Can I really afford a BMW?

[brandoningram14]

Originally Posted by jtodd_fl

Good for you. Keep at it. This type of commitment and work ethic is why the time will come for you. Don't lose your patience. Live some and plan for the future some.

Thanks.

BTW I didn't mean to call the M2 not a proper M. Having never owned an M car before, I just took other member's words for it. I'm considering keeping my allocation as an option, but near 60k OTD is quite a bit for a car with a 2-series interior

[Joekerr]

Originally Posted by catchm3ifyoucann

I don't understand why anyone who's young and makes a good income has to explain yourself in terms of how you came about to your success. Who care's if your parents paid for school or they didn't. Or whether or not you are buying the m3 / m4 on your own money.

Because when you buy the m3/m4 with your PARENTS money, and not yours, you can't exactly claim to be successful. It's not your money, you didn't earn it. That's why. On the other hand, if you earned the money (from a third party - I know there are entitled snots out there who would claim they earned the money from their parents simply because they were such great kids) because you worked hard and made smart decisions, then you are successful and good job! That's the difference.

Of course, nobody has to explain themselves - just that they often do.

[Joekerr]

Originally Posted by brandoningram14

Thanks.

BTW I didn't mean to call the M2 not a proper M. Having never owned an M car before, I just took other member's words for it. I'm considering keeping my allocation as an option, but near 60k OTD is quite a bit for a car with a 2-series interior

No, I really think you were onto a good point there. And, as you pointed out, the interior is just a lowly 2 series interior. I feel like Jtodd might not have realized that, so its definitely worth pointing it out to him.

[John 070]

Originally Posted by Joekerr

Because when you buy the m3/m4 with your PARENTS money, and not yours, you can't exactly claim to be successful. It's not your money, you didn't earn it. That's why. On the other hand, if you earned the money (from a third party - I know there are entitled snots out there who would claim they earned the money from their parents simply because they were such great kids) because you worked hard and made smart decisions, then you are successful and good job! That's the difference.

Of course, nobody has to explain themselves - just that they often do.

I think you feel you have to "justify" things when you lack confidence, and when I say "you," I mean anyone, myself included. Ever get upset in a customer service scenario, and have the other party totally give you everything you want? Do you gloat and say in your face, or instead act humble, maybe even apologetic?

I went to college with many trust fund babies, if I had their network and financial backing it would be a positive, not a negative thing. So if your mom or dad is buying you a M3, putting you into your first job so you make managing director at 28, you get into a top b school because dad was given some award at the club, so be it. Ain't nothing wrong with it. We all get where we're going along different paths.

[Joekerr]

Originally Posted by John 070

I think you feel you have to "justify" things when you lack confidence, and when I say "you," I mean anyone, myself included. Ever get upset in a customer service scenario, and have the other party totally give you everything you want? Do you gloat and say in your face, or instead act humble, maybe even apologetic?

I went to college with many trust fund babies, if I had their network and financial backing it would be a positive, not a negative thing. So if your mom or dad is buying you a M3, putting you into your first job so you make managing director at 28, you get into a top b school because dad was given some award at the club, so be it. Ain't nothing wrong with it. We all get where we're going along different paths.

Of course it would be a positive thing, I doubt anyone would deny that. And certainly we are all going along our different paths. But my point is, if mommy and daddy get you that nice car, or cushy job, etc rather than YOU getting that nice car or cushy job (based on your merits, what you bring to the table), then you can't say you are successful. Your parents are, but you aren't. I'm sure you have met a few people in upper mgmt. positions that really didn't belong there, or you've seen nepotism where it was not justified. That's my point.

I'm not saying someone would turn down what they are given (why would they), I'm just saying you can't use that and claim "you" were successful.

