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      04-13-2013, 05:25 PM   #45
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I personally think that having Your own garage, meaning having your own piece of property Is more important than a high monthly car payment, and it is all percentages. So good luck and I know you will make the right decision
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      04-13-2013, 05:29 PM   #46
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Get a gorgeous E46 M3. They rock, for a fraction of the cost. Later, if you MUST have the V8 (understandable), get a used E9X M3. If you still need a loan on it, now is the best time in your lifetime to borrow on a used car. You'll never see financing like this again as long as you live.
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      04-13-2013, 06:33 PM   #47
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Quote:
Originally Posted by robotk View Post
I'll just put it out there- personally I think you need to be making at least $200k to get an m3. I'm sure others have different opinions on this. Where you live and having kids/wife obviously factor into this as well.
You can get a used M for $40-50k. I don't think you need to be making $200k to afford that. A new Infiniti G35 will cost that much. It really depends what other expenses you have. Overall, if you can meet all expenses and still put away about 20% of your take home pay annually on top of your 401k, then I say you are okay in terms of affording a given lifestyle.
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Last edited by LarThaL; 04-13-2013 at 09:17 PM.
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      04-13-2013, 06:38 PM   #48
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Quote:
Originally Posted by LarThaL View Post
You can get a used M for $40-50k. I don't think you need to be making $200k to afford that. A new Infiniti G35 will cost that much. It really depends what other expenses you have. Overall, If you can meet all expenses and still put away about 20% of your take home pay annually on top of your 401k, then I say you are okay in terms of affording a given lifestyle.
This is assuming a new m3.
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      04-13-2013, 06:53 PM   #49
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Quote:
Originally Posted by Skiptomylou37
Quote:
Originally Posted by persian54 View Post
To me, everything is in percentages.

If you're making $2k/month, then 700/month is too large of a percentage.

If you're making 7k/month, then 700/month isn't an issue considering you have no other responsibilities or real liabilities/debts/etc

if you're making 14k/month, even better.

and so worth.

I wouldn't s/c it though. Too much of a liability as well as an upfront cost. New/newer= longer warranty as well so less headaches.

All depends on what % of your income it'll take away and how much it'll impact your ability to save/invest/enjoy elsewhere (since a car isn't everything)
I really can't give an exact number because my commission varies from month to month, but AFTER taxes I would say I usually make 5-6k a month, thats including the 1k/month I make from my side job.
Some inputs from me since I am also at your age

I make ~7800 after tax each month in paycheck, and I drive a 2013 M5 with monthly lease payment of 1169, and since I live in VA, I am also responsible for about 4.5k car tax each year

But I already own a house that's paid down in full by my parents...so I kinda don't have to worry about savings, otherwise I don think ill make big investments in car at this age
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      04-13-2013, 07:28 PM   #50
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buy pre-owned You'll have ~$20k left in my wallet
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      04-13-2013, 07:38 PM   #51
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This is all a game based off of savings, not earnings. If you were to lose your job tomorrow for whatever reason, and not be able to return to work for 8-12 months, whether by circumstance or choice, what liabilities you have at that junction determine how screwed you are.

You'd have to be walking around with blinders to not see significant changes in the job market in the last few years -- being young does work a bit more in your favor. But old guys like me in their late 30s should start worrying, and folks in their 40s and 50s should be mortified.

Having credit card debt is bad. You're overextended.

Having a home assumes you can sell it if you get in trouble. It also assumes you didn't buy your home at a time when prices were at their peak, or you're carrying a liability.

Having a car loan assumes that you can turn it around and sell it and afford selling it for potentially less than what the balance of your loan is. Get a $50k car loan, hitting hard times with $45k to pay back and selling the car for $44k still means you have to find $1000 somewhere.

Your safety net can be whatever you believe can save you if you get into trouble. Could be wealthy parents or relatives. Could be a savings account. Could be knowing you can comfortably take up a life of crime to finance your lifestyle when you're unemployed. Could be a job skill that you feel is in-demand enough that long periods of unemployment are highly unlikely (but don't get too cocky here).

Bottom line: Cash flow assumes you have income. Your liabilities determine whether you end up like the dot-com kids who all had to move back home with their parents when the walls came tumbling down.
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      04-13-2013, 07:38 PM   #52
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Quote:
Originally Posted by davesaddiction View Post
Sorry for your loss, first of all.

Life is meant to be lived, but some decisions you make now can really screw things up for you down the line.

Cars are depreciating assets, and you need to consider the lost opportunity cost of not investing the money you'd spend on the car.

Before I bought my M3 (used), I had a nice house, a big chunk built up for retirement + 20% of salary going there, life insurance & 529s set up for our kids, and my wife already in a nice mom-mobile (the family stuff doesn't apply to you yet, obviously).

Getting an '08 with a good insurance option from USAA sounds like something you could manage pretty easily, just make sure you're also set up well for the future.

Here's some advice on this I saw recently:

- Put down at least 20%
- Finance the vehicle for no more than four years
- Keep total monthly vehicle expense - including principal, interest, and insurance - under 10% of gross income

Cars like these are meant to be enjoyed; make sure there's no way you'll end up regretting the purchase.

Best of luck on your decision.
Good advice! He should include maybe the gas money and maintenance costs in that 'total expenses' category?

