[Mosaud1998]

Originally Posted by 2008M36MT

Are you joking? Lol you share your salary or allude do it in off topic constantly, it's like a running joke on there. Why the change of heart?

When have I shared my salary? Every year I make a different amount.

[2008M36MT]

Originally Posted by Mosaud1998

When have I shared my salary? Every year I make a different amount.

Well you were happy to share what you made whether it was a general comment about 6 figures at your young age or some monthly amount…in either case this is no different.

[visionaut]

TL;DR But if you guys know how I can get paid a nice Salary just to Own my Bimmer, LMK…

[Oreo Cat]

I got my first e90 m3 in 2020 when I was an E3 in the Army. Could I comfortably afford it? No. But I wanted it bad enough.

[translux]

People piss away money on all kinds of things. I like cars.
I have a handful of expensive interests, hobbies, vices or obsessions.
But as im fond of saying-26 years, 100+ cars and one wife-priceless.

[Ttuite]

Well, I show between 35-45k a year in income and I am soon taking delivery of a 23’ M850 convertible. 😊

[Seaford]

Owning a nice bmw is nothing to do with salary…it’s all about the size of your man bit.

[bese60]

When I lived with my partner it was still a good situation where both saved 40%+ of our income.... living with family still paid rent but still had 50%+ of income.

Only regret is between all my BMWs wish i financed one instead of leasing. Want to live on my own again but i know it'll be harder financially. It is what it is

[IvanE92]

Kids' daycare >>>>> car payments. I'd feel pretty damn $$$ rich if I didn't have kids, LOL

[fmzip]

Originally Posted by Ttuite

Well, I show between 35-45k a year in income and I am soon taking delivery of a 23’ M850 convertible. ��

YTD I am at $400K. And here I was having a real hard time pulling the trigger on my M850i....

Curious, how did you pull this off? Did you finance it? At $3.5K gross, living expenses etc, seems unfathomable to me. Good for you either way.

[Oreo Cat]

Originally Posted by fmzip

YTD I am at $400K. And here I was having a real hard time pulling the trigger on my M850i....

Curious, how did you pull this off? Did you finance it? At $3.5K gross, living expenses etc, seems unfathomable to me. Good for you either way.

I don’t understand how people get approved, I make 40k-60k a year depending on how hard I want to work and even with no other debt and a 720 credit i would get approved for 30k on a car loan
If he can do it then good on him but that does seem like a recipe for disaster

[Piper1]

Originally Posted by fmzip

YTD I am at $400K. And here I was having a real hard time pulling the trigger on my M850i....

Curious, how did you pull this off? Did you finance it? At $3.5K gross, living expenses etc, seems unfathomable to me. Good for you either way.

Depends on basic budget. I wonder all the time how moving out of the house netting 800/month I was able to do it paying 650/month on rent for 1 bed 600sq ft apartment. But I did it. Say he inherited his folks home maybe has a roomy gf/bf/wife what ever no mortgage so the other person can pitch in for certain expenses or even just really watch his pennies the way they’re financing these days 7/year car loan 115k 4% interest 5k down/trade payments would be right around 1600/month. It’s doable, tight but doable. Many forget the trend more money made average more money spent for how living styles changes. Always wondered how someone making 3x what I make with similar mortgage can always be late on utilities due to no funds.

What boggled me was when I was first house shopping the banks would approve for clearly more than my income. Hey outstanding credit score so here’s a loan for a monthly that you clearly don’t make enough to pay every month.

[jmg]

Originally Posted by fmzip

YTD I am at $400K. And here I was having a real hard time pulling the trigger on my M850i....

Curious, how did you pull this off? Did you finance it? At $3.5K gross, living expenses etc, seems unfathomable to me. Good for you either way.

He said he "shows" a $45k income.

What the IRS sees and what the bank sees can be two totally different things, especially if they are incorporated. Some auto loans and leases are also based on car financing history rather than taxable income, and even so, they do not verify income. If you say you make $500k/yr and have financed/leased a $150k car in the past, you will get approved.

[Ttuite]

Originally Posted by fmzip

YTD I am at $400K. And here I was having a real hard time pulling the trigger on my M850i....

Curious, how did you pull this off? Did you finance it? At $3.5K gross, living expenses etc, seems unfathomable to me. Good for you either way.

I didn’t write that I don’t have any money. I just don’t show any income. I am paying cash for my 850 convertible. Yes it is all legal and moral. My income at this point comes from rental properties after expenses, and a small pension from my first career as a police officer. We own everything but our solar panels. My car purchase is a result of saving up for many years to buy an airplane after retirement. Due to market conditions, that has become untenable to me and I have completely lost the desire to fly small aircraft. Decided I would blow the money on the perfect car.

Some food for thought as you reach retirement age.

One of the things you will discover is that it is not nearly as expensive to live as you forecast. AS LONG AS YOU HAVE YOUR HEALTH. The key is not having bad debt. Debt is fine as long as your investment funds are making more % than the debt cost you.

Bottom line. If you want the expensive country club membership or other like things after retirement? Start an account now during your working years to fund it after retirement.

The most important thing though is to maintain your health. I have been fortunate in this arena. I have always exercised and the benefits just like financial investment is paying its dividends.

One last note. I made big bucks the few years before retirement. There was thorns with that. My first year on Medicare, I payed over $700.00 a month because of high income penalties. Now I pay 0.00 for a Medicare advantage plan.

[jzeiler4]

I am retired with no grandkids, I have money to burn.

I consider my M240 an investment that pays extremely high dividends in my happiness every time I drive it.

