|
|
|
|
Post Reply |
|
Thread Tools | Search this Thread |
04-13-2013, 09:43 PM | #67 | |
Lieutenant General
11586
Rep 12,726
Posts |
Quote:
don't spend a dime on another car until you get a house. its the strongest financial base you can create for yourself. just my opinion, since you asked.
__________________
Instagram; @roastbeefmike
|
|
Appreciate
0
|
04-13-2013, 09:53 PM | #68 | |
Colonel
576
Rep 2,353
Posts |
Quote:
Everything is relative. If you can buy a nice house outside of Pittsburg for $150,000 - it might be worth considering. That said, if you live and work in a place like NYC (or much of Europe), owning your own home may be impractical -- even on a high income/without exogenous debt. Buying a car, while definitively a depreciating asset (a home is a bit of a toss-up), is a much less permanent, far more liquid asset/liability (assuming you put enough money down). |
|
Appreciate
0
|
04-13-2013, 09:59 PM | #69 |
Colonel
576
Rep 2,353
Posts |
|
Appreciate
0
|
04-13-2013, 10:56 PM | #70 |
Ya ya ya, I am Lorde, ya ya!
266
Rep 2,772
Posts
Drives: E90 M3, 2015 SQ5
Join Date: May 2011
Location: Snig
|
It all depends on location/personal situation. $200k in NY or DC is not the same as $200k in South Dakota.
|
Appreciate
0
|
04-13-2013, 11:03 PM | #71 | ||
Banned
205
Rep 7,298
Posts |
Quote:
|
||
Appreciate
0
|
04-13-2013, 11:14 PM | #72 |
Lieutenant General
11586
Rep 12,726
Posts |
perhaps its a specific lender rule, but age (as a number) typically isn't a requirement for obtaining a loan. maybe if you're referring to financial history, but i've never heard of any lender charging more for age. 20% down will work if all other financials are squared away.
__________________
Instagram; @roastbeefmike
|
Appreciate
0
|
04-14-2013, 01:14 AM | #74 | ||
Lieutenant General
923
Rep 15,818
Posts |
Quote:
It's been an issue I've been force to deal with :/ Quote:
__________________
|
||
Appreciate
0
|
04-14-2013, 02:48 AM | #75 |
Private First Class
11
Rep 172
Posts |
At the end, it all depends on what you are comfortable with. If you feel you can continue to live the way you are living with a higher car payment then go for it. Everyone's situation is different. If things change, just sell the car.
With the whole thing of buying a house.........it's not as great as it sounds. Having to pay taxes every year, $ maintaining, $ interest on the loan, locked into a place. Saving that money for a bigger down payment is the way to go. |
Appreciate
0
|
04-14-2013, 07:39 AM | #76 |
drunk poster
6613
Rep 3,649
Posts |
lol. sometimes I think some of these responses come because some members don't want younger people driving m3's.
there's no magic number like $200k salary before you can afford an m3. or no rule like "buy house first" that applies in 100% of situations (and especially not after the real estate debacles of the last 5 years) it just boils down to how much discretionary income you have and how much of it you can comfortably put into a car. stability of your cash flow and the opportunity cost of other uses of that money also factor into the decision OP, you're the only one who can accurately make that determination. certainly if I were in your situation it sounds doable if income is stable (I myself would be a bit worried about my entire income coming from commissions/coaching, but maybe it's a stable industry), and if you only need a modestly priced house when you buy one later on the more unbelievable part of your plan though is thinking you can find a new or near new M3 for $600-700 a month, unless you're planning on making a massive down payment |
Appreciate
0
|
04-14-2013, 09:10 AM | #77 |
Bad Lieutenant
232
Rep 3,517
Posts |
Must be that time of the month
__________________
02 E39M5 | TiAg/Schwartz | Tubi Rumore | Ultimate Ti Pedals | E60 SSK | Jim Blanton 3.45 40/100% | Coby Alcantara | StrongStrut STB
|
Appreciate
0
|
04-14-2013, 09:16 AM | #78 |
Second Lieutenant
12
Rep 253
Posts |
The "buy a house first" thing is totally location dependent.
I live/work in the DC area. - any house worth living in is at least 800K. - need minimum 160K cash just for down payment - 20K year in real estate taxes - Expensive maintenance and upkeep - 200-300/mo per car for decent parking BRB renting in 700k condo for 2K/mo, live wherever I want, never pay for any kind of maintenance or real estate tax, saving and investing >1/2 my income since first day of career, liquid net worth > house, invest tax free in 401K which can be used to buy a home. If I lived in a place where you can buy a mansion for 200K I would have done that years ago.
