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      10-04-2021, 03:34 AM   #45
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Originally Posted by wtwo3 View Post
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.
Couldn't agree more, hence I bought it cash. Problem solved
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      10-04-2021, 04:37 AM   #46
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I'm fascinated by threads like these that pop up on this forum, asking things like 'how much do you earn', 'what age are you' etc. I may be a bit paranoid, but it makes me a bit suspicious in this age of social engineering and scams etc. In any case, would anyone seriously answer personal questions like that in such a public place?

As someone else pointed out, you also have to wonder what the motive is for asking the question, is it just to reassure that they're in good company by saying 'look I bought a car that only people earning X can afford'?

Having said all that I've always aimed high with my cars, meaning that I've let my heart rule my head and just gone for it. Now I've never owned a F3rrari or Lambo and likely never will, but I can't complain about what I have owned/do own (or at least pay to put on my driveway!).

I've always had finance of some description, whether its a loan, direct finance or a lease, but at this level how often does anyone go into a dealer and slap down a bag of cash (that's a rhetorical question BTW, if you do have this amount of money just laying around, good for you).

I buy nearly new/used, as I've bought new cars previously and politely decline to lose a chunk of money the instant I drive away (current market conditions excepted I guess). I might consider it again with the right incentives, but unlikely and I'm not that particular about spec that I absolutely must do a 'build' (as seems to be the popular phrase round these parts; I just call it ordering).

TLDR; What I earn is nobodies business except my own, just enjoy your cars.

Last edited by naywa01; 10-04-2021 at 04:43 AM..
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      10-04-2021, 05:33 AM   #47
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it depends on your priorities.

But I've been teached that you can lease a car, but for lease it, you must be sure to be able to pay it cash if needed without problems for your life, extras and family.

If a person is in this situation, he/she can afford that particular car. If doesn't, to me it would be better to buy something cheaper.

Owning such a great car having at the same time problems to find out the money to feed a family or to have a decent house, it's a non sense. But I know some people that put ahead of these things their passion for cars, but as told....it's their life and it's subjective.

I prefer to have all the comforts for my life before going to buy a sportscar, because a nice car is comfy....but a house is better to live in.

In the end, I wish everybody to be able to have a successful life and to enjoy the satisfaction to own a real sport car to share with their family/friends.
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      10-04-2021, 08:30 AM   #48
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Quote:
Originally Posted by iviegatron View Post
At my previous job, there was a guy at a junior level position who came from Zimbabwe who was making less than $100k and was driving around in a decently optioned Audi A8L. Not sure what his financial situation was, but I can tell more than half of his paycheck was going towards car payments.
I can relate to this. Long time ago I moved to States as a graduate student from a country where gas and cars are extremely expensive due to regressive taxation (i.e govt cannot properly tax the income so they tax the hell out of the goods). Once I got my degree and my first job here, I custom ordered a BMW that cost me one quarter of my income at the time. My brother, who needed to cosign the lease since he had good credit and I had no credit history whatsoever, jokingly told me that he was relieved that I didn't go for a 911.

Also one thing to consider is the true cost of a car rather than MSRP. If the car can easily be sold with little to no depreciation (something like a Tacoma, Jeep, Golf R, WRX STI, 911 GT3 etc) at any point during your ownership, is it really an expensive car as long as one can make the monthly payments?
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      10-04-2021, 08:34 AM   #49
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Quote:
Originally Posted by TrevorM3 View Post
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
That's not true at all. That person who makes 50k could of easily saved up 60k for a down payment. Which I know it's hard to believe, I have an estranged relative I believe he makes less than 80-90k a year, he has well over a couple of million dollars. He paid off his house in 5 years after his initial purchase. So there are people who have lower salary that has more money than you might think. Some people can be very frugal with their money.

I personally agree with what a lot of people have said. I don't judge what other people have just simply because of the cars they drive. I have seen many people whose cars is worth almost as much as their homes. I love cars as much as the next guy, there's no way I would ever purchase a car that would exceed 1/5 of the net value of my home. My family's comfort is way more important to me.
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      10-04-2021, 08:49 AM   #50
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Adding in my vote for "too many variables, salary isn't the deciding factor". I have a coworker that makes roughly the same as I do, but he's single-income with two teens to support and a stay-at-home wife. He and I have similar homes but his mortgage was very low down payment (long story...helped him figure out house buying at the same time we bought this house so I know more than one usually would about his mortgage). He's never been able to save a substantial amount due to his family expenses.