[David70]

Originally Posted by brandoningram14

Thanks guy - all great points to consider. I do want to point out that everything here is 1MM+ and if I bought a 1MM house and it goes under water I'm royally fucked for many, many years and that the housing prices for the Bay Area is literally just a straight line up and I don't see the upside in buying. I could with a conventional 97 plus PMI, etc. If I had a promise from a genie that the prices wouldn't go down, id gladly buy a house (especially a multi unit for passive income) and a drive a beater. Given that this won't happen, I thought it'd be okay to enjoy life and splurge a little on a car but obviously not a 71k one

I contribute to a 50% matching 401k and my parents don't have any money. I had to wash dishes and clean tables to pay for college.

You just have to figure out what your long term goals are and how you will get there. Housing in your area will never being inexpensive so if you plan to stay long term you will have to pick one of the options (rent, own, multi family, etc.). Having the savings to chose what you want makes things easier and I don't see a new M helping with long term goals.

My first house was a 3 unit old house where I lived in one of the apartments. Mortgage/taxes/insurance was almost covered by the other two apartments. Friends thought it was funny that I had to deal with the hassles of ownership and still live in an apartment but it was a great financial decision. Would have done it a lot longer (did it for 7 years) if I hadn't moved for my job and then gotten married.

[Flying Ace]

Originally Posted by brandoningram14

Thanks.

BTW I didn't mean to call the M2 not a proper M. Having never owned an M car before, I just took other member's words for it. I'm considering keeping my allocation as an option, but near 60k OTD is quite a bit for a car with a 2-series interior

seriously, cancel the order now. That car will be worth $25k-$28k in 3 years...can you afford that much depreciation? All this doesn't make any sense to me...

I drove my preowned E90 M3 for 6 years at a depreciation cost of about $16k. Let that sink in for a bit....

[Lups]

Originally Posted by shoei

You can put them all to work anyways... Have them start making carbon fiber bits and whatnot... You have enough of them to start a factory...

Aww, a great idea!

I'll get to it after I get through their heads that life is more than just learning. Julian (6 years old) read me the Wikipedia page about Napoleon while we drove for 80km's. And chewed me a new one since he is still unable to speak or read French.

Dude I only produce geeks. These guys have no skills for labor.

[jtodd_fl]

Originally Posted by brandoningram14

Thanks.

BTW I didn't mean to call the M2 not a proper M. Having never owned an M car before, I just took other member's words for it. I'm considering keeping my allocation as an option, but near 60k OTD is quite a bit for a car with a 2-series interior

Haha... thanks. This is OT - never apologize for anything or shoei will violate you in your sleep. We handle mistakes like real men here in OT (aka do not acknowledge they happened/blame someone else/change the subject).

[jtodd_fl]

Originally Posted by Joekerr

No, I really think you were onto a good point there. And, as you pointed out, the interior is just a lowly 2 series interior. I feel like Jtodd might not have realized that, so its definitely worth pointing it out to him.

I think you just need a closer look. Come on over and I will let you check it out... you will find the undercarriage to be excellently executed - particularly at 50 mph as I pass over you.

(Not that undercarriage pervs. (Yes, I am looking at you smoosh ))

[M3 Number 86]

Originally Posted by shoei

I find it even more hysterical when pay day lending were doing 496% interest rates lol...

And then they wonder why the CFPB would come cracking down on them...

is that like carbon fiber porsche braking system?

[shoei]

Originally Posted by jtodd_fl

Haha... thanks. This is OT - never apologize for anything or shoei will violate you in your sleep. We handle mistakes like real men here in OT (aka do not acknowledge they happened/blame someone else/change the subject).

Wait... What is he apologizing for?? He was right the first time... The M2 (especially with the DCT and even more especially in LBB) is NOT a proper M car... (Say the last part in Chris Harris's voice)

no, Tonka... chris Harris not chris Hansen...

