first car ive ever owned that had a real "trunk" :D
 
Hello John,

buy the business.

car will always be there but if the opertunity a good sound business is passed by.... you might just have to wait till your 60 to buy an nsx and live a comfortable life style.

get the business if it is sound, in a few month/years you'll have returned more than you invested and have extras left over for the toys.

you can get the toy now... and miss that opertunity to establish the future.

if you can afford both, get both but dont strech to satisfy the now at the expense of the future.

i see people every day driving expensive cars.. which they dont own. they lease to "show" or are paying out their nose to make car payments and insurance.

"life is short" metality is over used to justify unreasonable purchase..... the odds are in your favor that you wont get hit by a dump truck..... what turns out to be a "short fun filled life" in reality plays out to be a long stress filled rat race where you kick yourself cause you missed that business opertunity to make this life long and luxerous.

car is not a liquid asset... you cant sell it if you need cash to close a business deal. the only way to make your car a reasonable liquid asset in a short period of time is to sell your car at below market value at which time you take a loss. Its silly planning if you know there is a chance you might need the money in the future for a business. I can only think of one or two things in life that is more painful than selling your dream while still coming up short.

im 23, i had an nsx since i was 22. I earned it all by myself, no hand outs, no daddy's money, just hard work. I could have splurged on an NSX instead of putting it into my business, instead I purchased a car with in my means at the time and put the rest into my business... but now, i have had 4 nsx with 2 currently sitting in my garage amongst other cars and am just going to upgrade to 21 foot boat from a 16ft ( picking it up tomorrow ). I own these cars/toys out right with 0 debt due to the cash flow from my business/good saving habits and have been in the black for quite a few years now. its nice living stress free and with out the uncertainty of if your going to make rent and car payments.

you can have your fun, live the good life now and establish your future... but it all takes good and sensible planning... lol however i still cant spell if my life depended on it.

if you dont have enough cash sitting in the bank to buy it out right.... then its above your/my means in my books. Thats what my mother told me and it has served me well since my first purchase long long ago. your priorities might be different than mine however... but im sure your emotional after a devorce and 7 years of nothing being able to spend your money the way you see fit can also be troubling.... but thats no reason to seller your self short once again.

good luck either way.
 
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After you have handled all of your BUSINESS, both literally and figuratively, then you can go and buy the car of your dreams.
 
Yeah, not that you need to hear it again, but sorry about going through the divorce- everyone should do it once. (I did).

As far as car/business....I have to vote for the business first then the car.

Please consider for a minute having someone (forensic accountant?) do an independent assessment of the financial health of the business to make sure someone hasn't cooked the books to make the business appear profitable just to unload it. Yes, people do that unfortunately.

At 40 you are not old and can still buy an NSX in a year or two once the turmoil in your life settles and then you will enjoy the success of the business as well as the beautiful NSX.

On another note, God bless you for the work you have done as a teacher. Thank you.
 
As a celebration of your divorce, go out and buy the NSX. Be thankful that you didn't have one before your divorce because otherwise you may have lost it. The week after my divorce papers were signed, I went out and got a G35 Coupe. I wanted one during my marriage, but didn't get it because I wanted to compromise with the crazy biatch.

Do it and don't look back. :smile:
 
Interesting story.

Truly, you're the only one that knows your finances and priorities so take all our opinions with a grain of salt. Here's mine.

As much as I'd like to say "get the NSX" given your situation, it really shouldn't be done first. Perhaps very shortly after buying the biz, but not beforehand. Someone else posted a very good point about financing (an NSX) impacting your ability to finance a business purchase. I'd add that there is very significant risk in buying a business, even more so if you haven't done it before. We spend months diligencing a business purchase, and those are for much larger/stable operations. And even then, if we pull the trigger, we don't entirely know what we've *really* bought until 6 mos or a year after the transaction. Point being, wait a year after buying a business and you will have a MUCH better idea of whether you can afford the NSX or not.

Rent a Ferrari for a day and drive it back & forth in front of the ex's house. :biggrin:
 
Cairo94507 said:
Yeah, not that you need to hear it again, but sorry about going through the divorce- everyone should do it once.
Click to expand...

I completely disagree with this statement. No one should have to go through it. Anyways, I am 21, married, and will be working at my familys used car/body shop business for the rest of my life (which is a good thing). I spent most of my money on our house, so I couldnt afford an nsx right away. My wife knew that I wanted another nice sports car since I didnt have the carrera anymore. Two months after we got married and moved in, I was able to purchase a 1991 with only 21k miles.

