[JustChris]

Own

[jmg]

Originally Posted by skyline408

A point no one else has mentioned.

Big difference in enjoying an M3 in your 20s vs 40s.

My experience:

20's: drive used slow cars fast, live in an apartment
30's: drive used fast cars fast, transition from a apartment to a condo/home
40's: drive new fast cars fast, transition to a bigger home with a bigger garage for more cars.

[M4CompConv/X7]

I was in the military. I am now retired. I bought my first house in 1981, 2nd in 1984, 3rd in 1992, 4th in 1997, 5th in 2006, 6th in 2014 (2nd homes bought in 2013 and 2014). I'm on my 35th car in 43 years. Have never rented a house, or leased a car. 2 wives, 4 kids, and awaiting my 6th BMW (3rd M Convertible).
My advice is always buy a house, and as much car as you can afford. I never had more than 3 houses at one time and now that fully retired, I am now down to 2.
Bought wife a 2022 X7 and will trade in the Ford Raptor when the G83 arrives.
Having fun. Pushing 70 years old now and I don't intend to be a typical senior citizen. When I do turn 70, I'll start taking Social Security.

[mortonlykins]

I have been renting a house for 5 years. All my savings I was invested in cryptocurrency and stocks because I calculated the final amount I would pay to the bank for the mortgage and decided to go the other way because, in my opinion, the final amount that I would pay to the bank is too big. So I decided to invest all my free money in stocks, so I will buy the house from the profit I have from my investments instead of paying to the bank every month. I can suggest you a decent service, Equity Release Cardiff that helped me with choosing the proper stocks if you will decide to invest in cryptocurrency/stocks.

[Gfit]

Originally Posted by mortonlykins

I have been renting a house for 5 years. All my savings I was invested in cryptocurrency and stocks because I calculated the final amount I would pay to the bank for the mortgage and decided to go the other way because, in my opinion, the final amount that I would pay to the bank is too big.

Don't you have to pay rent to the Landlord?

[kiw1]

Originally Posted by Jcali86

Live in San Francisco and I'm not a multimillionaire, so I don't have the $2-400k down payment yet for a garage; hence I rent.

Basically everyone in Cali trying to get on the housing ladder 😫

[DO444]

Originally Posted by ShiftingG82

Good Morning from NY. I've been thinking about this since I saw the G82 in person.

I would like to know how many others who are pulling the trigger on a G8x M3/M4 are still renting an apartment. I really want a G82 but I'm tired of renting and want a home for myself where I could park my cars inside my own garage. If I pull the trigger on the G82 I won't be able to buy a house for another five years which doesn't really bother me that much, but it will be on the back of my mind especially since I don't have a garage near my current location so I'll end up parking the car on the street.

I know the car is going to lose value everyday I drive it, while a house might stay the same or go up in value in most cases. But, I'm a car guy, I love cars, I do most of my mechanic work myself, and LOVE high speed, shifting my own gears, and car technology. I've had numerous days where work was horrible, but the minute I turn on my car I forget about everything and just pay attention to the operating temperature of the car before I hammer it! Sadly, when I come home from a horrible day at work I don't admire my apartment. I just want my bed and start a new day the next day.

I just want to know how irrational or rational my thoughts are and whether I'm the only one that's going through this. If you were in a similar boat in the past can you tell me what you ended up going with and how things are now?

I would absolutely not buy this car if I didn’t own a home.
Priorities mate.

You just should never put a luxury depreciating asset before a wealth building asset like a home. Now is not the best time to buy, but what if the market crashes and you have your money tied up in this car?

Market crashes, money is unavailable, your credit is less than ideal because you have an m3 payment, and you rent.
That will be bad.
Bad news.

Home first, then car.
Actually, it should be home first, then maxxed contribution to 401k, then car.

Also, street parking?
Oh no man, this sounds more and more horrible from start to finish.
Just no. Something WILL happen to this car parked on the street. Such a bad idea.

Don’t do it.
I did what you did for 16 years, at least.
Wait until it all makes sense. Your future is not worth this car is it?
It definitely isn’t.

My home has literally doubled in value in 5 years. That’s slightly irrelevant as I am not selling, but… you shouldn’t even be looking at a near $100k car if you don’t have home sorted and done imo.

Future family plans?
Home is so much more important.
Be disciplined.

Some others mentioned stocks.
I would not invest in individual stocks. Great way to destroy wealth. 9/10 you’ll lose. However, it could COULD be a great time to invest in a fund since the market is down a lot since last year.

However, you’d need a long horizon like 5-10 years. If you put $100k in now and can wait a decade I think you’ll be very glad you did that, rather than buy this car. If you can’t wait, buy a house at least before you buy an expensive car. You gotta be maxxing that 401k though or your throwing thousands away every month. Long term one of the most important things for most people in this forums future is probably gonna be their 401k and match. It’s all about starting early, wealth.

If I were you, honestly, I would not even be remotely considering this car.
You aren’t ready.