__________________
Last edited by Goat Rodeo; 04-14-2013 at 09:24 AM.. |
Appreciate
0
|
04-14-2013, 10:14 AM | #79 | |
Second Lieutenant
40
Rep 273
Posts |
Quote:
__________________
2013 M3 Coupe | Space Gray | Black Grills & Gills & Reflectors & Exhaust tips | Lux | CF Splitters & Diffuser | BBS | Musicar | F1 | Xpel | Ceramic Pro
Last edited by PetoM3; 04-14-2013 at 12:53 PM.. |
|
Appreciate
0
|
04-14-2013, 10:21 AM | #80 |
Private First Class
13
Rep 107
Posts |
Many young people discount the great advantage of buying a house, building equity and appreciation, moving on to a bigger house as salary increase permits, and so forth until, many years later, one finds himself living in a large and very comfortable home with little or no mortgage.
|
Appreciate
0
|
04-14-2013, 10:22 AM | #81 |
Second Lieutenant
54
Rep 270
Posts |
Ouch! You guys are harsh. Maybe I should have been more clear. When I say Murcielago, I am referring to a preowned one that costs around 120k. I would NEVER purchase a new car, let alone drop 400k on a vehicle. My late father was a wholesale manager for a few different dealerships and I learned at a young age how foolish it is to buy a new car.
|
Appreciate
0
|
04-14-2013, 10:26 AM | #82 | |
Second Lieutenant
54
Rep 270
Posts |
Quote:
|
|
Appreciate
0
|
04-14-2013, 10:32 AM | #83 | |
Colonel
336
Rep 2,940
Posts |
Quote:
My M3, however, was purchased as a pure toy. I wanted it exactly how I wanted it and that was that. There are also very few people that are as meticulous about detailing their vehicles as I am, so used was not in the picture for my M3.
__________________
Audi S6 * Audi S3 * Porsche Cayman GTS
--Former BMW M3 owner |
|
Appreciate
0
|
04-14-2013, 10:52 AM | #84 | |||
Enlisted Member
7
Rep 37
Posts |
Quote:
|
|||
Appreciate
0
|
04-14-2013, 11:00 AM | #85 |
Lieutenant General
7490
Rep 12,309
Posts |
One of the few times I didn't bother reading the entire thread (gotta run soon), but I will give me 2 cents.
- You can buy an 08 and have a very "reasonable" monthly car payment - As a rule, don't spend more than 10% of your monthly income on a car payment. That's about where I'm at and do just fine. And also keep in mind I do my own work on the car too.
__________________
Current:
16 F82 M4 GTS, Black Sapphire/Black, DCT 08 E92 M3, Sparkling Graphite/Bamboo Beige, 6MT 07 E85 Z4M Roadster, Alpine White/Red, 6MT 99 E36 M3, Techno Violet/Dove Grey, 6MT |
Appreciate
0
|
04-14-2013, 11:06 AM | #86 | |
Banned
10
Rep 656
Posts |
Quote:
You'll find a lot of the naysayers will be old fogeys who fear "those riffraff and durn meddlin' kids" encroaching on "their" M3 ownership club. Don't mind them, when you have a melon-sized prostate, you can't help but be ornery. |
|
Appreciate
0
|
04-14-2013, 11:24 AM | #88 | |
Colonel
576
Rep 2,353
Posts |
Quote:
Rates are at cyclical, if not all-time lows (in real and in some cases nominal terms), the private market for mortgages continues to whither under stricter underwriting standards, and the capacity for the government (via Fannie, Freddie and Ginne) to continue subsidizing mortgage financing (currently >95% of new origination... through guarantees, insurance or lending credits) is becoming politically unpalatable. If public/private financing becomes scarce and/or more expensive (i.e. rates rise faster than inflation/wages) it's unclear to me that homes prices appreciate -- IMHO, I would expect them to do the opposite. Of course, no one knows for sure... but I can say with a high level of confidence that the returns achieved by my parent's generation will differ from that of the mine (and the OP's). If you're suggesting he invest, rather than spend... sure, I can get behind that. But telling him to buy home may not be as prudent as your experience over the last 20-40 years may have led you to believe. OP - put some money away for a rainy day, fully fund your 401K and, if it doesn't consume the bulk of your disposable income, live a little. These are irrational purchases...no matter how much money you have. GL. |
|
Appreciate
0
|
Post Reply |
Bookmarks |
|
|