BMW M3 Forum (E90 E92)

BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read


Go Back   M3Post - BMW M3 Forum > BIMMERPOST Universal Forums > Off-Topic Discussions Board
 
GetBMWParts
View Poll Results: How much should you make to buy a 50-55k Car? 1M for example
around 50k annually 7 7.78%
80k annualy 18 20.00%
100k or more 52 57.78%
Cash cars only 6 6.67%
Shouldn't spend this much on a car 7 7.78%
Voters: 90. You may not vote on this poll

Post Reply
 
Thread Tools Search this Thread
      06-25-2015, 02:55 PM   #45
DJKapeesh
First Lieutenant
United_States
149
Rep
343
Posts

Drives: 2007 Z4MC
Join Date: May 2011
Location: South Florida

iTrader: (1)

Quote:
Originally Posted by shadow191 View Post
Why would you put a blog together based on random peoples opinions? There is so much information already out there with guidelines and rules of thumb. A Roth IRA really has no impact on how much car you should buy. General rule of thumb is no more than 20% of your take home pay should go towards a car payment + insurance. Or another rule of thumb is no more than 10% of your gross monthly income. So if you make $60K, then your monthly car payment + insurance should be no more than $500.

And your loan shouldn't be longer than 4 years or so. If you take a 84 month loan, you're going to upside down pretty quickly and stay there. These rules apply pretty much in all situations, even if you don't have a mortgage or rent payment and even if you have a large cash cushion. I'd argue that they're a little generous especially if you don't have much of a cash cushion.

FWIW, asking on any car enthusiast forum is going to get you a very skewed answer. Lots of guys here spend way over common sense limits on their car simply because they love cars. Lots of guys who can barely make their car payment are modding them. Just look at the classifieds and see how many ads are from people who need cash because something "came up". And then notice the stuff their selling is worth a few hundred dollars at the most.

So any car enthusiast site is probably not going to be great for actual financial advice on cars. You're going to get guys who make $30K with $0K in investments, no Roth IRA or any retirement account, a 3 day cash cushion willing to buy a $50K car with $0 down and an 84 month loan.
This is exactly what I'm looking for. Compare and contrast is the only way to pull your own true consensus. Sure google has lots of answers and opinions on this topic but 99% of these are based on people who DO NOT love their cars. Just as u states the % rules I would ask the question if you would consider spending you luxury money on your car a reasonable decision if you don't shop, or do recreational activities besides enjoying your car.

Thank you for the valuable information btw!
Appreciate 0
      06-25-2015, 03:02 PM   #46
IEDEI
Banned
United_States
1072
Rep
4,693
Posts

Drives: L'Orange
Join Date: Jul 2013
Location: Brooklyn, NYC

iTrader: (0)

Garage List
2011 BMW 1M  [4.20]
aren't you the one looking for a 'cheap 1M" for $45k?

just put together an extra $10k and buy a good 1M yo! you don't need complex calculations and philosophy! life is short

Last edited by IEDEI; 06-25-2015 at 03:22 PM.
Appreciate 0
      06-25-2015, 03:04 PM   #47
lowbudgethero
Captain
lowbudgethero's Avatar
110
Rep
728
Posts

Drives: '98 Z3M (gone), '09 135i
Join Date: Feb 2013
Location: 908

iTrader: (0)

Garage List
2009 BMW 135i  [4.25]
I consider cars as part of my hobby and therefore combined with all my automobiles, repairs, mods, insurance it's going to be more than "what it should be"

However, if one of my cars needs an expensive repair I don't have to fix it until I have the money to do so.

and yeah I'd just get the car you want, finance and do whatever you can to be able to afford it within reason
Appreciate 0
      06-25-2015, 03:06 PM   #48
DJKapeesh
First Lieutenant
United_States
149
Rep
343
Posts

Drives: 2007 Z4MC
Join Date: May 2011
Location: South Florida

iTrader: (1)

Quote:
Originally Posted by IEDEI View Post
aren't you the one looking for a 'cheap 1M" for $45k?

just put together an extra $10k and buy a good 1M yo! you don't need complex calculations and philosophy! life is short
I am and that's the plan!

