[Naz24]

OP,

I'm a few years older than you (25). But let me lay out what i did, and maybe it'll resonate with you.

I (like you) have been saving money for a long long time, through various jobs in HS and College. 6 Months after graduating college, i purchased a 2 family home with my sister. We figured out a way to cut our exposure and my monthly charges are around $1100 (beacuse of tenant income).

I leased my M3, here's why:

Lease a depreciating asset, own an appreciating asset.

Go sell your car, save some money for a down payment on a home, and lease something (hey it can be an M3/4!) Putting 23k of liquid into a depreciating asset just isn't smart at your age.


EDIT: Just ran math on your income, you net around 4,000 every month in income after taxes/health insurance, etc. You spend 3k just between loans and apartment. That leaves you $1k for car, food, insurance, etc. You should be careful...

[yourcakeisready]

Originally Posted by chaungo

^
And they think you're mid thirties, have a wife, kids.

Honestly, you're 23, unless you expect to have a kid or wife soon, buying a house now is the financial mistake. 60k car vs 200k+ house.

Who cares if it's depreciating, you don't buy cars for an investment, you buy it for your own means and to have fun and enjoy yourself. Most of the house buyer advice givers here are very late twenties or thirty plus age.

I'm looking at older M3's - but my itch to get the M6 lingers

Originally Posted by zx10guy

I bought my first home when I was 27. I lived at home to save up and pay off enough of my bills to be in the position to buy the home. I did get parental help in easing the load of getting into my first home. But had I just YOLO'd to the BMW dealership and bought an M3 at age 23, I wouldn't be in any position to buy my first place even with the parental help. Instead I bought a lowly Chevy Cavalier.

Ok - but you never once stated your income within this paragraph. What was it / is it now?

Originally Posted by BuzzE46

Here's what I have to say,

Obviously a car is a depreciating asset, it sucks. However I get where OP is coming from. Lifes short, If you can afford it and truly want it then go get it. Because in the future, lets say OP decides to get married buys a house and pays bills, its hard to get an //M car like that.

Im 23, I only make 45k a year, I have 2006 M3 E46. I love the car but some days I
want an E92 M3 and an f80 but an f80 isn't financially in my range so ill have to wait down the line.

I live in Queens NY and it sucks b/c houses here are expensive. a lot of kids that are 20 are driving 80,000 cars, AMGS and brand New M's, sometimes getting a new car every year. there trust fund babies. Its frustrating.

Do what you want to do,
have you looked at 2013 m6's? what about an e92 m3?
I would look for a CPO M4 or get a good lease deal.

Do what makes you happy, but be wise and budget your money if you decide to get the car.

good luck brotha

Thanks - if you were making more than 45k, do you think you would've bought a newer car that was out of your price range?

[yourcakeisready]

Originally Posted by Naz24

OP,

I'm a few years older than you (25). But let me lay out what i did, and maybe it'll resonate with you.

I (like you) have been saving money for a long long time, through various jobs in HS and College. 6 Months after graduating college, i purchased a 2 family home with my sister. We figured out a way to cut our exposure and my monthly charges are around $1100 (beacuse of tenant income).

I leased my M3, here's why:

Lease a depreciating asset, own an appreciating asset.

Go sell your car, save some money for a down payment on a home, and lease something (hey it can be an M3/4!) Putting 23k of liquid into a depreciating asset just isn't smart at your age.


EDIT: Just ran math on your income, you net around 4,000 every month in income after taxes/health insurance, etc. You spend 3k just between loans and apartment. That leaves you $1k for car, food, insurance, etc. You should be careful...

Sorry - you will need to crunch numbers again as people keep seeming to forget that:

1). I don't have any living expenses yet, but may potentially be in one in 8-10 months.
2). I work from home currently - so I have literally close to zero expenses, (aside from SL)
3). I don't make 70k annually - that is my base income not including my other income.
4). If I do get the car, I will not be spending $2,000 a month, it will be $1,500.

[Naz24]

Originally Posted by yourcakeisready

Sorry - you will need to crunch numbers again as people keep seeming to forget that:

1). I don't have any living expenses yet, but may potentially be in one in 8-10 months.
2). I work from home currently - so I have literally close to zero expenses, (aside from SL)
3). I don't make 70k annually - that is my base income not including my other income.
4). If I do get the car, I will not be spending $2,000 a month, it will be $1,500.

Ok fine, let's try again then, i'm in finance.

$90,000 / 12 Months: $7,500 * Tax rate ( .65 after state/fed) = $4,875, add in healthcare, 401 (k) contributions, etc, youre closer to 4k, maybe 4,200.

