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I just tried to figure this out when weighing whether to keep my E46 which I owned outright or buy a 335i. I determined that anything under 15% would be reasonable given everything else (unmarried, few years out of college).
In the end I am paying about 15% of my monthly income, but only because BMW was offering 0.9% interest. Had the financing not been so attractive I would probably have paid significantly more cash up front.
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