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      05-16-2019, 09:34 AM   #45
Alfisti
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42K????????????? All in, taxes, delivery etc .... 42K?????

But fucking three of them, don't care what you earn.
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      05-16-2019, 09:42 AM   #46
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If you live with your parents, then you can afford it. With your salary, buy a used F80.
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      05-16-2019, 09:51 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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      05-16-2019, 09:53 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, 12:11 PM   #49
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Quote:
Originally Posted by natedog7700 View Post
I know its a terrible financial decision and it makes no sense
/thread

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 12:21 PM..
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      05-16-2019, 12:12 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, 12:15 PM   #51
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Originally Posted by ntgarage44 View Post
I was taught to always make sure the house is paid off as soon as possible. Until then, nothing else matters besides food and health insurance. The last thing you want to be is homeless from not being able to cover your mortgage and car payment.

The best things in life take time. Use that 10 grand to help pay off your mortgage, as well as the other 30+ you were going to spend on the car. Until your Camry is broken, you don't need a new car.

Be patient. Get yourself into a financial situation where the house and car you own are actually yours, not the bank's. Nobody knows what tomorrow will bring, and a roof over your head is boring now, but a hell of a lot better than a reposessed m3 if ends can't be met later.
Taking 10k and putting towards a mortgage will help but no matter how you slice it, he's still going to have that nut every month.

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, 01:21 PM   #52
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Quote:
Originally Posted by c1pher View Post
Well, I won’t do the whole cost benefit analysis here, but unless you’re buying in a rural area or paying cash, you rarely are putting all your money into the house. You’re paying interest of course, property tax, home owner insurance, maybe flood insurance, HOA fees and dues etc. I can look at two homes side by side and the rental is typically cheaper with the owner paying the extras. That’s not the case all the time so it does pay to shop. And when you “buy” a home, with interest, you are paying 3-4x the original purchase price over the course of a typical 30 year.

Sure, if you can pay cash or pay the house off quickly, it may make sense, but someone making $65k a year asking if he can take a car loan isn’t in that situation.

Just simply look at your mortgage statement and see how much is actually going to principal. That’s what you’re saving. The rest is going out the window. Again, if you pay cash, sure it makes sense. And you may make a small profit if you have to sell which won’t be taxed if you lived in the house for at least 24 months. And what happens when you need to replace the roof, windows, or hvac?

Trust me. I’m 53, been there done that. Switching to renting was the best thing I ever did and I’ve amassed several hundred thousand dollars over the period of time I started renting in less than ten years. YMMV of course.
You do realize that owning is cheaper than renting right? Nobody is going to charge you less in rent than they pay to own it. If you think you can rent an equal living space for cheaper than you can buy, you found a fool or you are missing costs.

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, 01:34 PM   #53
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Financing something you don’t need is always a bad idea - especially luxury items
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      05-16-2019, 01:52 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, 02:39 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, 02:59 PM   #56
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Quote:
Originally Posted by byroncheung View Post
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...
I have always used the ‘less than half’ of gross salary philosophy for car purchases and even that is prob too high.
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      05-16-2019, 03:03 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, 03:06 PM   #58
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Quote:
Originally Posted by Hawkeye View Post
You do realize that owning is cheaper than renting right? Nobody is going to charge you less in rent than they pay to own it. If you think you can rent an equal living space for cheaper than you can buy, you found a fool or you are missing costs.

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)
Owning vs renting. Either can be cheaper
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, 03:21 PM   #59
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Quote:
Originally Posted by Hawkeye View Post
You do realize that owning is cheaper than renting right? )
Show me where? Maybe in Iowa?
Around here you can't touch anything less than a mil.
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      05-16-2019, 03:30 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, 03:30 PM   #61
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Originally Posted by R3dliner View Post
Show me where? Maybe in Iowa?
Around here you can't touch anything less than a mil.
Long Island is more affordable than NYC and not too far out from there. I'm a 45 minute train ride away.

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, 03:37 PM   #62
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Quote:
Originally Posted by R3dliner View Post
Show me where? Maybe in Iowa?
Around here you can't touch anything less than a mil.
but whats the cost to rent those mill plus places?

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, 03:44 PM   #63
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Quote:
Originally Posted by Savageenterprise View Post
Long Island is more affordable than NYC and not too far out from there. I'm a 45 minute train ride away.

My property taxes are bonkers though and it still does cost a decent amount of money to live in a nice neighborhood
Yea my friend just bought a house in Suffolk for 400k. I hate long island so yeaaa.....
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      05-16-2019, 03:48 PM   #64
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Originally Posted by TheWatchGuy View Post
but whats the cost to rent those mill plus places?

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
They don't exist here. If they do I bet it's high.
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      05-16-2019, 03:51 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, 03:55 PM   #66
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Quote:
Originally Posted by R3dliner View Post
They don't exist here. If they do I bet it's high.
exactly the point...
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