This isn't for me tho, this is my side project where I am trying to make something available for a lot of younger peers coming out of high school and college having no idea about this stuff but looking at instagram every day thinking they will by a 911 turbo
Appreciate 1
      06-25-2015, 03:13 PM   #49
lowbudgethero
Captain
lowbudgethero's Avatar
110
Rep
728
Posts

Drives: '98 Z3M (gone), '09 135i
Join Date: Feb 2013
Location: 908

iTrader: (0)

Garage List
2009 BMW 135i  [4.25]
Quote:
Originally Posted by DJKapeesh View Post
I am and that's the plan!

This isn't for me tho, this is my side project where I am trying to make something available for a lot of younger peers coming out of high school and college having no idea about this stuff but looking at instagram every day thinking they will by a 911 turbo
maybe a 996 turbo
Appreciate 0
      06-25-2015, 03:22 PM   #50
Nkc
NOOB
Nkc's Avatar
1060
Rep
1,244
Posts

Drives: Cars
Join Date: Oct 2011
Location: Vancouver/Hong Kong

iTrader: (0)

Quote:
Originally Posted by DJKapeesh View Post
So my last thread went South quickly with trolls and pissing contest.
And you were expecting something else from OT?
Appreciate 0
      06-25-2015, 03:58 PM   #51
NemesisX
Captain
175
Rep
894
Posts

Drives: '08 335i
Join Date: Jul 2009
Location: TX

iTrader: (0)

Quote:
Originally Posted by DJKapeesh View Post
The information was an example from a different point in time...

I disagree with the paying student loans bit. Sorry but I don't look at them when I do my calculations I just look at the fixed $231. I know u can stone me but I refuse to pay them if I suspect that there will be a loan forgiveness program eventually
Are they private or public student loan? If they are public loans, do you work for the government?
Appreciate 0
      06-25-2015, 04:11 PM   #52
ASAP
Bavarian Motor Works
ASAP's Avatar
No_Country
2107
Rep
4,059
Posts

Drives: Walking Everywhere
Join Date: Sep 2012
Location: USA

iTrader: (0)

Quote:
Originally Posted by Bye_DC5
- The vehicle in question is my base model 128i in fabulous sedona red with ebony interior (as I like my women).
- Price of my 128i was $39,999 + tax + registration + HJ to the salesman (under the table of course).
- How did I buy the car? I walked into the nearest Bavarian Motor Works dealership.
- I currently make about $500k (pre-tax), the car is pretty affordable, but the $80 oil changes are nonsense.
- In the bank, I'm sitting on about $50k cash. $20k in gold. $50k in stock. Maxed out IRA.
- Credit card number is 7564 2859 1834 1038, It is a Master Card, Security key is 696
- Social Security Number is 309-34-8394
- My mothers maiden name is Clinton

That should be sufficient for you to make your spreadsheet. Please email it to me when you get it done.
Lol, I thought this was real for a second... then i read the card and ssn info...

I was like 500k a year and u only have 50k cash... somethings not right
Appreciate 0
      06-25-2015, 04:18 PM   #53
Nkc
NOOB
Nkc's Avatar
1060
Rep
1,244
Posts

Drives: Cars
Join Date: Oct 2011
Location: Vancouver/Hong Kong

iTrader: (0)

Quote:
Originally Posted by ASAP View Post
Lol, I thought this was real for a second... then i read the card and ssn info...

I was like 500k a year and u only have 50k cash... somethings not right
I heard that he spends a lot on bacon.
Appreciate 0
      06-25-2015, 04:21 PM   #54
MrPrena
Captain
MrPrena's Avatar
United_States
1486
Rep
776
Posts

Drives: BMW Hyundai Nissan
Join Date: Jan 2014
Location: TB

iTrader: (0)

You guys are awesome.
I don't even know how much I will be actually making this year.
I do have a projections, but it was always had a high var.