You dont have to fork out 50k, 60k, or 70k to have a great nsx. You can buy a perfect 91-96 with extremely low miles for under 45k easily. This means that you wont have a ton of money invested in your car, but you still have the car of your dreams (its not like they look any different from a 2001 model). You can take the rest of the money and put it toward your business. Banks are always ready to give a loan to someone wanting to start their own business. You can even use your car as collateral.
 
That's an easy one. Buy the business first! I feel bad in saying it, but the fact that you're even considering the NSX before your business is throwing off enough money to buy it for you is a bad sign - IMO of course. If you're serious about the business then MIND it, allow it to buy your NSX, and then consider the tax strategies that may be involved. :wink:
 
I also went through a divorce at 40, and was looking at buying a new NSX at the time and blowing my half of the proceeds of the sale of the house. After some consideration I decided that I had better use for the house money was buying replacement housing and savings. I waited about 4 years to give me time to get over the divorce and get my finances in order then bought my NSX. :biggrin:
 
Coming on NSXprime and asking people if you should get an NSX is in a way asking for reassurance on what you want to do anyway. :wink:

Frankly, after reading your post I am more worried about this business venture than your NSX purchase. Very few people sell existing businesses that are doing well. There are almost always hidden problems and issues. Of course they always have a legit-sounding reason as to why its being sold.

You said you are a teacher, do you know a lot about this business you are going into? From the sound of it, you have not been involved in such a thing directly before. Therefore, you will be at the mercy of the management that is now running the business. If you are not sure what I mean by that right now, you will definitely feel it first hand soon.

I would bet even 6 months from now when you do a search, you will still see NSX's for sale. What is your rush? 40 is not old. In another year, 41 is still not old. Sorry John, not buying the "if I don't do it now" story. :) Sometimes after a big change in life there are holes, and we try to fill those holes with something... not always the right thing.

I wish you the best of luck of course, and want to see another NSX owner here. But I personally would be hesitant to do anything like a major purchase right before I was about to plunge into a risky venture.
 
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TURBO2GO said:
Coming on NSXprime and asking people if you should get an NSX is in a way asking for reassurance on what you want to do anyway. :wink:

Frankly, after reading your post I am more worried about this business venture than your NSX purchase. Very few people sell existing businesses that are doing well. There are almost always hidden problems and issues. Of course they always have a legit-sounding reason as to why its being sold.

You said you are a teacher, do you know a lot about this business you are going into? From the sound of it, you have not been involved in such a thing directly before. Therefore, you will be at the mercy of the management that is now running the business. If you are not sure what I mean by that right now, you will definitely feel it first hand soon.

I would bet even 6 months from now when you do a search, you will still see NSX's for sale. What is your rush? 40 is not old. In another year, 41 is still not old. Sorry John, not buying the "if I don't do it now" story. :) Sometimes after a big change in life there are holes, and we try to fill those holes with something... not always the right thing.

I wish you the best of luck of course, and want to see another NSX owner here. But I personally would be hesitant to do anything like a major purchase right before I was about to plunge into a risky venture.
Click to expand...
Amen brother!!:biggrin:
 
Buy the Business first and everything else will come rollin in. I am now sellin the NSX because I just bought a Ferrari 360, check out my profile below to see all of the toys I have accumulated.
 
Hi,

I'm a 43 year old business owner. Just looking to purchase my first NSX. I'm enjoying the voyage. I haven't owned a car in 4 years. Just poured money into developing the business.

Congratulations on deciding to get into business for yourself. There is no greater rollercoaster ride in the world. You can be on top of the world or up s- - -'s creek all in the course of 5 minutes!!

When I was deciding to go into business on my own here is what I realized. I was sitting in a room with about 25 business owners ( I worked for HQ and supported these guys). I had them over at my house and I was very fortunate. I listened to the owners talking about business and their experiences. They were running businesses anywhere from $7mil to $105Mil. Listening, I suddenly realized that these guys weren't any smarter than me (well....some were:biggrin:) nor did they possess a greater work ethic. The main difference I found in the group between them and me was their willingness to take risk.

They all decided how much risk they could manage and dove in. I did the same 6 years ago and never looked back. There will never be a "perfect time" to go into business or buy that perfect car.

Assess your risk....make your decision....and just do it!
 

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