GRM toy budgeting? How many? How much?

As a % of Gross income (transports to any income and enables everyone to speak on same terms) what does your GRM fun budget look like? How many toys do you have and what was the acquisition costs + initial prep? What do you spend per year on event fees, toy maintenance, mods etc.?

I've been kicking around buying something "Finished" vs projects and have no idea where to start for a reasonable budget.

For me I have 3 toy/projects. The Kart and MG are GRM type toys and cost me ~3.5% to acquire. The VW bus is a family thing and it was about 1.25%.

Annually I'd say right now I spend 1% on car stuff.

Both these numbers are I'd assume very low? If I included tools in budget it would be higher but really not radically maybe double for total acquisition costs.

Don't feel pressure to share your numbers. Just wondering how this has worked for other people.

what is this "budget" of which you speak?

sounds like one of them ferrin words..

Like 1.25-2% if you count insurance and gas and modifications, I pay cash for everything so no payment.

I have a kind of different rule, no more then 5% of net-worth in cars at any given time. I invest more money I can buy more cars.

I like the net worth based idea. That makes a lot of sense if you have a positive net worth. I'll have to pull numbers together on that.

Ran the numbers and looking at around 8% now. Maybe I will wait a few years before I make any changes..

food on the table, roof over head...whatever is left...life's short, let's party

I have nothing, spend nothing. Zero percent.

Maybe I'll get to about 50% next week.

novaderrik wrote: what is this "budget" of which you speak? sounds like one of them ferrin words..

I think it's one of those words that people who want your money use. I don't listen very well.

The girlfriend and I are both racers, so a solid 8%+ of our combined healthy income goes into our racing/Motorsport/travel for same budget. Having 2 professional incomes and no kids certainly helps.

If I live long enough to regret what I've spent on cars, I won't regret having spent it on cars. Going stupidly fast, winning races, a championship, a couple track records, awesome friends from racing, and having my awesome wife there when much of it happened is so, so worth whatever it cost.

30-40%, or as much as 50% if you include gas. I can see how you could spend less than 5%, but I lack the patience for that. I'd rather kick myself for not saving enough than for not doing enough.

nocones wrote: Both these numbers are I'd assume very low? If I included tools in budget it would be higher but really not radically maybe double for total acquisition costs.

Are you including time-value of the money you spent on the car? Insurance? Taxes?

My S2000 was costing me ~$2500/year before I even drove it. Big reason for selling it. If I factor in time to work on the car, the garage I have primarily for working on cars and would not be necessary without a car hobby, tools, etc. the number gets way higher. Factor in actually attending events, modifying the car, tires, brakes, etc. and the budget is pretty insane.

And then you've hit on why I haven't autocrossed in a long time. I love it, but its hard to justify that kinda coin, especially when I weigh it against having a few hundred thousand extra down the road, or retiring 10 years earlier. Bicycling is fun and a whole E36 M3load cheaper :)

In reply to ProDarwin: It's relatively cheap if you attend 4 or less events a year that are close to your home, run your daily driver, and use ultra high performance summer tires.

Good lord, you guys are some sorts of cheap.

I spend easily 25% of gross a year on racing... and I don't make chump change! Maybe my priorities are wrong lol

i'll spend whatever i can afford to get what i want for my car(s) and do what i want with my car(s).. working on my POS cars is what keeps me sane, and my sanity is worth more than i'll ever make in any given time period.

i made the mistake of keeping every receipt for every part i ever bought for my Nova- which i compounded by making the mistake of adding them all up one night when i was bored.. never again will i make those mistakes..

I've actively refused to add up what I spend

pretty much I spend, go where/when I want to for a-x and track events …

when the cc gets too large for me to comfortably pay off each month, I back off for a month or two … then have at it again

I'm with wb, except I don't race on a credit card at all, if I can't swing something cash, it doesn't happen. The race budget is last on the list after the kid, the house, something in the IRA each month, groceries etc.

Having said that, I got sorta lucky (depends on your POV ) over the last few years and the house is paid for except for the credit card I used to pay for fixing it up. I refuse to have a car payment. My reasoning: if the feces were to strike the air moving device I want as little outstanding debt as possible.

Can't estimate the income percentage thing. Used to keep a toy slush fund, eventually just rolled that into checking. After all the bills are paid it's toy time. If there's a sale on tools, parts or a deal you can't pass up I'll just pop on it. Working too much OT and no time to spend it recovers pretty quick.

Although I'll keep receipts, I've learned like others never to add them up.

Not sure onthe budget %, seems like figuring that would be as bad as figuring out what ive spent on a car

I added up everything on one project a while back and it basically ruined the car for me.

Ill never do that again unless its a GRM challenge or Lemons type deal.

I'm not even willing to determine the percentage. It is as irrelevant as asking a heroin addict what they will be budgeting for the year.

The answer is always whatever it takes.

Ranger50 wrote: I have nothing, spend nothing. Zero percent.

QFT

lol, budget. I make a budget and end up breaking it. Started off with $5k budget for a 2nd car, then went to $10k budget, now i'm about to break that. The budget was for car + mods + things that need replacing like tires.

Instead I have a goal. Make a reasonable goal and spend everything I need to in order to reach it. By reasonable goal I don't mean have a 1000hp supra drag car. Like my goal right now is build my Skyline to around 300whp with all supporting mods. Then i'm done. I'll stick to it too, in my WRX I just wanted Stage 2 plus handling and when I got there I was done.

Giant Purple Snorklewacker wrote: I'm not even willing to determine the percentage. It is as irrelevant as asking a heroin addict what they will be budgeting for the year. The answer is always whatever it takes.

"I don't view my savings/spending habits as an expense problem, but as a revenue problem"

In short, I just find ways to earn more money. I personally have spent over six figures racing since 16 (now 26). I could have a condo paid for, but you can't race a condo!

Curmudgeon wrote: I'm with wb, except I don't race on a credit card at all, if I can't swing something cash, it doesn't happen. The race budget is last on the list after the kid, the house, something in the IRA each month, groceries etc. Having said that, I got sorta lucky (depends on your POV ) over the last few years and the house is paid for except for the credit card I used to pay for fixing it up. I refuse to have a car payment. My reasoning: if the feces were to strike the air moving device I want as little outstanding debt as possible.

I use the cc for the rebate from them … if I pay cash, that's it … if I pay with the cc I'm at least getting from 1 - 5% rebate

about the only place I pay with cash is at one of my go to shops … they discount the charges if I use cash … considerably more than the rebate from the cc company

Mr_Clutch42 wrote: In reply to ProDarwin: It's relatively cheap if you attend 4 or less events a year that are close to your home, run your daily driver, and use ultra high performance summer tires.

Correct, running my DD in STS was way cheaper. But I'm not building an autox car for 4 events or less per year.

Still, even racing the DD, its probably an extra 2%/year over just driving the car to work. Mods, extra mileage to/from events, entry fees, etc.

Racing is expensive