OP, sounds like you are a wise young man. Key rule of thumb for me is how comfortable you feel with the payment as a percentage of your discretionary income. And how stable your job is, or how easily you can find another one with the same income should you lose this one.

My personal opinion is.... if a difference of a few hundred / month means you are approaching your limit of 'comfortable', don't go there. Don't go anywhere near your limit, stay well below it.

There will always be special cars out there to own. The hard part is waiting. But it'd be a *choice* you'd be making. One that allows you to have much more choice later on...
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      04-13-2013, 07:40 PM   #53
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Quote:
Originally Posted by 05Mdriver View Post
my 2 cents.

Sell the MR. Remove CC debt. Buy house. Then get car.
This 100%.

Debt first, house second, sell MR, then get car.
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      04-13-2013, 07:44 PM   #54
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Quote:
Originally Posted by Endless619 View Post
This 100%.

Debt first, house second, sell MR, then get car.
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      04-13-2013, 08:18 PM   #55
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You can afford it. It just boils down to how you want to manage your money/ assets/ liabilities. What about compromising and buying an 08-09 and dump the rest into the market? Or an appreciating asset of some sort?
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      04-13-2013, 08:24 PM   #56
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Quote:
Originally Posted by Goat Rodeo View Post
If you:

1) Have you own place and are financially independent
2) Can comfortably save/invest at least 1/2 your after-tax income
3) Can live a comfortable lifestyle including good food, drinks, and company
4) Travel frequently and learn new things, enjoy freedom
5) Pay off all your credit card balances monthly or use 0% APR cards wisely (E.g. never pay a finance charge, ever)

and still have the cash leftover for a M3, tires, maintenance, and gas

You're fine. I would say that requires min. 200K/yr in the USA for a single person.



As a single guy in my late twenties: when do you ever "have no responsibilities except enjoying life?" Unless you are completely bankrolled by someone else whatever income you have has to go to rent, tuition, food, dating, investing, traveling, insurance, clothes, etc. all of which add up to far more than a fancy car payment. A M3 is a suitable purchase for someone who makes 200K before tax and still has responsibilities, even if single.
As a fellow late-twentier, I would strongly echo the above. Save at least a year of salary, then, if all of the above conditions are met, knock yourself out.

Depending on where/how you live, that's $200-$400k a year.
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      04-13-2013, 09:08 PM   #57
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Yes, yes. You should live like a pauper, drive a '98 civic, and not buy the car you want until you're so old that it hurts your back to get in and out of it. Assuming you live that long.

Hogwash. Clean up the credit card debt, make sure you have something saved for emergencies, and then get what you want - within reason. If it turns out that you bit off more than you can chew, get out of the car. It will smart a little financially, but won't ruin your life.
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      04-13-2013, 09:18 PM   #58
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Simple rule would be, if you're counting every red cent to run or own the E92 M3, you probably shouldn't buy it yet. I guess having this car and struggling with bills wouldn't be the best move and probably would lessen your enjoyment of the car overall. I agree a E46 M would be a fantastic option vs. the E92.
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      04-13-2013, 09:20 PM   #59
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Quote:
Originally Posted by Skiptomylou37
Quote:
Originally Posted by robotk View Post
I'll just put it out there- personally I think you need to be making at least $200k to get an m3. I'm sure others have different opinions on this. Where you live and having kids/wife obviously factor into this as well.
Think you could explain your reasoning for this? Maybe it's because I'm young and foolish, but if I was making 200k a year I think I would be talking about getting a Murciealgo, not an M3
This.
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      04-13-2013, 09:22 PM   #60
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People here think a 200K/yr salary is enough to afford a Lambo?

That's hilarious.
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      04-13-2013, 09:25 PM   #61
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      04-13-2013, 09:26 PM   #62
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Quote:
Originally Posted by persian54

Unfortunately, most M3 drivers are now, what some like to call: "Hard parkers"
People who throw money at the car, yet only stare at it...
Brembos, JRZs, Aeros, TE37SLs with R-comps etc etc... and they never see a race track :/, all they see is the occasional exposure at meets
I think you just described Powerbeast.
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      04-13-2013, 09:28 PM   #63
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Quote:
Originally Posted by Goat Rodeo View Post
People here think a 200K/yr salary is enough to afford a Lambo?

That's hilarious.
Why not? It's only $400,000. Seems financially sound to me.
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      04-13-2013, 09:32 PM   #64
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Quote:
Originally Posted by robotk
Quote:
Originally Posted by Goat Rodeo View Post
People here think a 200K/yr salary is enough to afford a Lambo?

That's hilarious.
Why not? It's only $400,000. Seems financially sound to me.
Gallardo is more realistic.
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      04-13-2013, 09:34 PM   #65
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Quote:
Originally Posted by 05Mdriver View Post
my 2 cents.

Sell the MR. Remove CC debt. Buy house. Then get car.
Thats the best advise and exactly what I would of said.
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      04-13-2013, 09:35 PM   #66
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Quote:
Originally Posted by persian54 View Post



Unfortunately, most M3 drivers are now, what some like to call: "Hard parkers"
People who throw money at the car, yet only stare at it...
Brembos, JRZs, Aeros, TE37SLs with R-comps etc etc... and they never see a race track :/, all they see is the occasional exposure at meets
your right there are a lot of them around, and have never understood that really. the car stock cant be explored on the street. i wouldnt say most however. there is a large track contingent of m3s.
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