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      11-25-2015, 09:22 AM   #45
Bucki14
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Quote:
Originally Posted by -BEASTMW- View Post
Prices in the very central areas of Seattle are Bay Area level now. BUT the difference is you can go 10 miles in any direction and still get, say, a brand new 3k sq ft house for $700-800k, or a 2k sq ft older house for $400-500k easy. In the Bay Area, the peninsula is 50 miles long and there are great tech jobs all along, so anywhere along there is very expensive. East Bay (Oakland, Fremont, etc.) you might pay 15-20% less but have a horrible commute. A pretty high-ranking guy in my office (which is in San Jose) gets to work at 6-6:30am just to miss an awful commute. No way to live, IMO.

The worst part is with rent so high, building the savings to climb that mountain of buying a decent house is that much harder. We might have to move into a 2-bd next year, which will be $3k/mo if you don't want a pretty crappy place. Not to mention everything else is really expensive. You pay ~8% state income tax, ~9% sales tax, and also property tax (WA has no state income tax! I took a several-hundred-dollar a month cut just moving here). Gas is maybe $0.50 more than in WA. You go to the grocery store and nothing is on sale. Hell, taking the commuter train up to SF for a bi-weekly meeting costs me $25 each time. $25/day for public transportation! Oh, and a couple years ago in my corporate housing in SF, metered street parking was $7.50/hr. You could see a movie and the parking would cost more than the movie ticket.

But hey, it was 70 and sunny last weekend, in late November. So there's that. Granted, no offense to your hometown but there's a lot of cool stuff to do vs. Ohio. /rant
Yeah, you basically summed up the situation over there pretty well! I have many college buddies who moved out west....been begging me to come out that way, but just haven't justified it just yet. I do agree though the activities and weather out west far exceed here in ohio. But, hey I'm not an Ohio native, I'm from Chicago (which is still midwest living). One thing is for housing market here I could get a 2800-3500 sqft home for 320k-450k and for around 600-800k your looking at 4500+ sqft homes. It's just hard to beat when valuing your money. I do still plan to go west as I advance in my career just to say I got a taste of the experience!
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      11-25-2015, 01:57 PM   #46
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If you have 40k saved and make basically 85-100K with no rent and no kids you can easily afford a used E9X M3. You could probably afford a used 458 Italia if you truly have no other expenses.
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      11-25-2015, 11:37 PM   #47
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Originally Posted by Move Over
Quite honestly, I could not (comfortably) afford this car 4 years ago, with about the same income you spoke about (I'm 26 now). I just bought my first M3 a few months ago at ~30k, and I have been in for an awakening on the luxury/bmw tax/fee/whateveryouwanttocallit that goes with ALL bmw parts, I just had to bite the bullet for a new felt undershield for 93 dollars...And I do 100% of my own labor. I couldn't imagine what owning this car would be like if i had to take it somewhere to get repaired/serviced.

My suggestion to you at the ripe age of 22 is buy a home while it is still a buyers market and rates are low. I did at 22 and it was the best financial decision of my life. Get a 3 bedroom house and rent out the rooms to 2 of your friends, and their rent will pay the mortgage for you.

Then comes the car. I just spent about 1500 dollars in parts alone on an OEM brake overhaul. Rotors, pads, lines, fluid. I did NOT see it costing that much. You need to be able to afford the car +++ the maintenance (plus labor if you are not a DIY'er). Think outside the price of the vehicle, and please factor in the cost of ownership.

I get it, I love to drive, love to take this thing to the track and rip around, I love it. Driving is my absolute favorite thing to do. But, i would be fooling myself if I thought I could afford the car + cost of ownership when I was 22.

That is my .02c, fwiw.
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      12-05-2015, 01:37 AM   #48
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can you afford the car with the financial situation you are in? Yes
will you love the m3 after you buy it and be so happy you got it? Yes
Is it a smart decision to buy a 40k m3 at your age? No
Will you have a lot of fun though? yes

not trying to tell you to "yolo", but honestly, it sounds like you are in a situation where you have a lot of discretionary income. You dont pay rent, you dont have another car payment, you didn't mention spending money on anything else. Id say buy a m3, you won't regret it and honestly your at the best age to own a sports coupe. I will say you should get a better deal, say an 09-10 for much less. Take the extra money saved from that and invest in a nice index/mutual fund.
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      02-03-2016, 06:21 PM   #49
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If you aren't planning on getting married anytime soon I really don't see a critical reason to buy a house asap (my .02). Buy the M, enjoy it, and continue to save (this is key)! I would reconsider blowing away all of your savings on a car though--you never spend all your savings.
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      03-01-2016, 12:09 PM   #50
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Quote:
Originally Posted by roastbeef View Post
buy property before you buy a car. you did good saving, now do something smart with your money instead of something stupid like blowing it on a car.
^^ This is exactly my thoughts on the matter at hand.
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      03-27-2016, 08:00 AM   #51
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I was in a similar situation as you when I was the same age but I was making even more. Being 35 now with a wife and kids, reflecting on that time, I did have a lot of fun! A LOT of fun in fact!! Having a new M car back then at that young age was an ego trip and a half. lol If I could do it all over again however I probably wouldn't get the M. Probably get something a lot cheaper but still fun. It was a very expensive car even with a full warranty. If I could do it again I would invest every cent I had instead. I can't stress how important that way of thinking is. But, as they say, hindsight is 20/20.

Understand, I definitely don't regret my decision. I'd just do things differently now at 35 looking back at 22. But who wouldn't!? lol
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      03-27-2016, 01:11 PM   #52
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I'm 22, driving an m3. No regrets. Be realistic and wise with your money and you'll be fine. Congrats!
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