I’ve never claimed to be a member of the frugal-living path to early retirement. I have a TON of respect for those folks, but I didn’t retire until we were sure we had MORE than enough to maintain (and even improve) our relatively luxurious lifestyle. As a result, this post may rub some folks the wrong way, but one of the things I have been spending my time researching and buying for early retirement is a new sports car. An impractical, relatively expensive one.
It was an excessive amount of money for what anyone NEEDS. It is purely a WANT – but I’ve become more and more of a “car guy” over the last few years and wanted to celebrate with a new BMW z4 35i Roadster. I wrote about luxury cars as my grown-up guilty pleasure last year.
I should note that this car isn’t brand new. It’s a few years old, but only has 4,465 miles on the odometer as it was a lease-return car from someone who only drove it a few thousand miles in the summer.
This is my favorite approach to buying cars: find a late-model, very low mile, luxury vehicle equipped exactly as you would want it. Thomas Stanley described this approach in one of my favorite books: The Millionaire Next Door. You have to be patient or have a good scout who can help you find the right car with the right options. This convertible has a great look to it, some of the “M Sport” (BMW Motorsports) badging and I upgraded the software mapping (Dinan Stage 2) to boost the horsepower and torque.
You pay pennies on the dollars for options like these when you are buying lease returns. It is also covered with a bumper-to-bumper full warranty for two more years. We did the same thing two years ago for my wife’s Mercedes – it had only 9K miles and several years left on warranty.
We are trading in a 2006 BMW Z4 3.0i that we have had for the last 6 summers and actually saw the blue-book price increase in 2015 when compared to the year before. It will be nice to think about this car as potentially someone’s collectible for tomorrow.
While it is quite a luxury, we did spend WAY LESS than the spending framework suggested by FinancialSamurai.com in his awesome post “The Best Mid-Life Crisis Cars To Buy”. It is an amazing list of suggested ‘super cars’ that one might consider for a mid-life splurge depending on one’s net worth. It is a fun read and makes a BMW seem affordable compared with the selections from Ferrari, Lamborghini, and McClaren!
Do you have a cool car you are planning to drive into your retirement? What’s your grown-up guilty pleasure?
Image Credit: BMW