How much should you be making to buy an M2

PoorLurker · 04-20-2016, 06:28 PM

Quote:

Originally Posted by PrematureApex

Hell, even paying down your mortgage makes more sense than putting money down on a car w 2% financing available,

Who wants a mortgage? You are going to be stuck in a house while others can rent for their whole lives moving from apartment to apartment playing with all of their toys.

Quote:

Originally Posted by CosmosMpower

These threads are pointless. It depends on so many other factors like housing cost, other investments, debt, lifestyle, other hobbies, taxes (income, property etc), how much equity you have in your current car. If you lived at home with your parents, had no debt and didn't want to save money you could probably afford the car on a 40K salary but it probably wouldn't be wise.

So true - I see people who spend money left and right on things that I feel are ridiculous. They have accumulated very little financial worth from my viewpoint. However, they have a lot of toys and/or memories.

Quote:

Originally Posted by paradoxical3

If you have any credit card debt at all, pay it off instead of putting money down on a car. The same goes for student loans, or anything with a more typical interest rate.

Credit card debt? What is it this? A thread on a Honda forum?

Quote:

Originally Posted by ASBSECU E93

To own a M2 - one must:

Make slightly less than F8x M owners, but slightly more than E9X M owners...

E92 is a classic! Wait till Evolution motors sells a 5,000 mile white ZCP carbon roof FR interior E92 for $150k in 10 years.

jtodd_fl · 04-20-2016, 07:05 PM

Quote:

Originally Posted by PoorLurker

Quote:

Originally Posted by PrematureApex

Hell, even paying down your mortgage makes more sense than putting money down on a car w 2% financing available,

Who wants a mortgage? You are going to be stuck in a house while others can rent for their whole lives moving from apartment to apartment playing with all of their toys.

Quote:

Originally Posted by CosmosMpower

These threads are pointless. It depends on so many other factors like housing cost, other investments, debt, lifestyle, other hobbies, taxes (income, property etc), how much equity you have in your current car. If you lived at home with your parents, had no debt and didn't want to save money you could probably afford the car on a 40K salary but it probably wouldn't be wise.

So true - I see people who spend money left and right on things that I feel are ridiculous. They have accumulated very little financial worth from my viewpoint. However, they have a lot of toys and/or memories.

Quote:

Originally Posted by paradoxical3

If you have any credit card debt at all, pay it off instead of putting money down on a car. The same goes for student loans, or anything with a more typical interest rate.

Credit card debt? What is it this? A thread on a Honda forum?

Quote:

Originally Posted by ASBSECU E93

To own a M2 - one must:

Make slightly less than F8x M owners, but slightly more than E9X M owners...

E92 is a classic! Wait till Evolution motors sells a 5,000 mile white ZCP carbon roof FR interior E92 for $150k in 10 years.

Preach brother.

PoorLurker · 04-20-2016, 07:31 PM

Who cares about how much one makes? Just get the BMW and people will think you are rich anyways.

If you ever can't afford to pay for the BMW, get one of these and a roomie.

The nice thing is that the bottom acts as a sofa so you can tell the girls you take home that you just like the functionality of it all.

shivaswrath · 04-20-2016, 07:41 PM

Quote:

Originally Posted by zenmaster

According to here, your total monthly vehicle expense (including principal, interest and insurance) shouldn't exceed 10% of your gross income:http://www.interest.com/auto/news/ho...-spend-on-car/ (i.e. if $8K/mo, then $800 car payment and insurance)

I agree with that, as it's sound financial advice.

Really 10%!!!

I need to tell my wife this, woohoo

Verbiage · 04-20-2016, 07:58 PM

Quote:

Originally Posted by PoorLurker

Who cares about how much one makes? Just get the BMW and people will think you are rich anyways.

If you ever can't afford to pay for the BMW, get one of these and a roomie.

The nice thing is that the bottom acts as a sofa so you can tell the girls you take home that you just like the functionality of it all.

