11-11-2021, 07:23 AM | #46 | ||
Occasionally frequent poster
3003
Rep 2,745
Posts |
Quote:
Oh, to be 32 again! Quote:
Everyone has made good points here so I'll try not to duplicate too much and just share some thoughts of my own. First, I concur that you can buy a new M3 for a lot less than $100K. All of those fancy options are nice, but not necessary. Unless you just must have them to make your life complete. At which point you'll find out that it didn't work. Second, many years ago I was self-employed, and still struggling financially... long story short, I resolved to always have at least 6 months net pay in the bank, in cash, for emergencies, losing my job, whatever. That's an individual choice obviously, how much you have saved in your rainy day fund is up to you. But you should have something there even if it's literally only enough for just one day. Third, don't rely on advice from strangers on the Internet to make life choices. Best of luck to you!
__________________
Current inventory:
F22 & G05 Cadillac CT5-V Blackwing w/3 pedals Past: E24,E28(3),E34,E36,E37,E38(2),E39(4),E46,E89,E92 (obviously),F01,F06,F10,F30,F87,G12,G30(2),G82(2) |
||
Appreciate
2
NightWriter4844.00 JDUNITNOW3559.50 |
11-11-2021, 01:03 PM | #47 | |
Banned
110
Rep 212
Posts |
Quote:
Thank You for your military service to our great nation! |
|
Appreciate
0
|
11-11-2021, 09:59 PM | #48 |
Private First Class
89
Rep 170
Posts |
Dealers out here always trying to take our tree fiddy smh
__________________
Sincerely yours,
The Meat Man |
Appreciate
0
|
11-12-2021, 10:40 AM | #49 |
Private First Class
75
Rep 156
Posts |
Assuming you’re not living in san fran, Nyc or some other high cost city, making at least 100-150k household income/year will be something within reason. This is also assuming you don’t have other debts excluding the obvious mortgage, spouses car payments, etc… this is strictly my opinion.
|
Appreciate
0
|
11-12-2021, 10:42 AM | #50 | |
Lieutenant Colonel
3244
Rep 1,607
Posts |
Quote:
|
|
Appreciate
7
jimbethesda1856.00 JDUNITNOW3559.50 Seedster2286.50 sk3let0nz80.00 Royboy20624.00 farfugnugen66.50 pateke267.00 |
11-13-2021, 03:40 PM | #51 | |
New Member
25
Rep 23
Posts |
Quote:
|
|
Appreciate
1
BEAR-AvHistory3128.50 |
03-16-2022, 05:48 PM | #53 |
Banned
0
Rep 6
Posts |
It's problematic to give an exact amount because every month, it's different. The economy is unstable now, and 99% of my income depends on it. I am engaged in investments (I used to deal with cryptocurrency, but I soon realized that it is too big a risk). My income for last month was 55 thousand dollars. This is an average income, but I would earn less if it weren't for https://www.dividendpower.org/2021/04/22/what-is-the-rule-of-72/. I think you need to earn more to live comfortably and afford cars of this class, and what do you think?
|
Appreciate
0
|
03-16-2022, 06:06 PM | #54 | ||
Captain
361
Rep 632
Posts |
Quote:
Last edited by yami sukehiro; 03-16-2022 at 06:46 PM.. |
||
Appreciate
0
|
03-16-2022, 06:35 PM | #55 |
Lieutenant
164
Rep 401
Posts |
Absolutely impossible to throw out a number. Every single one of us have a different life situation. Even if two people make the same exact salary, one may have existing debt, student loans, kids etc. which would require them to make much more than the other individual with zero debt and no kids to afford a G8X. It also comes down to what your savings and investment goals are. When do you want to retire? I bet most of us could retire 10 or even 20 years earlier than average if we opted to forego vacations, drive Corollas rather than M cars, and use the leftover dollars to save 30% or more of our salaries a year. Me personally? I am 36 years old, no kids, no student loans, BARELY make 6 figures (but have a healthy 7 figure portfolio) and still consider my G82 purchase to be a bit of a stretch. I prefer to have a much larger safety margin than the average American. We're all going to have a different answer to this depending on our mentalities and individual goals and situation.
