BMW M3 Forum (E90 E92)

BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read


Go Back   M3Post - BMW M3 Forum > M3 (E90 / E92 / E93) > General M3 Forum (E90 + E92 + E93)
 
Strasse Wheels
Closed Thread
 
Thread Tools Search this Thread
      08-22-2012, 01:25 PM   #45
dmk08
///Maniac
dmk08's Avatar
84
Rep
3,513
Posts

 
Drives: 15 F80 MG/SO 6MT
Join Date: Jul 2012
Location: Atlanta

iTrader: (9)

Garage List
Quote:
Originally Posted by M3PO View Post
I got my '08 at 25 last year. I pay rent ($1200 a month). I also pay insurance and gas (~$450 per month). I have student loans also. It's a $40K car and I put $20K down. $400 car payments are easy.

I had a BS in Physics by 21 and an MS in mechanical engineering by 23. Now I have a good engineering job.
Did you save the 20k down or trade in car bought for you? Just curious. 20k is a lot of liquid to have in the bank at 24.

Why not pay off the student loans w/ the 20k liquid?
Appreciate 0
      08-22-2012, 01:28 PM   #46
m3an
Banned
m3an's Avatar
19
Rep
1,611
Posts

 
Drives: M3
Join Date: Oct 2010
Location: South Florida

iTrader: (2)

Quote:
Originally Posted by M3PO View Post
I got my '08 at 25 last year. I pay rent ($1200 a month). I also pay insurance and gas (~$450 per month). I have student loans also. It's a $40K car and I put $20K down. $400 car payments are easy.

I had a BS in Physics by 21 and an MS in mechanical engineering by 23. Now I have a good engineering job.

don't even entertain this thread; but IMO 20k cash down for a car is nuts w/ interest rates as low as they are. Shit with like 3k down you can pay 600 a month @ 40k a little over 66 months. Let that 20k cash invest and make interest that will negate the car loan. In this economy I always use others money and mine just stays w/ me.
Appreciate 0
      08-22-2012, 01:30 PM   #47
m3an
Banned
m3an's Avatar
19
Rep
1,611
Posts

 
Drives: M3
Join Date: Oct 2010
Location: South Florida

iTrader: (2)

Quote:
Originally Posted by dmk08 View Post
Did you save the 20k down or trade in car bought for you? Just curious. 20k is a lot of liquid to have in the bank at 24.

Why not pay off the student loans w/ the 20k liquid?

student loans are like 1-2%.. Again, if you can float the payments I don't always see the reasoning behind dropping alot of savings as you're right 20k is a big deal. Plus it helps build credit.
Appreciate 0
      08-22-2012, 01:31 PM   #48
Maloney
Vroom
Maloney's Avatar
5
Rep
162
Posts

 
Drives: 08 E92 M3 AW FR
Join Date: Jun 2010
Location: Pittsburgh, PA

iTrader: (1)

Quote:
Originally Posted by radiantm3 View Post
I was making around 30k in my early 20's. By my mid 20's around 50k. With rent and bills, there's no way I could have afforded an M3 (new or used). I too am curious how some of the younger guys afford these cars unless their income is much higher than mine was at the time (which is awesome, btw. Not knocking young success at all.) or are they living with parents, sharing rent costs, etc. Maybe cost of living is just A LOT cheaper in other states.
You're pretty much saying that you are surprised people in their mid 20's would be making more than you at 50K a year. 50K in California is like 35K salary when you do cost of living adjustment to more affordable areas. I have a good feeling that people in their mid 20's with a home, M3, and bills would be making 3 times that.
__________________
Appreciate 0
      08-22-2012, 01:32 PM   #49
dmk08
///Maniac
dmk08's Avatar
84
Rep
3,513
Posts

 
Drives: 15 F80 MG/SO 6MT
Join Date: Jul 2012
Location: Atlanta

iTrader: (9)

Garage List
Quote:
Originally Posted by talontid View Post
student loans are like 1-2%.. Again, if you can float the payments I don't always see the reasoning behind dropping alot of savings as you're right 20k is a big deal. Plus it helps build credit.
Because there is no feeling like being 100% debt free!
Appreciate 0
      08-22-2012, 01:34 PM   #50
robbiedawg
Lieutenant
robbiedawg's Avatar
United_States
8
Rep
462
Posts

 
Drives: 2008 ib e90 m3, 1995 acura nsx
Join Date: Jan 2012
Location: chapel hill, nc

iTrader: (0)

Garage List
08 BMW M3  [0.00]
95 ACURA NSX-T  [0.00]
this was my path to my dream cars.whether you are young or old,just appreciate it when you are able to have one.some of us had to wait a long time,which generates some of the friction found on this thread,and may make owning them sweeter.

