[Randy Johnson]

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.

[Patton250]

I think I was like eight years old when I asked my father how much money he made. It didn’t go well.

[Scorp!on]

it's simple.
you can afford one without going bankrupt you earn enough for this car.

you can't, you don't.


I know people with smaller income than me affording these cars, it's always a matter of priority...if you want to work basically only for the car no problem.

[savi01]

Originally Posted by Scorp!on

I know people with smaller income than me affording these cars, it's always a matter of priority...if you want to work basically only for the car no problem.

Exactly. It's about priorities.

I had been saving up for a house and my wedding for the past couple of years, a new car was nowhere on my radar. Wedding didn't happen, got dumped a few weeks before it. Priorities shifted and I decided to get a new car to put my mind elsewhere and have something to look forward to and play around with. Had I gone forward with the wedding and house, I probably wouldn't be able to comfortably afford the car.

I also know of people making half of what I make, but driving more expensive cars. Those cars are their priorities and other aspects of their life aren't as luxurious.

But there are so many factors that go into something like this, it's not as clear cut as saying "If I make X, I can afford Y". Location (CoL), kids, debts (student loans!), priorities, investments, etc. etc. all affect how much someone can/is willing to spend on anything in life.

[Flying05]

Originally Posted by Randy Johnson

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.

No. Would not agree with this. Too many reasons to list why not.

[forza1976]

Dumb thread

[BGM-M3COMP]

If you have good credit, it's relatively easy, as long as you actually make a decent amount, doesn't have to be over 100k.

If you lease, even easier.

Some people have businesses, and can write off cars like these. Not sure how that works entirely but my friend has an LLC and a brand new escalade. He said it was basically, "free". I'm sure he's making some type of payment though, not sure what or how much.

Plus it depends on where you live. If you make close to 100k but the cost of living is very cheap, you have more disposable income to spend elsewhere.

Where i live, you HAVE to make, IMHO, 75k+. No ifs ands or buts. I been blessed to have a job that pays over 100k but even if i didn't, and say if i made 25-30k less than what i'm getting now, i can still afford the M3C because i leased it.

[meechy6ix0]

From my experience, 100k seems like a baseline salary in CA. Don’t know how you’d be able to afford it with less than that after rent, insurance, savings, and spendings.

[iviegatron]

Back when I was in college I made foolish decisions (I'm sure I wasn't alone), ended up buying an Audi TT. I was barely able to afford it. My entire paycheck went into car payments, gas, and insurance. It was fun for a while, but then it got old pretty quickly. I wanted to just sell the car, but I knew I would still be making payments on it due to depreciation. Just my luck, I got t-boned and the car was totalled. I collected almost the full value of the car and paid off the finance company. Long story short, I told myself I would never ever put myself in that situation. It's not the best feeling.

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. Reminded me of my college days.

Luckily I'm doing well now and I have my priorities straight. M3 was approved by the wife too.

[modat]

Between mortgage, house, student loans and expenses I couldn't see myself affording this car making only 100k.

[BMWRacer523]

If you follow prudent financial advise (I do not - I race cars LOL) - your car payment should be less than 20% of your take home pay. So do the math.

[m5eattle]

Originally Posted by BMWRacer523

If you follow prudent financial advise (I do not - I race cars LOL) - your car payment should be less than 20% of your take home pay. So do the math.

20% of net seems high, unless it's inclusive of all transportation expenses (insurance, gas, maintenance, etc).

[BMWRacer523]

Originally Posted by weefmower

20% of net seems high, unless it's inclusive of all transportation expenses (insurance, gas, maintenance, etc).

as with everything it's simply a guideline. 15% + 5% for expenses maybe a more conservative estimate.

[m5eattle]

Originally Posted by BMWRacer523

as with everything it's simply a guideline. 15% + 5% for expenses maybe a more conservative estimate.

Agreed. And like other posters, I bought cars above my means earlier in life. It's really not a good idea. Better to err on the side affordability if one is on the fence.

[Alvinmark12]

You know how many people own 100k car and live with their parents. Owning a expensive home to me is a sign of wealth not a car. Mortgage payments,Property taxes and up keep you can't be poor.

[GearRex]

What’s the general guideline?

“Your car payment or payments, should not exceed 10%-15% of your net income.” To be comfortable I would say 10%.

But, as everyone says, is a question of priorities. If you are the type that always says “you only live once”, then everything goes.

I typically stay away from financial advice. Everyone has to live in their own truth. After all, it is YOUR LIFE.

https://www.investopedia.com/how-muc...-a-car-5187853

[Hawkdog]

Originally Posted by Patton250

I think I was like eight years old when I asked my father how much money he made. It didn’t go well.

[M0J0]

there will always be the 50K millionaire who leases and lives above their means.

[Likeanowl]

Yeah I make $12 a year

[BGM-M3COMP]

Originally Posted by modat

Between mortgage, house, student loans and expenses I couldn't see myself affording this car making only 100k.

Agreed.

First world problems lol

[will0621]

Originally Posted by GearRex

What’s the general guideline?

“Your car payment or payments, should not exceed 10%-15% of your net income.” To be comfortable I would say 10%.

But, as everyone says, is a question of priorities. If you are the type that always says “you only live once”, then everything goes.

I typically stay away from financial advice. Everyone has to live in their own truth. After all, it is YOUR LIFE.

That 10-15% rule seems to be for non- enthusiasts who just get a commuter car. I agree it’s all about priorities. some people spend thousands on clothes, watches, jewelry, furniture, vacations, fine dining. For me it’s none of those, so a car is the only major thing I “splurge” on. At least that’s how I justify it to my wife.

[GearRex]

Originally Posted by will0621

That 10-15% rule seems to be for non- enthusiasts who just get a commuter car. I agree it’s all about priorities. some people spend thousands on clothes, watches, jewelry, furniture, vacations, fine dining. For me it’s none of those, so a car is the only major thing I “splurge” on. At least that’s how I justify it to my wife.

Very good points. As long as you are happy, and you can manage everything else that life throws at you, you are alright.

As all things in life, you have to strike a balance between being responsible and being content with your life. If you suffer every decision, every purchase, and become obsessed with a future that has not happened, neither of these things are healthy.

As I said, everyone has to live in their own truth, life motto, philosophy, whatever…