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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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      01-11-2021, 07:37 AM   #1
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G8x M3/M4 buyers: do you rent or own a home?

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?
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      01-11-2021, 08:31 AM   #2
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Lots of questions that you have to answer for yourself. Usually buying a home will put you ahead financially vs renting but you probably know that. Buying a car is a terrible waste of money but we all know that and it gives us pleasure so we do it anyway.

So how old are you, is your housing market something you should get into, is another five years renting going to make much financial difference, how are your earning prospects over next five years, do you put money away for retirement or other investments, are you single, have or want a family, what car do you drive now, why a G82 and not something used or cheaper, etc., etc.?
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      01-11-2021, 08:32 AM   #3
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If you're not single then def buy a house lol just downgrade to a M340i or something and tune the hell out of it
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      01-11-2021, 09:18 AM   #4
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Transfer I really like interior technology and sporty feeling from the vehicle. The only other option for me would be the F8x platform but the tech interior just doesn't do it for me even though it has all the sporty feeling I need.
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. whatnotsomuchf80.

and I have not done much on investing but much on spending lol
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      01-11-2021, 10:47 AM   #5
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Definitely a house first. If you love cars as much as you say, you'll want somewhere to park it close by that doubles as a garage to work on it. Also think of 5 years worth of house payments investing in yourself rather than paying someone else, leaving you back at square one 5 years from now in the same predicament.
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      01-11-2021, 12:00 PM   #6
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Our first house is being built now but I've had an F80, Cayman and now my M2 all while renting with outdoor parking, with no real issues (aside from lugging the jack up and down from the apartment to the parking lot lol). It worked out well for us but my (now) wife and I had a tentative timeline in place when we first moved in together 4 years ago. YMMV.
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      01-11-2021, 12:24 PM   #7
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I would say house > car, with the specific exception of if you live in one of the very few hyper-inflated real-estate markets (looking at you Bay Area...) In that case, it's a bit more fluid as real estate tends to be less about fundamental property value and more about wild speculation - which can very easily burn you.
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      01-11-2021, 04:29 PM   #8
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Both. Half own a house with my ex. We both moved out of it due to getting new jobs in another city and live in rentals now.
We still have the house, and rent it out.

Maybe consider a compromise option - buying a house, and then getting a used car? Plenty of fun to be had with used sports cars, maybe get an F82 or an E92. You'll still have a ton of fun, you'll have your own garage to take care of it, and it won't depreciate as much. Hell, the E92 probably wont depreciate at all so owning it will essentially be 'free' by the time you sell it.


Look at other options too, like do you actually plan to settle where you live long term? Moving is easier when you're renting.
You could also rent a place with a garage spot. Or move somewhere where houses are cheaper so you can afford both (depends on your situation of course).

I rent a room in a house and pay a little extra for a garage spot. That's an option too.
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      01-11-2021, 06:24 PM   #9
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Depends on your level of discipline and what your motivations are. Having owned a few homes, they are not that great of an investment unless you buy at the bottom which is not right now. A house is a low return over the long haul relative to the stock market.

If you have the will power to save and invest the differential between renting and buying you will end up with more in the bank at the end of 15 years. Most people do not have the discipline to save that money though and need the forced savings aspect of owning a home.
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      01-11-2021, 07:19 PM   #10
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You sound like me when I was 24. I wanted a GTR so bad. Saved up every dime I had. When I finally got to the point where I could afford it, I couldn't pull the trigger. I was saved by my wife. She asked, "are you really gonna buy a super expensive car before you buy your first home?" She helped clear my perspective. Too me a fast car was all that mattered, but as an adult, I had a family to care for first...long story short I bought a home first. ZERO REGRETS. The pride of owning a home is much much greater than owning a F82. If you want the car bad enough, itll come in time. Just buy a home first
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      01-12-2021, 03:33 AM   #11
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Depends on your income. If you are making $500k a year and an apartment suits your lifestyle, by all means, get the car you want.

However, you are 32 with no investments? How about savings? That $80-90k for a G80 is a nice downpayment on a house that will theoretically be appreciating. When I bought my first house (had a condo previously), I downgraded my vehicle to a 328i. We had a newborn and I wanted as much liquidity to fix the house up, start saving for private school, and build an investment portfolio. I'm glad I did because now that I am on my second M3, I feel like I didn't have to sacrifice anything to get them.

An M3/4 in your own garage in your own castle that you own is not only more fun, but it's more satisfying.
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      01-12-2021, 03:40 AM   #12
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Hi, my name is vampire81. I'm unemployed, and I live with my parents.
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      01-12-2021, 06:51 AM   #13
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Originally Posted by Transfer View Post
Buying a car is a terrible waste of money but we all know that and it gives us pleasure so we do it anyway.

Transfer, don't let anyone tell you a car is a waste of money. That perspective is held by people who don't have any interest in cars and view them solely as transportation vehicles. Unfortunately that's most people, and so that view gets ingrained in mainstream thinking.