1971,when i turned 16,through 1979-didn't own a car,had some use of family cars,started saving money
79-84,family gave me full-time use of our 72 capri,a cheap but fun car
84-96,owned first car,an 84 prelude which i paid for.
96-2012,owned 96 integra.i wanted an m3 then,but it would have been a financial stretch,and the salesman was so snotty
2008,got dream car#1,my 95 nsx,which i had wanted since 91 when they came out.i had decided i better do this before i got too damn old to enjoy it,and was able to do it financially.
2012,dream car #2,my 08 m3.sold the integra.i did the math,decided i would never wear the integra out in my lifetime at 4k miles a year,so did same justification to myself as for the nsx.

i get a thrill seeing both of them in the garage.
__________________
~ TRAFFIC LAWYER IN CENTRAL NC ~
2OO8 E90 M3 /// INTERLAGOS BLUE w/BAMBOO BEIGE, CARBON LEATHER / 6MT / 19" 220M FORGED WHEELS / PREMIUM / MOONROOF / IPOD / BSW SPEAKERS


~EVERYTHING IN MODERATION,INCLUDING MODERATION ~
Appreciate 0
      08-22-2012, 01:34 PM   #51
radiantm3
Apex Everything!
radiantm3's Avatar
United_States
159
Rep
3,881
Posts

 
Drives: >1000 HP in my garage
Join Date: Sep 2008
Location: Danville, CA

iTrader: (6)

Garage List
2011 E92 M3  [4.80]
2013 BMW X5M  [4.33]
2014 BMW i3  [0.00]
Quote:
Originally Posted by Maloney View Post
You're pretty much saying that you are surprised people in their mid 20's would be making more than you at 50K a year. 50K in California is like 35K salary when you do cost of living adjustment to more affordable areas. I have a good feeling that people in their mid 20's with a home, M3, and bills would be making 3 times that.
No I'm not saying that at all. I lived in Irvine (in SoCal) and now Silicon Valley in the bay area. I'm around younger successful guys all the time. There's quite a bit of high end cars owned by undergrad students at universities. It's hard to believe they are all making well over 50k a year + going to school full time and paying rent all on their own. Obviously some are.
Appreciate 0
      08-22-2012, 01:36 PM   #52
m3an
Banned
m3an's Avatar
19
Rep
1,611
Posts

 
Drives: M3
Join Date: Oct 2010
Location: South Florida

iTrader: (2)

Quote:
Originally Posted by dmk08 View Post
Because there is no feeling like being 100% debt free!
true, but people need credit.. I have a zero balance on my card(s) but keep auto loans/home loans open to continue building excellent credit. Shit, at like 22 I had like a 780 score. You could get whatever you wanted (granted you should only use credit if you have the cash liquid to pay for things) I always operated this way; I have friends who don't believe in credit cards at all. They make good money, but have never owned a credit card (thinking their evi??) and have no established credit history. Good luck doing anything with that!!

Again, not knocking it, just don't believe in throwing large sums of cash to school or cars; especially cars that depreciate like rocks!! Better of burning the cash!
Appreciate 0
      08-22-2012, 01:36 PM   #53
M3PO
Colonel
M3PO's Avatar
34
Rep
2,777
Posts

 
Drives: '08 IB E92
Join Date: Sep 2011
Location: OC

iTrader: (7)

Quote:
Originally Posted by dmk08 View Post
Did you save the 20k down or trade in car bought for you? Just curious. 20k is a lot of liquid to have in the bank at 24.

Why not pay off the student loans w/ the 20k liquid?
I owned my previous car and saved $5k. I could always be more conservative, pay my student loans off faster, and drive a Civic but I'm an enthusiast, what can I say.