My SO and I are DINKS and have zero debt other than our cars and the house.
My coworker drives an old Kia minivan. I don't.
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      10-04-2021, 08:49 AM   #51
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This is Joe Biden and the IRS checking to see where the money came from. HAHAHAHA. Like I would ever tell anyone how much I make.
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      10-04-2021, 09:16 AM   #52
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Quote:
Originally Posted by Randy Johnson View Post
Is is safe to say the 99% of bmw owners make over 100k? With these cars costing so much I'm just wondering where owners are in terms of salary? Not sure who people can afford so much for a car these days.
PS: I buy used.
I remember watching this YouTuber review the e92 M3 coupe.

He said this car is so good I'd eat Ramen Noodles just so I can afford this car!

I have a good friend of mine who says; if after you pay your car note and you still have money left over you didn't buy a nice enough car.

He's currently driving a C8. Has a modest paid for home and goes absolutely bonkers with toys.
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      10-04-2021, 10:04 AM   #53
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These money threads cost me too much....


of my time.
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      10-04-2021, 10:08 AM   #54
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Quote:
Originally Posted by naywa01 View Post
I'm fascinated by threads like these that pop up on this forum, asking things like 'how much do you earn', 'what age are you' etc. I may be a bit paranoid, but it makes me a bit suspicious in this age of social engineering and scams etc. In any case, would anyone seriously answer personal questions like that in such a public place?

As someone else pointed out, you also have to wonder what the motive is for asking the question, is it just to reassure that they're in good company by saying 'look I bought a car that only people earning X can afford'?

Having said all that I've always aimed high with my cars, meaning that I've let my heart rule my head and just gone for it. Now I've never owned a F3rrari or Lambo and likely never will, but I can't complain about what I have owned/do own (or at least pay to put on my driveway!).

I've always had finance of some description, whether its a loan, direct finance or a lease, but at this level how often does anyone go into a dealer and slap down a bag of cash (that's a rhetorical question BTW, if you do have this amount of money just laying around, good for you).

I buy nearly new/used, as I've bought new cars previously and politely decline to lose a chunk of money the instant I drive away (current market conditions excepted I guess). I might consider it again with the right incentives, but unlikely and I'm not that particular about spec that I absolutely must do a 'build' (as seems to be the popular phrase round these parts; I just call it ordering).

TLDR; What I earn is nobodies business except my own, just enjoy your cars.
There's a reason I never post specific info on my exact age, where I work etc online
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      10-04-2021, 10:13 AM   #55
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My favorite is what do you do for a living.

I clean windows for high rise buildings

Ah crap; dropped my phone again
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      10-04-2021, 10:57 AM   #56
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Agree with above posts regarding their being too many variables the way the question was asked. One other factor, which type of BMW are we talking about? An entry level 2 series can be an "affordable" aspirational car for someone that just wants to own a BMW, regardless of model and features.

The "typical" owner of an M3/M5 car or M8 Gran coupe will have a completely different profile and income level.

I'll repeat some sage advice I've been given -It's not about how much you make, it's about how much you keep.
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      10-04-2021, 11:53 AM   #57
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Here is how I determine what I can afford. In this order of priority.

1. Housing and fixed living expenses
2. Max tax deductible limit on retirement
3. Max kids college savings
4. 20% to general savings
5. Family vacations
6. Cars for wife and me
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      10-04-2021, 12:23 PM   #58
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Quote:
Originally Posted by Hawkdog View Post
Not sure man..the d-baggery is strong with this one. Whats the point of this, to prove to each other that BMWs are expensive and that we make more money than people that dont drive one?

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

Im 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 Im just old-fashioned.
I am going to disagree with you here. There is a difference between bragging about how much money you make and helping younger people understand sound financial planning, income bands, etc. An example;

I remember when I thought $100K was a lot of money

vs

If someone were making $100K, although it may sounds like a lot, it does not give them the freedom to spend whatever they want. No matter how much you make you should always pay yourself first (savings) and consider overall debt to income.

