Income vs. M3.

[tibra1]

Originally Posted by SehrSchnell

That's why I lease with my low income. If I can't pay anymore I can return the lease at anytime I think. I probably wouldn't ask my parents for help, because I'm trying to stand on my own.

Is that one of those discretionary leases

A lease for civic makes sense..$175 a month..a lease for an M3 doesnt..$700+ a month to rent a car..no thx

[tibra1]

Originally Posted by chriszeh

Most of us on this forum have an M3 because we aren't retarded with money.

I didnt buy first new car till I was 27..

For me it was.... money in the bank > property> car

[mgiglio2]

I pay less for my car than what my friend leased a new nissan maxima for...I love the M3 but I would never pay 70-80k for a new one. Don't get me wrong the M3 is great but there's alot of "slightly used" serious machinery that can be bought for 80k.

[1MOREMOD]

Originally Posted by SehrSchnell

Well, I might've had a little fun with my $29K a year comment... but my point was (and is) that these polls are just plain stupid. Is anyone here really gonna disclose their income? Plenty of folks on here now what I do for a living, I just don't really feel everything needs to be shared. I'm gonna assume that most folks here do just fine.

I'm still not opposed to a handout. Anyone have a free gt3 for me?

[1MOREMOD]

I currently work at 7-11, 100 hrs a week and strip on the side.

[kscarrol]

^^ Need to switch to fluffing on the side, seems to pay better...

[1MOREMOD]

I've been bored here at work daydreaming today about supercars, and the thing that appeals to me about the M3 at my income level is that its the most desirable car BMW makes and I can still afford it. I can't go out and buy the best porsche, ferarri, lambo, or even merc. I'm one who doent want to have left anything on the table. I don't want a cayman I want a gt3 rs, I don't want a 360 I want a 599 gto. By the time I can afford these cars new tech is out making a camry as quick.

[saeedg48]

jero

[Dave2]

My earnings. I will need to quote Dr. Evil: One Milliio...One Biliion dollars

[Drifty//]

Originally Posted by embacpa

i got a feeling we might start to see significant defaults on leases. the next credit crisis.

Compared to mortgages, leases are way shorter term and much easier to unwind.

And there's no such thing as an interest-only auto lease. Cars are depreciating assets (unlike how people used to see houses) and that's priced into the lease.

[Endless619]

Originally Posted by tibra1

Is that one of those discretionary leases

A lease for civic makes sense..$175 a month..a lease for an M3 doesnt..$700+ a month to rent a car..no thx

Keep in mind $700 or $1000 a month for a car payment may be nothing for some people that clear and take home $5000 every 2 weeks. Fact! Its all relative.

[Drifty//]

Originally Posted by Heckler&Koch

Fact! Its all relative.

The more of your savings & income you spend on your car, the less you're investing. Money that could be working for you and growing.

People have different ideas about savings and different ideas about their financial futures; ideas that change with age and experience. Those differences underlie a lot of the disbelief that people who make $X would spend $Y on a car. This is probably the main theme that seems to be emerging.

You never know entire circumstances of another poster. I think we can all agree that it's unwise to spend 100% of your savings and disposable income on a depreciating asset. Beyond that, circumstances probably vary too much to draw a clear line between prudent and irresponsible.

[rantarM3]

Level of income is irrelevant if you steal an M3.

[Giggs]

Originally Posted by Drifty//

The more of your savings & income you spend on your car, the less you're investing. Money that could be working for you and growing.

People have different ideas about savings and different ideas about their financial futures; ideas that change with age and experience. Those differences underlie a lot of the disbelief that people who make $X would spend $Y on a car. This is probably the main theme that seems to be emerging.

You never know entire circumstances of another poster. I think we can all agree that it's unwise to spend 100% of your savings and disposable income on a depreciating asset. Beyond that, circumstances probably vary too much to draw a clear line between prudent and irresponsible.

^this

[48Laws]

People banking on their home as a serious investment are crazy, too. Spending double the amount on your house in taxes to only have it worth less than what you bought it for over 30 years is no different than buying a depreciating asset like a car.

[1MOREMOD]

So true. At times you can make some money with a house but once you figure in all the taxes and mods you usually end up around even or worse. Free housing for an extended period is a fairly good deal though.

[LarThaL]

Originally Posted by Drifty//

The more of your savings & income you spend on your car, the less you're investing. Money that could be working for you and growing.

People have different ideas about savings and different ideas about their financial futures; ideas that change with age and experience. Those differences underlie a lot of the disbelief that people who make $X would spend $Y on a car. This is probably the main theme that seems to be emerging.

You never know entire circumstances of another poster. I think we can all agree that it's unwise to spend 100% of your savings and disposable income on a depreciating asset. Beyond that, circumstances probably vary too much to draw a clear line between prudent and irresponsible.

So where do you draw the line? I could live in a two bedroom apartment, drive a Camry and I would have a lot more to invest also. And by the way....what do you do with all that money you have invested? At some point, if money isn't used to purchase some form of goods, it is useless.

It is about a balance between living for the present and planning for the future.

[Giggs]

Read "Rich Dad Poor Dad". Life changing. A house is a liability not and investment. Buying a rental property however is an entirely different story.

[Mr. ///M3 RD]

Originally Posted by Giggs

Read "Rich Dad Poor Dad". Life changing. A house is a liability not and investment. Buying a rental property however is an entirely different story.

Not always my friend ... I purchased my second house at $80K in 1979 sold it for $395K in 2007 not bad for having lived in it all that time. To me a rental is like opening a window and letting the dollars fly out with the wind at least if you pay a mortgage and pay it off in the end you have something to show for it. IMHO anyway

[bretster]

Im still a student

[Endless619]

Originally Posted by Drifty//

The more of your savings & income you spend on your car, the less you're investing. Money that could be working for you and growing.

People have different ideas about savings and different ideas about their financial futures; ideas that change with age and experience. Those differences underlie a lot of the disbelief that people who make $X would spend $Y on a car. This is probably the main theme that seems to be emerging.

You never know entire circumstances of another poster. I think we can all agree that it's unwise to spend 100% of your savings and disposable income on a depreciating asset. Beyond that, circumstances probably vary too much to draw a clear line between prudent and irresponsible.

Nobody says you are guaranteed to live tomorrow, right? Thats a fact. Anyone can pass away from this Earth the minute they look away from typing on this screen and posting. There is nothing you or I or anyone can do to prevent that if your time has come. I know this is very extreme but saving for the future is what we all should do but to a point. Most young folks don't.

Each poster is unique and different. I agree with you.

I agree with you on saving for the future but I have seen people save and save and save and die the next day in some sort of accident or by some health related issue.

I do see a trend with young people age 16-25 buying this car with nothing else. How many of us own multiple nice cars and a home? I do.

[Giggs]

Originally Posted by Alter Peter

Not always my friend ... I purchased my second house at $80K in 1979 sold it for $395K in 2007 not bad for having lived in it all that time. To me a rental is like opening a window and letting the dollars fly out with the wind at least if you pay a mortgage and pay it off in the end you have something to show for it. IMHO anyway

Nothing is "always". And Im not talking about renting as in renting an apartment and living in it. Im talking about buying rentals and renting them out. For example, for what it costs some people to buy their mods for their m3, Ive been buying condos all cash and renting them out with about a 15-20% return on my investment after costs and still hanging on to my equity. I would forgo expensive mods or a more expensive car for a lot of passive income off rental properties anyday. Its nice having your properties pay for your living including your m3