Quote:
Originally Posted by talontid View Post
don't even entertain this thread; but IMO 20k cash down for a car is nuts w/ interest rates as low as they are. Shit with like 3k down you can pay 600 a month @ 40k a little over 66 months. Let that 20k cash invest and make interest that will negate the car loan. In this economy I always use others money and mine just stays w/ me.
I see your point. My thought process is as long as I sell the car for $20k or more when I'm done with it (that should be easy), it's like I leased an M3 for $400 a month or less with no mileage restrictions. I'm totally fine with that.

I'll be honest, I wouldn't know where to invest the cash to get the same returns as the interest rate on the loan. I've got a ways to go yet when it comes to retirement, investing, 401K, etc.
__________________
2008 IB E92 M3| BBS | KW | Arkym | Platte Forme A.G. | Active Autowerke | K&N | Fabspeed | Dinan | Evolve-R
Appreciate 0
      08-22-2012, 01:38 PM   #54
LateBraking
Brigadier General
LateBraking's Avatar
United_States
64
Rep
3,878
Posts

 
Drives: Reliable Cars
Join Date: Sep 2008
Location: Pacific Standard Time

iTrader: (27)

By the way, for people who are saying "wow it was difficult to save up 70k 15 years ago when I was your age" to the posters in here, I would like to direct you to the fact that 15 years ago, $70,000.00 in USD was worth an estimated $49,038.86 with an estimated annual inflation rate of 29.9%. People always seem to shoot out facts without delving more deeply into the facts behind those facts.

Is everyone just ignoring the fact that they're not prejudice against those younger and/or justifying their positions with fallible facts? What's next, you guys going to claim the Holocaust didn't happen?

I'm out, good night ladies.

BTW M3PO, when I met you at EAS, I had no idea you were that young. I thought you were in your 30's or something. I'd say that's a compliment, but now I'm not so sure....though I'd never intend it as an insult.

Edit: Just one thing to add. I understand that the elderly folks on here would not give their children fast cars nice houses blah blah blah because they want them to learn the value of blah blah blah for themselves and blah blah blah. But I just want to ask, wouldn't you WANT to give your child everything in the world, all those reasons aside? Wouldn't you WANT your child to have everything in the world? Hell, you people would lay down your lives for your children, take a bullet and be stabbed for your kids, and yet, you say the idea of parents giving their children something they desire, irresponsibility aside, is incomprehensible to you? (In reference to the 1,000 other threads on this topic.) Of course you understand it....and if you don't, then what kind of parents are you? Anyways, ta ta ladies.

Last edited by LateBraking; 08-22-2012 at 01:47 PM.
Appreciate 0
      08-22-2012, 01:43 PM   #55
dmk08
///Maniac
dmk08's Avatar
84
Rep
3,513
Posts

 
Drives: 15 F80 MG/SO 6MT
Join Date: Jul 2012
Location: Atlanta

iTrader: (9)

Garage List
In the end it's all what you're comfortable with. I'm sure many younger M3 drivers are using upwards of 30-40% of their income to live the dream while some of us older guys paid cash or spent 5% of their income on the car.

I personally would never highly modify a car (again) which i was still making payments. Blew up a car I owed 20 grand on when I was in my mid 20s. Bad idea.

I figure even buying a used 45k M3 you should be making 6 figures to easily afford it. I always wanted a bad ass car in my 20s I just didn't want to spend that percentage of my income on one.
Appreciate 0
      08-22-2012, 01:45 PM   #56
py0413
Major
py0413's Avatar
Canada
19
Rep
1,178
Posts

 
Drives: 2012 M5
Join Date: Jul 2008
Location: BC

iTrader: (2)

I personally don't mind how old they are or how expensive the care they drive but in many cases, younger drivers with expensive performance cars think they own the roads and disrespect other drivers. However, they are always exceptions.
__________________
Must stop eating..............
Appreciate 0
      08-22-2012, 01:46 PM   #57
dmk08
///Maniac
dmk08's Avatar
84
Rep
3,513
Posts

 
Drives: 15 F80 MG/SO 6MT
Join Date: Jul 2012
Location: Atlanta

iTrader: (9)

Garage List
Quote:
Originally Posted by LateBraking View Post
By the way, for people who are saying "wow it was difficult to save up 70k 15 years ago when I was your age" to the posters in here, I would like to direct you to the fact that 15 years ago, $70,000.00 in USD was worth an estimated $49,038.86 with an estimated annual inflation rate of 29.9%. People always seem to shoot out facts without delving more deeply into the facts behind those facts.