But that’s the beauty of life.
Your life is yours.
Last thing I’ll say is, 40 comes fast.
50 comes ever faster.

[SE7EN335]

I am 28. In 2015, I saved up all of 40k cash working long night shift hours at my local supermarket whilst finishing up on my engineering degree. I stupidly spent all of that 40k cash to buy a 2008 e92 335i. Till this day, I regret not spending my savings on a deposit on a house as that house would have grown 120% by now. I wanted to satisfy my short-term pleasures and was delusioned to my long term goals.

If you are young or old and don't own a first house, buy a really cheap car and buy that first house.

[DonJuan]

Originally Posted by ShiftingG82

Good Morning from NY. I've been thinking about this since I saw the G82 in person.

I would like to know how many others who are pulling the trigger on a G8x M3/M4 are still renting an apartment. I really want a G82 but I'm tired of renting and want a home for myself where I could park my cars inside my own garage. If I pull the trigger on the G82 I won't be able to buy a house for another five years which doesn't really bother me that much, but it will be on the back of my mind especially since I don't have a garage near my current location so I'll end up parking the car on the street.

I know the car is going to lose value everyday I drive it, while a house might stay the same or go up in value in most cases. But, I'm a car guy, I love cars, I do most of my mechanic work myself, and LOVE high speed, shifting my own gears, and car technology. I've had numerous days where work was horrible, but the minute I turn on my car I forget about everything and just pay attention to the operating temperature of the car before I hammer it! Sadly, when I come home from a horrible day at work I don't admire my apartment. I just want my bed and start a new day the next day.

I just want to know how irrational or rational my thoughts are and whether I'm the only one that's going through this. If you were in a similar boat in the past can you tell me what you ended up going with and how things are now?

You can't have everything you want at once. (Unless you're rich lol) I would definitely start with a house, and a decent previous M. Then work your way up.
But all depends on your priorities.

I'm a home owner BTW.

[ShoeZilla]

When I was single I owned a GT-R and rented an apartment. When i got married and wife got pregnant in 2018 I decided to sell my GT-R since it was paid off and put a down payment on a house. Best decision I ever made cus my wife was super supportive and once we settled in and had massive equity in our home she pushed me to get my G82. So definitely own a home first and once you are ready buy your car my friend.

[curd]

I have always been of the mentality that you secure your business, investments, & home first, and then start buying and playing with the big toys. Considering Real Estate & home ownership have long been differentiators between the poor & middle class (let alone real levels of wealth), it would be wise for anyone to invest in any sort of asset class & particularly their own homeownership.

I just turned 30 this year, and have waited quite a while to purchase a G80 - considering I had test driven the first '21 that arrived at my preferred dealership. Totally worth it because now I can consider the G80 "well within my means", and focusing on investments has opened even more doors for me, is allowing me to buy back my time, as well as even more toys.

There is no one size fits all in this world though, and there are many ways to financial independence & wealth. So long as you don't make moves that will saddle you with debt before you can really start to grow.

[jmg]

Originally Posted by ShoeZilla

When I was single I owned a GT-R and rented an apartment. When i got married and wife got pregnant in 2018 I decided to sell my GT-R since it was paid off and put a down payment on a house. Best decision I ever made cus my wife was super supportive and once we settled in and had massive equity in our home she pushed me to get my G82. So definitely own a home first and once you are ready buy your car my friend.

This is the way to do it. I sold my nice car when I got my first home too. Once we settled, got an a M car and parked it in my very own garage and it felt so much more satisfying than parking at a car port in an apartment or condo.


To the OP, I don't know anyone who regretted buying a home within the past 10 years. I know plenty who regret missing the window and are going to be paying double now that housing in my are is insane and interest rates are high. That being said, if I was house shopping today, I don't know if or how I would do it with my income 10 years ago. Are house values going to come down again? Should new buyers wait for interest rates?

IMHO the old adage remains true. Even if prices dip a bit, they should go up again. So even if your first home is $1,000,000 and it dips to $800k next year, it will be back up in a few years time, securing a worthwhile investment. Loans can be refinanced at a lower rate later too.

The G82 can wait, get a garage to park it in first.

[Jim B]

I own my home.

[wtwo3]

My car is my home

[Tony_M3]

I rent currently and was going to buy last year but my significant other and I decided we wanted to move back to the Midwest within the next year or so where our parents are. My dad was diagnosed with a health condition and I want to be there to take care of him.

The place I rent currently is a townhome so I have a garage to park my incoming G80 and will buy a house when we end up moving.

[02M3ForMe]

Focus on becoming a top income earner. Not talking about passive stuff like asset ownership (real estate, stocks, etc). I mean active stuff like your own enterprise or being highly paid by somebody. If you truly and honestly commit to this (and commitment is measured in action, not words or thoughts), then give yourself permission to enjoy yourself during the process and get the 1 thing you want that won’t totally blow up your monthly burn (and won’t become a distraction; a street-parked G82 in the hood may be a distraction). If this were sports, I’d say commit to extreme hours in the gym to become great and allow yourself to buy cool clothes or whatever makes you happy on the side to keep yourself happy and sane through the process. Done right, you’ll put yourself in a place to earn a decade of home appreciation every year or less and these more traditional optimization strategies won’t matter.

