[RickFLM4]

Originally Posted by greasypeanut

Being "young" you will still have time to recover financially.

That’s what lots of people think until they wake up one day in their 40s and start wondering WTF happened and wish they saved more in their 20s.

[spazzyfry123]

Originally Posted by F30lolz

Just thought that if OP REALLY REALLY REALLY wants the car and ignore positive sound advice from most posters here, he could do BMW Select Financing on a CPO F80 M3 where he would be able to keep payments somewhat on the low. Finance the first 5 years and at the end of the term he can:

1). Return the car and walk away (Not a lease)
2). Trade it in for another BMW
3). Refinance for another 5 years

Wait, that’s a real thing? Nuts! Reminds me of the crazy financing BMW did with their bikes years back.

[dreamingat30fps]

Originally Posted by spazzyfry123

Wait, that’s a real thing? Nuts! Reminds me of the crazy financing BMW did with their bikes years back.

Pretty sure it’s a balloon payment after the 5 years. You can’t just turn the car in unless you pay the negative equity.

[zx10guy]

Originally Posted by dreamingat30fps

Pretty sure it’s a balloon payment after the 5 years. You can’t just turn the car in unless you pay the negative equity.

This is exactly the case. It's definitely a balloon payment at the end of the term. When I bought my car, the sales guy was pushing this Select Financing. He thought I was all onboard with it when I went back to finalize the paperwork. I would have if the bastard didn't screw me on a BMW promo that was running at the time. I would have done the Select Financing as I know he would get something out of it and I would have refi'd with my Credit Union to get out of the loan. But because he was being an ass to me, I dropped the check from the credit union at the last minute. The look on his face was priceless. That was my middle finger back at him.

[greasypeanut]

Originally Posted by RickFLM4

That’s what lots of people think until they wake up one day in their 40s and start wondering WTF happened and wish they saved more in their 20s.

There are also a lot of people who wake up in their 40s and wonder why the hell didn't I do more in my 20s.

I don't want to assume that this guy and his wife's earning power is going to get smaller. That rainy day that people save for might never come, and there are other risk management techniques that one can utilize. I.e. Insurance.

[Rmtt]

Originally Posted by greasypeanut

There are also a lot of people who wake up in their 40s and wonder why the hell didn't I do more in my 20s.

I don't want to assume that this guy and his wife's earning power is going to get smaller. That rainy day that people save for might never come, and there are other risk management techniques that one can utilize. I.e. Insurance.

I have always looked at it like this even though it's a simple concept. When you get your first "real" job, max out your 401K investment or at least what the company will match.

Save up an emergency fund that will hold you over for at least 6 months.

Make sure you have enough life insurance.

Then see where you end up at and if you want and have the money to splurge a little...go for it.

Now granted there is a lot more to it than what I stated...Mortgage debt, credit cards, etc. But I hate to owe anyone. I have one credit card that is mainly used for work purposes and bigger purchases as I get cash back, but I know I will be paying it off with the next payment.

But I grew up poor and knew from an early age I didn't want to live like that.

[RickFLM4]

Originally Posted by greasypeanut

There are also a lot of people who wake up in their 40s and wonder why the hell didn't I do more in my 20s.

I don't want to assume that this guy and his wife's earning power is going to get smaller. That rainy day that people save for might never come, and there are other risk management techniques that one can utilize. I.e. Insurance.

Earning power is only one piece of the puzzle. As you get older, costs and responsibilities increase, usually dramatically. Making up ground on poor financial decisions gets more challenging with every passing year. Everyone accepts that at their own pace.

[InnerBlueSkies]

You only live once.

[Rmtt]

Originally Posted by RickFLM4

Earning power is only one piece of the puzzle. As you get older, costs and responsibilities increase, usually dramatically. Making up ground on poor financial decisions gets more challenging with every passing year. Everyone accepts that at their own pace.

+1.

I just got finished putting a kid through college at what I consider a pretty good school. And that wasn't a decision that was even debatable!

But she is finished with no student debt, and already has a job that will be paying for her graduate degree and more if she decides to pursue it.

[Turkish Pickle]

Dude honestly if you weren't getting married I'd say hell yea do it.
Delay the wedding?

fr tho, I own my car here and I'm going to be graduating with 0 debt and a decent bit of savings. looking at guys like RS what I have on hand isn't a lot but then again I'm willing to bet he's at least 2 times older than me and has been working for a while (or you get paid well - you hiring?) my honest plan is to get myself a M2 or even an Evora once I graduate and secure a full time. my degree isn't really #1 paying in the midwest but evoras are down to $35-40k, I can put 25-30% down today and keep my MKS. hell if I had a continuous income I'd do it today but it just doesn't make sense to sweat bullets watching out for the repo guy.