[M3 Number 86]

Originally Posted by shoei

You can put them all to work anyways... Have them start making carbon fiber bits and whatnot... You have enough of them to start a factory...

but since they're not asian, they will be asking for child labor laws. Now, I could do something like that for sure. I just need a net to catch them when they try jumping out of the window

[jtodd_fl]

Originally Posted by shoei

Wait... What is he apologizing for?? He was right the first time... The M2 (especially with the DCT and even more especially in LBB) is NOT a proper M car... (Say the last part in Chris Harris's voice)

no, Tonka... chris Harris not chris Hansen...

See... man denial... like a boss.

[M3 Number 86]

Originally Posted by Flying Ace

seriously, cancel the order now. That car will be worth $25k-$28k in 3 years...can you afford that much depreciation? All this doesn't make any sense to me...

I drove my preowned E90 M3 for 6 years at a depreciation cost of about $16k. Let that sink in for a bit....

plus e9xM is the last of the true Ms

[jgoens]

This thread blew up quick...It is just so awesome to be blessed with so much wisdom here.

[Flying Ace]

Originally Posted by M3 Number 86

plus e9xM is the last of the true Ms

so basically, he'll pay $51k for a car that'll be worth $25k in 3 years that's not better than a E90 M3 at $30k-$45k that will only depreciate $5k-$10k the next 2 years (2008-2013 MY)?

[Lups]

Originally Posted by M3 Number 86

plus e9xM is the last of the true Ms

Lol since anyone hasn't heard that one before...

Originally Posted by jgoens

This thread blew up quick...It is just so awesome to be blessed with so much wisdom here.

The op has a good point though. He's smart enough to consider before spending. Obviously we all are too smart to spend a dime on a car, but there must be one normal person around here!

[ResoKP]

Don't make the same mistake as me getting an E93 M3.. Apparently, that's not a true M car either

[Don Molina]

Originally Posted by Flying Ace

and you can afford a $71k car EVERY YEAR when you retire, how does that sound?

Originally Posted by Joekerr

Short term pain for long term gain and all that.

Short term pain is saving till retirement and long term gain is enjoying life AFTER retirement?

Wow, you guys must really hate your jobs. Every guy at ~60 I've met in my professional network (asset manager) love to work, could retire years ago, and keep at it because they like it.


Also, for people that understand interest rates and the cost of capital, most of you fail to discount future cash flows.
And with that, future pleasures as well.

An M3 today, in money terms, had better be a freaking F12 in my retirement.


Just food for thought.



Also, my 2 cents:
I'm in a similar position, 28yo and similar paying job in a similar COL situation here in Switzerland. I put the numbers down, and besides generous retirement savings, I put aside 25% a year for saving/investments, 25% on TOTAL cost of car, and the rest is living and having fun money.

Rules related to payment and purchase price are ridiculous. Cost of a car is depreciation + maintenance + insurance/tax + gas. That sum is about 20k in the worst case scenario for both my cars, and that was my total budget related to one thing that makes me a very happy person. If people think that's expensive, it's their business. If people think that's peanuts, it's their business. To each their own.

So put the numbers down, see if you can manage the total cost of ownership over the expected time of owning the car, and see if you can manage whatever liquidity problems the big expenses (downpayments, cash purchases, whatever) might bring.

If you think the numbers work and you feel good, DO IT.

If you don't, DON'T do it

(duh)

[csu87]

Originally Posted by M3 Number 86

plus e9xM is the last of the true Ms

in that case, get the better e9x 335.

or better yet, the e9x 328, which is superior to every car ever made.

[Flying Ace]

Originally Posted by ResoKP

Don't make the same mistake as me getting an E93 M3.. Apparently, that's not a true M car either

correct, and if you check up on that thread in question, it has been deduced that the official nickname for a E93 M3 is the "Cavalier Z24 M3". Not joking, you need to follow the developments of that thread more closely going forward.

In conclusion:

E92 M3 with a CF roof and ZCP = real M3
E90 or any non ZCP M3 = "civic" M3
E93 M3 = "cavalier Z24" M3

http://www.m3post.com/forums/showthr...1294904&page=7