Income vs. M3.

[persian54]

Originally Posted by jdemetry

I was ballparking...

$200k * ( 1 - .20(fed) - 0.065 (WI state) - 0.042 (SS) - 0.06 (401(k), not really taxes, but I won't see it for 30 years) - 0.02 (Medicare) ) = ~$120k

I don't know much about taxes, but I do know my accountant does seem to do a good job...

Originally Posted by jdemetry

That's actually less than housing costs in Milwaukee. I would have thought LA was way more money. I guess this is another example of "don't believe the hype"

You guys need to remember that LA is really big and diverse. you go from the ghetto to million dollar houses quickly

[Scotch M3]

Originally Posted by nmehta211

A guy I trained (I'm in medicine) went to Kansas City and bought a house, Range Rover, BMW 5 series and took two nice trips this year, all in his first year of practice. He makes more than me to boot!

NYC is brutal. But i chose this punishment for all the fun it is every day. City tax, expensive apartments, parking that rivals rent payment, and high cost of gas---sigh.

Anyways, interesting thread. Really puts things into perspective for me on cost of living. I hate to say it but I did the math, and I couldn't really feel comfortable buying this car new so I bought a CPO. And I make a pretty damn good income.

I am guessing from your username ur a desi sir!

[24601]

Originally Posted by yoelev

there should be a seperate spot that says

"spoiled"

LMAO!

[Scotch M3]

Originally Posted by SamS

Apparently you're not familiar with the headaches that are involved with renting out a $100K house. I'll dump that money into an M3 down payment, any day

Every business have different headaches, I have my DJ business on side and I work with South Asian community. Trust me Sam I can handle the headaches related to rental business

[nmehta211]

Originally Posted by Scotch M3

I am guessing from your username ur a desi sir!

[Giggs]

There are people who make less than 50K/year and own an M3? Yikes, do you eat?

[Aquariu///M]

I'm married with 3 kids

[Lorde]

Originally Posted by yoelev

there should be a seperate spot that says

"spoiled"

[LarThaL]

Originally Posted by nmehta211

A guy I trained (I'm in medicine) went to Kansas City and bought a house, Range Rover, BMW 5 series and took two nice trips this year, all in his first year of practice. He makes more than me to boot!

NYC is brutal. But i chose this punishment for all the fun it is every day. City tax, expensive apartments, parking that rivals rent payment, and high cost of gas---sigh.

Anyways, interesting thread. Really puts things into perspective for me on cost of living. I hate to say it but I did the math, and I couldn't really feel comfortable buying this car new so I bought a CPO. And I make a pretty damn good income.

Brutal for the cost of living in NYC is an understatement. Think about this:

The cost of an average property in the Tribeca area of NYC is $2.3million. The cost of the average property in Kansas City is $135,000, with the Kansas city property having double the square footage living space, a single garage and land, and the manhattan property having none of these!!!

Of course if you want sushi at 2am in kansas City, you are shit out of luck, and their idea of ethnic food is pizza.

Salaries are higher thre because nobody want to go there. Life is all about supply and demand.

[Scotch M3]

Originally Posted by nmehta211

I am also taking a shot that Mehta = Gujjubhai.

Glad to meet a fellow Desi with great interest and knowledge in BMW.

Very few actually understands BMW rest it's all about status and show off.

[nmehta211]

Originally Posted by Scotch M3

I am also taking a shot that Mehta = Gujjubhai.

Glad to meet a fellow Desi with great interest and knowledge in BMW.

Very few actually understands BMW rest it's all about status and show off.

Yep--right again!
Gotta love these cars!

[malter2.0]

I buy all my M3s second hand usually at the end of the cycle. Most likely buy E9x in 2013/2014 as F80 rolls out. This is typically the optimal point to buy as car and chassis are still new, miles are still low, yet car has depreciated significantly.

I also have personal policy that I only buy cars with cash. If I can't pay it out right, I don't buy and never finance.

[Drifty//]

Originally Posted by LarThaL

Of course if you want sushi at 2am in kansas City, you are shit out of luck

As far as I know, the late night scene ain't great.

their idea of ethnic food is pizza.

That's just not true. KC has no shortage of dining options. There are other things you might not like about it, but they do know how to eat and shop there. And the road system is pretty nice, as well.

Salaries are higher thre because nobody want to go there.

On average, I doubt they're higher. Crime is low, schools are decent, land is cheap. Centrally located. A lot of people don't seem to mind it.

[Drifty//]

Originally Posted by malter2.0

I also have personal policy that I only buy cars with cash. If I can't pay it out right, I don't buy and never finance.

Interest rates being what they are, there's a good argument for financing. This does assume you have a reasonable degree of financial aptitude and a modicum of risk tolerance.

I financed 50% of the purchase price, and sold investments back in March to cover the rest. I'm certain to pay off the loan early, but this gives me the flexibility to pay or invest, as a function of market conditions. If the market takes off, I might even sell more stock and put it towards the loan.

I could have paid 100% in cash, but I don't regret my decision to hedge. It could still work out in my favor.

[embacpa]

i'm not an economist, but based on the results there are way too many people buying these cars that should not be. we are struggling to get though the housing crisis where too many people purchased more house than they could afford. i got a feeling we might start to see significant defaults on leases. the next credit crisis.

[1MOREMOD]

ive just been doing my part to jump start the ecomomy again.

[embacpa]

Originally Posted by chriszeh

ive just been doing my part to jump start the ecomomy again.

now that's a positive outlook!! i do believe in a consumption economy!

[1MOREMOD]

Originally Posted by embacpa

not that' a positive outlook!! i do believe in a consumption economy!

well i consume my fair share and shit out some for the next guy.

[CDM3DCT]

Its all comes down to disciplined savings and budgeting. I Work inside the district but I own property in MD, gave a reasonable DP on my used e92 M3 and still kept my accord as a daily due to my job. Im at the 50-60K mark and although I cant go out every single night of the week I still live a very comfortable life being able to go on vacations and enjoy my weekends (no kids, long term GF with a spinner or two on the side).

Simple economics, save money! even if its a little. It goes a long way in the long run.

[1MOREMOD]

Originally Posted by SehrSchnell

That's why I lease with my low income. If I can't pay anymore I can return the lease at anytime I think. I probably wouldn't ask my parents for help, because I'm trying to stand on my own.

How do you also manage the 40K in mods you have? Still not buying it.

[Giggs]

Originally Posted by chriszeh

How do you also manage the 40K in mods you have? Still not buying it.

Im with you on this one. If I was "trying to stand on my own" for the first time there's no way in hell it would start with an M3. I live by "Be Do Have". This guy obviously is living by "Have Have Have" like a majority of the rest of America. However if he wants to live under that kind of financial strain for the rest of his life thats on him.

[1MOREMOD]

Don't trust that lying sack. He's one of the 200K plus guys. Most of us on this forum have an M3 because we aren't retarded with money.