Passive stuff is primarily for people with money already. And, with property taxes, maintenance, insurance, etc, real estate isn’t even as profitable as it appears. Nor is it as passive.

Learn to drive high value and spin off high income first, then funnel the wealth into the passive stuff to protect it.

Don’t get the G82 unless you have a suitable parking situation and the monthly won’t cripple your ability to be flexible or get in the way of the mission of becoming a top income guy. However, it’s not like you’re literally stuck with the car for life. You can make a mistake and back out of it relatively easily, it’ll just cost money. Buying one and getting it out of your system and losing $20k when you sell is fine. Just be humble enough to step back down the ladder for a bit if necessary. Only you can assess whether you’ve got the discipline to do this right or not.

[Tyga11]

Own my house, have a 10 year emergency savings plan, triple max my 401k and have a negative debt - income ratio. I didn’t buy my M4 until I had $3m liquid just to be on the safe side (and that’s arguably still not enough cash) I don’t have a mortgage though but bring in $20k a month. So yeah…doing okay but I wish I was in a better position

[G MONEY]

Originally Posted by Tyga11

Own my house, have a 10 year emergency savings plan, triple max my 401k and have a negative debt - income ratio. I didn’t buy my M4 until I had $3m liquid just to be on the safe side (and that’s arguably still not enough cash) I don’t have a mortgage though but bring in $20k a month. So yeah…doing okay but I wish I was in a better position

Lol. If you are truly bringing in 20 a month, you need to up your car game homie.

[02M3ForMe]

Originally Posted by Tyga11

Own my house, have a 10 year emergency savings plan, triple max my 401k and have a negative debt - income ratio. I didn’t buy my M4 until I had $3m liquid just to be on the safe side (and that’s arguably still not enough cash) I don’t have a mortgage though but bring in $20k a month. So yeah…doing okay but I wish I was in a better position

Quite irresponsible - have you looked into a 430i?

[disancke]

I was laughing out loudly when I saw this thread. I thought I was the only one who rents an apartment and doesn't own a garage

I'm 25 and nearly two years after my graduation I'm to pick up my G82 soon. I feel blessed that I found a good job for living so that I can save up the money and buy it in cash. Meanwhile, I was majoring in Econ and Finance so I definitely know this is not a rational decision. Buying a house would be a much better investment while cars only depreciate.

For me it's all about timing. My previous F32 was totaled in the Hurricane Ida last year and then I thought why not jump directly to my dream car although I'd be using up all my savings. I'm confident that I won't mess up my life with this $100k short, which is relatively 'minimal' thinking of a house in tristate. Also, I'm not married but I believe my quasi-fiancee won't enjoy seeing me buying a G82 when we are preparing for a baby. I'd have to buy a more boring car then. Considering the transition to hybrid and electric cars, it's a now or never situation for me.

It's a shame that G80/G82 is designed for a life stage during which most people are not able to afford it. Still I saw many people in their 30s and 40s ordering G80/G82 and I do admire that. Hope I have the passion towards performance cars throughout my entire life.

[G MONEY]

Originally Posted by disancke

I was laughing out loudly when I saw this thread. I thought I was the only one who rents an apartment and didn't own garage

I'm 25 and nearly two years after my graduation I'm to pick up my G82 soon. I feel blessed that I found a good job for living so that I can save up the money and buy it in cash. Meanwhile, I was majoring in Econ and Finance so I definitely know this is not a rational decision. Buying a house would be a much better investment while cars only depreciate.

For me it's all about timing. My previous F32 was totaled in the Hurricane Ida last year and then I thought why not jump directly to my dream car although I'd be using up all my savings. I'm confident that I won't mess up my life with this $100k short, which is relatively 'minimal' thinking of a house in tristate. Also, I'm not married but I believe my quasi-fiancee won't enjoy seeing me buying a G82 when we are preparing for a baby. I'd have to buy a more boring car then. Considering the transition to hybrid and electric cars, it's a now or never situation for me.

It's a shame that G80/G82 is designed for a life stage during which most people are not able to afford it. Still I saw many people in their 30s and 40s ordering G80/G82 and I do admire that. Hope I have the passion towards performance cars throughout my entire life.

Don't let any chick keep you from what you want. Get the car and find a new girl. I think I saw this in a fortune cookie:-)

[disancke]

Originally Posted by G MONEY

Don't let any chick keep you from what you want. Get the car and find a new girl. I think I saw this in a fortune cookie:-)

Haha that was indeed a major factor triggering my thoughts on breaking up. It was horrible that your partner doesn't share your happiness for your dream car. We talked a lot to get her excited for the upcoming car. However, ending a relationship is always easier said than done xD At least she's joining the PCD with me now...