I laughed really hard at this!!

Carnook · 04-20-2016, 08:04 PM

Suze Orman says... First you need an emergency fund (cash) equal to 8 months of living expenses. Then, after paying all your bills and saving for retirement, if you have enough money to finance over 3 years then you can afford it. Otherwise, you can't.

Most people can't actually afford a BMW even though they find a way to make the payments.

CosmosMpower · 04-20-2016, 08:15 PM

Quote:

Originally Posted by Carnook

Suze Orman says... First you need an emergency fund (cash) equal to 8 months of living expenses. Then, after paying all your bills and saving for retirement, if you have enough money to finance over 3 years then you can afford it. Otherwise, you can't.

Most people can't actually afford a BMW even though they find a way to make the payments.

If people followed this BMW would not sell many cars.

Carnook · 04-20-2016, 08:20 PM

Quote:

Originally Posted by CosmosMpower

If people followed this BMW would not sell many cars.

So true. Most people are just lucky they don't get wiped out by being over-leveraged. Pure luck.

zenmaster · 04-20-2016, 08:24 PM

Quote:

Originally Posted by Carnook

Most people can't actually afford a BMW even though they find a way to make the payments.

I'd say that's pretty bad news for their retirement.

PoorLurker · 04-20-2016, 08:26 PM

Quote:

Originally Posted by zenmaster

I'd say that's pretty bad news for their retirement.

Retirement sounds like something that people without life long goals talk about.

zenmaster · 04-20-2016, 08:41 PM

Quote:

Originally Posted by PoorLurker

Retirement sounds like something that people without life long goals talk about.

You don't typically talk about it, you just do it.

thebiglubinsky · 04-20-2016, 08:42 PM

You should be able to pay cash for the car without breaking a sweat or thinking twice about it. Then your truly ready...

zenmaster · 04-20-2016, 08:51 PM

Quote:

Originally Posted by thebiglubinsky

You should be able to pay cash for the car without breaking a sweat or thinking twice about it. Then your truly ready...

Never understood throw-away cash. Should be an instrument for creating further wealth if there is an opportunity to do so.

ClothSeats · 04-20-2016, 08:53 PM

More than you can afford, PAL.. 2-series

m981addicts · 04-20-2016, 09:52 PM

Quote:

Originally Posted by thebiglubinsky

You should be able to pay cash for the car without breaking a sweat or thinking twice about it. Then your truly ready...

Heck yeah, I paid cold hard cash to my son for his 1999 Corolla CE!

paradoxical3 · 04-20-2016, 09:55 PM

Quote:

Originally Posted by m981addicts

Heck yeah, I paid cold hard cash to my son for his 1999 Corolla CE because I wanted a beater.

I paid cold hard cash for two beers tonight. The second tab, however, I financed....guess I can't afford a couple IPAs.

thebiglubinsky · 04-20-2016, 10:12 PM

Well spoken zen master, well spoken. Ore must free up some cash every now and then and enjoy your success.

DS_BMW · 04-21-2016, 12:20 AM

Life's to short you never know what can happen day to day. I say if you want something that will bring you joy and can fit it in your budget why not...

Bimmer28312 · 04-21-2016, 12:55 AM

So many factors as everyone else has noted. I make under 120k a year(bay area) save plenty of money, 401k, help with mom financially and can easily manage a $6-700 car payment. It all depends on your priorities and at the end your gonna do what you want regardless of what we all say. Good luck!

unreg · 04-21-2016, 02:14 AM

Glad I'm never gone retire, one less thing to save for.

weyland · 04-21-2016, 02:34 AM

This thread is useful if not just to highlight the differences between taxes, mortgages, tax and just about anything to do with money between the US and your friends overseas.

I'm in the UK and it's a fascinating read.

