|
|
11-07-2011, 11:44 AM | #89 | |
First Lieutenant
43
Rep 303
Posts |
Quote:
Its always me, me, me. Then it becomes someone else's fault when things fcuks up. |
|
Appreciate
0
|
11-07-2011, 11:45 AM | #90 | |
Happy Camper
628
Rep 7,869
Posts
Drives: C63 AMG & 280 SL on Weekends :
Join Date: May 2010
Location: GTA, Ontario - Canada
iTrader: (0)
Garage List 1969 Restored Merce ... [7.50]
2011 M3 Coupe TRADED [7.34] 1987 BMW 535is [1.00] Cars from the Past [6.50] The ///M3 Engine S65 [9.59] |
Quote:
The very same bank holds all of our money and savings today ... once I was on a project in another part of my country ... the cheques for my crew were held up in a postal strike. So I went to a local branch of my bank (it was a small Canadian town) and requested cash to be transferred so I could pay my crew. The bank manager said "Sorry Mr. .... cannot do it" I just told him if I don't have the cash here in front of me within 30 minutes I will close all my accounts, transfer them including my private and company investments. You should have seen once he came back 10 minutes later how everyone jumped to satisfy my original request ... Bottom I'm only saying times have changed ... no more and no less
__________________
Cheers, Rolf-Dieter
Life will take us to some interesting places, fortunately The ///M3 will too with a many of us know this very well, now my C6.3 AMG with 487 HP does it too ---> Click here for some good stuff I found Last edited by Mr. ///M3 RD; 11-07-2011 at 11:48 AM.. Reason: corrected minor typo |
|
Appreciate
0
|
11-07-2011, 11:47 AM | #91 |
Banned
49
Rep 1,922
Posts |
|
Appreciate
0
|
11-07-2011, 11:55 AM | #92 | |
Captain
84
Rep 824
Posts |
Quote:
|
|
Appreciate
0
|
11-07-2011, 12:14 PM | #93 |
Enlisted Member
2
Rep 40
Posts |
Thanks for all the commentary guys. I am heavily leaning towards forgetting the m3 for the next year or two. If my career plans pan out, I'll be making around $120K at my next job level.
As for now, I've only been working for 3 months and I am extremely grateful that I was able to graduate from a great school, have zero debt whatsoever, and land a fantastic job. I landed this job through sheer effort and networking without anyone nepotism or strings being pulled. Just to clarify some points: - I wasn't projecting to spend only 60 a month on gas. Thats just how much I'm spending so far on my zhp with fairly limited driving. - I max my 401k contributions by the amount my employer matches. My take home pay reflects retirement contributions and health insurance. - I have a stock portfolio worth a little under $10K that I inherited as a graduation gift but I do not plan on liquidating that for anything. I consider myself to be pretty financially savvy and recognize that although the stock markets are complete shit right now, this portfolio could double within the next 5 years. So I won't be touching it. If anything, I'll be adding to it over time. - I have excellent credit (>750) and pay off my card every month in full. But I do have a car loan for my zhp and all inclusive costs for my car including insurance and gas amounts to roughly 720 a month. I'm just so emotionally driven to have an m3 right now and think I can afford to spend a couple hundred more to have a used one; I realize a new one is out of the picture right now. In conclusion, I will not be leasing a new m3 or whatnot. The only way I can see myself getting into one in the very near future is if I sell my zhp at market and pay off its loan and use the proceeds to put a downpayment on a used m3 in the 45-50k range and finance the rest. But even then, I'm hesitant to be in that much debt, even though I feel pretty secure in my job and future prospects. So in the end, I'm at a battle of reconciling my pure emotional drive to drive a car of my dreams with my financial common sense saying not to. Not sure what I'll do but I definitely won't be getting into an m3 anytime soon. If I do, maybe after winter ends in Boston :P |
Appreciate
0
|
11-07-2011, 12:25 PM | #94 | |
Lieutenant
64
Rep 553
Posts
Drives: 2015 C63 507
Join Date: Aug 2011
Location: New England
|
Quote:
|
|
Appreciate
0
|
11-07-2011, 12:48 PM | #95 | |||||||
Major
53
Rep 1,153
Posts |
Quote:
Quote:
Quote:
Quote:
Quote:
Quote:
Quote:
|
|||||||
Appreciate
0
|
11-07-2011, 12:51 PM | #96 |
Colonel
87
Rep 2,464
Posts |
I don't know what you do, how you got your job etc, but don't think your job is secure just after 3 months. I know my job is as secure in my company as it can be, and I could tell this only after 4 years of hard work and proving that I'm a good employee, capable, and dependable. I'm in my 5th year now, and I'm in a very strong position for growth. That being said, if the worst comes, even I might be let go...