[fmzip]

Originally Posted by Ttuite

I didn’t write that I don’t have any money. I just don’t show any income. I am paying cash for my 850 convertible. Yes it is all legal and moral. My income at this point comes from rental properties after expenses, and a small pension from my first career as a police officer. We own everything but our solar panels. My car purchase is a result of saving up for many years to buy an airplane after retirement. Due to market conditions, that has become untenable to me and I have completely lost the desire to fly small aircraft. Decided I would blow the money on the perfect car.

Some food for thought as you reach retirement age.

One of the things you will discover is that it is not nearly as expensive to live as you forecast. AS LONG AS YOU HAVE YOUR HEALTH. The key is not having bad debt. Debt is fine as long as your investment funds are making more % than the debt cost you.

Bottom line. If you want the expensive country club membership or other like things after retirement? Start an account now during your working years to fund it after retirement.

The most important thing though is to maintain your health. I have been fortunate in this arena. I have always exercised and the benefits just like financial investment is paying its dividends.

One last note. I made big bucks the few years before retirement. There was thorns with that. My first year on Medicare, I payed over $700.00 a month because of high income penalties. Now I pay 0.00 for a Medicare advantage plan.

Now this makes sense! I was wondering if you might have been some young guys living too far beyond their means. Good for you on your retirement. I’m 56 so I am thinking this will be my last splurge before retirement. I paid cash for mine as well. Interestingly enough, I have solar panels too. Those are paid for as well.

As retirement approaches, always trying to find ways to lower overall expenses! Sounds like you have a really good grasp on things. OT questions, why too much income on the first year of retirement that drove up the Medicare payment? How low income do you need to be to pay zero? If I could only figure out low healthcare costs, I’d love to retire before 65

[Opie55]

I have not read every one of the 370 responses, but I'm probably an outlier data point not so much because of my assets vs. what I drive, but because of my overall cost of ownership, which is really what matters here. My 650 convertible had a sticker price of $115,805. I could afford that new for cash if I wanted, but I never buy new cars because of the shape of the depreciation curve. I buy mint used cars still under warranty. Because I only drive convertibles and they have smallish demand, I paid exactly half of the sticker at 20k miles and it was CPO as well. So to start with I'm sitting in a mint high-end BMW for $58k, the price many who would assume I'm rich paid for their pickup trucks. Second, I don't tire of cars quickly. I only drive about 5,000 miles a year so I will keep a car like that at least 7 years, maybe 8. So while other "average" car owners have paid for an additional car or two in that span, I've still only bought one. Third, I do all my own maintenance and repairs. Not because I can't afford to pay somebody else, but because I like to and I don't like others touching my cars. Which also means I never buy extended warranties. Those things combined save me many thousands over the course of ownership. So my net overall long-term cost of car ownership is probably on par with a person who likes to get a new Honda Civic every 3 years and has it serviced at the dealer. In other words, a person who does not get asked how much they make.

[fmzip]

Originally Posted by Opie55

I could afford that new for cash if I wanted, but I never buy new cars because of the shape of the depreciation curve. I buy mint used cars still under warranty.

Agreed! Same here, let someone else take the deprciation hit.

I picked up my 2019 M850i with 3700 miles on the clock for $79K, still under factory warranty. Good as new as far as I am concerned and save $40K off sticker

[wtwo3]

I used to buy used cars, but now only buy new (I'll make exceptions... like if it's a limited production car or a classic). For me car buying isn't really a financial decision as much as an emotional decision. And I love the ability to custom order my car exactly how I want it... It feels so much more like it's MY car than any of the used cars I've ever owned.

[Opie55]

Originally Posted by wtwo3

I used to buy used cars, but now only buy new (I'll make exceptions... like if it's a limited production car or a classic). For me car buying isn't really a financial decision as much as an emotional decision. And I love the ability to custom order my car exactly how I want it... It feels so much more like it's MY car than any of the used cars I've ever owned.

I totally agree with wanting it how you want it, and I would never "settle" for a used car I did not love. I solve that problem by using the whole country as my used car lot. As long as somebody once ordered the car I want, I will go get it. And I never have them shipped. I fly in and drive it home. That's half the fun of buying one. I live in Colorado, but the last four cars we got for me or my kids were from Chicago, New Jersey, Washington State and Salt Lake City.

[wtwo3]

Originally Posted by Opie55

I totally agree with wanting it how you want it, and I would never "settle" for a used car I did not love. I solve that problem by using the whole country as my used car lot. As long as somebody once ordered the car I want, I will go get it. And I never have them shipped. I fly in and drive it home. That's half the fun of buying one. I live in Colorado, but the last four cars we got for me or my kids were from Chicago, New Jersey, Washington State and Salt Lake City.

Totally get that. My issue isn't about finding the right one - even if I found the exact spec I would have ordered it in, it wouldn't feel as good to me as if I ordered it and purchases it brand new. It wouldn't feel like it was MINE. Just a preference... and admittedly an expensive preference.

[Limegrntaln]

Originally Posted by fmzip

YTD I am at $400K. And here I was having a real hard time pulling the trigger on my M850i....

Curious, how did you pull this off? Did you finance it? At $3.5K gross, living expenses etc, seems unfathomable to me. Good for you either way.

If I was making $400k a year, I would have an M8 for a daily driver, and a 488 for a weekend car. I make a little under half that, so, I'm not sure what you're doing with the $33k a month, The only thing that makes even remote sense, is a $2 million house, and a fat/ maxed out 401k and retirement account. Coming to the table with $120k, cash, when rates were down at 0.9% would have been a waste of money. I locked in at that rate, in Oct of last year. No reason to drop all of that money, when the finance charge on an M4 is $84 a month on $1,635.

I sock 13% a month away, and I have a mil retirement pension, and I'm 8 years from my second 20 year pension, at 47. So, it all depends on what you feel you need. An M850i for a $400k a year income, is like buying a 1997 Prius making $10k a month.