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      04-04-2014, 07:25 AM   #23
Billup
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Come on, man. Gotta step it up to coke. You're trying to live ABOVE your means here.
Pwaahh. Come on, mate. I was in the coke game, but my addiction has sky rocketed and I couldn't afford the gas in my BMW to pick it up, so I've had to resort to crack to stay on that thin line of near extinction.
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      04-04-2014, 07:39 AM   #24
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It is so wasteful to get a cup of coffee at 7/11.
I do fine with bread and water.

Instead of coffee, one can just do jumping jacks.
Jacks you right up!
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      04-04-2014, 07:44 AM   #25
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Let the douchebaggery begin.
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      04-04-2014, 07:55 AM   #26
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I'm fairly certain he came here looking for a fight/argument, seems way too defensive.

OP, if you can afford the car, your kid, your wife/gf (can't remember which it is, dont want to go back a page) and still save a decent amount for the house(you're going to want a 20% downpayment to avoid PMI), then you're fine....i don't think you need us to approve your budget (which I will gladly advise on, for $200/hr).


Remember, you only yolo once.
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      04-04-2014, 08:03 AM   #27
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Sorry if my initial post came off as instigating.

I was truly just curious. I, myself, am starting to feel like I don't need this car. Sure it's nice, but nothing changes day to day for me if I drive a $45k car or a $10k car. I'm honestly considering selling it and going back to a 5 year old car.

Just was curious if folks would maybe admit that some of use are in cars that may be out of our league....then again, most ppl lease on here which makes things more affordable sometimes.

Anyway...carry on.
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      04-04-2014, 08:07 AM   #28
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It must be nice to be able to provide for your son and have a condo and a $630 payment @$55k a year. If you're not struggling and living paycheck to paycheck, more power to you.

Gotta move my ass to the east...seems like I can get more for my money...nah, I love socal weather.
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      04-04-2014, 08:30 AM   #29
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Quote:
Originally Posted by khaye1
It must be nice to be able to provide for your son and have a condo and a $630 payment @$55k a year. If you're not struggling and living paycheck to paycheck, more power to you.

Gotta move my ass to the east...seems like I can get more for my money...nah, I love socal weather.
I forgot to mention I live in Atlanta.....I know the lifestyle I currently have wouldn't be possible in California, NY, or basically any other large metro city, lol. $70k goes a long way in Atlanta.
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      04-04-2014, 08:32 AM   #30
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Quote:
Originally Posted by E92Atlanta View Post
Sorry if my initial post came off as instigating.

I was truly just curious. I, myself, am starting to feel like I don't need this car. Sure it's nice, but nothing changes day to day for me if I drive a $45k car or a $10k car. I'm honestly considering selling it and going back to a 5 year old car.

Just was curious if folks would maybe admit that some of use are in cars that may be out of our league....then again, most ppl lease on here which makes things more affordable sometimes.

Anyway...carry on.
You had a CPO 335i that you got rid of after driving it for 3k miles.
Then you got a 2013 328i sport line "because you needed 4 doors for the family".
Then, you're on the M3/M4 board asking the same question about payments and people's salaries.
I predict you want to get rid of the 328i because you want an M3/M4 and are trying to figure out how to "afford" one.

Are you trying to convince yourself or just trolling for fun?

If you feel like the payment is weighing you down due to other obligations then sell the car. If not, then enjoy the car. But based on your posting history I call BS on your above statement that you don't care if you drive a $45k car or a $10k car.

Being honest with yourself is more important than what a bunch of random guys on the internet think or do.
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Last edited by ddk632; 04-04-2014 at 08:51 AM. Reason: Because "you has" not be proper English
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      04-04-2014, 08:48 AM   #31
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Originally Posted by The_Tuner_Guy View Post
I'm fairly certain he came here looking for a fight/argument, seems way too defensive.

OP, if you can afford the car, your kid, your wife/gf (can't remember which it is, dont want to go back a page) and still save a decent amount for the house(you're going to want a 20% downpayment to avoid PMI), then you're fine....i don't think you need us to approve your budget (which I will gladly advise on, for $200/hr).


Remember, you only yolo once.
You don't necessarily need to put 20% down to avoid PMI. You can do an 80/10/10 or a 80/15/5 loan setup. Also, not sure if the tax laws have changed recently, but there was a change based on income that allowed someone to write off PMI on their taxes. I don't know the exact details as the change came out after re-financing my house so it wasn't even an option for me.

There is also another way to lower the PMI impact by paying an upfront charge for the PMI and possibly rolling it into your mortgage where it becomes part of your mortgage write off on your taxes.
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      04-04-2014, 08:50 AM   #32
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Originally Posted by E92Atlanta View Post
What does my son have to do with it?

