05-15-2019, 08:40 PM | #23 |
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I would recommend progressing in your career a bit and saving a little more then get a late model zcp f80. There's no reason to rush as the prices will keep falling and once the next gen is out you'll be able to get some great deals on people looking to get rid of their f80's in order to get into the newest gen.
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05-15-2019, 08:40 PM | #24 |
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05-15-2019, 08:44 PM | #26 | |
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I think if someone needs to relocate every few years, can’t make a sizable down payment, has mediocre or bad credit or is prone to getting in over their head, there is no option other than renting. Otherwise, I would not rule out ownership because it makes someone directly vs. indirectly responsible for costs of ownership.
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05-15-2019, 08:46 PM | #27 | |
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05-15-2019, 09:04 PM | #28 |
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Spending anything near annual gross income on a car to me as reckless. BUT - what are your prospects as far as future earnings?
One extreme - you're working at the bottom of a successful family business to learn it and will be the CEO in a few years. Other extreme - you are in a shaky business / profession. Unless you are in the first case, I'd put the money that would have gone to paying for the M3 for awhile and see how life shakes out. Really only you can tell if you might catch yourself in a hole and have to sell your dream car.
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05-15-2019, 09:29 PM | #29 |
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I did not state it in the original post but that is also on my mind. Higher costs just from the M tax.
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05-15-2019, 10:09 PM | #30 |
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It is up to you whether or not you can afford it, everyone who posts here will have a different view on this subject. Some people live payback to paycheck and spend the majority of their money on cars so they will say go for it, while others will tell you to invest.
If you are looking to be responsible with money, then buying a car which costs 65% of your annual salary before taxes is a dumb move. The rule my dad taught me was if you can't afford to buy a car in cash, then you can't afford to finance it. That rule may be a little extreme, but it ensures you won't spent all of your money on a car you can't afford. |
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05-16-2019, 01:11 AM | #32 | |
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I'm moving into a new place soon and the rent is nearly the same as the mortgage on starter home in the area. But for the reasons you outlined I opted against the house. My dad is your age and is a strong proponent of buying, so he's pushing me to reassess in a year.
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05-16-2019, 01:30 AM | #33 |
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Is it a good financial decision? No. However I don't see how buying a fancy car is ever a good financial decision, so that being said I don't think it's going to make or break you (based on the limited facts stated in OP).
Not sure if that is new, used or CPO, but I would at least go for CPO because personally the maintenance doesn't worry me, but big repair bills would. I have limited experience with the newer BMWs. Last new BMW I had was a 335 and that was a complete POS. Probably spent more time at the dealer than at my house, luckily under warranty. If it's used get a good deal so you can dump it without taking a huge hit if the shit ends up hitting the fan with your finances down the road. |
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05-16-2019, 01:41 AM | #34 | ||
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On not paying off a home early. With interest rates still low, why would you pay off a home early and tie up money into something which requires significant money/time to pull out of? I've chosen to divert money I would have paid into paying down my mortgages into investing in the market. In my situation, my primary home has a 3.75% fixed rate for 30 years. My returns from investing have exceeded the interest being paid on the mortgage. On renting, it has been said by another poster that all the maintenance along with the landlord's mortgage has been factored into your rent. So I agree with the notion, your rent payments are already covering those expenses you say you're getting away from with owning a home. But big difference is paying rent doesn't entitle you to any equity in said property nor the market appreciation. For the OP, seems you're young and just starting off with the next phase of your life with marriage. I agree with those saying skip the expense of the car that based on what I see is just a want and not a need. |
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05-16-2019, 01:42 AM | #35 |
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I'd wait another year or so because the F80s are still depreciating.
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05-16-2019, 01:46 AM | #36 |
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You can’t afford it. You should never buy a car that is as much or more than you make in a year. It’s not a wise financial decision at this point.
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05-16-2019, 07:30 AM | #37 | |
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05-16-2019, 07:36 AM | #38 | |
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If your bills are paid, and you are saving both $ (in the case of an emergency or loss of job) AND contributing to your 401(K) should be in decent shape. If buying the M3 would cut into either of the above, perhaps should hold off. Always invest in the ability to support yourself should the situation arise: both in the present, and in retirement. |
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05-16-2019, 09:06 AM | #39 | |
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05-16-2019, 09:08 AM | #40 |
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natedog7700 How old are you and how much are you putting away for retirement? My hunch is the answer is "In my 20s and not much." Compound out what $42,000 in the S&P will do for you over the course of 40 years.
EDIT - OK I got curious. Jump in your time machine and go back only 30 years. Drop that $42,000 into an S&P 500 fund and return back to present time. Your bank account now has $675,000 in it. M3s are not an investment. They are a guilty pleasure and a total waste of money, IF they come at the expense of sound fiscal decisions. If you are already saving and have at least 6 months' salary in the bank and your retirement fund is chugging along towards meeting your goals, and you STILL have cash left over for that M3 then by all means, get it. Last edited by DETRoadster; 05-16-2019 at 10:46 AM.. |
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05-16-2019, 09:19 AM | #41 | |
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for reference, house down the street is up for rent @ $2800. My mortgage is 1900. Northern Colorado area. Similar houses, mine is bigger.
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05-16-2019, 09:31 AM | #42 |
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personally i don't think i'll buy a car that costs more than half my annual income...
spending a third of my annual income on a car is probably as high as i would go... i guess each to his own... i got kids and stuff so gotta save for the future, if you're younger risk tolerance level is probably higher... |
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05-16-2019, 10:31 AM | #43 |
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OP did you get a ring already or have the funds set aside? I would make that your priority first. Wedding funds? Was always taught to never use credit on those things.
I think before you look at just a car of the price, you want to do a cost analysis including what insurance, gas, car fix funds you can allocate to live without breaking the bank. |
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