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      10-03-2021, 09:06 PM   #23
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Shall we add household income to the mix? I mean why not?
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      10-03-2021, 09:15 PM   #24
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What about trust fund payments?
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      10-03-2021, 09:30 PM   #25
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I make at least $1 a year.
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      10-03-2021, 09:32 PM   #26
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I donít see how $100,000 allows a younger person to comfortably purchase a $80,000 car if they have a family and normal living expenses. Sure wouldnít advise my own kid in that direction.
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      10-03-2021, 09:33 PM   #27
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Quote:
Originally Posted by Dr. Ice View Post
I don’t see how $100,000 allows a younger person to comfortably purchase a $80,000 car if they have a family and normal living expenses. Sure wouldn’t advise my own kid in that direction.
Even without a family, it's a huge stretch.
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      10-03-2021, 09:36 PM   #28
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I have no children so it makes the choice easier. If you're financially secure then why worry
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      10-03-2021, 09:44 PM   #29
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Bought my first BMW (CPO 2007 335i) when I was making $70K a year and living just outside of NYC. Household income with my wife is about 5x that now and we own 3 BMWs and live in Ohio (great cost of living)
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      10-03-2021, 09:45 PM   #30
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Quote:
Originally Posted by Alvinmark12 View Post
You know how many people own 100k car and live with their parents. Owning a expensive home to me is a sign of wealth not a car. Mortgage payments,Property taxes and up keep you can't be poor.
The house is probably a better cue than the car, but even then I know plenty of people who are house broke and canít really afford anything outside of basic living and the mortgage/taxes.

Quote:
Originally Posted by Dr. Ice View Post
I donít see how $100,000 allows a younger person to comfortably purchase a $80,000 car if they have a family and normal living expenses. Sure wouldnít advise my own kid in that direction.
Agreed - Iím pretty sure I wouldnít buy an $80k car on $150-175k a year income.

That said I think this is the biggest take away from this thread - there simply is no rule when you look at the massive range in COL and specific wants/desires out of life across all of America.

Iíll also agree with some enthusiasts on this thread that for some a car is a greater priority. Itís the one item I truly waste my income on (mostly because I know how many additional investments I could make going with a Camry vs a nice car).

Because thereís so many variables for me it comes down to - no credit card debt, some type of property for living (personal aversion to rent), and retirement - are you putting towards adequate retirement income into a 401k or other investments. If you do that then the rest is up to personal choice in my opinion - too many Americans donít plan for retirement though and I donít get that when you consider how much longer we are living these days and particularly the younger group will continue to live.
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      10-03-2021, 10:50 PM   #31
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Quote:
Originally Posted by Dr. Ice View Post
I don’t see how $100,000 allows a younger person to comfortably purchase a $80,000 car if they have a family and normal living expenses. Sure wouldn’t advise my own kid in that direction.
It's called leasing
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      10-03-2021, 11:49 PM   #32
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Originally Posted by Delmoney335 View Post
It's called leasing
I think his point was more around all the things you would be missing out by doing that.

$100k = approximately $75,000 net (depending on local/state taxes could be more or less).

Letís say you get an M3 for a flat $1k which would be good your now down to $63,000. IF you have a mortgage another $24,000 or more possibly out the door.

Havenít even touched insurance, retirement, food, and other expendable.

His point wasnít can you afford it but can you comfortably do it while planning for the future. And i could easily see why some would say no (Iíd be one of them).
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      10-03-2021, 11:51 PM   #33
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Quote:
Originally Posted by Delmoney335 View Post
Quote:
Originally Posted by Dr. Ice View Post
I don't see how $100,000 allows a younger person to comfortably purchase a $80,000 car if they have a family and normal living expenses. Sure wouldn't advise my own kid in that direction.
It's called leasing
Leasing costs as much as financing for this car
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      10-03-2021, 11:51 PM   #34
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These general guidelines saying "10-15%" of your net income are stupid.

You need to consider your own priorities, goals and objectives, and determine what fits your lifestyle.

"10-15%" is like the 1% rule in leasing - totally meaningless and is meant for people too lazy to try and understand basic math/finances.