I provide everything for him. Daycare, food, clothes, and a place to live. I wouldn't have bought a car that got in the way of me financially providing for him. His mother is in school full time, and I even work extra on the weekends at my old college job to support all 3 of us.

So....what about my son?
I think what he was getting at is if you're really setting aside enough to take care of your son. While you can afford to pay for the expenses that come with having a child now, it's only going to get more expensive as your son grows up. In addition, I don't know what your philosophy is with providing for your son's education in terms of college, but saving for college can and is a pretty big expense too.
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      04-04-2014, 08:52 AM   #33
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Quote:
Originally Posted by E92Atlanta View Post
Sorry if my initial post came off as instigating.

I was truly just curious. I, myself, am starting to feel like I don't need this car. Sure it's nice, but nothing changes day to day for me if I drive a $45k car or a $10k car. I'm honestly considering selling it and going back to a 5 year old car.

Just was curious if folks would maybe admit that some of use are in cars that may be out of our league....then again, most ppl lease on here which makes things more affordable sometimes.

Anyway...carry on.
I think this is a reasonable idea. It seems you are yourself growing, and im not being funny. Priorities especially when you have a family and looking to get that nice suburb house is pointing you in the right direction. Think of your disposable income and what you can purchase outright, then what you would save over the next few years without the big monthly car payment. That should help you make the right call.

The ironic thing about this thread is that while you are getting heat, im sure there are many others out there in the same situation but wouldnt have the guts to admit they are overextended (which you surely are by any objective measure). good luck
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      04-04-2014, 08:55 AM   #34
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Quote:
Originally Posted by ddk632
Quote:
Originally Posted by E92Atlanta View Post
Sorry if my initial post came off as instigating.

I was truly just curious. I, myself, am starting to feel like I don't need this car. Sure it's nice, but nothing changes day to day for me if I drive a $45k car or a $10k car. I'm honestly considering selling it and going back to a 5 year old car.

Just was curious if folks would maybe admit that some of use are in cars that may be out of our league....then again, most ppl lease on here which makes things more affordable sometimes.

Anyway...carry on.
You has a CPO 335i that you got rid of after driving it for 3k miles.
Then you got a 2013 328i sport line "because you needed 4 doors for the family".
Then, you're on the M3/M4 board asking the same question about payments and people's salaries.
I predict you want to get rid of the 328i because you want an M3/M4 and are trying to figure out how to "afford" one.

Are you trying to convince yourself or just trolling for fun?

If you feel like the payment is weighing you down due to other obligations then sell the car. If not, then enjoy the car. But based on your posting history I call BS on your above statement that you don't care if you drive a $45k car or a $10k car.

Being honest with yourself is more important than what a bunch of random guys on the internet think or do.
Pardon me for posting any ideas or just personal curiosity an internet message board.

Of course I asked the M3/M4 question....who wouldn't like to drive one or own one at one point in their life? This is a BMW board.

Obviously at age 25, owning that kind of car is way out of bounds for me and it isn't Inportant, but I was just curious what ppl do for a living who own them. I am honestly not trying to gauge if I can afford one. I love my Sportline 328i. I've seen some ppl post what they do for a living on here, so I was simply curious. That's all. A car that equates to my salary is even more dumb than what I am doing now!

Carry on. And I truly don't care what kind of car I drive. I had a 2003 Maxima in college that I loved and I would go back to with no problem. I bought the newer 3 series for the fun factor. Can I keep it? Yes. Should I keep it? Idk. Depends how I want to spend my money.
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      04-04-2014, 08:58 AM   #35
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Cmon guys, op from altlanta is trying to be honest ans serious.

Sounds to me like he is a fine young man trying to provide for his family while have a balance on getting self gratification.

Op, i know what you are trying to do:
You looking to legitimize your spending,normalize it and make it like a sound investment.

But i gotta return the honesty here, which in fact is also applicable to me too: buying a BMW is generally considered as wasting money...

There i said it, i admit it...

I bought my car because of YOLO or FOmO... whatever the flavor of the moment... but i did it and my family future might at some point suffer because of my addiction to making those monthly payments for years into a car that just doesnt stop depreciating like open vein bleeding...

I might have to kick myself down the road for this pruchase but for now my commute is so much better than 55% of the population...

Happy friday everyone

Ps: parting thought: would i be helping the economy of this country more by buying a corolla or a 3series? Anyone in finance to demontsrate this with facts?
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      04-04-2014, 08:59 AM   #36
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Me since I dont pay for it.
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      04-04-2014, 09:01 AM   #37
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Thank you for your reply.

I agree with you and this is exact what I feel like I am doing. I'm 25, and I know at age 30,I will look back at what I did now and see how dumb I was, and then do the same at age 35 compared to 30, etc.

