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

[Cool Steel]

Humans will instinctively lie to save face. If a poll makes you look like a punk there is a higher probability of people lying...I'm guessing there are more people who have had mommy and daddy buy or at least help buy their M3 than the poll admits...

[Mr. Liu]

Here's a new one... I have a 6 figure job on wall street. Paid in cash for a brand new car.

....but I live in one of my parents investment properties rent free.

[///M3Owner]

What if you're under your 20's..

[1MOREMOD]

Originally Posted by ///M3Owner

What if you're under your 20's..

instaban.

[W Cole]

Originally Posted by Mr. Liu

Here's a new one... I have a 6 figure job on wall street. Paid in cash for a brand new car.

....but I live in one of my parents investment properties rent free.

Seems like a pretty solid investment.

[Skooterbrah]

I'm 29, single, small business owner and picked the car up last year. Paid cash. Since then its been through the ringers lol (Volks, ESS/AR 700, KW's etc..)

[ucmike]

How about someone like me, my story below as I consider an M3 at the age of 26:


I'm considering selling my 2008 335i and buying a 2008-2009 M3. I owe 10k on the 335i, and would sell it.


Assuming with the down payment (I would prefer not to pay cash - you never know what might happen) my payments on the M3 would not change compared to the 335i - is this something I should consider?

Real estate in CT is not cheap - I live in a townhouse and don't intend to spend any more for at least 4 years - my lifestyle doesn't need anything bigger house wise. I am also contributing to 401k - at 6% which is the max percentage my company will match.

Bear in mind I also own a Honda S2000 outright - a fun car, but my insurance would go down if I only had one car - should I have both, or sell the S2000 and just use that as the down payment, the M3 taking the place of both the 335i and S2000?

Thank you to the older and wiser members!

[zonda600]

I'm 25 and recently purchased a pre-owned M3. I have been working at least 10 hours per week since I was 14 (at the local hospital in the Radiology department while in high school and at the university throughout college). With the help of some small academic scholarships and by graduating early, I left debt free and with a decent chunk in savings. I earn a respectable amount of money as a financial systems analyst, but nothing obscene. I've already bought my own home and sold my previous vehicle (that I kept for over 6 years) to help pay for the M3. It's not impossible if you prioritize and avoid spending frivolously.

[bsmack]

27, live on my own, and decided to irresponsibly take out a rather large car loan. I was fortunate enough to leave college with no student loans thanks to very generous parents. I'm still able to bank a good amount with my current job so hopefully I will have enough for a home a year from now.

[nullrouted]

Originally Posted by alee0729

These threads crack me up.

IMHO, for the most part, you can truly afford a luxury car because you are born into it.

That doesn't mean your mom and dad gave you your car, but your parents, and their parents did create opportunity. Maybe by living in a solid school district or paying for private school. For the most part, good environment, good role models teach you good economics and pave the way for success -- how to spend wisely, and also how to spot problems.

You can't teach a kid to be rich, but you can definitely teach them to live in a way keeps them from being poor. I'd bet over 80% of the folks here could attribute their current successes to how their parents did the lay-up for them to grow up "right". Whether it's helping them with a downpayment for a house, helping them buy their first car, or a reference that got them their first job.

The rest is usually up to the individual.

On rare occasions, you have success stories where the entrepreneurial kid cracks an industry and gets wealthy, or the kid in a rough neighborhood breaks free and excels and builds their success. However these are exceptions.

Yeah, I agree. I'm a perfect example of what you're describing.

My hard-working, blue-collar parents, told me every day growing up that I would be "breaking my back" working, and "taking shit from my boss" like they did, if I didn't get my ass to school and learn something of value. Their investment of $2500 for a computer for me in 1990 (I was 6) is basically the reason I'm where I am today. Grew up, went to college, got a degree in business, got into telecom... the rest is history

I'm also on the red team...for obvious reasons.

[Sedan_Clan]

Haven't we had about 30,000 of these "How do you afford an M3 at XX age" threads? It's simply a matter of income, priorities and obligations (...and/or family money when applicable).

[W Cole]

Originally Posted by ucmike

How about someone like me, my story below as I consider an M3 at the age of 26:


I'm considering selling my 2008 335i and buying a 2008-2009 M3. I owe 10k on the 335i, and would sell it.


Assuming with the down payment (I would prefer not to pay cash - you never know what might happen) my payments on the M3 would not change compared to the 335i - is this something I should consider?

Real estate in CT is not cheap - I live in a townhouse and don't intend to spend any more for at least 4 years - my lifestyle doesn't need anything bigger house wise. I am also contributing to 401k - at 6% which is the max percentage my company will match.

Bear in mind I also own a Honda S2000 outright - a fun car, but my insurance would go down if I only had one car - should I have both, or sell the S2000 and just use that as the down payment, the M3 taking the place of both the 335i and S2000?

Thank you to the older and wiser members!

I'm your same age so not sure if I count. But as far as the payment amount being something to consider I would say yes and no.

