I recently heard about one of our local residents who has just purchased a pretty cool car. Being a car guy, that always gets my attention. In this case the local resident is Keith Urban who was spotted parking his $2.7 million Bugatti Veyron as he showed up for rehearsals. Now before you go crazy about how obscene this is let’s put in perspective. Yeah, Keith lives in the same county as I do so right off the bat, there’s the additional 9.25% sales tax – or another $249,750.
Keith has made no secret of his love of cars. Just a few weeks ago he was at the 100th running of the Indy 500 and talked with others there about his passion for motor vehicles.
‘I inherited my love of cars from my dad,’ he said in a statement. ‘For me they symbolize freedom, independence, adventure and so much more.’
Keith said farewell to his 73-year-old father Robert in December of last year, after losing a long battle with cancer.
As a tribute to that shared love, Keith drove his dad’s beautiful Lincoln Continental to the funeral.
But now, back to the issue at hand – is this outrageous to spend $2.7 million on a car?
When I hear the callers on Dave Ramsey’s show telling that they owe $42,00o on the car they just purchased and their total family income is $36,000 a year I want to cry. I’ve always told people that a good rule of thumb is to never spend more than one month’s income on a car. That will keep it in range and should be something you can always pay for in cash. So if someone makes $15/hour they could spend $2600 on a car. Can you still get a decent car for that – absolutely! I just purchased this primo 2001 Mitsubishi Montero for $2500 for someone to drive. If you make $48,000 a year, then $4000 would be reasonable – and so on. If you make $150,00, step up to a nice $12,500 ride.
So is our buddy Keith still in line with my formula? Well, I find that the 48-year-old has taken the No. 1 spot on People With Money’s top 10 highest-paid singers for 2016 with an estimated $46 million in combined earnings. (Not to mention that his wife Nicole Kidman makes a few coins to throw in the family pot as well.) Ah – that works out to $3.3 million a month. I say let him enjoy his ride.
What do you think? Should he ride a bicycle and give $2,699,000 to charity?
How do you give yourself a range for what you spend on a car?