But ultimately, yes I am owning up to the fact that I have a car that I personally probably can't afford, and I wanted to see who else could admit it or just slightly agree. It's fun to drive a BMW and get a few stares or head nods every now and then, but it stops there. I'm not an enthusiast like some ppl. No knock on them, I just don't have the time. The car puts a smile on my face, but as I get older, the more I want to provide more realistic things for my family such as a nice house.
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      04-04-2014, 09:02 AM   #38
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Quote:
Originally Posted by E92Atlanta View Post
Sorry if my initial post came off as instigating.

I was truly just curious. I, myself, am starting to feel like I don't need this car. Sure it's nice, but nothing changes day to day for me if I drive a $45k car or a $10k car. I'm honestly considering selling it and going back to a 5 year old car.

Just was curious if folks would maybe admit that some of use are in cars that may be out of our league....then again, most ppl lease on here which makes things more affordable sometimes.

Anyway...carry on.
I was in the same boat (except for the kid) when I bought my 335 brand new. Before that I went through a few brand new VWs. Worst mistakes I ever made. I always wanted to have the latest model and I NEEDED this feature or that feature like I need crack. However at some point that stopped.

I still love cars, but I don't need the latest M3 loaded to the brim to have a fun car I enjoy driving. I have owned a few VWs, the 335 (loaded) a 128 and I must say... the car I enjoyed the most out of all of them is my 8 year old Z4M which was cheaper than all those cars.

Recently I got a daily driver (paid cash pretty cheap) as to not put so many miles on the Z now that I have a commute everyday. This has made me appreciate the Z even more since I only drive it on weekends and nice days. I'm sure one day I will grow tired of the Z (hopefully not anytime soon) and when that does happen I'm already thinking of what cars might be hitting the $20k mark by then.

I guess my point is you can still have fun cars without spending $45k. You DON'T really need all the gadgets you think you need in the car and you won't die by driving a car that's not the exact color combo you wanted. These are all things I use to think.
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      04-04-2014, 09:05 AM   #39
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Originally Posted by DrivenByE30
Cmon guys, op from altlanta is trying to be honest ans serious.

Sounds to me like he is a fine young man trying to provide for his family while have a balance on getting self gratification.

Op, i know what you are trying to do:
You looking to legitimize your spending,normalize it and make it like a sound investment.

But i gotta return the honesty here, which in fact is also applicable to me too: buying a BMW is generally considered as wasting money...

There i said it, i admit it...

I bought my car because of YOLO or FOmO... whatever the flavor of the moment... but i did it and my family future might at some point suffer because of my addiction to making those monthly payments for years into a car that just doesnt stop depreciating like open vein bleeding...

I might have to kick myself down the road for this pruchase but for now my commute is so much better than 55% of the population...

Happy friday everyone

Ps: parting thought: would i be helping the economy of this country more by buying a corolla or a 3series? Anyone in finance to demontsrate this with facts?
We suffer from the same form of thinking, ha.

I am trying to walk a fine line between providing for my family, yet throwing in a fun factor. My commute to work is an hour each way, but the car makes it more enjoyable. Stupid reason I know, but hey.

Atlanta is a city where people can live about their means compared to the rest of the country, or basically get more for your money.
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      04-04-2014, 09:17 AM   #40
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One can't genuinely respond to these types of threads without sounding elitist on the one hand or just agreeing with you (which isn't useful, as your spending habits should not be based on popular opinion) on the other hand. Just buy whatever you want. Nobody cares.
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      04-04-2014, 09:31 AM   #41
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We suffer from the same form of thinking, ha.

I am trying to walk a fine line between providing for my family, yet throwing in a fun factor. My commute to work is an hour each way, but the car makes it more enjoyable. Stupid reason I know, but hey.
Not a stupid reason. I also have an hour commute each way, and both my car and motorcycle are about the only reason the drive is not only bearable, but enjoyable.
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      04-04-2014, 09:34 AM   #42
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As a European, it's bonkers how Americans just give up personal information like that. Unreal...
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      04-04-2014, 09:37 AM   #43
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If it makes you happy and isn't hurting anyone, do it. (This applies for anything)
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      04-04-2014, 09:42 AM   #44
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Why does everyone always say you need the house before the car?

In my opinion, a house is one of the worst investments a person can make.

It's not an asset, it's a liability. Especially that after taxes, and interest, if you do a 30YR mortgage you've paid almost double that your home is worth.

Does that make financial sense?

Unless you have the ability to save 20% and opt for a 10-15 year mortgage and pay the extra per month do I see a house worth it. Even though your still in the hole compared to the price you paid for it.

If I were you, I'd sell the car, kill the mortgage on the condo and then rent it out, using the income to pay for your 3 series.

*while also saving 20% for a home you can afford, $150-$165K*
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