09-12-2014, 12:10 PM | #111 |
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Definition of a split-second.... Paying off the mortgage and then buying my first BMW, an M5.
Since I saw a poster of one in university it was my goal to one day own one. So yeah, other than saving for retirement and kids education, it is my largest monthly debt. Sure I could have saved a bit and bought something lesser, but every morning when I walk up to my car in the garage I have the worlds biggest smile on my face and then there is the sound of the cold morning start I would hope everyone knows when they can or should by a car like this. For me to justify a luxurious expense like this I had to know it wouldn't change my current life style nor my families.
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09-12-2014, 12:42 PM | #112 |
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BIG LIKE
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Current : 2020 F92 Black Sapphire M8 - ZF8
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09-12-2014, 12:55 PM | #113 | |
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2014 M5 Competition|Space Grey|Black Merino Full Leather|Anthracite Trim|Executive package|LED Lighting Package|Drivers's Assit Package|B&O Sound System|Bel STiR Plus 9500ci|IND Side Markers and Side Vents|Exhaustmeister|HRE P101 Satin Charcoal/Michelin PSS (Summer)|601/Pirelli Sottozero Serie II (Winter)|Coded by V12
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09-12-2014, 03:32 PM | #114 | |
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I'm not even going to address any of your points
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09-12-2014, 04:01 PM | #115 |
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I recently paid off my mortgage. I can tell you one thing. I stared at the screen for weeks and couldn't click on the mouse to pay it off but once I did.....The rush of relief and knowing full well that my kids will always have the home they love for all the holidays to come is priceless. Of course they have to go to community college
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09-12-2014, 06:12 PM | #116 |
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09-12-2014, 06:22 PM | #117 |
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my gf's car
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09-12-2014, 06:33 PM | #118 |
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X1 is woman's car anyways!
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09-12-2014, 08:18 PM | #119 |
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Thats true too, its not bad overall though. I have a fully, fully loaded X1 w/ M-Sport package and its a pretty good overall package and deal. It can tow too... I can tow some ATV's, dirt bikes, or jetski's.
I will be throwing on a BMS piggyback tune just for good measure (F it, why not? lol) I would not own it as a single guy though. Definitely for a woman, I feel weird when I drive it even if she's in it, lol. I regret not getting a used X5 instead though - just would've been more beefy and even nicer.
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09-13-2014, 06:55 AM | #120 |
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Wow. There is so much bad financial advice in this thread. Leveraging a depreciating asset to buy junk bonds? Not a very wise move on the balance sheet.
The fact is that the m5 is a 100k car that has a 20 to 30% salvage value 5 to 6 years out. Even if we assume 40k resale, depreciation runs at least 10 to 12k a year. Plus if you finance, have to pay whatever lending costs are. Lease usually more expensive than traditional loan. No way around the costs to own this car. But cold start is awesome! |
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09-15-2014, 11:05 AM | #122 | |
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Me personally, I didn't buy my M5 to worry about depreciation though. I knew what I was getting into from the start. I knew it was going to be bad. Just like all M5 generations before the F10. E39 M5's sell for 17% of their original value 12 years after production. E60 M5's sell for 30% of their value 8 years after production. I know that F10 M5's will be worth less than 40% of their original MSRP's in 5 years. Other cars like the M6 Gran Coupes are worse. I've seen some M6 Gran Coupe depreciate by about $40,000 in less than a year. One of the few car companies that really helps to try to fight depreciation is Ferrari. They produce so few each year and that is the key. Mercedes, Audi, and BMW are some of the worst when it comes to depreciation because they are all competing against each other in sales numbers and thus make high volumes of cars. Not to mention that they would like to produce the kinds of numbers of Toyota or Honda, but that is unrealistic. I'm just glad that I wasn't the sucker who paid MSRP for a 2007 Mercedes S65 AMG.
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09-15-2014, 01:08 PM | #123 | |
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09-15-2014, 07:02 PM | #124 |
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Too bad no one talked about junk bonds.
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09-15-2014, 09:28 PM | #126 |
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Passive income is the only way to responsibly own luxuries like an M5, aircraft, vacation home, or yacht. (IMO, of course)
If your only dollars are paid to you by "the man", and if those dollars have a linear relationship with time traded for them, then its very likely you can NOT afford $100k+ toys. You CAN, however, purchase a cash-flowing piece of real-estate. That way, you get to keep your capital and enjoy the cash that your investment throws off. You'll probably end up with some nice tax advantages while you're at it. For the record, my household W2 income is north of $300k. I don't use one penny of it to pay for my vehicles, airplane, boat, or other toys. My real-estate pays for all that stuff. And I still drive a 535 because I chose to re-invest a large portion of rental income in 2014. The good news is the investment will pay for my ED 2016 M5 as well as the trip to Munich, and I still have the capital I started with. Wealth is not accidental, nor is it directly tied to your income. Ownership of expensive things, ALSO, does not indicate wealth. If it's your dream to own an M5, then go for it. Just don't be surprised in a decade when you are still contemplating whether you can afford the next one. Last edited by Eric; 09-15-2014 at 09:34 PM.. |
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09-15-2014, 09:52 PM | #127 |
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09-15-2014, 11:18 PM | #128 | |
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No doubt!! Thanks for the advice.
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