Quote:
Originally Posted by Neil B
Nearly 30% of the survey respondents say they make between $100K - $250K plus whatever spousal income they have. I would have assumed this given the level and quality of builds on this site. What's really interesting is that everyone is claiming not be be a millionaire. I mean come on, if you're making $250K a year and you don't have 1M+ in net worth, how in the heck are you going to retire? Are you going to live in your $100K Camaro? : )
I think a more interesting question would be what percentage of your net worth are you comfortable investing in a car?
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A common thing with people is that they rarely feel rich. Here's an article based on a study of pure millionaires, aka people who have over a million dollars in investments.
http://blogs.wsj.com/wealth/2011/03/...-feel-wealthy/
42% didn't feel wealthy even with an average net worth of 3.5 million dollars.
It's very easy to see the next guy who makes more than you do, has a nicer house, or more applicable a nicer car and feel like you aren't rich.
Anyways, to answer your question. Based on my current income level, the fact my car took 4 years by the time it's done sometime next year to be done, I will have spent probably around 6-8% per year on average doing all of the work myself, and having changed directions which cost me some money. I am in the lower middle part of the 30% you point out.
It's about equivilent to financing a 35k car over 4 years, and only getting the car when it's completely paid off.