Is everyone just ignoring the fact that they're not prejudice against those younger and/or justifying their positions with fallible facts? What's next, you guys going to claim the Holocaust didn't happen?

I'm out, good night ladies.

BTW M3PO, when I met you at EAS, I had no idea you were that young. I thought you were in your 30's or something. I'd say that's a compliment, but now I'm not so sure....though I'd never intend it as an insult.
Average HOUSEHOLD income in the US isn't even over 70k. Job rates have been flat for years. Say what?
Appreciate 0
      08-22-2012, 01:47 PM   #58
Pure ///M
Private First Class
Pure ///M's Avatar
United_States
1
Rep
106
Posts

 
Drives: E93 M3
Join Date: Jan 2012
Location: SoCal

iTrader: (0)

Garage List
2012 BMW M3  [2.75]
I'm 18 years old and bought a brand new E93 M3 3 months ago. I work 70 hours a week + school. I bought the car myself.
Appreciate 0
      08-22-2012, 01:49 PM   #59
LateBraking
Brigadier General
LateBraking's Avatar
United_States
64
Rep
3,878
Posts

 
Drives: Reliable Cars
Join Date: Sep 2008
Location: Pacific Standard Time

iTrader: (27)

Quote:
Originally Posted by dmk08 View Post
Average HOUSEHOLD income in the US isn't even over 70k. Job rates have been flat for years. Say what?
If AVERAGE HOUSEHOLD income isn't over 70k as you state, then why is it even a factor in our discussion? An M3 costs 70k, and the discussion is targeted towards "young M3 drivers" last I read in the thread title, and a household that doesn't earn enough to purchase one can't become a factor in the topic of current discussion.

Ok, I'm really off this time. But I enjoyed reading this newest repetition of a tirade that has occurred ad nauseum.
Appreciate 0
      08-22-2012, 01:51 PM   #60
m3an
Banned
m3an's Avatar
19
Rep
1,611
Posts

 
Drives: M3
Join Date: Oct 2010
Location: South Florida

iTrader: (2)

Quote:
Originally Posted by Pure ///M View Post
I'm 18 years old and bought a brand new E93 M3 3 months ago. I work 70 hours a week + school. I bought the car myself.

winner?


"who is your daddy? and what does he do?"
Appreciate 0
      08-22-2012, 01:52 PM   #61
dmk08
///Maniac
dmk08's Avatar
84
Rep
3,513
Posts

 
Drives: 15 F80 MG/SO 6MT
Join Date: Jul 2012
Location: Atlanta

iTrader: (9)

Garage List
Quote:
Originally Posted by LateBraking View Post
If AVERAGE HOUSEHOLD income isn't over 70k as you state, then why is it even a factor in our discussion? An M3 costs 70k, and the discussion is targeted towards "young M3 drivers" last I read in the thread title, and a household that doesn't earn enough to purchase one can't become a factor in the topic of current discussion.

Ok, I'm really off this time. But I enjoyed reading this newest repetition of a tirade that has occurred ad nauseum.
Because you made it seem like saving 70k is easy. Even for people making 200-300k a year saving 70k of liquid isn't normally easy. Just sayin'.

I mean unless you live in a shack and are willing to spend over half your income on a car. Then I question you in general.
Appreciate 0
      08-22-2012, 01:54 PM   #62
snk
Lieutenant
snk's Avatar
United_States
5
Rep
470
Posts

 
Drives: 2011 Z4
Join Date: May 2011
Location: NorCal

iTrader: (1)

Quote:
Originally Posted by Pure ///M View Post
I'm 18 years old and bought a brand new E93 M3 3 months ago. I work 70 hours a week + school. I bought the car myself.
You're a unicorn
Appreciate 0
      08-22-2012, 01:54 PM   #63
kornykidd0
Private
0
Rep
90
Posts

 
Drives: 2008 E90 M3
Join Date: Feb 2012
Location: Yardley PA

iTrader: (1)

While M3s are high performance cars, they are still cars. They still gain mileage and depreciate. Every 'performance' vehicle will slowly become more and more obtainable by younger and younger age groups as time goes on and the old heads will always be slightly upset that they paid full price for their equally awesome machines.

