Income vs. M3.

[stefan]

How anyone is affording an M3 and making less than $100,000 is beyond me. Between the car and my mortgage, I really could not justify spending any more on a car than I already do.

I'm also definitely doing something wrong here. Last poll that was ran revealed that the average M3 owner is my age, around 26-30. And yet.. also making $200,000+. Apparently I picked the wrong profession.

[SamS]

Originally Posted by stefan

How anyone is affording an M3 and making less than $100,000 is beyond me. Between the car and my mortgage, I really could not justify spending any more on a car than I already do.

If you put $30K+ down towards a new M3, you get down to pretty reasonable payments.

[Scotch M3]

Originally Posted by SamS

If you put $30K+ down towards a new M3, you get down to pretty reasonable payments.

I would never put more than 15k on any car.

Even 10k is enough for any car.

If I have 30k I would put 10k down on a car like M3 and purchase a 100k house with 20% down and rent it out.

[stefan]

Originally Posted by SamS

If you put $30K+ down towards a new M3, you get down to pretty reasonable payments.

No doubt. But who, my age, has $30K to put down on a car and somehow decided not to move out of their parents basement instead? I guess I am maybe cross-referencing the earlier poll far too heavily. And I live in Canada, so the M3 is $15-20K more. Still.

[SamS]

Originally Posted by Scotch M3

I would never put more than 15k on any car.

Even 10k is enough for any car.

If I have 30k I would put 10k down on a car like M3 and purchase a 100k house with 20% down and rent it out.

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

Originally Posted by stefan

No doubt. But who, my age, has $30K to put down on a car and somehow decided not to move out of their parents basement instead? I guess I am maybe cross-referencing the earlier poll far too heavily. And I live in Canada, so the M3 is $15-20K more. Still.

I'm assuming if you have $30K in cash for a car down payment, you don't live with your parents But, weird things happen around here.

[tibra1]

Originally Posted by SamS

If you put $30K+ down towards a new M3, you get down to pretty reasonable payments.

The hell with that..buy it out right..free and clear.

Im through making the banks and finance companies rich..F@#k em

Oh Im 35 btw

[Nine]

Originally Posted by SamS

I'm assuming if you have $30K in cash for a car down payment, you don't live with your parents But, weird things happen around here.

They do, I think there are a lot of pretenders.

Also, if you trade in a car that you paid cash for, it's not hard to have 30k in equity plus a 10-15k down payment and leave with a reasonable payment and low interest.

[stefan]

Originally Posted by Nine

They do, I think there are a lot of pretenders.

Also, if you trade in a car that you paid cash for, it's not hard to have 30k in equity plus a 10-15k down payment and leave with a reasonable payment and low interest.

Right. But let's consider the last polls. Mostly 20-somethings. Mostly post-secondary educated. Mostly making $200,000.

The fastest you can get a four year degree done without skipping a grade is what.. 22 years old? So presumably no money was saved at this time. So presumably they got an insane paying job, somehow didn't spend any money on a property downpayment, and came up with $30K for an M3 and are already making $200+ before they are in their late 20's. It's a bit far fetched. Or they live with their parents.

[SamS]

Originally Posted by tibra1

The hell with that..buy it out right..free and clear.

Im through making the banks and finance companies rich..F@#k em

Oh Im 35 btw

Nice.

Originally Posted by Nine

They do, I think there are a lot of pretenders.

Also, if you trade in a car that you paid cash for, it's not hard to have 30k in equity plus a 10-15k down payment and leave with a reasonable payment and low interest.

Exactly. I learned my lesson with leasing about 10 years ago. Never again (for me). I find it easier to build up equity when you purchase outright. Better interest rates, and you have more flexibility if you own a few cars outright vs. needing to get out of a lease.

[tibra1]

I said this...there is no way this poll is accurate..I think I was among the few who answered truthfully..whats the point of lying in an anonymous pole on the internet...

Me? nothing to hide...young, single, no kids and I got the world by the balls..

[Nine]

Originally Posted by stefan

Right. But let's consider the last polls. Mostly 20-somethings. Mostly post-secondary educated. Mostly making $200,000.

The fastest you can get a four year degree done without skipping a grade is what.. 22 years old? So presumably no money was saved at this time. So presumably they got an insane paying job, somehow didn't spend any money on a property downpayment, and came up with $30K for an M3 and are already making $200+ before they are in their late 20's. It's a bit far fetched. Or they live with their parents.

You are absoultely right.

I knew a guy who was the top of his class, graduated, went to Google, starting pay was 90k.

