Financing Help on an M4/M6

[Mr Tonka]

Originally Posted by yourcakeisready

So fuck it? lol

Are you really going to weigh the opinion of internet strangers anyway?

I wasn't in finance, just graduated with a friggin art degree and was working in sales. I didn't ask anyone but the people who could give me the money to finance it.

[SCHMOUPE]

Hmmm having lived through a similar situation, I'd say no. Bought my Z4M fresh out of college at 23 for 29K. I was living at home at the time and was making 60K and had no student loans.

Now fast forward 7 years and triple the salary and add in a mortgage and a car payment on a beater and cost of "life", I don't dare looking at a new car or anything that costs more than 40k. I think I would have to double my salary to be ok to spend 70-80 on a car.

I get it. I was once 23 and had no cares in the world and could spend half of my income on a car but priorities change and "life" happens.

My advice to OP, that is too much car for you. Go for something cheaper ~30-35K.

[BayMoWe335]

Originally Posted by Delta0311

And of course you got the "possibly making $90k/yr" part. It's just empty promises till you have it in writing.

Exactly. Plus, $90k vs $70k isn't all that much difference once you start taking out taxes (perhaps a slightly higher rate)...you might net $10k...big deal.

This dude can't afford the car, period.

I'd argue very few people can actually comfortably afford a $60,000 asset that will approach $0 in <10 years and needs premium fuel, premium maintenance, premium insurance, and premium parts to run. It's purely an expense.

Yet, any idiot with a job can basically get a luxury car. If your 2 biggest expenses are your car and student loans, you've got a huge problem.

I'd feel like such a loser driving an M6 and pulling up into my assigned spot at an apartment complex.

[Mr Tonka]

Originally Posted by BayMoWe335

Exactly. Plus, $90k vs $70k isn't all that much difference once you start taking out taxes (perhaps a slightly higher rate)...you might net $10k...big deal.

This dude can't afford the car, period.

I'd argue very few people can actually comfortably afford a $60,000 asset that will approach $0 in <10 years and needs premium fuel, premium maintenance, premium insurance, and premium parts to run. It's purely an expense.

Yet, any idiot with a job can basically get a luxury car. If your 2 biggest expenses are your car and student loans, you've got a huge problem.

I'd feel like such a loser driving an M6 and pulling up into my assigned spot at an apartment complex.

Dude, assigned spaces come with premium apartment complexes.

[BayMoWe335]

Originally Posted by yourcakeisready

This is exactly my train of thought which is why it's making it more difficult. I want to be able to get this now before I can't in a few years anyways because of fucking life. I'm not planning in 30 years when I can't appreciate shit anyways, I'll be damn well near 65 y/o.

If I have a wife/kids forget it

I don't think me paying $650 per month is going to stop me from doing anything. Vacations aren't important to me, spending 100's on wine isn't important to me, buying the freshest cow that was just killed off the plaintain strictly fed by grass isn't important to me.... the only thing that the car payment would cut me down on is the small investments I do make on the side, which isn't even really a big deal. It just means I'll be spending less money lol

Vacations and good food aren't important to you because you haven't been anywhere and don't have anyone to go with.

You're young...you think you know everything. I get it.

Trust me, when you meet the right person, you're going to want to take her to Tokyo, Fiji, Bora Bora, etc...and it's not going to be fun when you have no savings, no house, and an aging M car that's approaching $0.

To be honest, I'd lease the car if you want it that bad...that way, it's only a stupid decision for 3 years and when you're older and hopefully wiser, you'll be done with it for about half the cost.

[BUFFLARS12]

Do it...just get a new M6. The interest rates are better.

Honestly your 23. That would be one of the worst decisions of your life. Get a 35k CPO. How can you invest if you have loans? 6% return on your investment but paying 8% on a loan?

[BayMoWe335]

Originally Posted by yourcakeisready

Nope - good ole Giant. I make a lot of food myself. I buy and resell stuff. For example, I bought a crewneck the other day for $300 and will be selling it for $450 today. I bought a hoodie a month ago for $265 and will be selling it for well over 1k.



You act like I'm going out and shelling out everything I own for the car lol. I would be financing strictly 30k. I would get 15k for my car + mods, along with putting down 12k of my own money.




Yes.... which is what I posted above of my breakout lol

Dude...$12k of your own money + $30k car loan is MORE ($42k vs $35k) than you have today in cash. You own no house and still have student loans. Plus whatever finance costs associated with the loan (I bet it's not 0% on a used car).

This IS everything you have. Wake up. And if you count your other "potential" crap that you could "easily sell," it's WAY too high of a % of everything you have (you still haven't said what your student loan is).

[Joekerr]

Originally Posted by yourcakeisready

For example, I bought a crewneck the other day for $300 and will be selling it for $450 today. I bought a hoodie a month ago for $265 and will be selling it for well over 1k.

I just really want to know how you are selling a hoodie for over $1K. How? What makes it worth that?

If you can do that, to an arms length third party, then more power to you.

In my situation, about a year before I got married, I went YOLO and leased a 335i figuring I wouldn't be able to do this after I got married (I was right by the way - not complaining at all as I love my life, but my priorities definitely changed). I don't regret it. But, I was making at least what you were and it was only a 335i.

Sounds like you could do it, but you have to weigh your priorities and whether you want to step that close to the edge.

[yourcakeisready]

Originally Posted by BUFFLARS12

Do it...just get a new M6. The interest rates are better.

Honestly your 23. That would be one of the worst decisions of your life. Get a 35k CPO. How can you invest if you have loans? 6% return on your investment but paying 8% on a loan?

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[other_evolved]

A hoodie for a grand? I want to punch the person who bought that, lol

[bimmette]

Even though you're asking which of the two cars to buy, I'm also going to say neither. I know it's not what you want to hear, but you should at least think about what us older and wiser people are recommending. Aren't your parents advising you against it?

Also, lemme guess. Is it a Kanye hoodie? And you haven't actually sold it yet right?

[KnightedBMW]

Originally Posted by bimmette

Even though you're asking which of the two cars to buy, I'm also going to say neither. I know it's not what you want to hear, but you should at least think about what us older and wiser people are recommending. Aren't your parents advising you against it?

Also, lemme guess. Is it a Kanye hoodie? And you haven't actually sold it yet right?

I'm sure the bidder on ebay will pay

[csu87]

Originally Posted by SCHMOUPE

Hmmm having lived through a similar situation, I'd say no. Bought my Z4M fresh out of college at 23 for 29K. I was living at home at the time and was making 60K and had no student loans.

Now fast forward 7 years and triple the salary and add in a mortgage and a car payment on a beater and cost of "life", I don't dare looking at a new car or anything that costs more than 40k. I think I would have to double my salary to be ok to spend 70-80 on a car.

I get it. I was once 23 and had no cares in the world and could spend half of my income on a car but priorities change and "life" happens.

My advice to OP, that is too much car for you. Go for something cheaper ~30-35K.

This is kinda where Im at in my life currently, which is why I say do it now. When I was 23, I would have, and did, buy a non practical fun car because at 23, my priorities were different. Now that im 29 and my priorities have changed, even though i can afford to get an even better non practical fun car, I dont because of priorities.

If you are always waiting for the perfect time to have fun, you'll miss out on a lot of fun.

[yourcakeisready]

Originally Posted by other_evolved

A hoodie for a grand? I want to punch the person who bought that, lol

It's what people do in the culture I sell too lol

Originally Posted by bimmette

Even though you're asking which of the two cars to buy, I'm also going to say neither. I know it's not what you want to hear, but you should at least think about what us older and wiser people are recommending. Aren't your parents advising you against it?

Also, lemme guess. Is it a Kanye hoodie? And you haven't actually sold it yet right?

Well - my dad advises against it, but knows I like cars and it makes me happy. So he told me to do what makes me happy at the end of the day. He also thought it could be 'potentially' good if I do do it, because I get to experience new things and new people by being active on a forum like this.

