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      10-16-2008, 03:18 PM   #67
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Originally Posted by C17MooseDriver View Post
Living with your parents at 28 is pretty pathetic. Whether it's a good financial move or not, you should cut the cord. The only reason I can understand is if you've moved out and suffered financial hardship and had to move back in. Otherwise grow up and be a man!
Living with your parents definitely has cultural influences. As some have said, it's common for asian families. That's just how it is. Its not uncommon for asain families to expand their homes to accommodate growing families as the kids get married and have their own kids.

It's also dependent on the housing market. C17m, you should know since you're in Hawaii. Not too many people making short of $100k per year can afford to buy a house with the median price being above $600k. How many single people do you know that make $100k+ a year in Hawaii?
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      10-16-2008, 03:19 PM   #68
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I think many have already said it many times, so I won't have to say it again.

All I'll say is, when I was getting ready to buy my M3, I basically got a house to go with it as a deal from my mom. She said to give her money and take over payments. Now, I have a house, an M3, she has no mortgage payments, lives for free, and also picked up a 06 Z4 with 900 miles on it.

Both of us benefited in that one.
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      10-16-2008, 03:29 PM   #69
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BTW dude....I'm guessing you like the M because it brings "attention" to you....increasing your chances with the ladies. I gotta tell you....I don't know many ladies that enjoy doing the nasty in mom's basement. If that is your case, the M might be a wasted investment.
Well, I havnt had much luck with getting chicks with my fancy toys, so in this case.. Im sure I would get looks, but not sure I'd get the chicks.. Its more because I've always wanted a BMW... and want to have it at a young age, rather than at an old age...
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      10-16-2008, 03:31 PM   #70
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Hmmm, I believe after you have considered all the options,
Buying a house would be a smarter idea. But then again you'll be payig for it for many many years. If you have done some thinking about it. As you mentioned you have 100K + saved up rightnow. The M3 is 68k, why not put 40 000K downpaiment on the M3, which will decrease your monthly payments by a bigshot. put the other 60k down for a house, the 40k over 25 yrs will not make a whole lot of difference maybe some odd 200-400$ per month more. While you have the M3 and a House at some what affordable rate.
Thats my opinion, either way you'll be paying for the house once you have bought out the M3. Then you can always increase ur monthly payments for the house to shorten the term that you are on.
This has crossed my mind... get the car now, pay it off in 5 years.. get a new house in the middle somewhere.. hopefully by that time with a co buyer.. like my spouse.. or maybe a brother.. who knows..
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      10-16-2008, 03:32 PM   #71
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Well, I havnt had much luck with getting chicks with my fancy toys, so in this case.. Im sure I would get looks, but not sure I'd get the chicks.. Its more because I've always wanted a BMW... and want to have it at a young age, rather than at an old age...
Here's another solution. Buy a 335 and a house. The monthly on a 335 will be almost 60% of an M with a similar down payment. Then you can have your BMW and a house to take the ladies to. It's not an M but still a very capable car. Save up for the M later.
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      10-16-2008, 03:32 PM   #72
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Originally Posted by M3Drivincraze View Post
Although the M3 is amazing, owning your own house will give you more satisfaction that the M ever will. Its the first major step any 28 yr old needs to take.
Once you get the house, you will be posting "new kitchen or M3" and you'll do the kitchen because its a smart investment, then "finish the basement or M3" and you'll do the basement for the same reason, it goes on forever.

When you finally get to "get married or buy the M3" then you can buy the M3.

This is hilarious, but true.. once I get married though.. the M3 will no longer be important.. family life will be.. it might become.. YES DEAR at that time... yikes!
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      10-16-2008, 03:35 PM   #73
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Originally Posted by UltimateBMW View Post
+1

While there are alot of foreclosures, and housing prices are dropping alot... we aren't at the bottom yet. I'd wait 6months to a year before buying a house when the market has bottomed. And great deals can be had on an 08 M3 now as well. Someone just posted a negotiated deal of payments around half of what your considering. Granted it was on an E90 as well.

As for this thread, page 1 was good sound advice (although not really considering the current market and economy fully). Page 2, poeple started to kick in the stereotypical, "You need to move out or your a loser!" thing. This shit is old news. Poeple with sound jobs and wanting to save money have no problem living at home, and I can guarantee you if these poeple are not lying about it and actually have a good job then they don't feel like a loser either. It's just a decision that works best for all of the parties involved. Parents, kids, whatever. Living at home with a great job is alot smarter than moving out and taking on the brunt of all those payments just so you can get ass and be viewed by poeple on the internetz that your not a loser and independant. I see absolutely nothing wrong with his decision.

