M5POST - BMW M5 Forum - View Single Post - What does everyone do to afford these M5's?

alvinabed · 11-23-2014, 08:37 AM

Quote:

Originally Posted by wrsbmw

Quote:

Originally Posted by E90potentialbuyer

Well said. I am in finance and I make quite a few multiples higher than you. I don't have any loans except for a mortgage on a condo. I have a wife and a baby. I love cars and I love bmw's. I have never purchased a car >35k and all my cars have been a lot of fun to drive (1987 Honda Accord, 2001 325i, 2004 m3, 2009 335). I just turned 31 and I am finally looking at buying a M5 since we need a bigger car than a 3 and this is my excuse for getting a car of my dreams.

For you to be even thinking about buying a m5 at 120k annual salary is insane. Repairs on this car are quite expensive, but if you need to think about how to pay and when to service your car based on your budget, you are way over your head whether buying new or used. I have seen someone who bought a Ferrari 355 used because it was so cheap, but the moment you got in his car, it was clear he didn't belong in his car - his dash was lit up with warning lights since he could not to afford to service the car.

My 2 cents: buy a used car. Nothing wrong in buying even a used Non - luxury car like a Subaru, Mazda, golf gti etc. or buy new like a Mazda 3 etc.

A new M5 includes service in the price up to 50k miles. It also includes roadside assistance. The used car will need the repairs.

Ah well, when I was 31 I was driving a 1979 Volvo 264 with 135k miles on it. I bought it for $4k cash (1987) and set aside $1700 for repairs. I ended up having to put in a new transmission which I bought used at a junkyard for $400 and got the labor done for $700. Later I had to do a water pump the only other maintenance was oil. I traded the car in 1991 and still got $2200 for it even though it was 12 years old and had 160k miles.

The first nice new car I could call my own after I got married was the Volvo 960 I bought in 1993. I paid it off in two years and my 16 year old daughter totaled it in 1997. I really liked that car. Oh well, I rolled the insurance check into a down payment on the house I live in now. After a year of only having one car and 5 kids, I bought 3 year old Lexus LSXXX cars that came off lease. I had two of those in 10 years. These cars I have now are the most expensive and fun cars I have ever owned but I have a hole in the ground that pours out money so I can afford them for now.

I ended up with cancer at 50 after working my ass off for 25 years and running my own business in the pursuit of making more money. I was told not to make any plans beyond two years and that I had a 45% chance to live 18 months. It's been 8 years and I now have more money than I ever dreamed of having when I worked and I made more money last year than my business ever grossed in any year and it's best year was 2001 when we grossed $1.3m. The most I ever paid myself in my business was $248k and my wife made $120k that year so we did really well and my family sold some timber and my total income that year was $658k on which I paid $165k income tax.

I never thought of owning a bmw or porsche back then and I was at the top of my career. You just never know which way the ball will bounce. I beat the cancer and got richer than I ever thought I could be. My family had no idea we had oil in West Texas or that our East Texas land would have oil under it. We are not in the area of the East Texas field, we just sell timber. It makes money but not like oil and gas does so that is how I can afford these cars. If the oil stuff hadn't happened, I would still be driving my 2010 535i with Dinan Stage 2 and my wife would be holding onto the 2013 X5m.

I just hope the price of oil holds up and we get a few more wells out there in the Wolfcamp.

Glad to hear you've beaten your cancer. Congratulation..

I am truly inspired with your story of life.. Enjoy your beasts in good health..