|
Appreciate
0
|
03-16-2022, 08:11 PM | #56 | |
Private
121
Rep 59
Posts |
Quote:
$120k gross comes out to about $72k net, or $6k/month. Average rent in the Bay Area is about $3,200. Add on to that the cost of internet, utilities, insurance, etc. and you're left with maybe $2,500/month. This leaves you with a $600/week, on average, for all of your discretionary spending - food, entertainment, etc. Totally doable, sure, but not what I'd consider "pretty comfortable." You're going to have to "save up" for things like vacations/travel, and any other non-standard expenses. This even isn't factoring in savings - for retirement, down payment on a house (and in the Bay Area this could easily mean $100k+), etc. And all of this is without factoring in a car payment, let alone a brand new M3. When my wife and I didn't have any kids, or a house, and were living in the Bay Area jointly making about double that, it still felt like we were living paycheck to paycheck sometimes. Granted, we didn't always make the wisest of financial decisions, but it wasn't like we were throwing money down the drain either. It took a lot of restraint and planning to get to a more "comfortable" place. |
|
Appreciate
1
Jmpascual687.50 |
03-16-2022, 08:51 PM | #57 |
Lieutenant
481
Rep 421
Posts |
I am 69 years old and retired. Can't wait until I turn 70 and I can start drawing Social Security from Uncle Sam. Bought a 2022 X7 in Nov 9, 2021 and put a deposit down on a G83 at the same time. I love retirement!
Last edited by M4CompConv/X7; 03-19-2022 at 09:34 AM.. |
Appreciate
3
|
03-16-2022, 09:32 PM | #58 | |
Major General
19193
Rep 8,053
Posts
Drives: 2024 X5 M60i
Join Date: Feb 2011
Location: Phoenix
|
Quote:
__________________
Instagram: @Phxrisingphotography
Current - 2024 G05 X5 ///M60i in Java Green Past - 2005 E53 X5 3.0i in Titanium Silver; 2008 E92 335i in Montego Blue; 2019 G01 X3 M40i in Glacier Silver; 2022 G80 M3 Competition in Twilight Purple |
|
Appreciate
0
|
03-16-2022, 09:32 PM | #59 | |
Banned
6920
Rep 3,277
Posts
Drives: E46 M3 Coupe/G80 M3CX
Join Date: Jul 2021
Location: Alberta
|
Quote:
|
|
Appreciate
0
|
03-16-2022, 10:07 PM | #60 |
Lieutenant
517
Rep 570
Posts
Drives: '19 GLA45AMG(his) / '21 X3M40i
Join Date: Sep 2021
Location: Colorado Springs, CO
|
Like stated previously, is all about your financial situation.
I only have an almost paid off mortgage and 1/3 of income is tax free thanks to 2 tours to Iraq and the subsequent VA rating. Oh, and three kids. 2 in the AF and one still at home. To me the M4 almost fully loaded was a bargain at $96K (before tax/lic.) based on what it brought to the table compared to my previous toy.
__________________
Currently: '19 GLA45AMG grey (his) & '21 X3M40i DGM (hers) w/ JB4@Map1
Previous cars: 2022 M4 xDrive in Mexico Blue with Silverstone/Black interior 2014 BE GTR FBO/e85 |
Appreciate
2
Forzanerazzurri6919.50 ToMorNotToM139.00 |
03-16-2022, 10:19 PM | #61 | |
Lieutenant
481
Rep 421
Posts |
Quote:
|
|
Appreciate
2
ToMorNotToM139.00 GixY2K517.00 |
03-16-2022, 10:34 PM | #62 |
Lieutenant General
18746
Rep 14,118
Posts
Drives: G82 M4C X-Drive
Join Date: Mar 2013
Location: Orange County, CA
|
Everyone's situation is different and any info from this thread is not going to be very helpful if you are trying to decide if you can afford a G8X.
I'm a homeowner in a 2200 sqft house in expensive southern california with no debt, supporting a family as the sole breadwinner, paying for private school, saving for retirement and still be comfortable with a well optioned $100k G8X and 3 other less extravagant cars. Or you can be making $60k a year and stretch yourself leasing a base $75k G8X living in an apartment. Or you can be living in a 5000 sqft mansion with a fully optioned beater $110k G8X parked next to your "weekend" Ferrari and Bentley SUV for the wife. The spectrum is so wide...
__________________
2022 G82///M4 Competition X-Drive - KW-HAS, EBC Bluestuff, Millway Race Camber Plates, Cup2 Connect*, PSI High Flow Midpipe, Lightweight Front Lip, M Perf Flow Through Wing Previous • 2018 F80 ///M3 CS • 2016 F80 ///M3 IG: Raging_G82 |
Appreciate
3
|
03-16-2022, 10:35 PM | #63 |
Private
86
Rep 76
Posts |
|
Appreciate
1
chicagofan0019192.50 |
03-16-2022, 10:38 PM | #64 |
Private
86
Rep 76
Posts |
Sounds like we both frequent the FIRE subs a bit too much haha. You could certainly pay for the car if you make sub 100k. I just don’t think you would be contributing to your retirement or investing at all at that point. Retirement may not be what people are concerned about anyways.
|
Appreciate
1
Forzanerazzurri6919.50 |
03-16-2022, 11:17 PM | #65 |
Colonel
1691
Rep 2,699
Posts
Drives: 23 X5MC
Join Date: Sep 2018
Location: San Rafael CA
|
Who resurrected this thread?
|
Appreciate
0
|
Post Reply |
Bookmarks |
|
|