I will however echo other peoples comments and they apply to the UK - your own individual circumstances dictate what you can and can't afford regardless of salary. That applies universally.

bobloblaw · 04-21-2016, 02:37 AM

Quote:

Originally Posted by Gatte

I pay 850$ rent.

Location: CA

Are you a wizard?

04-20-2016, 07:31 PM	#47
PoorLurker Custom User Title 1137 Rep 675 Posts Drives: a bicycle Join Date: May 2015 Location: Orange County, CA iTrader: (0)	Who cares about how much one makes? Just get the BMW and people will think you are rich anyways. If you ever can't afford to pay for the BMW, get one of these and a roomie. The nice thing is that the bottom acts as a sofa so you can tell the girls you take home that you just like the functionality of it all.
	Appreciate 3 Quote

04-20-2016, 08:04 PM	#50
Carnook First Lieutenant 132 Rep 394 Posts Drives: iX Join Date: Feb 2012 Location: USA iTrader: (0)	Suze Orman says... First you need an emergency fund (cash) equal to 8 months of living expenses. Then, after paying all your bills and saving for retirement, if you have enough money to finance over 3 years then you can afford it. Otherwise, you can't. Most people can't actually afford a BMW even though they find a way to make the payments.
	Appreciate 0 Quote

04-20-2016, 08:42 PM	#56
thebiglubinsky Private First Class 39 Rep 110 Posts Drives: 3 Join Date: Jul 2009 Location: S FL iTrader: (1)	You should be able to pay cash for the car without breaking a sweat or thinking twice about it. Then your truly ready...
	Appreciate 0 Quote

04-20-2016, 08:53 PM	#58
ClothSeats Lieutenant 341 Rep 561 Posts Drives: 17 1LE Join Date: Dec 2015 Location: Houston iTrader: (0)	More than you can afford, PAL.. 2-series Last edited by ClothSeats; 04-21-2016 at 11:41 AM..
	Appreciate 2 Quote

04-20-2016, 10:12 PM	#61
thebiglubinsky Private First Class 39 Rep 110 Posts Drives: 3 Join Date: Jul 2009 Location: S FL iTrader: (1)	Well spoken zen master, well spoken. Ore must free up some cash every now and then and enjoy your success.
	Appreciate 0 Quote

04-21-2016, 12:20 AM	#62
DS_BMW Lieutenant Colonel 1603 Rep 1,765 Posts Drives: 2022 M4 comp, 22 M240 Join Date: Sep 2013 Location: Lancaster PA iTrader: (1)	Life's to short you never know what can happen day to day. I say if you want something that will bring you joy and can fit it in your budget why not...
	Appreciate 0 Quote

04-21-2016, 12:55 AM	#63
Bimmer28312 Major 342 Rep 1,122 Posts Drives: BMW N55 335xi Join Date: Oct 2013 Location: United States iTrader: (0)	So many factors as everyone else has noted. I make under 120k a year(bay area) save plenty of money, 401k, help with mom financially and can easily manage a $6-700 car payment. It all depends on your priorities and at the end your gonna do what you want regardless of what we all say. Good luck!
	Appreciate 0 Quote

04-21-2016, 02:14 AM	#64
unreg Private First Class 89 Rep 120 Posts Drives: soon 718 Cayman Join Date: Mar 2016 Location: Pt iTrader: (0)	Glad I'm never gone retire, one less thing to save for.
	Appreciate 6 Quote

04-21-2016, 02:34 AM	#65
weyland Private First Class 75 Rep 156 Posts Drives: 2014 M235i Join Date: Feb 2016 Location: UK iTrader: (0)	This thread is useful if not just to highlight the differences between taxes, mortgages, tax and just about anything to do with money between the US and your friends overseas. I'm in the UK and it's a fascinating read. I will however echo other peoples comments and they apply to the UK - your own individual circumstances dictate what you can and can't afford regardless of salary. That applies universally. Last edited by weyland; 04-21-2016 at 02:48 AM..
	Appreciate 0 Quote