There's tremendous value for money for people who love cars, and that's what we are paying for. Waste of money would indicate you're throwing your money away for nothing in return. But I place a lot of value on the happiness I get in return.

That being said, certain things in life do have to take priority. I place cars high on my list of priorities, but there are certain things (i.e. my family's well-being, my financial situation, etc) that do take higher priority. If you haven't done much investing by age 32, you need to start immediately or risk having insufficient funds in retirement (compound returns are powerful). Getting your finances in order definitely takes priority over an expensive car, and I say this as a big car enthusiast.

Someone had mentioned that investing in the stock market provides greater returns long term. Although that may be true, the thought process is if you're paying monthly for rent, why not pay that instead towards your own place and build equity?

ShiftingG82 I'm all for purchasing your own place. Money is super cheap to borrow right now, so it's a good time to buy.... assuming you're able to find a suitable place (the market is still hot). If you have to downgrade from a G82 to a G22 in the meantime, that may not be a bad tradeoff to set yourself up, and it gives you something to work towards.
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      01-12-2021, 08:05 AM   #14
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Quote:
Originally Posted by ShiftingG82 View Post
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 remember watching MTV Cribs years ago and a guy had an incredible car with a tattered apartment and his response was "you can't ARRIVE in a house, man!"

In all seriousness, spending this kind of money on a car should come at a point in your life when you have your finances in order (home, savings, etc). I'm 47, have a good job, nice home, married, 3 kids (one in college, the next two on their way - college savings are funded), am saving appropriately for retirement, etc.... all the right things. I am JUST NOW buying my first expensive car. I currently drive a 430i x-drive that was a demo. I'm going with the G83 when it is released. I've earned it.

If you can afford it and still save for the present and future, go for it. If you don't have a dime to your name, it's not the time.

But everyone is different....
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      01-12-2021, 11:50 AM   #15
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I just drove a 325 and a 328 (wife) while renting and saving. Once I built my house I grabbed a 335 and X1 (wife) and once everything settled I purchased the M3 and the 535 (wife) once I rented out the house. But I do remember the looks I got from my neighbors having two BMW’s in an apartment. I didn’t care though. I like cars. Choose what makes you happy.
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      01-12-2021, 12:14 PM   #16
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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.
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      01-12-2021, 01:59 PM   #17
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get the G82 and have ur girlfriend get the house
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      01-12-2021, 02:49 PM   #18
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Quote:
Originally Posted by Jcali86 View Post
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.
Atleast the rent for the closets has gone down this past year in sf 😂
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      01-12-2021, 03:14 PM   #19
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Spend all you money on cars, booz and girls.....the rest is a waste.....quote by Axel Rose
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      01-12-2021, 04:43 PM   #20
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Quote:
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Quote:
Originally Posted by Jcali86 View Post
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.
Atleast the rent for the closets has gone down this past year in sf 😂
Ironically that's all it's really gone down on, the prices have gone up on small family homes or anything with 2 beds+. We did get $500 off for 6 months, but moving out the city soon to somewhere close by that's a little safer to own an M3.
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      01-12-2021, 04:56 PM   #21
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Quote:
Originally Posted by ShiftingG82 View Post
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?
Many people have said this already - have to decide for yourself the opportunity cost of the money sunk into the car.

All the rest is just advice and worth about what you are paying for it. I'm older than most on this forum I think at 48, and I did a little of both in my life. Bought the fast car in my twenties. Loved it, but couldn't afford it. And the apartment angle was awful. A house/driveway/garage is so much easier, even if you don't put your car in the garage each night.

Then I sold the car. Smart move, but regretted it for 15 years. Finally in my forties got to buy a fun car again. And even at this late age with so-called financial security, you may still decide to sell it. I did and had to go back to sensible for a while AGAIN.

While it will never be a smart financial move to buy an expensive car, looking back I don't regret the purchases. Life is strange and you never know what it will throw at you later. I think saving for the future or investing is smart. To an extent.

But living for when you're old, like me doesn't fully make sense either. So try to do some of both.

My advice (worth as much/little as everyone else's): the G8x is a lot for someone who wants to, but still hasn't gotten the house purchase done yet. Buy a fast car, but maybe not THAT much car. Go with a 2017 F8x instead, and be 85% as fast on 40% of the cost.

And then buy your first house sooner rather than later. But don't overspend there either. You'll probably move in a few years anyway. Most young people move a few times before really settling down. So you'll have more chances at this house thing down the road.

Now that I really sound old, I think I'll stop there. Good luck!
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      01-12-2021, 09:24 PM   #22
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100% buy the house.

That's exactly what I did.

Closed on my house January of 2020. Then bought a GTR a month after.

You'll probably regret not buying a house. In 5 years you could gain equity inside your home and the appraised value could go up as well. (I'm a mortgage loan officer lol)

If you want a car later on. Do a cash-out refinance and buy something. Or you'll have saved up enough by then anyways. If I bought a GTR and decided to keep renting an apartment I would of hated myself.
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