In my recent schooling, at a very prestigous school, there was a time when Stat and Finance (some just grad and mostly MBA) graduates could work for the banks in NYC making 150k, but you had to be brilliant and with a very high IQ. Those days are somewhat gone now. But again we are talking about a very very very small percentage of people.

We could spend time trying to think about how it could work or just call bullshit.

[stefan]

Originally Posted by Nine

We could spend time trying to think about how it could work or just call bullshit.

I like it. Bullshit!

Originally Posted by tibra1

I said this...there is no way this poll is accurate..I think I was among the few who answered truthfully..whats the point of lying in an anonymous pole on the internet...

Me? nothing to hide...young, single, no kids and I got the world by the balls..

No kids yet here.. but not single. I shall watch your posts with increasing vicariousness! :P

[nmehta211]

Originally Posted by SamS

That's cause you live in Manhattan, NY! If you lived in Manhattan, KS on your income, you could probably afford an M3 + M5.

I hate to think of what your rent must be, if you live in a nice place.

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.

[MKE_M3]

Originally Posted by JesusMChrist

Just took a $46,000 pay cut for this year, will be interesting to see how I can afford car payments now LOL

I recommend you pray to Jesus ///M Christ for financial support

[MKE_M3]

A lot of people are acting like $200k is a lot of money?!?!?
After taxes it's like $120k
An M3 costs $60-$80k+

Do people really think owning a car that costs 50-75% of your annual net income on a car is unreasonbly low?

Me confused

[persian54]

Originally Posted by Scotch M3

If I have 30k I would put 10k down on a car like M3 and purchase a 100k house with 20% down and rent it out.

You can buy a house for $100k?!

Originally Posted by tibra1

The hell with that..buy it out right..free and clear.

Im through making the banks and finance companies rich..F@#k em

0.9% is pretty much free money though... you can get more than .9% return even in safe investments

Originally Posted by jdemetry

A lot of people are acting like $200k is a lot of money?!?!?
After taxes it's like $120k

Your accountant must not love you if you're losing $80k to taxes..


It's funny but a lot of people on this forum like to lowball like crazy... if people are making $200k+ per year, then what does $50 matter?

I sold my pulley for a fair price, but there were a couple members who tried to say "I want $200" or "$150 shipped" [i had listed it for $250+shipping)

I kid you not.... I simply ignored the low ballers... but the fact that they exist like that really bothers me.

[tibra1]

Originally Posted by persian54

You can buy a house for $100k?!

Yeah?..some shit box in Osh Kosh maybe

Originally Posted by persian54

0.9% is pretty much free money though... you can get more than .9% return even in safe investments

There is always a loop hole..hidden fees etc..plus I want to be master of my own fate..if I want to sell the car tomm I have the title sitting in my desk..not with a bank..

[persian54]

Originally Posted by tibra1

Yeah?..some shit box in Osh Kosh maybe

There is always a loop hole..hidden fees etc..plus I want to be master of my own fate..I want to sell the car tomm I have the title sitting in my desk..not with a bank..

here in LA, 100k can get you a condo and that's about it...and that's in a decent area (but not where you'd want to mark a m3 at)

A small house (say 1500-2000 sq foot) in a whatever area will run at least like $250k still

I hope the title isn't literally sitting on your desk never know, it could get lost dude lol

[tibra1]

Originally Posted by persian54

here in LA, 100k can get you a condo and that's about it...and that's in a decent area (but not where you'd want to mark a m3 at)

A small house (say 1500-2000 sq foot) in a whatever area will run at least like $250k still

I hope the title isn't literally sitting on your desk never know, it could get lost dude lol

No title is in the safe deposit box..

Damn I thought real estate was doing a little better than that in LA..condos in NYC (not Manhattan) range from about $200K-$700K for really luxury complexes.

[MKE_M3]

Originally Posted by persian54

Your accountant must not love you if you're losing $80k to taxes...

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

[persian54]

Originally Posted by tibra1

No title is in the safe deposit box..

Damn I thought real estate was doing a little better than that in LA..condos in NYC (not Manhattan) range from about $200K-$700K for really luxury complexes.

Market hasn't improved much

If you want to find something really luxurious, in a nice area, you'll be looking at $300k minimum.

100k condo is like... in an area where the average tenant is a low-income minority, most likely on welfare or some sort of federal aide.
So not exactly an area you'd park a M3 at lol

[MKE_M3]

Originally Posted by persian54

here in LA, 100k can get you a condo and that's about it...and that's in a decent area (but not where you'd want to mark a m3 at)

A small house (say 1500-2000 sq foot) in a whatever area will run at least like $250k still

I hope the title isn't literally sitting on your desk never know, it could get lost dude lol

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"