Financing Help on an M4/M6

[yourcakeisready]

Originally Posted by bimmette

Yeah, where does it say they are doctors anyways? That's weird to put in an ad or did you google them somehow? It seems like something someone would say to BS you.

Originally Posted by jmg

He's just trolling at this point.

A friend is helping them sell it since they are busy people and mentioned they are doctors so response rate will be slow from them but prefer a quick sale. It's not like the title of the fucking ad said "We are Dr.'s trying to sell our 2008 M3 Vert - Pls Buy" lol

The pictures in the ad though have a really nice house with other nice cars, so I'm assuming the car was a weekend car and not a DD.

[Golddots]

I'd pay off all debt first. Purchase a house. I don't buy a car unless I have enough cash to buy outright whether financing or not.

[yourcakeisready]

Also how am I spoiled? I literally made all the money myself to make the purchase. Just because I have a safety blanket all of a sudden makes one spoiled?

[Aatish]

If you make $70k a year, why limit yourself to a yucky used M3? You could finance a Huracan for just $3,600 a month! That still leaves you with more than enough to finance a winter beater, like an M3!

[yourcakeisready]

Originally Posted by Aatish

If you make $70k a year, why limit yourself to a yucky used M3? You could finance a Huracan for just $3,600 a month! That still leaves you with more than enough to finance a winter beater, like an M3!

I do not like to limit myself, so I like your suggestion.

I also think I will quit my steady paying job to full-time reselling clothing.

[RJ_]

Originally Posted by yourcakeisready

I do not like to limit myself, so I like your suggestion.

I also think I will quit my steady paying job to full-time reselling clothing.

Good idea. I've heard banks love financing people with unverified income streams.

[PoorLurker]

Wow! This thread took off!

After sleeping on this thread, I have some vital questions.

1) Are you Asian?
2) How much do your parents make?
3) Parent's net worth
4) How many children do they have? Which number child are you?

[yourcakeisready]

Originally Posted by RJ_

Good idea. I've heard banks love financing people with unverified income streams.

Can anyone confirm this for me?

Originally Posted by PoorLurker

Wow! This thread took off!

After sleeping on this thread, I have some vital questions.

1) Are you Asian?
2) How much do your parents make?
3) Parent's net worth
4) How many children do they have? Which number child are you?

Before I answer your vital questions - please answer my one vital question:

1). Why?

[PoorLurker]

1) Totally normal for you to live at home for decades if you are Asian. Rent free life allowing you to spend frivolously.
2) If your parents have money and you are Asian, then it's basically your money.
3) If your parents have money and you are Asian, then it's basically your money.
4) The less children typically means the more you get. However, your birth number may have some influence on it.


Source: Asian Stereotypes

[ScarecrowBoat]

Originally Posted by yourcakeisready

Hi guys - been going back and forth between an M6 and an M4 for some time now. I'm making this thread to try and see the general consensus and overall pay median for M4/M6 people and how much they bought their car for vs. their annual income.


I have found two beautiful M's, an M4 and an M6 in the price range about 56-59k. I plan on selling my G for maybe 10-11k and the aftermarket parts for another 3-4k. This leaves the mortgage down to around 42-44k give or take. I also planned on putting down somewhere between 10-12k. I would get my mortgage down to about 30k - so I am financing 30k over 4/5 years?


Here's my predicament: I'm 23 years old, I'm an accountant making close to 70k, (associate), will more than likely get a promotion by the fiscal year-end. I probably make around 90k pre-tax. I don't want any "save your money and throw it into a portfolio" type bull****. I save my money and I invest my money in tangible objects and make a decent return, (anywhere from 15-30%). I don't have any additional expenses to pay besides students loans.


I'm paying student loans at $2k a month, which is currently my only expense due to me living at home in NJ. I lived in VA for 8-9 months paying rent at Arlington which absolutely sucked. I will more than likely have to move back to VA by fiscal year-end to receive the promotion. If I DO get this car, this is how I was planning to budget:


$1.5k - student loans
$700-750ish total for car payments, (including insur)
$1k - apt


I'm taking away just around $4k a month pre-tax, which doesn't include my side hobby which I probably can take away anywhere from $1-2k additionally a month. I have about $35k in liquid assets and can get to maybe $85k if I sell all my inventory.


Even if I do stop my side hobby, to pursue the housing market, (which is my long-term dream and stop accounting), I will have a buffer of around $800 leftover a month - if I pay rent in about a year at VA. I don't plan on living in VA or plan on investing in housing in VA. I plan on moving back home again if I do get promoted. If they don't allow me to move home, I will need to either switch departments (I'm in governmental work - would switch to commercial), or find another job, which I don't anticipate would be that difficult in accounting.


I posted this same topic on personal finance forums and was absolutely slammed, (obviously - not sure what I was expecting), so I'm posting here because I feel like other people have been/are in my shoes. Also would like to know how much people generally make and how much they are financing for these cars.



