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04-13-2013, 05:25 PM | #45 |
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I personally think that having Your own garage, meaning having your own piece of property Is more important than a high monthly car payment, and it is all percentages. So good luck and I know you will make the right decision
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04-13-2013, 05:29 PM | #46 |
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Get a gorgeous E46 M3. They rock, for a fraction of the cost. Later, if you MUST have the V8 (understandable), get a used E9X M3. If you still need a loan on it, now is the best time in your lifetime to borrow on a used car. You'll never see financing like this again as long as you live.
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04-13-2013, 06:33 PM | #47 |
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You can get a used M for $40-50k. I don't think you need to be making $200k to afford that. A new Infiniti G35 will cost that much. It really depends what other expenses you have. Overall, if you can meet all expenses and still put away about 20% of your take home pay annually on top of your 401k, then I say you are okay in terms of affording a given lifestyle.
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04-13-2013, 06:38 PM | #48 | |
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04-13-2013, 06:53 PM | #49 | ||
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I make ~7800 after tax each month in paycheck, and I drive a 2013 M5 with monthly lease payment of 1169, and since I live in VA, I am also responsible for about 4.5k car tax each year But I already own a house that's paid down in full by my parents...so I kinda don't have to worry about savings, otherwise I don think ill make big investments in car at this age |
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04-13-2013, 07:38 PM | #51 |
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This is all a game based off of savings, not earnings. If you were to lose your job tomorrow for whatever reason, and not be able to return to work for 8-12 months, whether by circumstance or choice, what liabilities you have at that junction determine how screwed you are.
You'd have to be walking around with blinders to not see significant changes in the job market in the last few years -- being young does work a bit more in your favor. But old guys like me in their late 30s should start worrying, and folks in their 40s and 50s should be mortified. Having credit card debt is bad. You're overextended. Having a home assumes you can sell it if you get in trouble. It also assumes you didn't buy your home at a time when prices were at their peak, or you're carrying a liability. Having a car loan assumes that you can turn it around and sell it and afford selling it for potentially less than what the balance of your loan is. Get a $50k car loan, hitting hard times with $45k to pay back and selling the car for $44k still means you have to find $1000 somewhere. Your safety net can be whatever you believe can save you if you get into trouble. Could be wealthy parents or relatives. Could be a savings account. Could be knowing you can comfortably take up a life of crime to finance your lifestyle when you're unemployed. Could be a job skill that you feel is in-demand enough that long periods of unemployment are highly unlikely (but don't get too cocky here). Bottom line: Cash flow assumes you have income. Your liabilities determine whether you end up like the dot-com kids who all had to move back home with their parents when the walls came tumbling down. |
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04-13-2013, 07:38 PM | #52 | |
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OP, sounds like you are a wise young man. Key rule of thumb for me is how comfortable you feel with the payment as a percentage of your discretionary income. And how stable your job is, or how easily you can find another one with the same income should you lose this one. My personal opinion is.... if a difference of a few hundred / month means you are approaching your limit of 'comfortable', don't go there. Don't go anywhere near your limit, stay well below it. There will always be special cars out there to own. The hard part is waiting. But it'd be a *choice* you'd be making. One that allows you to have much more choice later on...
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04-13-2013, 07:40 PM | #53 |
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04-13-2013, 07:44 PM | #54 |
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04-13-2013, 08:18 PM | #55 |
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You can afford it. It just boils down to how you want to manage your money/ assets/ liabilities. What about compromising and buying an 08-09 and dump the rest into the market? Or an appreciating asset of some sort?
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04-13-2013, 08:24 PM | #56 | |
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Depending on where/how you live, that's $200-$400k a year. |
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04-13-2013, 09:08 PM | #57 |
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Yes, yes. You should live like a pauper, drive a '98 civic, and not buy the car you want until you're so old that it hurts your back to get in and out of it. Assuming you live that long.
Hogwash. Clean up the credit card debt, make sure you have something saved for emergencies, and then get what you want - within reason. If it turns out that you bit off more than you can chew, get out of the car. It will smart a little financially, but won't ruin your life.
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04-13-2013, 09:18 PM | #58 |
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Simple rule would be, if you're counting every red cent to run or own the E92 M3, you probably shouldn't buy it yet. I guess having this car and struggling with bills wouldn't be the best move and probably would lessen your enjoyment of the car overall. I agree a E46 M would be a fantastic option vs. the E92.
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04-13-2013, 09:20 PM | #59 | |
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04-13-2013, 09:22 PM | #60 |
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People here think a 200K/yr salary is enough to afford a Lambo?
That's hilarious.
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04-13-2013, 09:25 PM | #61 |
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04-13-2013, 09:26 PM | #62 | |
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04-13-2013, 09:28 PM | #63 |
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04-13-2013, 09:32 PM | #64 |
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04-13-2013, 09:34 PM | #65 |
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Thats the best advise and exactly what I would of said.
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04-13-2013, 09:35 PM | #66 | |
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