You can't depend on your "other income" god knows what it is, if the market tanks, so does your "other income".

Question, if you were to lose your job today, with all these expenses youre laying out, how long could you stay afloat for? Should have a 6 month slush fund at minimum

Move out dude, buy a house and get a 2011 e92 M3 for low 30k range, it'll give you just as much enjoyment at half the cost.

PS, i make more than you do, and still felt guilty getting the M3

[KingOfJericho]

$1,500/mo on a car is outrageous. We have three cars and spend a little over half that.

[BayMoWe335]

Originally Posted by KingOfJericho

$1,500/mo on a car is outrageous. We have three cars and spend a little over half that.

Dude, this guy makes $70k...he's got it handled. All of us are wrong.

[zx10guy]

Originally Posted by yourcakeisready

I'm looking at older M3's - but my itch to get the M6 lingers



Ok - but you never once stated your income within this paragraph. What was it / is it now?




Thanks - if you were making more than 45k, do you think you would've bought a newer car that was out of your price range?

I was making $67k a year. I've hinted at what I make now in a previous post but it's not really relevant as I'm at a different stage in my life versus where you are. But the $67k figure should resonate with you as it is an apples to apples comparison. And if you're wondering, that first house was purchased for $143k with 5% down because I qualified for a special financing program which didn't tack on PMI with an interest rate of I think 6.375% which was a pretty decent rate at the time.

[BuzzE46]

I would only buy another car if I was making 70k, I work in back office at a brokerage firm. it sucks hours and pay but I want to change my career soon. I really wanted an M4/or F80 M3, but I love my M3 E46, I have bolt ons and all that its clean so I am keeping it for now. I also love the E92 and a high screaming 8300 v8 would deff be fun to have. they are going for around 35k u an buy a new one, just do some mods and it all comes out cheaper then a new M car.

However I live at home and I don't have loans.

Since you have loans Id go the safe route. ZCP M3 e92, throw some rims and catless headers and tune and youll be very happy. I guarantee it.

Would I love a brand new M? of course!

but that's for the future.
go the safe route. I debated this too not too long ago.

youll finance a 75K car that in 4-5 years after you pay it off, it will be the same worth as an E92 M3.

consider everyone's suggestions
Just follow your gut bro.

[zx10guy]

Originally Posted by yourcakeisready

Sorry - you will need to crunch numbers again as people keep seeming to forget that:

1). I don't have any living expenses yet, but may potentially be in one in 8-10 months.
2). I work from home currently - so I have literally close to zero expenses, (aside from SL)
3). I don't make 70k annually - that is my base income not including my other income.
4). If I do get the car, I will not be spending $2,000 a month, it will be $1,500.

Are you reporting that other "income" on your taxes? If you are going to claim that income as part of your pool of resources, finance companies look at variable income like that very different than a straight salary. There are specific guidelines they follow to even consider that as available financial resources which will affect what they feel you qualify for. Also, they may not take all of what you report as available income to factor in the variability. But they'll want proof of this income which means tax returns.

I'm in a pre sales role now and don't bother reporting my commissions as part of my income when applying for financing. I do everything off of my base.

[zx10guy]

Originally Posted by Naz24

Ok fine, let's try again then, i'm in finance.

$90,000 / 12 Months: $7,500 * Tax rate ( .65 after state/fed) = $4,875, add in healthcare, 401 (k) contributions, etc, youre closer to 4k, maybe 4,200.

You can't depend on your "other income" god knows what it is, if the market tanks, so does your "other income".

Question, if you were to lose your job today, with all these expenses youre laying out, how long could you stay afloat for? Should have a 6 month slush fund at minimum

Move out dude, buy a house and get a 2011 e92 M3 for low 30k range, it'll give you just as much enjoyment at half the cost.

PS, i make more than you do, and still felt guilty getting the M3

I can definitely identify with you there. I felt all sorts of guilt buying the 135i. It took about a year before the guilt wore off.

[bimmette]

I thought you were a serious BMW enthusiast and that's why you really want an M at your young age, and yet you don't know what an e9x is. Now I feel like you just want to show off, to pick up chicks with an m6. Let me tell you, you don't want the kind of girl who likes you for your fancy schmnancy car.
Go drive an older m3 and tell us it's no fun. I've driven an m6 and honestly I'd still choose an e93 m3 over it.

[RJ_]

Yikes, man. This thread is entertaining. The math works out, do what makes you happy.

You ever hear body builders get offended when people say they don't want to workout as often so they don't get "too big"? As if by some stroke of luck strong people got strong. That's what you sound like with your "I want to get into real estate some day and own a bunch of properties and not work."