With that said, my vehicles might be WAY too much/littlr rel to my income.
__________________
Beware of Jeff Oliver the fraud at Highland Expedition Outfitters (aka HEO or HEOutfitters) located in Cosby TN.
Appreciate 0
      06-25-2015, 04:33 PM   #55
DJKapeesh
First Lieutenant
United_States
149
Rep
343
Posts

Drives: 2007 Z4MC
Join Date: May 2011
Location: South Florida

iTrader: (1)

Quote:
Originally Posted by NemesisX View Post
Are they private or public student loan? If they are public loans, do you work for the government?
government loans
Appreciate 0
      06-25-2015, 04:42 PM   #56
ASAP
Bavarian Motor Works
ASAP's Avatar
No_Country
2107
Rep
4,059
Posts

Drives: Walking Everywhere
Join Date: Sep 2012
Location: USA

iTrader: (0)

Quote:
Originally Posted by Nkc
Quote:
Originally Posted by ASAP View Post
Lol, I thought this was real for a second... then i read the card and ssn info...

I was like 500k a year and u only have 50k cash... somethings not right
I heard that he spends a lot on bacon.
ooo... it all adds up
Appreciate 0
      06-25-2015, 09:18 PM   #57
Wrecker335d
OEF Vet
Wrecker335d's Avatar
United_States
309
Rep
1,311
Posts

Drives: unfiltered diesel
Join Date: Oct 2010
Location: Long Island, NY

iTrader: (4)

Quote:
Originally Posted by P1et View Post


Actually, asking how much someone has in their bank account when they're going to be buying something is *the* most relevant thing.
If your face to face then yes, but on an online forum? If someone on here asked how much you (P1et) specifically had, then it's too personal. That's what I meant. My wording sometimes isn't clear enough.
__________________
Mods: BPC Stage 3, Meth Injection, BDP downpipe, Wagner intercooler, Koni Yellow/Swift Springs, M3 Control Arms/Strut Bar, MB Quartz Kit/Alpine Amp
Best 1/4mi: 12.24s @ 113.88Mi/h
Dyno: 350whp
Appreciate 0
      06-25-2015, 09:37 PM   #58
DJKapeesh
First Lieutenant
United_States
149
Rep
343
Posts

Drives: 2007 Z4MC
Join Date: May 2011
Location: South Florida

iTrader: (1)

Quote:
Originally Posted by Nkc View Post
And you were expecting something else from OT?
I was unaware of the culture
Appreciate 0
      06-25-2015, 11:38 PM   #59
yousefnjr
Lieutenant Colonel
1181
Rep
1,778
Posts

Drives: 2006 Z4MR
Join Date: Dec 2012
Location: Bay Area, CA

iTrader: (2)

Quote:
Originally Posted by Delta0311 View Post
Baller swag quickly comes to a crashing end when you have to sneak your chick into mom's house.
Appreciate 0
      06-25-2015, 11:42 PM   #60
yousefnjr
Lieutenant Colonel
1181
Rep
1,778
Posts

Drives: 2006 Z4MR
Join Date: Dec 2012
Location: Bay Area, CA

iTrader: (2)

Appreciate 0
      06-25-2015, 11:45 PM   #61
Arktis_Conviction
Major
Arktis_Conviction's Avatar
135
Rep
1,321
Posts

Drives: e90 330i 6m/t
Join Date: Jun 2014
Location: Northern NJ

iTrader: (0)

I wouldn't own a $50k car unless I make at least $250k per year. My .02
Appreciate 0
      06-26-2015, 01:17 AM   #62
Inspired
Colonel
Inspired's Avatar
90
Rep
2,386
Posts

Drives: 335i
Join Date: Dec 2007
Location: California

iTrader: (2)

