You drive a E9x M3. You're in your 20's. How?

[Z K]

Originally Posted by dmppdx

Six figures isn't very much money living in a place where you need to spend 700K+ for a decent house in a decent neighborhood, so making six figures doesn't neccasarily mean you can afford an M3.

In my opinion, you can only afford an m3 if you can purchase one and also have money to purchase a decent house, (or setting aside money to purchase a house), saving a decent amount for retirement, and having money left over for a rainy day fund. Lots of 20 somethings with m3s aren't in that position.

Well, being that most 20 somethings are single, they probably aren't thinking that far. On a $100k salary, a $600-700 a month car payment is not so much in terms of their total income after rent and living costs. Many people split apartments with friends or rent out extra rooms from others to keep costs down.

As you mentioned, house prices are so high here, very few younger people can actually afford them without dual incomes and high down payments. So they'd rather spend their money on toys and investing in other things.

[ilikebmxbikes]

Originally Posted by quiksi

it's not a goddamn Ferrari...there are quite a few people in their 20s that can afford new/used/CPO e9x m3's

This -

maybe its different here in SF, but it is pretty common to see young mid 20's people owning and self-financing $70k+ cars and living quite comfortably. Lots of jobs out here.

[emKel]

I just turned 29, I'm an artist and entrepreneur, I live alone in a beautiful house and have been cut off from my parents since I was 17. My new Individual E92 is my third M3 in 3 years, custom ordered to my exact VISION. To think that someone in their 20's is making a bad financial decision to buy an E9X M3 would be to assume that anyone in their 20's can't start their own successful business or similar... VERY ignorant. It's called working hard and using the law of attraction, really not that difficult

[fatass]

Third m3? Do you need one in every color?

[emKel]

Originally Posted by fatass

Third m3? Do you need one in every color?

I bought a 2011 Alpine White E92 a year and a half ago and got super bored with the color, so I sold it and Individual ordered my Phoenix to make myself truly happy Just have the two Phoenix yellow's now.

[overdose]

Originally Posted by Z K

As you mentioned, house prices are so high here, very few younger people can actually afford them without dual incomes and high down payments. So they'd rather spend their money on toys and investing in other things.

THIS x1000.

Saying someone is making a poor financial decision by not buying a house is downright ignorant. It's their money and if it makes them happy so be it - don't pass your judgement on to others.

[emKel]

Originally Posted by overdose

THIS x1000.

Saying someone is making a poor financial decision by not buying a house is downright ignorant. It's their money and if it makes them happy so be it - don't pass your judgement on to others.

Agreed. I was actually just approved this month to buy a house but the housing inventory sucks so bad right now I'm not even going to bother.

[mic_crispy]

28 and actually have an e92 + s2k.

How? I work in software and have no kids / wife.

[esk8mw]

Stupid poll choices. It's possible to:

- be in your 20s
- own an M3
- have a mortgage
- have stay at home wife and kids
- service student loans
- max out your 401(k)
- not get financial assistance from family
- not be a trust fund baby
- not own your own business
- still live well without making big sacrifices anywhere and
- still save thousands a month

Just get a well-paying job.

[nullrouted]

Originally Posted by esk8mw

Stupid poll choices. It's possible to:

- be in your 20s
- own an M3
- have a mortgage
- have stay at home wife and kids
- service student loans
- max out your 401(k)
- not get financial assistance from family
- not be a trust fund baby
- not own your own business
- still live well without making big sacrifices anywhere and
- still save thousands a month

Just get a well-paying job.

You'd have to pull $250k+ salary to live that way even in a cheap housing market, and there are NO 20-somethings making that much without a business (or business interest) involved. Sure, some professions can earn that much, but not many (doc, lawyer, etc). So I really don't think you're speaking realistically, I'd be curious to see your outline.

[esk8mw]

Originally Posted by nullrouted

You'd have to pull $250k+ salary to live that way even in a cheap housing market, and there are NO 20-somethings making that much without a business (or business interest) involved. Sure, some professions can earn that much, but not many (doc, lawyer, etc). So I really don't think you're speaking realistically, I'd be curious to see your outline.

I'm a lawyer, so I guess I'm the exception.

[nullrouted]

Originally Posted by esk8mw

I'm a lawyer, so I guess I'm the exception.

Yeah, a huge exception -- I've heard of IP lawyers coming out of college at 24 and starting at $150k or so but that's in VA where everything costs more. It's certainly not the norm though. What type of law do you practice?

[mylydiamy]

Most of us who are married and have kids forget about how simple and cheap it is to have a comfortable life if you are single and have no kids.

Same thing applies to those who pay alimony (like me, $4K a month until I retire )

For those who are single and have no kids, life is a lot cheaper : less utility bills... less rent/mortgage since they don't need a big place... they can live in less expensive neighborhoods since they don't need to worry about school system... when they take a vacation, it is a lot cheaper for one then family of 3-4... less spending on grocery... paying for one insteda of 2/3/4 people when going out....

So if you consider all of these, it is not much difficult to afford 600-700 monthly payment on a used car. Hey, average family car costs 300-400 a month anyways...