Maybe you don't realize that requires a ton of work and saving and dedication to get there. Maybe you do, idk, but what is your plan?

Right now it sounds like:
1. Live at home
2. Spend net worth on M6
3. Sell ghetto fabulous clothing
4. ????
5. Become real estate mogul

Would you pitch this business plan to investors? You are the sole investor in your future right now and you're going all in on this.

[BuzzE46]

I know some people that wan the newest thing out and are not enthusiasts. When I bought my M3, some kid said why didn't u get the new one, I was bombarded. I love all M cars.

[InternetFame]

Originally Posted by BuzzE46

I know some people that wan the newest thing out and are not enthusiasts. When I bought my M3, some kid said why didn't u get the new one, I was bombarded. I love all M cars.

Bingo.

[InternetFame]

TBH I've only owned older cars and if I'm gonna be paying monthly for something, then the shit has to be worth it.


I'm also leasing mine because fuck a finance payment on a depreciating asset.

[Joekerr]

Originally Posted by Joekerr

I'm starting to doubt your profession. However, if you are that successful at selling hoodies for crazy prices (btw I looked at ebay for supreme hoodies and the highest I saw was $320, so still don't know how you sell for $1K), why don't you just buy an E92 M3 for $30K, turn around tomorrow and sell it to your base of suckers for $50K, rinse and repeat and then you will have enough profit to get your M4?

If you are as good as you say that is.

Originally Posted by yourcakeisready

Because if you go on eBay, most sellers sell 'offsite' through either pick-up or paying PayPal directly through invoice so we don't suck a 13% loss selling directly on eBay. Which is why you won't see these gray market sales.

Mmmkay. So you say sellers (like yourself) go offsite to avoid paying 13% to ebay. You say this is the gray market sales. Explain to me then why a buyer, who could go to ebay and buy this hoodie for $320 (at top end), would EVER go to you in the gray market and pay you $1,000. You make no sense. And that is scary. Thankfully, it appears you do not advise other people, but instead work as an employee with hopefully someone above you who can correct your output before it goes anywhere where it might be relied upon.

[yourcakeisready]

Originally Posted by InternetFame

TBH I've only owned older cars and if I'm gonna be paying monthly for something, then the shit has to be worth it.


I'm also leasing mine because fuck a finance payment on a depreciating asset.

Ok wait... what the actual fuck? You won't finance a car but throw money away on a lease???

Unless you have a business to get a break on lease payments???

[yourcakeisready]

Originally Posted by Joekerr

Mmmkay. So you say sellers (like yourself) go offsite to avoid paying 13% to ebay. You say this is the gray market sales. Explain to me then why a buyer, who could go to ebay and buy this hoodie for $320 (at top end), would EVER go to you in the gray market and pay you $1,000. You make no sense. And that is scary. Thankfully, it appears you do not advise other people, but instead work as an employee with hopefully someone above you who can correct your output before it goes anywhere where it might be relied upon.

I'm sorry but I'll be as polite as possible - you are literally a fucking idiot lol and that is coming from a kid that is asking about this purchase lol

[InternetFame]

Nah just wanted a lower monthly payment. Can also get something else in a few years if/when I'm bored to coincide with the end of the warranty period.


Lol it's really not rocket science. It's most logical for my subjective situation.

[RJ_]

Originally Posted by InternetFame

Nah just wanted a lower monthly payment. Can also get something else in a few years if/when I'm bored to coincide with the end of the warranty period.


Lol it's really not rocket science. It's most logical for my subjective situation.

Get out of here with your honest assessment of your individual situation!

[yourcakeisready]

Originally Posted by bimmette

I thought you were a serious BMW enthusiast and that's why you really want an M at your young age, and yet you don't know what an e9x is. Now I feel like you just want to show off, to pick up chicks with an m6. Let me tell you, you don't want the kind of girl who likes you for your fancy schmnancy car.
Go drive an older m3 and tell us it's no fun. I've driven an m6 and honestly I'd still choose an e93 m3 over it.

How could I be a serious M enthusiast when I don't currently own one? I don't know ya'lls terminology but I'm assuming E9x is "short" for E90????????

Originally Posted by RJ_

Right now it sounds like:
1. Live at home
2. Spend net worth on M6
3. Sell ghetto fabulous clothing
4. ????
5. Become real estate mogul

This made me lol thank you



For those asking why I don't move out - I don't have any family issues, I want to save money, (even though I want M car), and I have no real reason to not continue doing what I'm doing. If I were 26-28 then yeah I would argue the case to move the fuck out, but I'm not. And I'm most likely going to have to move out anyways if I want to receive the promotion.

[ddk632]

I keep wanting to comment on this thread, but I just can't. I give up.