Personally I believe staying below 35% DTI makes for a secure and comfortable life. There were some very painful lessons that brought me to that knowledge. The most important thing to understand is that how you decide to mix that debt to income is up to you. You can swap a more modest house for nicer cars if that is your passion. Everyone spends what other consider a stupid amount of money on something, it just can't be a lot of things.

I really wish people had been more open about all things financial when I was younger. When I graduated from college I remember thinking that if I could just make $30K I would be set! After living on minimum wage for so long I couldn't imagine that I would be able to spend $2500 per month. I also hadn't considered how much housing, eating better and general life would consume. Shows what I knew then and how financially ignorant I really was.

I would have significantly more wealth now if I had learned these things earlier in life. I talk to my kids all the time about income, spending and savings. The idea that we shouldn't talk about income, lifestyle and other financial things is a significant disservice to the next generation.
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      10-04-2021, 02:06 PM   #59
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180k dayjob.. plus 3-5k a month on a 6 figure trading account on average

Edit; waiting for that 3 year mark, want to scoop up a xdrive for a 30-40% discount
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      10-04-2021, 02:57 PM   #60
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Quote:
Originally Posted by maul3d View Post
180k dayjob.. plus 3-5k a month on a 6 figure trading account on average

Edit; waiting for that 3 year mark, want to scoop up a xdrive for a 30-40% discount


That's great man..
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      10-04-2021, 03:24 PM   #61
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Quote:
Originally Posted by Randy Johnson View Post
Is is safe to say the 99% of bmw owners make over 100k? With these cars costing so much I'm just wondering where owners are in terms of salary? Not sure who people can afford so much for a car these days.
PS: I buy used.
I think Donald Trump claimed he earned nothing on his taxes?
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      10-04-2021, 03:25 PM   #62
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Quote:
Originally Posted by maul3d View Post
180k dayjob.. plus 3-5k a month on a 6 figure trading account on average

Edit; waiting for that 3 year mark, want to scoop up a xdrive for a 30-40% discount
You should give up the day job and start a hedge fund if you can consistently post those kind of returns
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      10-04-2021, 03:31 PM   #63
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You should give up the day job and start a hedge fund if you can consistently post those kind of returns
Hard to believe 1-3% a month? Selective stocks and recovery plays at the moment..It's individual small traders have it easier to shift around smaller size positions... then arge institutions
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      10-04-2021, 03:40 PM   #64
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Quote:
Originally Posted by maul3d View Post
Quote:
Originally Posted by barryc365 View Post
You should give up the day job and start a hedge fund if you can consistently post those kind of returns
Hard to believe 1-3% a month? Selective stocks and recovery plays at the moment..It's individual small traders have it easier to shift around smaller size positions... then arge institutions
Consistently being the key word…

1% a month compounded is probably 15% a year give or take. Not hard to achieve in the last 18 months but much harder to achieve over full market cycles.

Most professionals/funds are not doing over 12% over a 10/20 year cycle.

Everyone gets their face ripped off eventually

Keep up the good work tho! Manage risk accordingly!
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      10-04-2021, 04:25 PM   #65
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Quote:
Originally Posted by barryc365 View Post
Consistently being the key word

1% a month compounded is probably 15% a year give or take. Not hard to achieve in the last 18 months but much harder to achieve over full market cycles.

Most professionals/funds are not doing over 12% over a 10/20 year cycle.

Everyone gets their face ripped off eventually

Keep up the good work tho! Manage risk accordingly!
Thanks

12 years, 3 blown accounts ( small ones )... I trade mid and large cap only, and never use margin..

Learned the hard way

Cheers
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      10-04-2021, 04:41 PM   #66
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Quote:
Originally Posted by maul3d View Post
Quote:
Originally Posted by barryc365 View Post
Consistently being the key word…

1% a month compounded is probably 15% a year give or take. Not hard to achieve in the last 18 months but much harder to achieve over full market cycles.

Most professionals/funds are not doing over 12% over a 10/20 year cycle.

Everyone gets their face ripped off eventually

Keep up the good work tho! Manage risk accordingly!
Thanks

12 years, 3 blown accounts ( small ones )... I trade mid and large cap only, and never use margin..

Learned the hard way

Cheers
Anybody won the lottery on this board? 😁 But seriously, who cares about how much we all make. I can say a certain high or low figure and be totally b.s ing all of you.
Now, BTW I own a million dollar house with no house payments and make only $100K a year. How can you tell if I am telling the truth?
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