When I came to this country, I was 18 years old and only $175 in my pocket. I barely spoke a few words of English, didn't know a single person, had no prior work experience or education. I worked my ass of during my early years. I could have bought nice cars like M3 but I didn't. I chose to save my money. I recently went through divorce and she took it all from me and will be taking my future income until I retire (another 25 years...) I CAN NOT SAY ENOUGH HOW MUCH I REGRET NOT GETTING MYSELF NICE CARS LIKE M3 WHEN I WAS YOUNGER!!!

[esk8mw]

Originally Posted by nullrouted

Yeah, a huge exception -- I've heard of IP lawyers coming out of college at 24 and starting at $150k or so but that's in VA where everything costs more. It's certainly not the norm though. What type of law do you practice?

Essentially all lawyers in major markets at big firms start at $160k plus bonus. I'm a Corporate lawyer in my 4th year and will make $230k this year.

[Agent-GHQ]

Originally Posted by emKel

I just turned 29, I'm an artist and entrepreneur, I live alone in a beautiful house and have been cut off from my parents since I was 17. My new Individual E92 is my third M3 in 3 years, custom ordered to my exact VISION. To think that someone in their 20's is making a bad financial decision to buy an E9X M3 would be to assume that anyone in their 20's can't start their own successful business or similar... VERY ignorant. It's called working hard and using the law of attraction, really not that difficult

Sweet Jesus..... 3 ///M3 in 3 yrs!! What are you really slinging here??

Originally Posted by mic_crispy

28 and actually have an e92 + s2k.

How? I work in software and have no kids / wife.

So true a bachelor with no kid(s) helps significantly!

Originally Posted by mylydiamy

Most of us who are married and have kids forget about how simple and cheap it is to have a comfortable life if you are single and have no kids.

For those who are single and have no kids, life is a lot cheaper : less utility bills... less rent/mortgage since they don't need a big place... they can live in less expensive neighborhoods since they don't need to worry about school system... when they take a vacation, it is a lot cheaper for one then family of 3-4... less spending on grocery... paying for one insteda of 2/3/4 people when going out....

I recently went through divorce and she took it all from me and will be taking my future income until I retire (another 25 years...)

The problem with being a bachelor with no dependant(s) is the "A$$" raping tax!

And not trying to add salt to your wounds on the your recent divorce, but this country seems to favor the women than the man. I'll be definitely getting that prenup just in case

[overdose]

Originally Posted by emKel

Agreed. I was actually just approved this month to buy a house but the housing inventory sucks so bad right now I'm not even going to bother.

Nice - I'm in the same boat as you (for the last year and some change) but haven't found anything that WOW'd me so I decided to put it on hold for a few months and got myself an M3 instead back in June.

[mylydiamy]

Originally Posted by esk8mw

Essentially all lawyers in major markets at big firms start at $160k plus bonus. I'm a Corporate lawyer in my 4th year and will make $230k this year.

Good for you! But don't forget everyone in the same profession don't make same money.

My coworker's son just graduated from a top college (forgot which one) majored computer science, and got 7 job offers while he was in his last year in college. He started making $170K a year. But I know many computer programmers who have been in the field for more than 20 years and making less money...

It depends on location, how smart you are AND little bit on luck...

[iron_man]

mommy and daddy, but i work in the family business and as soon as i graduate in december i will be going full time into it.

[dtmwerksm3]

You don't have to be 30+ to be successful, own a home and drive a nice car. Bought my first M3 when I was 18, purchased my home when I was 25, I'm 29 now and on my third M with a 2012 S1000RR for the weekends.

[esk8mw]

Originally Posted by mylydiamy

Good for you! But don't forget everyone in the same profession don't make same money.

My coworker's son just graduated from a top college (forgot which one) majored computer science, and got 7 job offers while he was in his last year in college. He started making $170K a year. But I know many computer programmers who have been in the field for more than 20 years and making less money...

It depends on location, how smart you are AND little bit on luck...

Thanks and I agree. I know salaries vary wildly in every profession, it just seemed like in a poll of outliers (i.e., m3 owners in their 20s) there should be an option for people who can afford the car on their own without eating ramen every night. There's plenty of non-entrepreneur worker bees like me out there in a lot of different fields getting by OK.

[dmppdx]

Originally Posted by overdose

THIS x1000.

Saying someone is making a poor financial decision by not buying a house is downright ignorant. It's their money and if it makes them happy so be it - don't pass your judgement on to others.

Whether it makes someone happy, and being able to afford something are completely differnt and the reason people buy things they can't afford is because they are making themselves happy in the short run without worring about the long run. Sure, you can spend every dime you have in your 20's and spend it on cars and other things, but most people who do that regret it when they get into their 30s because they realize how much better off they could have been if they hadn't.

And yes, not buying a house, or at least saving towards one, is almost always a poor decision since owning a house is almost always the best single investment you can make. Justifying spending all your money on a car because based on the justification of not being able to buy a house, doesn't mean you can afford the car. It probably really means you can't afford to live in the area you are living, regardless of having a six figure income.

[calscooby]

Originally Posted by Kung Fu English

Wife, kid. And a doctor. That's how.

Finished emergency medicine residency recently.

Most people on here still probably assume that all doctors are 35 or older. If you go straight through you finish (non surgical) residency at 28-29.

I went the surgical route. So mid 30's, no wifey, no kiddies... 6 figures of loans to pay off....but damn, I'm going to treat myself to a car while paying off my loans