Cars drop in price (yes, even your precious M models) as mileage and wear set in. Inevitably people younger than you can afford to enter the game thanks to this. Someday some of you will be buying used Ferraris and whatever else your hearts desire simply because you will be buying one that's already had 60k miles of use, there are a few blemishes in the paint, and comes with a price tag that is only 5 figures.
Appreciate 0
      08-22-2012, 01:55 PM   #64
DiavelM3
4 Star General -Twilight Zone
DiavelM3's Avatar
United_States
17
Rep
1,025
Posts

 
Drives: '11 E92 M3 ZCP
Join Date: Jan 2011
Location: 5280

iTrader: (1)

Quote:
Originally Posted by SamS View Post
I'm also curious.

I'm actually more curious about anyone <25 that has an M3 that says:
A) They paid (paying) for it all themselves
B) They pay for all gas and insurance themselves
C) They don't live at home with mommy & daddy

Exactly how does that happen?
It's rare but I'm sure there are a few examples that actually did pay for it themselves. Everyone's situations varies

As for the rest of them:
A) Got an inheritance\Trust fund baby
B) Work in their Parents business
C) It's the internet and they're lying out there arse (who would actually say, "Yes, I'm 23 yrs old and I live at home with my parents and they pay for everything -except for my M3 payment?")
__________________
'12 Ducati Diavel
'06 E46 M3 (sold) | '97 325is - Dinan (sold)
'02 Z3 3.0 coupe (sold)
Past - '84 Ferrari 308 GTSI | '88 Ferrari 328 GTS | '05 Dodge Viper Copperhead Edition #180/300 | Audi S4
Appreciate 0
      08-22-2012, 01:55 PM   #65
LateBraking
Brigadier General
LateBraking's Avatar
United_States
64
Rep
3,878
Posts

 
Drives: Reliable Cars
Join Date: Sep 2008
Location: Pacific Standard Time

iTrader: (27)

Quote:
Originally Posted by dmk08 View Post
Because you made it seem like saving 70k is easy. Even for people making 200-300k a year saving 70k of liquid isn't normally easy. Just sayin'.
No I didn't, you're just misinterpreting a number I produced from a internet inflation calculator where the base number itself originated from the topic of discussion. I never once stated that saving 70K is easy, my point simply was that the difficulty in saving 70k today is notably different than that in saving 70k 15 years ago, which is the number I'm using in this discussion to compensate for the age difference. 70k is obtained from the value of the car, and the elderly in this thread are discussing the difficulty of saving the amount of an M3, so I bridged the two differences and used them as a placeholding fact for the discussion at hand. If anyone has any hard and accurate facts, I welcome the opportunity to disprove or edit anything I've said.

Now, I need to find a way to not get quote notifications for this thread, or I'll keep reading it and responding.

Edit: BTW, if this didn't make sense, don't worry, I'm running on an extreme lack of sleep so I might have not stated everything in my head down "on paper" correctly.
Appreciate 0
      08-22-2012, 01:58 PM   #66
ES_TRADER
Colonel
68
Rep
2,699
Posts

 
Drives: 328i, 335i, M3, 535i, X5, 36M
Join Date: Oct 2010
Location: OC

iTrader: (3)

Garage List
2014 Ford Raptor  [0.00]
2012 328i E92  [5.00]
2013 X5  [0.00]
2013 335i F30  [4.00]
1990 Toyota Previa  [0.00]
1997 E36 M3  [5.00]
2011 E92 M3  [0.00]
2011 535i  [0.00]
who cares how old they are and if they bought it or their parents bought it for them or what they did or did not accomplish at such a young age...the point is, THEY HAVE IT..the end and the ends justify the means. how i see it at least. enjoy your life folks
Appreciate 0
Closed Thread

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -5. The time now is 08:46 AM.




m3post
Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST