04-21-2016, 04:00 AM | #67 | |
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04-21-2016, 05:48 AM | #68 | |
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IMHO, for a car like an M2...one should be in that position: Have the ability to buy it in cash and retain your emergency fund at least. But again, don't actually buy it in cash at current rates.
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04-21-2016, 07:20 AM | #70 |
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? Yes, I agree. Have you read any of my posts?
For sure take advantage of the cheap money and finance. What I said was, a decent measuring stick is that you could comfortably buy the car in cash, not that you'd ultimate put up all that capital.
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04-21-2016, 10:28 AM | #72 |
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I've got a roommate, live in Carlsbad and have been at the same place for almost 2 years. Same unit goes for around 2050 $ now.
Last edited by Gatte; 04-21-2016 at 10:40 AM.. |
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04-21-2016, 11:11 AM | #73 |
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its really about managing your financial exposure and less about earnings. as long as you are comfortable with payment, and can comfortably make the payment between value and amount owed on car in case you need to get out of it, then go for it.
60k for a car isnt hight by todays standards. every 3 and 4 series you see was around the same price. And even thought the m2 is a hard to get car. and i personally believe it will hold its value like any m car. its best to plan it depreciated like any typical car...i woulnt bank on it doing anything outside of normal deprecation of a vehicl Last edited by Msmall143; 04-21-2016 at 11:22 AM.. |
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04-21-2016, 11:34 AM | #74 | |
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Not free... in most states you are still stuck paying tax and registration fees, which is about 10% of the cost of the car. On a new GT3, that is $15k for that 6-12 months... hardly free.
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04-21-2016, 12:56 PM | #75 |
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04-21-2016, 01:31 PM | #77 | |
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I am a horrible example. When I was 25 years old I bought an E30 M3 with 42k miles , out of warranty, and I financed $21,000 for it and sold my paid for Honda Accord and paid off some college debts with the cash. . At the time I was working in sales and I made 24k a year ! It was a stupid move right ? But If I hadn't done that I wouldn't be the bimwad I am today. Why I did it ... I was renting an apartment with a coworker and our rent for a 2 bedroom two story townhouse in Lafayette Indiana was $570 a month - yep! I paid $285 a month rent and we even had a lake front townhome ! My car payment was $527 a month I always got questions on how much my payment was. I joked with people that I was driving my house payment and my rent was my car payment. When people asked why I sold a paid for car .. I could have bought a house at 25 or put the money in the market and invested it... I got Rid of the Honda Because it was BORING AS HELL. I owned an E30 M3 for 17 years ... Finally trading it for a 1M five years ago .. And 20 years later I'm a BMW Cca chapter president , I own a home ( still paying a mortgage of course ) , I am putting my child through college and I own three BMWs. So..let this be a lesson to you! ..or something |
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04-22-2016, 06:16 AM | #79 |
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Spend every dime you have, the zombie apocalypse is coming...
Seriously though, just be smart. Don't overextend yourself too much, enjoy life and save some money while doing so. Sometimes, one can't help overextending their means for something like a dream car (or a designer handbag or shoes or both) and I think that's okay. It may be risky but life is short. Money is temporary. It comes and goes. It's earned and spent.
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04-22-2016, 06:59 AM | #80 | |
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And I bet ya the rock wouldn't be leasing an M2 .. Great way to throw away your (company's) money but not your own |
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04-22-2016, 07:05 AM | #81 | ||
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04-22-2016, 07:39 AM | #83 | |||
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04-22-2016, 08:22 AM | #84 |
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He'll just get an M6 in LBB and lower it. Strictly based on human:automobile proportion, it will look like me driving an M2.
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04-22-2016, 08:38 AM | #85 |
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You should make enough to afford the payments #endthread
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04-24-2016, 10:55 AM | #86 |
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If driving and your car are a hobby then it's not necessary to be concerned about whether it's a smart investment or asset. Lots of people blow big money on sporting and concerts and seasons tickets etc and nobody ever tells them to worry about depreciating assets. I happen to have an awesome car instead. One that can lay patch all over their smug money losing faces.
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04-25-2016, 03:32 PM | #87 |
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Normally I would say if you can't pay cash, then you cant afford it but i think you can afford an M2 base on your income, just make sure you have enough savings.
I think you want to have at least 6-12 months of expenses in liquid savings in case you ever lost your job, become sick or disabled. A couple of years of expenses in savings is even better but I know that is not realistic for most people. Put the maximum amount in your 401k, you employer may have some type of match (free money). I owned 50-75 cars over the years and I used to be on commission so I would make large down payments (50-75%) and keep my payments low, $100-200 a month, so if I ever had a long time without income, I wouldn't lose my car, house etc. I'm a big car nut and enjoy cars, but the best advice I could give you is buy a house as soon as your able. I had my first house at 26 and my move up house at 32, take a 15 year mortgage instead of 30 and pay it off early. Then take your mortgage payment and pay yourself every month (savings). The reason I own a lot of cars is that I paid my house off several years ago. Good Luck, enjoy your M2. You only live once.
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04-27-2016, 10:29 AM | #88 | |
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You could have just put the money in low-risk investments and/or savings and withdrawn it if you lost your job to pay the higher car payments...and any other bills mind you. Think about it...what would you rather have if you lost your job: 1. $30k more in the bank, with the ability to pay ANY debts/expenses with it, including your higher car payment. Or 2. A lower car payment. No brainer.
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