TLDR: 23 y/o kid wants to buy a 2014 M6 or 2015 M4 for 57-59k, putting down 27k, (his own money - 14k from sale of car, 13k from own money)

FWIW I'm 26 so I get the very strong desire to buy a car like that but I make quite a bit more than you do (though in a much more expensive area) and I would not even consider doing what you're talking about even though I wouldn't need a loan. You're massaging your income to yourself to justify the purchase by spending a raise you haven't even gotten yet. Also you have student loans! Pay those off! If you were to lose your job suddenly or have some other big expense the loan payments remain.

Spending more than your yearly income on a car is not responsible, sorry. I do get it though, have some fun when you're doing okay for your age. I'd say if you can put down $27k without wiping out a decent cash reserve look at a used 435i you can nearly buy cash or with a small loan of around $10k. Girls can't tell the difference anyway.

[yourcakeisready]

Originally Posted by PoorLurker

1) Totally normal for you to live at home for decades if you are Asian. Rent free life allowing you to spend frivolously.
2) If your parents have money and you are Asian, then it's basically your money.
3) If your parents have money and you are Asian, then it's basically your money.
4) The less children typically means the more you get. However, your birth number may have some influence on it.


Source: Asian Stereotypes

Lol


1). Not Azn
2). Idk north of $250k combined
3). Idk
4). 3 - youngest, (semi-spoiled), but in fairness to me we all are

[law2004]

Originally Posted by C1Boston

You're going to be paying more than 750 in car payment total. Assuming you're insuring an M under your name insurance is going to cost you A LOT at the age of 23. I pay 316 a month for my non M 3 series (im 24) and for my other car, which is also a non M, I pay close to 600/ month.

Dont know whos insuring you, but you're getting raped.
I am 25 and i pay 120 a month for a 14 435i.
Full coverage.
Call up American Family Insurance

[law2004]

Buy yourself a used 435i, they almost look the same. It turns heads left and right, and girls don't know the difference.

[jmg]

Originally Posted by yourcakeisready

Can anyone confirm this for me?

Confirmed. Don't worry about it. Just put "independent global hoodie distributor" as your occupation. When they need an address just put your home address. If they need a paystub just print out your invoices.

[yourcakeisready]

Originally Posted by jmg

Confirmed. Don't worry about it. Just put "independent global hoodie distributor" as your occupation. When they need an address just put your home address. If they need a paystub just print out your invoices.

Ok cool - I'll call my bosses tomorrow. Thank you

[rohitsja]

Finally caught up with all 18 pages, wow you all must have had an easy day at work

[PoorLurker]

Originally Posted by yourcakeisready

Lol


1). Not Azn
2). Idk north of $250k combined
3). Idk
4). 3 - youngest, (semi-spoiled), but in fairness to me we all are

hmm - going to assume you are white then... because if not asian then white right?

From what I read on google about whites (after I googled asians) you aren't as lucky as I thought.

White typically want their children out of the home at 18. If you stay longer, it's because they aren't quite ready to tell you to GTFO.

You being spoiled does help though.
Them making $250k shows that they have monthly income to float your financially when you make the wrong decision. Being the baby should allow you to royally mess up and get out of it.

Buy the M4.

[yourcakeisready]

Originally Posted by PoorLurker

hmm - going to assume you are white then... because if not asian then white right?

From what I read on google about whites (after I googled asians) you aren't as lucky as I thought.

White typically want their children out of the home at 18. If you stay longer, it's because they aren't quite ready to tell you to GTFO.

You being spoiled does help though.
Them making $250k shows that they have monthly income to float your financially when you make the wrong decision. Being the baby should allow you to royally mess up and get out of it.

Buy the M4.

Lmao - I am white/Hispanic. Parents are supportive of me staying home, they don't care. I'm the bread and butter of the family anyway


--------------------------

On a serious note - I think I'm going to get this 08 M3 Vert with 33k miles and for 27k - who wants to see it?

[PoorLurker]

Originally Posted by yourcakeisready

Lmao - I am white/Hispanic. Parents are supportive of me staying home, they don't care. I'm the bread and butter of the family anyway


--------------------------

On a serious note - I think I'm going to get this 08 M3 Vert with 33k miles and for 27k - who wants to see it?

I know someone with a convertible. She thinks it's cute.

[Mr Tonka]

Originally Posted by PoorLurker

I know someone with a convertible. She thinks it's cute.

[jmg]

Originally Posted by yourcakeisready

Lmao - I am white/Hispanic. Parents are supportive of me staying home, they don't care.

Hispanics are the same as asians in that way. You can stay home forever.

I'm the bread and butter of the family anyway

Here we go again.

Originally Posted by yourcakeisready

On a serious note - I think I'm going to get this 08 M3 Vert with 33k miles and for 27k - who wants to see it?

yes, pics please

[yourcakeisready]

Originally Posted by PoorLurker

I know someone with a convertible. She thinks it's cute.

Originally Posted by Mr Tonka

Soooooooooooooooooo is that a NO to a vert? You guys are fucking picky Jesus Christ what is wrong with a vert? It's manly as fuck - its even more alpha since its automatic.

Originally Posted by jmg

Hispanics are the same as asians in that way. You can stay home forever.



Here we go again.



yes, pics please

I'll post in a few - distracted by this game/life/women/cars/work/dogs/friends