Case in point - If you make 100k a year but have 0 debt, compared to if you make $200k a year but have half a million in debt - does the 10-15% rule apply equally to both scenarios?

It's all based on personal financial situation, risk tolerance, and priorities.
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      10-03-2021, 11:57 PM   #35
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Quote:
Originally Posted by M0J0 View Post
there will always be the 50K millionaire who leases and lives above their means.


if you make 50k you aren't getting approved for an m3/m4. lol
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      10-04-2021, 12:03 AM   #36
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Quote:
Originally Posted by modat View Post
Quote:
Originally Posted by Delmoney335 View Post
Quote:
Originally Posted by Dr. Ice View Post
I don't see how $100,000 allows a younger person to comfortably purchase a $80,000 car if they have a family and normal living expenses. Sure wouldn't advise my own kid in that direction.
It's called leasing
Leasing costs as much as financing for this car
Right now that's true. Some were able to get it at a discount earlier this year so leasing made more sense. But was just a general comment, not for this car specifically. Every situation is different.
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      10-04-2021, 12:22 AM   #37
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Maybe net worth (and age) is the better question to ask?
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      10-04-2021, 12:24 AM   #38
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Quote:
Originally Posted by Mike00 View Post
I think his point was more around all the things you would be missing out by doing that.

$100k = approximately $75,000 net (depending on local/state taxes could be more or less).

Letís say you get an M3 for a flat $1k which would be good your now down to $63,000. IF you have a mortgage another $24,000 or more possibly out the door.

Havenít even touched insurance, retirement, food, and other expendable.

His point wasnít can you afford it but can you comfortably do it while planning for the future. And i could easily see why some would say no (Iíd be one of them).
Agree and well said! Letís just say $100,000 is not that much money in todayís times. But with that said, selling this car let me pay for my 2022 xDrive and pocket $20k. Crazy market we live in as well.
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      10-04-2021, 12:44 AM   #39
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      10-04-2021, 12:58 AM   #40
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      10-04-2021, 01:22 AM   #41
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Not sure man..the d-baggery is strong with this one. Whatís the point of this, to prove to each other that BMWís are expensive and that we make more money than people that donít drive one?

While yes, Iím new here, Iíve been on many car forums over the years and threads like this are why the German car owner/porcupine joke continues to thrive.

Iím a firm believer that no respectable conversation involves money, politics, or religion and that this world was a much better place when more of us stuck to that rule. Guess Iím just old-fashioned.
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      10-04-2021, 01:35 AM   #42
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Originally Posted by Hawkdog View Post
Not sure man..the d-baggery is strong with this one. What’s the point of this, to prove to each other that BMW’s are expensive and that we make more money than people that don’t drive one?

While yes, I’m new here, I’ve been on many car forums over the years and threads like this are why the German car owner/porcupine joke continues to thrive.

I’m a firm believer that no respectable conversation involves money, politics, or religion and that this world was a much better place when more of us stuck to that rule. Guess I’m just old-fashioned.
I agree…..but a lot of people are interested in what others do and they are looking for affirmation or some type of calibration to help them know if they are thinking correctly or not on a particular issue. For many, these are big decisions. Hell, at 62 I am always a little curious myself. All in fun, just a forum so enjoy. I belong to both the Corvette and Porsche forum as well as the AT4 truck forum and people are people. Welcome and have fun!
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      10-04-2021, 01:39 AM   #43
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Still remember a bunch of kids from my university showing off their new lambos first day of school. I decided to get back to school this year so I made less than 5K lmao.

Income doesn't matter
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      10-04-2021, 02:48 AM   #44
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Here in Zurich, Switzerland where I live, it's mostly youngsters in their twenties who drive BMW M cars. Because salaries in Switzerland are quite high, pretty much anyone can lease an expensive car like that. And that's what most of these youngsters end up doing.

I wouldn't say that you necessarily need to be making upwards of 100k if you want to buy. But you do need to have a high enough salary and low enough living expenses so that you can set aside a solid amount each year, and then buy the car after a few years.

I am well into my 30s now and recently decided to purchase the new G80 (currently in production), but only after taking care of other priorities (like investing in a condo) first and making over 100k for years.

As others have said, it's mostly a matter of priorities.
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