Quote:
Originally Posted by Arktis_Conviction View Post
I wouldn't own a $50k car unless I make at least $250k per year. My .02
Wait what? 250k? A 328 fully loaded goes to 50k now a days. You do not get as much bang for the buck for 50k compared to 5 or 10 years ago.
Appreciate 0
      06-26-2015, 01:29 AM   #63
Arktis_Conviction
Major
Arktis_Conviction's Avatar
135
Rep
1,321
Posts

Drives: e90 330i 6m/t
Join Date: Jun 2014
Location: Northern NJ

iTrader: (0)

Quote:
Originally Posted by Inspired View Post
Wait what? 250k? A 328 fully loaded goes to 50k now a days. You do not get as much bang for the buck for 50k compared to 5 or 10 years ago.
Obviously $250k doesn't mean much without background information such as savings, 401k, etc., but you get my idea. $250k before taxes, so let's say $200k, give or take a few, afterwards, and that's 25% of your salary that you're spending on a car. I'm thankful that I have the means to purchase these cars, but if I didn't, I wouldn't be spending so much on cars.
Appreciate 0
      06-26-2015, 06:53 AM   #64
Bye_DC5
Banned
51
Rep
0
Posts

Drives: Big Red & Baby Black
Join Date: Jun 2015
Location: Baconification Peninsula

iTrader: (0)

Quote:
Originally Posted by ASAP View Post
Lol, I thought this was real for a second... then i read the card and ssn info...

I was like 500k a year and u only have 50k cash... somethings not right
WHO ARE YOU TO JUDGE MY LIFESTYLE.

Quote:
Originally Posted by Nkc View Post
I heard that he spends a lot on bacon.
Thick cut. Maple. Stocks are soaring. Thanks, I feel like I need to tell everyone about my bacon fetish, and I hate being a broken record.
Appreciate 0
      06-26-2015, 07:24 AM   #65
CANGRKE70
ΜΟΛΩΝ ΛΑΒΕ
CANGRKE70's Avatar
Canada
702
Rep
148
Posts

Drives: 2012 BMW X5
Join Date: May 2015
Location: Toronto

iTrader: (0)

Quote:
Originally Posted by DJKapeesh View Post
The information was an example from a different point in time...
Quote:
Originally Posted by DJKapeesh View Post
I am looking at buying my first house currently and possible my first investment property by year end. The original example was an (Example)
I thought you were being transparent?

So tell me how you're going to afford a down payment on not one but two properties and a new BMW with your "example" scenario.

I hear lenders in the USA are used to giving money out, but not for 2 houses and a BMW to people who have 58M (student loan, car) unsecured loans, 6M in assets and make 80M a year.

You seem to just be pissing money away...renting, buying a BMW to say look at me look at me...you're like the male version of Sara504

Do what you think is right, but the government is NEVER going to forgive your student loan. Keep paying the minimum payment, sure high utilization never hurts a person's credit bureau right?

At the end of the day you came her asking for information, don't get sour when people reply with what you need to hear as opposed to what you wanted to hear.

Best of luck at learning how to win a life!
Appreciate 1
      06-26-2015, 08:34 AM   #66
David70
Lieutenant Colonel
United_States
716
Rep
1,850
Posts

Drives: 06 Z4M Coupe - 13 Cadillac ATS
Join Date: Apr 2012
Location: Cincinnati, OH

iTrader: (1)

My wife and I pay for our cars with cash and still won't buy a $50k car. My limit right now is less than $40k cars.

I recommend you spend time deciding what your long term goals are and figuring out how you will get there and less time worrying about what the "average" person would do. My goal is to be able to retire in my early to mid 50's (not sure I want to but want the ability to).

I think the average person makes a lot of bad decisions and I sure wouldn't make my personal decisions based on random peoples opinions.
__________________
2006 Z4M Coupe - Stromung exhaust, ZHP knob, stubby antenna, clutch delay delete
Appreciate 1
Post Reply

Bookmarks

Tags
finance

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 02:32 AM.




m3post
Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST