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05-16-2019, 10:51 AM | #47 |
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Theres no point in being car poor
The stress of spreading yourself too thin, dont do it if its gonna be a big chunk of you monthly income But if yiu can absorb it, only you know how much yiu can take |
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Pauldunlop13103.50 |
05-16-2019, 10:53 AM | #48 |
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In my honest opinion if you are asking you shouldn't do it..... I too am in the same ballpark and was looking at F80 M3's, however the E92 M3 is paid off, no car note is a beautiful thing... can use the spare cash to save or vacation ect...
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05-16-2019, 01:11 PM | #49 | |
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If you are already thinking its a bad decision then at some point it will be. Whether it is or isn't is all in your head. IMO, the biggest aspect on whether its a good decision or not is your financial security now and your goals for the future. Do you have an easily accessible emergency fund? - 6 months of expenses Do you have a rainy day fund? - additional 6 months of expenses in something available within a few days (CD, high interest savings, etc) Is your job secure? Are you maxing out your retirement? If your goal is to be financially free one day, are you investing? I was in a similar situation about five years ago but I was making more and bought a car 2/3rd the price (high mileage E90 M3). I ended up selling it and adding the funds to our house down payment. I think if you have at a minimum the top 4 items, don't get under on loan and willing to part with it when the time comes. Then go for it. But maybe lower your expectations a little; I've seen a few F80s going for less than $40k. Last edited by thegump; 05-16-2019 at 01:21 PM.. |
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05-16-2019, 01:12 PM | #50 |
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Eh just buy it, you could die tomorrow so enjoy life to its fullest.
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05-16-2019, 01:15 PM | #51 | |
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You never get the opportunity to borrow money at such a low interest rate other than a mortgage so I personally would not take 10k and throw it into that. Plus, he's talking about wanting something to enjoy and things we enjoy cost money.
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05-16-2019, 02:21 PM | #52 | |
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Also, when you buy you get infinitely more equity than if you rent. For the OP - When I was younger I would have said go for it (I did) but now that I have gotten wiser I say use the $$ for something else until you can buy the car without having to ask if you can afford it. Mine worked out well, I was car poor for a few years, but I still own the Z 12 years later and love every minute of it. I got lucky with no major maintenance, but I also bought new so I had less risk as well (free maintenance for a majority of the loan period)
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05-16-2019, 02:52 PM | #54 |
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This is a vey interesting thread and has gotten alot of replies in just 1 day. I see alot of wise and experienced advise but at the end of the day "natedog7700" will do what he wants.
One thing I must note is this is your 2nd vehicle and not primary. You must consider is a vechicle unlike property, if bought at right price, will do absolutely nothing but depreciate in value. You must think of this car as disposable income. Quite literally burning money. If it is go for it and enjoy. |
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05-16-2019, 03:39 PM | #55 |
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No, you cannot afford this car. It will burden you and make you regret it.
Try taking one for a test drive.....find one a hot chick is driving....meet her, date her, drive car.... It's really simple when you think about it |
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05-16-2019, 03:59 PM | #56 | |
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05-16-2019, 04:03 PM | #57 |
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If you have to ask, no.
Also, if you have to ask, hire a financial adviser.
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05-16-2019, 04:06 PM | #58 | |
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But I find most people compare a mortgage payment to a rent payment and say owning is cheaper My experience is that all items need to be added up 1. Weekly trips to Home Depot/ Lowe’s for lawn and house stuff 2. New roof every 15-20 years 3. HVAC replacements 4. Water heater replacements 5. Washer and dryer replacements 6. Mental happiness (no price for this one). Some people have to own to be satisfied It is very important for all financials to be added and factored into monthly payments. Not just the base amounts. I owned from age 23-44 I have now rented for the last 4 years and I have to say I am enjoying it now. Each to their own
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05-16-2019, 04:21 PM | #59 |
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05-16-2019, 04:30 PM | #60 |
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if you can afford it then do it.
simple. worst case scenario you can always dump it and get some money back. and you'll always have the paid off camry. Buuut i'd look into the e46 or e92. The F80 has slowed down on depreciation, but its still depreciating at roughly 3-5k a year for the 2015 models.
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05-16-2019, 04:30 PM | #61 | |
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My property taxes are bonkers though and it still does cost a decent amount of money to live in a nice neighborhood
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05-16-2019, 04:37 PM | #62 | |
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people arent going to rent their places for less than what they spend for owning + property management fees + a little extra. no one is just giving places away unless you are in the middle of nowhere
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05-16-2019, 04:44 PM | #63 |
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Yea my friend just bought a house in Suffolk for 400k. I hate long island so yeaaa.....
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05-16-2019, 04:48 PM | #64 |
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They don't exist here. If they do I bet it's high.
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05-16-2019, 04:51 PM | #65 |
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This is not really an off topic discussion. The thread should be in the M3 forum. Any likes will count for less reputation points if it is off topic. Moderator should move it.
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05-16-2019, 04:55 PM | #66 |
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exactly the point...
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