[mbdurham]

I was just reading through the average age post and the majority of us seem pretty young. I figured I would do a pole to see what the average income of members posting here was. With all of the owners in their early twenties who say they bought their car themselves I wonder if maybe I chose the wrong career path to not be making that kinda cash when I was 25.


EDIT: Parents helping would mean either living with them or they pay for anything

[Gripster]

Originally Posted by mbdurham

maybe I chose the wrong career path.

Or may be you just chose the no debt path...

[jusdtm]

I just got it because of the employee deal.

[mbdurham]

Originally Posted by Gripster

Or may be you just chose the no debt path...

Don't get me wrong I had a 928GTS when I was 23. I paid for it but my parents paid my rent so I understand. I heard "Daddy's Car" more times than I can count.

[Revlis]

Originally Posted by mbdurham

Don't get me wrong I had a 928GTS when I was 23. I paid for it but my parents paid my rent so I understand. I heard "Daddy's Car" more times than I can count.

It's like the guys driving around in the 7 series without Grey Hairs... It just looks... Silly. I cannot help but think, "Dad's prolly looking for his car." Dunno why, just doesn't seem like a "Young Guys" car, that's the 3 or 5 series.

[mbdurham]

Originally Posted by Revlis

It's like the guys driving around in the 7 series without Grey Hairs... It just looks... Silly. I cannot help but think, "Dad's prolly looking for his car." Dunno why, just doesn't seem like a "Young Guys" car, that's the 3 or 5 series.

Yeah I know what you mean but if I ever come across a nice low mileage example and I have the garage space I will have another one. It was a great car.

[scm6079]

Albert Einstein said that compound interest "is the greatest mathematical discovery of all time." He's also quoted as saying "The most powerful force in the universe is compound interest."

...Stay out of debt early, and career path doesn't matter as much... Buy assets before toys... Then buy lots of toys with your assets.

-Scott

[e90fanatic]

Debt is not an option for me....live within your means...

[0700700]

Originally Posted by Revlis

It's like the guys driving around in the 7 series without Grey Hairs... It just looks... Silly. I cannot help but think, "Dad's prolly looking for his car." Dunno why, just doesn't seem like a "Young Guys" car, that's the 3 or 5 series.

not in my part of the world... here 20 year olds drive 7 series, S-class, bentleys, 997 Turbos, ferrari f430s... etc etc


there you go...

[mbdurham]

Originally Posted by e90fanatic

Debt is not an option for me....live within your means...

+1
I was pretty much debt free for most of my life until I bought a house.

Credit cards are the Devil!

[pnkflyd]

I will be debt free till I buy my BIMMER. I think I need to live a little now and its only a 3 series.

[John 070]

I'm going to take a stab at this. This forum in no way represents the real world, because most people who have wealth wouldn't have time to participate on this forum anyway.

But I'm going to guess the avg. income of a 3 owner is in the 100-140k range. Ideally, a car is about 1/4 your annual income, but we've all cheated on that and of course with leasing that goes out the window, and it becomes all about the payment. But for they typical person who bought, I would guess the above number is the case. Sure, one could have no income and still lease a BMW, or have a failing business and make lease payments, but that's a sure-fire way to perpetuate the problem imho.

[John 070]

Originally Posted by mbdurham

+1
I was pretty much debt free for most of my life until I bought a house.

Credit cards are the Devil!

That's amazingly true for many of us. Going from a $xxxx rent payment to owing hundreds of thousands after closing is worrisome at first. But we somehow adapt to it. But then those credit cards.....buying stuff for the house seems to be so easy--it's paying for the stuff that's a b****!

[mbdurham]

Originally Posted by John 070

That's amazingly true for many of us. Going from a $xxxx rent payment to owing hundreds of thousands after closing is worrisome at first. But we somehow adapt to it. But then those credit cards.....buying stuff for the house seems to be so easy--it's paying for the stuff that's a b****!

So true.......my rule on credit cards without exception is pay the balance off every month....if you can't do that don't use them.

[mbdurham]

Originally Posted by John 070

I'm going to take a stab at this. This forum in no way represents the real world, because most people who have wealth wouldn't have time to participate on this forum anyway.

Most people I know who have what I would consider "wealth" are not driving a 3 series anyway......I think the people on this forum are enthusiasts and would be here (or another forum maybe Ferrari) no matter how much money they make....

[STE92VE]

I know your topic title says owners, but your poll will be inaccurate if leassees vote.

[mbdurham]

Originally Posted by STE92VE

I know your topic title says owners, but your poll will be inaccurate if leassees vote.

I should have put purchasers instead

[mkoesel]

The younger folks with no mortgage and no kids will not need anywhere near 100k/yr to pay for a 3 series. I bought my M3 when I was making only 90k/yr. By the same token, 100k-150k income means nothng if you are married and your wife does not work or does not have a high paying career as well. Especially once you have kids. Daycare cost is basically a 335i payment. Mortgage is 3+ 335i payments. It adds up quick.

[John 070]

Originally Posted by mkoesel

The younger folks with no mortgage and no kids will not need anywhere near 100k/yr to pay for a 3 series. I bought my M3 when I was making only 90k/yr. By the same token, 100k-150k income means nothng if you are married and your wife does not work or does not have a high paying career as well. Especially once you have kids. Daycare cost is basically a 335i payment. Mortgage is 3+ 335i payments. It adds up quick.

You're right, a combined 200k income means scraping by and going out to a nice restaurant 1-2X per month when the avg. 4-bed is 770k and property taxes 17k per year. Add a kid to the mix and I see relocation to Austin!

[mkoesel]

Originally Posted by John 070

You're right, a combined 200k income means scraping by and going out to a nice restaurant 1-2X per month when the avg. 4-bed is 770k and property taxes 17k per year. Add a kid to the mix and I see relocation to Austin!

From the sounds of the housing costs, I am guessing you live out west, no? My brother moved out there recently and while the weather sounds incredibly nice, the mortgage bill does not.

I am with you - if I moved to a warmer climate, Austin it is!

[JSpira]

Originally Posted by STE92VE

I know your topic title says owners, but your poll will be inaccurate if leassees vote.

Why is that? Leasing is just an alternative means of financing where the burden of depreciation is placed on the lessor instead of the driver.

In that vein, anyone who took out a loan shouldn't vote either.

Only someone who pays cash on the barrel.

[Chi-town330]

If you really want to make this study interesting, then re-do the poll with more categories above $100k. $100k is not high enough to have as the top category, especially when polling people with $40-$50k cars.

This study was interesting in that we not surprisingly learned a lot of people buy expensive cars in relation to their income. This seems to be the American way, I guess, as evidenced by the fact that sooo many people talk about car payments on here as a key "cost" criteria (i.e., concerned more with cash flow than their "balance sheet" or "earnings"). I’m not passing judgment on the younger owners – that would be hypocritical of me given my own financial behavior during my 20’s.

Now, if you re-do the poll with more categories, we could learn who really practices fiscal responsibility, and/or just really likes the 3 series (i.e., could afford much more, but choose the 3 vs. spending a lot of money)

But I also think this forum probably does not contain a statistically representative sampling of 3 series owners, as my guess is a higher percentage of young owners join forums vs. older ones, as they are more "excited" about their cars. I told some "older" BMW owners I know about these forums, and they couldn't have cared less.