If you are happy with your current living conditions, then stick with it. Only move out if you have a real reason to, don't do it just because some arbitrary status-quo says you should. And now to the real important topic...

DO NOT BUY A M3 FOR $68k! You can get a way better deal than that!
This is EXACTLY how I feel about it!!

Oh, and the car is actually $61K, after TTL itll be $67K and change.
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      10-16-2008, 03:37 PM   #74
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Originally Posted by 2008bimmerM3 View Post
buy the car....worry about the house later...when you get married and have kids, ya good luck getting an M3

my fiance supported my purchase with the M3, she even told me if you dont get it now u aren't getting it until you are 60 because we are going to have kids.

put your 100k in a high interest bearing account, buy the car at 0.9% and IF YOU DO FIND A GOOD DEAL on the house, put down the 100k and buy the house, with your type of yearly income and IF you have a great credit score, you'll get approved for the house easily.

post pics when you get the car
This is a good point too.. I want to get into a house with my spouse.. make it a partnership experience oh home ownership..
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      10-16-2008, 03:37 PM   #75
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This is hilarious, but true.. once I get married though.. the M3 will no longer be important.. family life will be.. it might become.. YES DEAR at that time... yikes!
If you do get a car at that point in life, it will be more of a mid-life crisis deal. So it probably won't be an M3 anyways but rather something much more flamboyant.
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      10-16-2008, 03:39 PM   #76
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Originally Posted by MJC///M3 View Post
wrong...they have.
The houses HAVE depreciated.. and who knows when itll go back up.. I could get into a house now and LOSE MONEY, and not make it back until years from now.. plus.. the house I would eventually get into would be my permanent home.. not a short term investment.. whether I start now or in 5 years.. wouldnt make a difference right?
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      10-16-2008, 03:40 PM   #77
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Quote:
Originally Posted by Sedan_Clan View Post
My opinion will most likely be opposite of the general consensus, but fall more in line with schadenfreudes' and UltimateBMW's perspectives. While it is most definitely a buyer's market (..autos, homes, etc.), I'd wait on purchasing a home. Determining your individual housing needs, and finding the right home takes time. It is a process that should be approached with dutiful care and consideration. You're 28 years of age and making a healthy income, so enjoy it. You have all the time in the world to buy a home.

Cultural differences must be considered as well. I have a few friends of asian descent that make 6 figures annually, but live at home with their parents.
Agreed as well!!
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      10-16-2008, 03:41 PM   #78
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Are you guaranteeing that if he got his own place he would get laid more than if he had an M3? He could always take it to the chicks place...

Plus, getting laid is an action based off a hormone. Hormones are temporary and pass. Where as the M3 is a desire, and everyone on this forum knows how powerful and long lasting desires are!

(This post is completely my own opinion and priorities. Bitches are cheap and widely available, imo.)
LOL no kidding!! Living at home has not stopped me from getting laid...
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      10-16-2008, 03:44 PM   #79
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Originally Posted by HIS4 View Post
Here's another solution. Buy a 335 and a house. The monthly on a 335 will be almost 60% of an M with a similar down payment. Then you can have your BMW and a house to take the ladies to. It's not an M but still a very capable car. Save up for the M later.
I did the math, the 335 is not worth the purchase.. because I would get a 2009 with 3.9% financing.. the car is well near 60K.. I can get the M3 for 67 and change.. that is a more valued purchase IMO... 335 is not worth 60K, a M3 IS... thats why I opted for the M car.. Besides.. I would be plenty content with the M car.. if I get the 335 THEN wanted the M, it would be a waste.. to have paid TWICE..
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      10-16-2008, 03:59 PM   #80
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Its simple,you got 100k plus saved, you live in California where there are TONS of forclosures, and its your first house, I would search and buy a house thats in forclosure, then worry about a car. Here in Florida I've found houses 5bedroom/4bath 4200 Sq. feet in forclosure, that were selling for 980k back in 2005/2006 for 40k to 100k(forclosure). But you got to search.
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      10-16-2008, 04:19 PM   #81
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Living with your parents definitely has cultural influences. As some have said, it's common for asian families. That's just how it is. Its not uncommon for asain families to expand their homes to accommodate growing families as the kids get married and have their own kids.