__________________
2011 MINI Cooper S
previous cars: E92 M3, Z4MC, Z4 Roadster, E36 328 Sedan |
Appreciate
0
|
11-07-2011, 12:51 PM | #97 |
Captain
172
Rep 803
Posts |
OP, the ZHP is an awesome car, definitely shows success
Enjoy it while you can Btw, I'm surprised no ones asked for the pics of the car! Lets seem 'em
__________________
black/black/black e92 loaded
Instagram: _eamon_ |
Appreciate
0
|
11-07-2011, 12:58 PM | #98 |
Major General
5059
Rep 6,879
Posts |
You make $70k/yr and want to purchase a $70k car? Obviously not a smart move.
Be patient. I would prioritize things like saving to purchase a house/condo and just saving in general at your age. Now that you have graduated college life will start to move a lot faster (trust me, im in a completely different position now in my life than just 3 short years ago when I finished school). Things like buying a home, getting married, kids, etc all cost a lot of money and you wont have any if you spend every penny on an M3. Also on a side note, I would strongly look into purchasing a used vehicle when you are ready. You will save thousands and likely never be upside down on a loan. |
Appreciate
0
|
11-07-2011, 01:11 PM | #99 | |||||||
Lieutenant General
951
Rep 15,818
Posts |
Quote:
Quote:
Quote:
Quote:
it'll start costing you a 3 year lease will be about 35k....yes you won't own the car, but you won't need to worry about repairs etc, nor does depreciation matter 35k in 3 years is a lot easier than 70k in 5 years. Since even if you do lose your income, it's easier to have someone take over your current least with minimal lose (heck sometimes people will PAY you $ if you have a great deal), than selling the car and taking a depreciation hit if you buy a new m3 at 70, and need to sell it in 2 years, you probably will get 45k for it (this is cause the new body will be rolling around) that's over a 1k cost per month where if you can get a 800 or so per month lease, you don't lose as much... every situation is different and no one can predict what can happen... I just remember when I did the math last year, i estimated my m3 would end up costing me $1100/month had I chosen to buy it and sell it in 2-3 years, where a lease would cost me 811/month flat. I think it's obvious that you cannot afford a new M3 you should hold off and buy a good CPO, or lease. Either way, don't buy a new m3 but again it's your money....so do as you please Quote:
Some make it seem like you need to have loads of $$ in savings, a 150k/year income in order to get a m3 and then others say it's fine with not as much income income.. Mixed stuff floating around... Question: does having 90k in a savings account at 27 a good or bad thing? This question is geared those who say you need to make 150k, and those who say you don't need 150k. I know I'm generalizing, but I'm confident you guys understand what I'm trying to say. if it doesn't make sense, sorry... I'd like to elaborate more but i need to go Quote:
At least for me.... cause the stuff in the above paragraph don't interest me...at all.... (except the nice dinners and girls, the rest are a waste of $ and time IMO. I am not a fan of being away from home..) Thank you for this post This I have to respectfully disagree with. Quote:
Sorry for my long posts :P I was away for most of the weekend lol
__________________
Last edited by persian54; 11-07-2011 at 01:27 PM.. |
|||||||
Appreciate
0
|
11-07-2011, 01:22 PM | #100 |
Major General
1898
Rep 5,516
Posts |
There's a lot of people that live at home with the parents at 22 and they have no problems working and paying for a $70K car... of course that is different for everyone. Given today's economy, it isn't very uncommon for college grads to move back home after school.
