Should I buy the New Lotus?

I have $90,000 invested and $120,000 in Savings. Should I go ahead and buy my dream car the 2008 Lotus Elise for $43,000?

Should I buy the New Lotus?
Yes! The Elise has been a great car for Lotus and this is the cars fourth year for sale and reliability has been good. However, I would test drive the car first and make sure you like how it handles as well as it looks. Furthermore, I would recommend considering a lease as cars depreciate. You still have the option to buy it out at the end of the term if you want to keep it. Just make sure the cap cost on the lease is the same as you negotiated for a selling price.
Reply:Now, I don't know your financial situation, and I'm not going to ask. But I would suppose that if you have to ask whether you should buy the car, perhaps the answer is no.





$90,000 invested and $120,000 in savings is a tremendous accomplishment. You're miles ahead of the average American.





But on the other hand, everyone can afford to save more. And if you want to buy a Lotus Elise, remember that it is not for day-to-day usage, but just a car on the side.





There are plenty of people who have net worths of over 1 million who do not have a Lotus Elise, and don't even have primary cars over $40,000.





Obviously, since I know nothing of your income, age, marital status, or other key factors, I can't give a true recommendation. But I can say - you can always save more!





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Reply:Gosh, if you can afford it, go for it!
Reply:No, save your money. This car is only useful on the track. It would be terrible daily driver. British cars are not known for reliabilty either. When it breaks, it will be expensive and timely to fix. And bear in mind, auto insurance absolutely will not cover a vehicle used for racing. It is not unreasonable to assume your insurer will investigate a wreck on a track and deny coverage.
Reply:The lotus is a great car for the track, but if you plan to drive around town or use it as a commuter car it's far from the best choice. Look at the Mercedes SL, Jaguar XK, Porsche 911, or Audi R8.