09-26-2014, 02:21 PM | #23 |
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09-26-2014, 02:28 PM | #24 |
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09-26-2014, 04:12 PM | #25 | |
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but yeah, this 30k im bout to work with on this 2010 m5(cheaper more affordable right now), is at about 10%. not too bad for my credit, since ill be paying extra every month. and i figure my credit will be good enough for a refi in 9-12mo. |
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09-26-2014, 04:35 PM | #26 | |
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If you have to think about whether to spend the money then that's a sign it's too much for a car. It's better to be rich than to spend to make yourself feel rich. Most people who earn your salary drive a 3 series or an Acura TL. That's what you should buy if you are wise and plan to actually be rich one day. Otherwise, just spend it all now and be like the guys who are still working at 70 because they haven't saved enough.
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09-26-2014, 05:04 PM | #28 | |
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09-26-2014, 05:07 PM | #29 | |
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09-26-2014, 05:46 PM | #30 |
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Agreed with everyone. This is an expensive car. I think you really need to make $300-500K to drive this car. Even with one of my dividend payments covering the monthly without touching my salary, I STILL think this car is expensive. If you're making less, you really are making compromises and sacrifices elsewhere for a depreciating asset. Get an M3/M4 if you want to push it. You'll have more fun as well
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09-26-2014, 05:46 PM | #31 | |
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09-26-2014, 05:49 PM | #32 | |
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Kids? Age? Credit? Future plans? Other expenses? Ability to earn? Many factors IMO.
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09-26-2014, 06:04 PM | #34 |
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Agreed as well. But if the OP is making $120k total comp, take home is about $75k. To buy a $100K car wouldn't make much sense. Of course when I was making $32K 20 years ago, I bought a $30K 325i with the sport package. The deciding factor to go for it was that I was living with my moms and insurance was under her
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09-26-2014, 06:29 PM | #35 | |
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IMO... If your not clearing at least $10k a month and have at least the cost of the purchase in question in the form of liquid asset (cash) in some kind of accessible account, then you should seriously consider the purchase.
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09-26-2014, 06:54 PM | #36 |
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09-26-2014, 07:03 PM | #37 | |
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09-26-2014, 07:30 PM | #38 | |
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I agree with stealths salary range. I also agree with his past advice about paying for a car in full upfront. I just want to note that you are doing very well salary wise. 100k+ is very respectable and that in itself is a great accoplishment. Stay on the same track and it should be a non issue in a few more years. Last edited by Spinny02; 09-26-2014 at 09:51 PM.. |
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09-26-2014, 09:08 PM | #39 | |
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09-26-2014, 09:15 PM | #40 |
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I sincerely hope you change your mind about that (long rant coming). If you are young, you would be amazed at the long-term potential of investing in American and international companies, that is to say, equities. I have made almost as much money in the stock market as I have by working, and I make a very good living. If you can withstand the bumps and bruises of short-term swings and keep your eye on the long-term goal you will be richly rewarded. Unless some disastrous calamity befalls the human race, the long-term bias of equity markets is UP. I think the problem is that most people want too much too soon. Put some money away when you can, pick a good index fund or even good individual companies if you can stomach that and just hold on. Buy more when the market dips (this is very hard to do). I have followed this philosophy for my entire adult life, and I did not start out earning a lot of money. I have put one child through college with another to go and their considerable college funds (fully invested in index funds) are untouched. Those will become down payments on their first homes. I have a very nice home and I can afford any car that I want. I go to work every day now because I want to, not because I have to - that is a VERY good feeling (I own a small company and I love my employees and my clients - working is fun for me). If I had maxed out on my spending and bought everything that I could afford and not invested over the years there is no way I would be in the position I am now. I think investing is essential in life. It takes discipline, research, patience and a strong stomach. Yes, it takes time, I have been investing for over 30 years, but we do all eventually get old so why not take advantage of the time to build for a comfortable old age? Money may not make you happy, but it sure makes things a whole lot easier. As far as get-rich-quick schemes with web apps, no disrespect intended but good luck with that. Who knows, you may be one of the lucky few - but what if you're not? Put some money away and let it grow, you'll be glad you did. Sorry to get so preachy here but when I read your cavalier statement that you weren't into investing I had to respond. I am sure that I am older than you and I have seen the power of long-term investing. Believe me, it works.
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09-26-2014, 09:30 PM | #41 | ||
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Sounds like a great plan. Looks like you don't need any more advice from this forum. Best of luck with your future bankruptcy hearings.
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09-26-2014, 09:42 PM | #42 |
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Save and invest your money.
IMO, 120k is Lexis IS, Acura, 3-series territory. In the words of Jack Ma, "Today is cruel, tomorrow will be worse, but the day after tomorrow will be beautiful." Get an M5 when it feels like going to buy a Honda the day after tomorrow.
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09-26-2014, 09:49 PM | #43 | |
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09-26-2014, 10:02 PM | #44 |
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I'm going to break away from the pack. I for one do not feel that you need to be making $500-$600k a year to buy an M5. While it may be wise advice to not spend more than 18-20% of your annual salary on the purchase price of a car, it is by no means necessary. I would wager that the majority of M5 owners earn $150-$200k per year. It's all about what you are willing to compromise on. There are so many factors to consider, it is asinine to try to assign a salary to a car. For instance, I make $120k a year. I am about to pay cash for a $550k house. I'm about to pay cash for my wife a new Cayenne, and I'm about to pay cash for an M5 or M6 GC. At this point, I will be 100% debt free and can invest about 75% of my income. My wife is about to graduate with her masters in speech language pathology and be making $100k a year. 100% of which can be invested since we are living off 25% of my income. Even before all this, I was driving a 1M making $100k per year. You live once and it's not about who dies with the largest bank account. It's a balance between that and having a good time.
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