Of course the OP's situation is not that and can't justify the cost of such an expensive car. When I made $70K, my limit was $40K on a car. I had a Evo then and even today feels faster than the M3. |
Appreciate
0
|
11-07-2011, 02:21 PM | #101 | |
Captain
62
Rep 939
Posts |
Quote:
__________________
2011.5 mineral white e92 zcp 6mt m3 |
|
Appreciate
0
|
11-07-2011, 02:34 PM | #102 | |||
Happy Camper
628
Rep 7,869
Posts
Drives: C63 AMG & 280 SL on Weekends :
Join Date: May 2010
Location: GTA, Ontario - Canada
iTrader: (0)
Garage List 1969 Restored Merce ... [7.50]
2011 M3 Coupe TRADED [7.34] 1987 BMW 535is [1.00] Cars from the Past [6.50] The ///M3 Engine S65 [9.59] |
Quote:
Quote:
Quote:
__________________
Cheers, Rolf-Dieter
Life will take us to some interesting places, fortunately The ///M3 will too with a many of us know this very well, now my C6.3 AMG with 487 HP does it too ---> Click here for some good stuff I found |
|||
Appreciate
0
|
11-07-2011, 03:46 PM | #104 |
Major General
5059
Rep 6,879
Posts |
If I had a kid living at home after college and he wanted to buy a $70k car instead of moving out we would have a serious problem. Of course I would hope to raise my kid with a much better sense of judgment than to do something like that...
|
Appreciate
0
|
11-07-2011, 03:48 PM | #105 |
Private
4
Rep 94
Posts |
I agree with username11. $70k/year these days is NOT much money even at the age of 22. I would never buy a car that I don't have disposable cash on the side to pay it off at any moment. The ONLY reason why you should lease or buy a new car is to free up your cash for investment at a rate of return higher than your loan interest rate.
Keep your existing car and start buying real estate at these fire sale prices, then buy yourself a nice Ferrari in your 30's. |
Appreciate
0
|
11-07-2011, 04:09 PM | #106 |
Banned
869
Rep 6,248
Posts |
|
Appreciate
0
|
11-07-2011, 04:16 PM | #107 |
Major General
5059
Rep 6,879
Posts |
What??? Do you have any idea what the typical starting salary for a college grad right out of school is? That is if you can find a job of course. I can promise its nowhere near $70k. The only people I knew making that much right out of school were lawyers and thats to be expected after spending 7 years in school.
|
Appreciate
0
|
11-07-2011, 04:22 PM | #108 | ||
Major General
1898
Rep 5,516
Posts |
Quote:
Quote:
A friend of mine moved home after college, landed a decent job. Then a couple years later, he decided to buy a new E63 AMG while living at home... Things didn't go too well with the parents when that happened. |
||
Appreciate
0
|
11-07-2011, 05:11 PM | #109 | |
Colonel
87
Rep 2,464
Posts |
Quote:
I believe that house prices will go up in the future, but not in near future, and you won't be able to buy a Ferrari in 8 years if you buy a 300-400k house/condo... Those days are over.
__________________
2011 MINI Cooper S
previous cars: E92 M3, Z4MC, Z4 Roadster, E36 328 Sedan |
|
Appreciate
0
|
11-07-2011, 05:31 PM | #110 |
Major
124
Rep 1,451
Posts |
OP I commend you for your decision to hold off on the purchase. It is a wise decision.
If the itch persists, try getting reacquainted with your ZHP. Nothing like some track time to fall in love with your car again. Good Luck. |
Appreciate
0
|
Post Reply |
Bookmarks |
|
|