Avg net income of M5 owner?

[bimmer-boy]

Originally Posted by Stash21

That 0% plus big discounts was an awesome deal.

Did you get it too?

Yeah bmw uk should run those more often

[Stash21]

Originally Posted by bimmer-boy

Did you get it too?

Yeah bmw uk should run those more often

I did hope they do it when the next m5 comes out.

[PhilT3]

"Phil- Well I need to ask you M5 owners first, this is why we're all here. To answer each other's stupid questions about BMWs. Second thing, its not a matter of affording it or not. Its a matter of hearing about it enough then wanting to go out there and experiencing one yourself. As for the 20%, if M5 owners really followed that rule. Only half of you would be enjoying that beast. Please forgive me for not knowing but what is IMO?"

IMO = In My Opinion

Not sure how to respond to your response above. My comment that if you need to ask others if you can afford something, that just 'screams' "don't do it" to me. But again... That's just my opinion.
As for asking others about the EXPERIENCE, that's a whole different conversation. Which, yes... That's what we're here to discuss.
Your question was solely focused on 'affordability'. At least that's how your original post read.
And as for the 20% rule... I don't subscribe to it.

[stealth.pilot]

Well speaking for myself, I'm homeless. But I have a gun, and I leveraged that asset to procure my M5 from this 1 percenter who quite frankly for what he deserved. I used to be able to afford these types of cars, but my pharmaceutical distribution business ran into some legal challenges many years back, and I had a forced hotel stay during which I did not need a car. Upon getting out I purchased this Smith and Wesson product, and have found it to have a superb ROIC, yielding me an M5, the occasional hotel room to spend the night, etc.

Seriously though, I would imagine most M5 owners are comfortably in the top 1 percent both by income and by assets. If not they probably have an unwisely low savings rate, or they care more about their car hobby than their early retirement.

[boots]

Vic and Coldlist bought mine for me!

[Loft23]

I'm still in my mid 30s, but in my 20s my goal was to purchase a home when I turned 30. The same rule applied there where the mortgage payments should not impact my quality of life. Purchasing a home on a single income in San Francisco is not easy when price per sq ft is $800-1000/sq ft on average. Today is $1000+. The money I saved from investments and company stock grants just for the down payment alone would have payed for a 4br 3 car garage, in some other city, in cash. But this is SF and all I got was a 1400sq ft condo. I had to do this to get the monthly mortgage payments to a comfortable level so that I can still dine out for both lunch and dinner 7 days a week, travel 2-3 times a year, buy toys, play golf every weekend, and budget for a nice car. I'm still single, no kids, and no expensive GF. Once kids come into the picture, something has to be cut back unless the wife has a good income. The M5 is the nicest car I've ever owned and every new purchase for me ends up costing a lot more than the previous. This is just because my income and savings grow. My goal now is to buy a second home and rent out my current current where I can get at least $4300/month in rent. My plans of getting a Porsche 911 4S + M5 combo will have to hold off until I can get a house / condo in the city that has 2 deeded parking spots. I wish I could earn the kind of money here and live in a good city that is not as expensive.

Same applies to cars. If you have to cut back on your social life, travel, dining out, or cable package then it's too much car. There are a lot of nice cars under $100k that is fun to drive and has luxury status.

[ImperialBlue]

First off,
Guys who believe in point A to Point B concept good for you please save every thing, so that some body else can enjoy.

To me
End of day if you cannot enjoy the hard earned money then there is no point in earning...

if you dont care of having better things and if you are content with what you have then you are as good as a dead body ...what will strive you look forward for tommorow? what will drive you be successfull?

why would one want to be success or make money? just to increase the bank balance? and then do what?

I am not saying you have to spend every thing

I want Monica Belluci to be my girl friend and have my own Private Jet, which i know are not gonna happen but i wanted a M5 from a long time so even though it is beyond my confort zone i still went with it.

There are only few things you can do, even if you wanted to

One Life No Snooze...

These are just my views... I dont expect other to agree.

[greentrbo95gst]

Is IRS playing tricks on us and sending people to the boards??? In other words he wants to know what M5 owners make. Tricky tricky I say, lol.

[M5Rlz]

Originally Posted by PhilT3

If you need to ask, you can't 'afford' it. IMO.

Yup and the 1 car thing is a joke I constantly trade 1 car, put 20k miles on them and trade them back in...

probably the absolute worst way to use a car

[M6-Coupe]

Originally Posted by 335iRlz

... I constantly trade 1 car, put 20k miles on them and trade them back in...

Kid, I think you meant " you constantly abuse 1 car...."

[M5Rlz]

Originally Posted by M6-Coupe

Kid, I think you meant " you constantly abuse 1 car...."

lol I do oil changes and fight for services to be done I never skimp on maintenance, but if I buy a car capable of 200mph you can be damn sure I'm going to get my 200mph out of it... Or in this case 155

[///SAL]

My salary is $65-70k a year

[M6-Coupe]

Originally Posted by 335iRlz

lol I do oil changes and fight for services to be done I never skimp on maintenance, but if I buy a car capable of 200mph you can be damn sure I'm going to get my 200mph out of it... Or in this case 155

I got you.... same here

[RichDM5]

Lots go good thoughts on here.
As an alternative, remember you don't need to buy new. You can pick up a 2-3 year old M5 for good money now. Even better wait till 2016 for the new "rumoured" M5 to be out and watch the older models depreciate like a stone.

[kokopuffs405]

To each their own

[PhilT3]

Originally Posted by ///SAL

My salary is $65-70k a year

Interesting.... Something tells me there is more to this story...

[///SAL]

Of course, my monthly bills are 10-12k a month,

3 mortgages (rental property)
1 mortgage ( my home)
4 car payments( m5, civic, rogue, x5)

House bills, credit cards, etc.

Should i say more???? Lol

[///SAL]

Originally Posted by PhilT3

Interesting.... Something tells me there is more to this story...

Of course, my monthly bills are 10-12k a month,

3 mortgages (rental property)
1 mortgage ( my home)
4 car payments( m5, civic, rogue, x5)

House bills, credit cards, etc.

Should i say more???? Lol

[M6-Coupe]

Originally Posted by ///SAL

My salary is $65-70k a year

I think OP asked about income and not salary

[///SAL]

Originally Posted by M6-Coupe

I think OP asked about income and not salary

Thats my income,

No work no bimmer

[emkmd]

[singularity]

Originally Posted by clar

How true! I am tired of hearing people telling me that I should be investing my $ on property instead of burning it on a depreciating asset. The same "financially savvy" individuals are also the ones who drive a rust bucket, invest in stocks and property and get burnt at some down turn in the global economy. Accumulating wealth isn't the most important thing in life. It's not simply how much u have, but how much u can enjoy what u have that matters. Having said that, financial prudence must not be overlooked. Never over commit on a set of wheels. Always make sure u set aside some $ for savings to cope with rainy days. Economic cycles are hitting us in more frequent intervals, so must always be prepared!

Well said