Originally Posted by Kung Fu English
How are you gonna get a 300k car for 1100 a month? Put 220k down? Or finance over 200 months? 300k for 72 months is 4300/month.
Your post actually doesn't make sense.
I'd imagine those in position to pay 1100/mo on a car are also already paying a mortgage or whatever they need to live on. You are combining the two for some reason but they are mutually exclusive.
Why wouldn't you pay 1200/mo for an M3? Financing at 3%, that down payment can probably make more being invested. And 3% is probably lower than any of the other debts people have, hell even undergrad stafford loans are 3.4%.
Saving up for a down payment means you can't invest the money when you earn it nor when you spend it. It's actually kind of a waste.
Negative, new guy on the forum.
We are getting a lot of you kids these days. lol
I have owned 10+ cars since 1990 and can tell you from 23 years of experience that buying a car thats $1200 a month is plain stupid. Sorry its true. I don't care what percent you have, it is just not a smart move for everyone. I can go on all day long.
Some folks on here make $2500-$3000 a month take home and are leasing an M3 at $800-$1200 a month. Is that smart to you? Where is his room for living expenses, rent, mortgage, savings, gas, food etc.? He has none = not a smart move. Look I am going by what I have read on what some folks make on here. It all depends on what you make, period. Saving doesn't take decades either there buddy. Again back to what you make.
Living in the Bay Area I paid $2500 a month for rent while I was temporarily there. If I am taking home $3000 a month where can I afford the $1200 a month payment? Does that make any sense?
BTW I put down over half or 75% when I buy a car, sometimes I pay cash. So for me and my situation if I am paying $1200 a month on a car it better be a damn 458 Italia not some 3 series BMW.
I paid $50k cash 2 years ago for my X5. Done. I put down half on my M3. Done. No $1***.** car payment.