It's not a kanye hoodie, no. But I do resell his sneakers. The hoodie is supreme actually. I have two that I will be selling for over 1k. The most expensive hoodie I sold was for $890 that I bought for $500

[yourcakeisready]

Originally Posted by csu87

This is kinda where Im at in my life currently, which is why I say do it now. When I was 23, I would have, and did, buy a non practical fun car because at 23, my priorities were different. Now that im 29 and my priorities have changed, even though i can afford to get an even better non practical fun car, I dont because of priorities.

If you are always waiting for the perfect time to have fun, you'll miss out on a lot of fun.

Yea - just a difficult decision for me financially. Plus, I don't want to invest a house before I pay off my student loans - to ME - that would be financially drowning myself, (IMO).

At the same time, I'm not looking to buy a fucking house. What the fuck am I going to do with that? Sure it seems like a great investment, (which it surely can be). However... the research that I'll need to put into that will extend to well over a year before I actually throw down money. And I've actually thought about investing in Ballston, Arlington because they are completely renovating the mall over there. I have a feeling prices will rise, so I may buy an apartment over in that area and rent it out or take over the payments if and when I do have to move back to VA.

[Joekerr]

Originally Posted by bimmette

Even though you're asking which of the two cars to buy, I'm also going to say neither. I know it's not what you want to hear, but you should at least think about what us older and wiser people are recommending. Aren't your parents advising you against it?

"Human beings, who are almost unique in having the ability to learn from the experience of others, are also remarkable for their apparent disinclination to do so." D. Adams

Originally Posted by yourcakeisready

Well - my dad advises against it, but knows I like cars and it makes me happy. So he told me to do what makes me happy at the end of the day. He also thought it could be 'potentially' good if I do do it, because I get to experience new things and new people by being active on a forum like this.

Not all "new" things are good experiences. But you will learn from all of them, as long as you are willing to. So in that regard, your dad is right.

[BayMoWe335]

Yeah, I thought the 15-30% returns were from stocks you owned and happen to pick well in the short term.

Knowing you are selling "hoodies" and think you can clear your inventory quickly and for top dollar, I know you are hopeless.

Good luck. Don't buy the car.

[BayMoWe335]

Originally Posted by yourcakeisready

Yea - just a difficult decision for me financially. Plus, I don't want to invest a house before I pay off my student loans - to ME - that would be financially drowning myself, (IMO).

Replace house with car and repeat the sentence and now you're getting it.

[KnightedBMW]

Originally Posted by yourcakeisready

It's what people do in the culture I sell too lol




Well - my dad advises against it, but knows I like cars and it makes me happy. So he told me to do what makes me happy at the end of the day. He also thought it could be 'potentially' good if I do do it, because I get to experience new things and new people by being active on a forum like this.

It's not a kanye hoodie, no. But I do resell his sneakers. The hoodie is supreme actually. I have two that I will be selling for over 1k. The most expensive hoodie I sold was for $890 that I bought for $500

Camo box logo?

[csu87]

Originally Posted by BayMoWe335

Yeah, I thought the 15-30% returns were from stocks you owned and happen to pick well in the short term.

Knowing you are selling "hoodies" and think you can clear your inventory quickly and for top dollar, I know you are hopeless.

Good luck. Don't buy the car.

Shit, i know several stay at home moms that make a great living buying and selling clothes on ebay. Youd be amazed at how much some people are willing to pay for the newest and coolest shirt.

Friends wife cleared about $50k +/- 5k or so "tax free" off ebay last year. She would buy pallets of "old" stock clothes for pennies on the dollar and sell individual pieces at 50-75% of MSRP

[yourcakeisready]

Originally Posted by BayMoWe335

Yeah, I thought the 15-30% returns were from stocks you owned and happen to pick well in the short term.

Knowing you are selling "hoodies" and think you can clear your inventory quickly and for top dollar, I know you are hopeless.

Good luck. Don't buy the car.

Please stop commenting on this thread - thank you.

Originally Posted by KnightedBMW

Camo box logo?

I do have one yes. Sold a red snow camo box logo yesterday for $450, bought for $265.

[Jonzny]

In an extremely similar situation as you financially, same age, salary, and loan payments and I would not touch anything over $34k. My loans should be paid off by Q4 2017. Until then I more than likely will not purchase another vehicle.

By that time I will be looking for my own place though.

Just my .02