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      01-02-2012, 12:00 PM   #1
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"Living with the parents rent-free frees up cash for flashy rides like the M3" LOL

http://www.msnbc.msn.com/id/25352526.../#.TwHiHSNr5iU

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      01-02-2012, 12:05 PM   #2
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good post
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      01-02-2012, 12:13 PM   #3
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      01-02-2012, 12:19 PM   #4
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Haven't we had first hand examples of this about a million times now?

For example:
http://www.m3post.com/forums/showthread.php?t=624788
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      01-02-2012, 12:23 PM   #5
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lol a lot of evidence of this on this board. Those figures they were throwing for younger buyers across all the luxury brands were pretty startling. Looks like a lot of parents are not making their kids aware of the dangers of going into high debt which is surprising given the current economic environment.
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      01-02-2012, 12:25 PM   #6
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If I bought a $70,000 while living with my parents they would have either kicked me out or charged me so much rent I would have had to sell the car

Don't worry... when the fake economy collapses in 10 years we all will know why. I can say one thing, when gen Y decides to retire I would love to know how they plan to fund it. There will be a lot of seniors in poverty (moreso than today) in 25 years
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      01-02-2012, 12:28 PM   #7
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My favorite paragraphy, because I think it's soooo true of many of the kids these days.

Quote:
Originally Posted by Dan Carney at MSNBC
Members of “Gen Y” — a famously fickle age group loosely defined as those born between 1978 and 1994 — don’t feel they need to earn their luxury, observed Ed Kim, director of industry analysis for AutoPacific, which tracks the automotive industry.
“They want it now, and they feel they deserve it now,” he said.
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Let me get this straight... You are swapping out parts designed by some of the top engineers in the world because some guys sponsored by a company told you it's "better??" But when you ask the same guy about tracking, "oh no, I have a kid now" or "I just detailed my car." or "i just got new tires."
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      01-02-2012, 12:30 PM   #8
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We have plenty of these kids on this forum.
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      01-02-2012, 12:33 PM   #9
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Thanks for posting. Good article.
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      01-02-2012, 12:34 PM   #10
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true, but I havn't lived with my rents since college for a few months, I have three kids a mortgate and can pretty easily afford my M3 at 31, and have had similarly nice cars since my mid 20's. I just don't do anything else fun (outside of hanging with my kids, which isn't as expensive as bar hoping, country club memberships, etc.)
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      01-02-2012, 12:41 PM   #11
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Sad but true. I know of a guy who purchased a fully loaded E92 335 and he just got out of school and not even close to making money that would support payments if they were living on their own.
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      01-02-2012, 12:42 PM   #12
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Quote:
Originally Posted by jdemetry View Post
true, but I havn't lived with my rents since college for a few months, I have three kids a mortgate and can pretty easily afford my M3 at 31, and have had similarly nice cars since my mid 20's. I just don't do anything else fun (outside of hanging with my kids, which isn't as expensive as bar hoping, country club memberships, etc.)
+1

"So even if they are self-entitled brats, at least they are nice to their parents."
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      01-02-2012, 12:45 PM   #13
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But, but, but I've gotten good grades all through high school (honor roll!)
... and work at dad's shop every weekend (4 hours every Saturday!)
... and saved $10k (a lot for a kid!)
... and don't ever drink (except that one time at junior prom)
... and never got a ticket (been driving 8 months now!)
... and never got into an accident (except that one time with dad's McLaren F1)
so I deserve an M3, right?

[yeah, article talks about boomerang kids, but we've had high school kids in here with M3's too]
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      01-02-2012, 12:46 PM   #14
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immaturity + helicopter parenting + easy debt = all M3 drivers get a bad rep
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      01-02-2012, 12:46 PM   #15
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Quote:
Originally Posted by aus
My favorite paragraphy, because I think it's soooo true of many of the kids these days.

Quote:
Quote:
Originally Posted by Dan Carney at MSNBC
Members of “Gen Y” — a famously fickle age group loosely defined as those born between 1978 and 1994 — don’t feel they need to earn their luxury, observed Ed Kim, director of industry analysis for AutoPacific, which tracks the automotive industry.
“They want it now, and they feel they deserve it now,” he said.


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      01-02-2012, 12:51 PM   #16
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With the way Gen Y has been raised, this was bound to happen.

Gen Y are very close to their parents. As such, they would predictably try to find jobs to be near home. But then, whats the point in paying rent when the parents live 5 miles away from their work? So they move back home, go to work, and have such a dull lifestyle that they need to make a impulse buy to justify their existence because they really have nothing else to show for all of their "hard work" than to be back where they started - at home, except now they have to go to work everyday.
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      01-02-2012, 12:55 PM   #17
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Quote:
Originally Posted by gthal View Post
If I bought a $70,000 while living with my parents they would have either kicked me out or charged me so much rent I would have had to sell the car.
Amen to that. When I brought home a $900 car in 1989 my guardians immediately expected rent. They were pissed.
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      01-02-2012, 12:55 PM   #18
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Quote:
Originally Posted by m0ss View Post
With the way Gen Y has been raised, this was bound to happen.

Gen Y are very close to their parents, as such, they would predictably try to find jobs to be near home. But then, whats the point in paying rent when the parents live 5 miles away from their work? So they move back home, go to work, and have such a dull lifestyle that they need to make a impulse buy for their existence because they really have nothing else to show for all of their "hard work" than to be back where they started - at home, except now they have to go to work everyday.
Personally I don't have a problem with that because let's face it, it's hard you try to use it to your advantage. I just think it's stupid that they would rather spend money on a car (like really? a M3?) instead of saving money for their own house.
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      01-02-2012, 01:00 PM   #19
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Quote:
Originally Posted by 宝马.e90 View Post
Personally I don't have a problem with that because let's face it, it's hard you try to use it to your advantage. I just think it's stupid that they would rather spend money on a car (like really? a M3?) instead of saving money for their own house.
Agreed. I think that the combination of self-entitlement and luxurious wants simply puts Gen Y out of contention of wanting to own their own house because it is not within their range of affordability. Just think about it, if they want a M3 straight out of school, just imagine what kind of house they feel they are entitled to live in?

"Oh my god, a house that costs 300k is such a craphole, I would NEVER want to live there. I want a million+ dollar house because I deserve it"
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      01-02-2012, 01:04 PM   #20
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Quote:
Originally Posted by 宝马.e90 View Post
Personally I don't have a problem with that because let's face it, it's hard you try to use it to your advantage. I just think it's stupid that they would rather spend money on a car (like really? a M3?) instead of saving money for their own house.
It's called instant gratification. These kids have never been allowed to fail at anything (try failing a grade in school these days), they don't realize that the world is, in fact, a hard place to be successful these days and it requires work, and they don't think beyond next week. Now, this isn't all gen Y by any stretch but it is too large of a proportion.

Two weeks ago, two ladies from the Red Cross came to my door looking for donations for a new program the Red Cross is looking to start. It is intended to teach kids how to communicate more effectively other than through texting, facebook, etc. You know... like talking, actual writing (no OMG, LOL, etc). No joke. What a sad state of affairs we (parents today) have created with our kids.
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      01-02-2012, 01:05 PM   #21
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Quote:
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I'd rather sleep in a M3 than live in a 54-62K house.
Add a wife and infant to that equation and see is that's still true.
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      01-02-2012, 01:05 PM   #22
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you can always sleep in your car but your cant drive your house.
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