View Poll Results: Home Owner vs Renting | |||
Home Owner (House) | 420 | 88.42% | |
Renting (Apartment or House) | 56 | 11.79% | |
Multiple Choice Poll. Voters: 475. You may not vote on this poll |
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01-12-2021, 11:35 PM | #23 | |
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01-13-2021, 08:00 AM | #24 | |
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01-13-2021, 11:45 AM | #25 |
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I'm in an apartment and I picked up a $19k E92 M3 so I could split between getting my investments underway and enjoy an M3, it's been a relatively affordable way to get going. Even a good many of the M project directors drive older M cars, they're definitely worth a look.
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01-14-2021, 12:49 PM | #26 | ||
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Get a home first then you'll feel confident about buying anything where you live is more important than a car |
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01-14-2021, 03:13 PM | #28 |
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Liability before the Asset = Cart before the Horse!
Perhaps the G80/82 will be worth more than its MSRP one day far into the future when everything is all electric, but that's purely speculation. Until then, this G8x should be considered a liability of the highest magnitude. If you're looking for a strategy, I would say get your house first and then begin acquiring assets that generate wealth for you. Here's an example from my own personal situation: Amongst other things, one specific thing I did to justify the lease of my M440i was I consolidated a 5,500 share position in the undervalued company HMLP at an average price of 8.48 that pays a consistent .44 quarterly dividend. Not only has the dividend alone covered the lease payment, but the stock price itself has nearly doubled from my accumulation average, giving me the option to cash out with profit when I'm ready or to lease more expensive BMW's in the future with a DRIP strategy (all without ever losing a penny of my own money). In my opinion, this is how you should approach the acquisition of liabilities such as cars. Put your money to work instead of putting it into someone's pocket. |
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01-15-2021, 02:49 PM | #29 |
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Be responsible. Also
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01-16-2021, 05:57 AM | #30 | |
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In my case I bought and paid off my house before buying anything relatively expensive. One of the best feelings to know the place you call home is truly your home. Then last month my wife and I bought our first BMW. X3 M40i, and at the end of this year I will be purchasing a new M3 for myself. If I had to do it all over again I would not change anything. Getting a house before the cars for me was the best decision. However that is only my 2 cents. Good luck with your decision.
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01-16-2021, 03:56 PM | #31 | ||
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01-16-2021, 09:57 PM | #32 |
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You're in NY. Assuming your in NYC/LI, buying a house is smart because the appreciation here is insane. Also, in a 1-3 years these G8x will be getting the hefty lease discounts we've been seeing on F8x and even the new x3m now. I know you love cars but a decision like this can be the reason you're able to comfortably buy nice cars for the rest of your life, and at the end of the day an m340 type car isn't a big compromise as it's temporary and smarter for your position.
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01-16-2021, 10:09 PM | #33 | |
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Also what is not mentioned in home ownership is the cost of maintenance/repairs that you are responsible for handling. Insurance does not cover everything. So to each their own on where they decide to live and for what reasons. Which is why in the end I say just do whatever makes you happy.
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2022 - M3 xDrive Frozen Brilliant Metallic White Last edited by Impulse20098; 01-16-2021 at 10:40 PM.. |
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01-31-2021, 01:22 AM | #36 |
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What's your girlfriend (and don't make her wait 8 fkn years to get engaged) gonna be more happy about as the years go...a home y'all can call home or a X year old car?
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01-31-2021, 09:22 PM | #37 |
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27 bought a house 18 months ago, on the same day bought an M2C, made the decision to buy a g80 and put the second house off a few years, life's too short
Edit: also engaged getting married this year and she thought the m3 was a stupid decision |
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02-01-2021, 07:23 AM | #38 |
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So are you still engaged?
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02-01-2021, 10:59 AM | #39 |
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OP - All I can say is that buying a home at 32 (versus say at 40), will put you in a much better position financially. The thing about mortgages is that its a predictable fixed cost, and get easier on the pocket as times goes on as you make more money. While cars are awesome, if the trade-off is between a car and a home, I'd take the home any day.
There are just so many side benefits (besides financial), like having a garage to work in, or doing what you please to your house, that its hard to imagine some times. Good luck and go get that house! You can pick a used G8X in a couple of years and enjoy both. |
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02-01-2021, 10:34 PM | #41 |
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I'm 47 and on my second home. Got married at 27 and wife and I immediately bought a house and started paying off school loans and all debit. We didn't vacation except for staycations for seven years to pay all our debit off.
Fast forward to me at 47. We now have less than 5 years left on our Mortgage, we both max out 401k and invest in other areas and saved up over the last couple years to be able pay most of a G8x off when the xdrive version comes out. My wife is an auto convert which helped. I Got her to love top gear and lots of other car programs. She can now spot luxury cars when we are on the motorway. She enjoys driving fast and bmw. I am lucky. The fact is all that hard work (and no kids) meant that We carry no debit except our mortgage. We worked really hard to get here and looking back on it it was a good idea that paid off for us. And with all that and being a huge car nut myself and knowing I will have the cash set aside I find myself thinking even now that maybe I will just keep saving and reinvest. That's the thing with having cash. When I didn't have any I spent too much. Then I got married and smarter and now that I can save up I don't want to spend it. Lol
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02-02-2021, 05:11 PM | #42 | |
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Are you certain you will marry her? |
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02-03-2021, 10:56 AM | #43 |
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ShiftingG82:Manual is a must! I'm 32 now living with my girlfriend but I don't want kids or get married for another 8 years.
ShiftingG82 have you ever heard how to make God laugh? Tell him what your plans are. |
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02-03-2021, 01:08 PM | #44 |
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I understand the dilemma. I'm 28 and bought my first investment property a few years ago thinking I will feel guilty buying a car if I don't buy an asset that will put me ahead.
Funny enough, just ordered an M340, but kind of feel guilty about even though have an asset that would pay for it. Guess that's just what happens. |
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