[Run Silent]

Originally Posted by Turkish Pickle

fr tho, I own my car here and I'm going to be graduating with 0 debt and a decent bit of savings. looking at guys like RS what I have on hand isn't a lot but then again I'm willing to bet he's at least 2 times older than me and has been working for a while (or you get paid well - you hiring?)

LOL!

I am in my 40's. I make a salary commensurate with most professionals my age, so decent but not excessive.

Yes, we are hiring for quite a few positions right now, mostly for accounting, finance, and engineering. We just did a 2.2 billion dollar acquisition. If serious, shoot me a PM.

[PoorLurker]

I am in the process of saving to buy a car I cannot afford.

I plan to wait a few years. Hopefully at that time I will have a decent amount to put down. Then, I will bite the bullet, purchase said dream car, and then YOLO it with a high monthly payment. The car will not be a daily driver so maintenance items aren't as much as a worry during the period of financing. However. I see this car as being one that I will own for years upon years and hopefully decades.

Also, because of the type of car, the depreciation in value is going to be a bit less than typical cars.

Hopefully this will offset the expensive oil changes and other parts.


To sum things up - if you want to blow your money, make sure it's blowing your money on something truly worthy.

You don't want to end up in the poor house because you have a collection of 500 beanie babies, 1,000 dvds, and eat out at Apple Bees every night.

[Rmtt]

Originally Posted by Run Silent

LOL!

I am in my 40's. I make a salary commensurate with most professionals my age, so decent but not excessive.

Yes, we are hiring for quite a few positions right now, mostly for accounting, finance, and engineering. We just did a 2.2 billion dollar acquisition. If serious, shoot me a PM.

Hmmmm.....we aren't that far apart.

Only thing is that I have an Engineering Manager title at the moment, and a "promise" that I will eventually be made a "VP" and on the board.

But we are also a privately owned company and I feel a little safer about having a position like that here than being in a bigger Corp where when changes are made...that level is typically where they start cutting.

[Joekerr]

Originally Posted by PoorLurker

I am in the process of saving to buy a car I cannot afford.

I plan to wait a few years. Hopefully at that time I will have a decent amount to put down. Then, I will bite the bullet, purchase said dream car, and then YOLO it with a high monthly payment. The car will not be a daily driver so maintenance items aren't as much as a worry during the period of financing. However. I see this car as being one that I will own for years upon years and hopefully decades.

Also, because of the type of car, the depreciation in value is going to be a bit less than typical cars.

Hopefully this will offset the expensive oil changes and other parts.


To sum things up - if you want to blow your money, make sure it's blowing your money on something truly worthy.

You don't want to end up in the poor house because you have a collection of 500 beanie babies, 1,000 dvds, and eat out at Apple Bees every night.

What's the dream? Got to share!

[upstatedoc]

Originally Posted by Joekerr

What's the dream? Got to share!

yeah spill it so we can all tell you what a bad financial decision it is

[PoorLurker]

Originally Posted by upstatedoc

yeah spill it so we can all tell you what a bad financial decision it is

When I buy it, I will have a poll to see who can come up with the best license plate detailing what a poor financial decision is.


And according to one member in this thread, it;s a Kia

[upstatedoc]

ok so we're already thinking of LP's for this car

imbroke

2expensiv

helpmeee

iampoor

[Run Silent]

Originally Posted by upstatedoc

ok so we're already thinking of LP's for this car

imbroke

2expensiv

helpmeee

iampoor

I was looking at options for personalized tags on my new toy. The best one I came up with that was available was "OMG MOVE". I ended up just going with a standard Military Vet tag, but I am still considering other options. Also thought "8A LAMBO" and "ITLN MR2" were pretty good.

[upstatedoc]

stick with the vet tag, prolly get you out of a ticket

[PoorLurker]

Originally Posted by upstatedoc

stick with the vet tag, prolly get you out of a ticket

Because cops are dog people?

[Joekerr]

Originally Posted by PoorLurker

When I buy it, I will have a poll to see who can come up with the best license plate detailing what a poor financial decision is.


And according to one member in this thread, it;s a Kia

But that is years away!!!

Oh my goodness, like, you are such, like, a tease.

You sure you aren't Sara504 under a different user name?

[PoorLurker]

Originally Posted by Joekerr

But that is years away!!!

Oh my goodness, like, you are such, like, a tease.

You sure you aren't Sara504 under a different user name?

haha

what ever happened to her?