The most important metric in my opinion is the depreciation and running (maintenance, tires, gas) costs. These are the true costs of owning a vehicle. The monthly loan payment is irrevelant since it will change with term, downpayment, etc. Just because I pay cash for my M3 does not make it any cheaper. In fact, it makes it more costly since instead of paying 1.50% to Penn Fed on a car loan and reinvesting in the stock market at 8.00% or using the money to pay down the mortgage on your townhouse which is probably 4.00%+ interest you have it all parked in a car.

Assuming you have alternate investments or debts I would leverage up as much as I could in the car for as long of a period as possible since a car loan is the cheapest money you will get. That money is better spent paying down your home loan at 4%+ interest or investing in the stock market, etc at an even higher return.

As far as keeping the S2K thats up to you. I would only have a 2nd car if it were a bit of a beater that I only used on the track (M3 is too expensive for me to write off in the event of an incident) and personally I'm not interested in the additional insurance/registration payments for something I wouldn't use much. I'd trade in the S2k for a sport bike.

[ZZebes]

25, hard worker, bought pre-owned lol

[Cool Steel]

Originally Posted by alee0729

These threads crack me up.

IMHO, for the most part, you can truly afford a luxury car because you are born into it.

That doesn't mean your mom and dad gave you your car, but your parents, and their parents did create opportunity. Maybe by living in a solid school district or paying for private school. For the most part, good environment, good role models teach you good economics and pave the way for success -- how to spend wisely, and also how to spot problems.

You can't teach a kid to be rich, but you can definitely teach them to live in a way keeps them from being poor. I'd bet over 80% of the folks here could attribute their current successes to how their parents did the lay-up for them to grow up "right". Whether it's helping them with a downpayment for a house, helping them buy their first car, or a reference that got them their first job.

The rest is usually up to the individual.

On rare occasions, you have success stories where the entrepreneurial kid cracks an industry and gets wealthy, or the kid in a rough neighborhood breaks free and excels and builds their success. However these are exceptions.

Agreed...

[W Cole]

Originally Posted by Sedan_Clan

Haven't we had about 30,000 of these "How do you afford an M3 at XX age" threads? It's simply a matter of income, priorities and obligations (...and/or family money when applicable).

Exactly, if you work in CA where minimum wage is now $10 /hr thats $1,733 /mo at 40 hours per week. If you live at home in your parents basement and don't eat then you can afford a brand new M3. Its all about priorities.

[Sedan_Clan]

Originally Posted by W Cole

Exactly, if you work in CA where minimum wage is now $10 /hr thats $1,733 /mo at 40 hours per week. If you live at home in your parents basement and don't eat then you can afford a brand new M3. Its all about priorities.

Way to go to the furthest left of the spectrum.

[Kung Fu English]

Originally Posted by W Cole

I'm your same age so not sure if I count. But as far as the payment amount being something to consider I would say yes and no.

The most important metric in my opinion is the depreciation and running (maintenance, tires, gas) costs. These are the true costs of owning a vehicle. The monthly loan payment is irrevelant since it will change with term, downpayment, etc. Just because I pay cash for my M3 does not make it any cheaper. In fact, it makes it more costly since instead of paying 1.50% to Penn Fed on a car loan and reinvesting in the stock market at 8.00% or using the money to pay down the mortgage on your townhouse which is probably 4.00%+ interest you have it all parked in a car.

Assuming you have alternate investments or debts I would leverage up as much as I could in the car for as long of a period as possible since a car loan is the cheapest money you will get. That money is better spent paying down your home loan at 4%+ interest or investing in the stock market, etc at an even higher return.

As far as keeping the S2K thats up to you. I would only have a 2nd car if it were a bit of a beater that I only used on the track (M3 is too expensive for me to write off in the event of an incident) and personally I'm not interested in the additional insurance/registration payments for something I wouldn't use much. I'd trade in the S2k for a sport bike.

why don't more people understand this?

ZOMG you financed over 6 years you NUB you are going to pay out the ass in interest!

3.05% interest. Pfft. I'll take that over 100 years and pay down my 8% med school loans instead. yes please.

[ZZebes]

Just because it's an M3 doesn't mean it isn't affordable

2.99% for 42 months on my 2008 at $655 a month

[Roundown]

Originally Posted by Prince_of_Persia

I don't agree with this. A lot of M3 owners in their 20s graduated from school and got a good paying job and paid for their cars. I have got $0 from my family since I was 19.

+1

[LarThaL]

Originally Posted by Sandye90m3

Did very well in my high school and managed to get into a very good university, UCI to be exact. So my parents rewarded me!

However the moment my grades slip, I lose everything including my phone lol.

Sorry, but your parents are completely misguided. Yes, there are 20-somethings that may spend a disproportionate amount of money on their car, etc, etc, but for your parents to buy you an M3 because you got into a mediocre college is ridiculous. Even if you went to Stanford it would still be ridiculous.

Tell you what.....go down to a BMW dealership and tell them that you worked really hard and did well in school and got into UCI. Then tell them you want them to give you an M3 for this and see what they say.

[Mr. Liu]

^ She must not be Asian. "Very good university" for my parents was HARVARD and thats it.

[1astigM3]

haha..just waiting for someone to yell.."rich kids of instagram!!!" lol