It's also dependent on the housing market. C17m, you should know since you're in Hawaii. Not too many people making short of $100k per year can afford to buy a house with the median price being above $600k. How many single people do you know that make $100k+ a year in Hawaii?
In Asia, living with your family for awhile is acceptable. That's the culture over there. But, here in the US, it's not really considered acceptable, by society.

As for being in HI, yes the real estate market is expensive so people live with their parents for awhile, because they can't afford to move out. So again it's acceptable. But the OP chooses to live with his parents and wants to spend the money on an M3.

Whether you buy a house or not, it's your choice. But honestly, 28 years old and living at home so mom could do your laundry and cook your food. Honestly, don't tell me your friends don't make fun of you.
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      10-16-2008, 04:26 PM   #82
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Dude, you are sick!!!
You cant ask this to an M3 crowd man. It's not the same as : should I get a Eisenmann exhaust... It's up to know probably one of the most important decisions to make...
DANG crazy mofkr
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      10-16-2008, 04:27 PM   #83
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I was 25, living at home, making decent money (but not 80k) and bought a used Porsche. Loved the car but it did piss the parents off and then they jacked up my "rent".
In hindsight, MOVING OUT should have happened first - just make sure you get a garage so you can keep the M3 nice!
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      10-16-2008, 04:30 PM   #84
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Quote:
Originally Posted by C17MooseDriver View Post
In Asia, living with your family for awhile is acceptable. That's the culture, and I should know since I'm Asian. But, here in the US, it's not really considered acceptable, by society.

As for being in HI, yes the real estate market is expensive so people live with their parents for awhile, because they can't afford to move out. So again it's acceptable. But the OP chooses to live with his parents and wants to spend the money on an M3.

Whether you buy a house or not, it's your choice. But honestly, 28 years old and living at home so mom could do your laundry and cook your food. Honestly, don't tell me your friends don't make fun of you.
I see a lot of it around here. Maybe it's more of a Hawaiian culture thing than an Asian thing but I know a lot of people who do home renovations just to make room for more people as their families get larger.

My boss just built a huge house on Waialae Iki so some of his children could came back from the mainland to live with him. It's not like the children can't afford to live on their own. One is an architect, another is a doctor. Its just that they value being close to their family. Its actually good for us as his employees because he always tells us to put family first. If we ever need to leave the office to take care of family stuff he's very understanding. There's no griping about making up hours or getting work done. You just do what you gotta do. If other people need to step up to help with the workload while you're taking care of issues, so be it.
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      10-16-2008, 04:53 PM   #85
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dude..i can tell from the way you are speakin, u want the M3 right? answer honestly
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      10-16-2008, 04:55 PM   #86
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Omg, no this is all wrong. You're 28 so you'll pay off your house at 58 or less if you make more than 12 payments/year. The tax benefits are also something you'd be missing out on if you don't own a home. Dude, plan for the future, not for the present. If you fail to plan, then you plan to fail.

Forget the mutual decision & spouse crap. Buy something for your future, not for a future spouse you don't even have yet. You're making excuses for a dumb car - you know you're smarter than that, please don't use this post as an attempt to convince yourself buying a car is the better choice. You need assets in this economic climate, not expenses that will never appreciate.
Totally agree with Moses!

Also, good luck buying a home when your D/E ratio just went up with a car purchase!

Think man.... it's time to collect assets not liabilities. Home over a car any day!
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      10-16-2008, 04:57 PM   #87
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In Asia, living with your family for awhile is acceptable. That's the culture over there. But, here in the US, it's not really considered acceptable, by society.
Cultural differences typically supercede society's judgments. The asian (..and middle eastern) families that I'm familiar with could care less what society thinks.
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      10-16-2008, 05:00 PM   #88
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Originally Posted by C17MooseDriver View Post
In Asia, living with your family for awhile is acceptable. That's the culture over there. But, here in the US, it's not really considered acceptable, by society.

As for being in HI, yes the real estate market is expensive so people live with their parents for awhile, because they can't afford to move out. So again it's acceptable. But the OP chooses to live with his parents and wants to spend the money on an M3.

Whether you buy a house or not, it's your choice. But honestly, 28 years old and living at home so mom could do your laundry and cook your food. Honestly, don't tell me your friends don't make fun of you.
My friends dont make fun of me actually.. I take care of my own laundry.. who doesnt love moms cooking.. I pay for the mortgage too.. so its not like im free loading..
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