12-04-2012, 11:41 AM
'12 X5 35d Black-on-Black
Location: Charlotte, NC
Join Date: May 2009
Mein Auto: X5d Ski Machine-Blk Betty
You are going to find all kinds of responses and some are financial nuclear bombs (Some guys on here put over 50% of their take home into a car which is INSANE!).
Originally Posted by Smj14420
Hi guys, new to the board...
So, I am tossing around the idea of buying an X5 but haven't talked myself into it yet. Just curious what helped others bite the bullet. Couple questions for you.
1.At what point in life did you make the determination that you can afford an upscale vehicle?
2.How much monthly discretionary income would be advisable prior to taking on a BMW?
3.Also, how do most people go into the deal on a 40-70k purchase? Minimum down/high payment, Max down/small payment on a purchase to be held 5-7yrs.
My situation is this:
31yrs old, married, no kids. 1 child planed 2 yrs out. New house within 5 yrs
150k household income
8500 take home
No current car payment/debt
1yr reserve in the bank
401k maxed at match
5500 discretionary/savings at the end of the month
Current car: 350z which is not childseat friendly, but will keep as I enjoy driving it.
...I'm having a tough time justifying the additional expense vs something more economical....
However, your income is exceptionally high for a 31 year old so I take it that both you and your wife work to make that $150K income ($75K each). Regardless, the math is the same & you already know to fund your retirement and address savings. If you have $5,500 in discretionary income at the end of a month...what are you spending all of that on.. today? If you buy your home right you will be putting 20% down on it which may explain where huge chunks of your discretionary income is going. That may help us answer your question but isn't required. As long as you have $500 to a thousand in cash available to cover the vehicle you can buy pretty much ANYTHING you want.
One thing you present is a trade off of performance vs. fuel economy. I am 19 years older than you and have been the gammut. You CAN have BOTH with an X5 diesel. These puppies have HUGE torque which equates to VERY FAST performance when you want it (40 to 80 on ramps in a blink of an eye) & economy (26-29MPG interstate) when you want that.
Remember also that all BMWs include all service and maintenance costs for the first 4 or 5 years in the price of the car. With other options (Porsche Cayenne Diesel for example), you may have additional costs in those same years (which you could also afford).
Current car... you will discover that keeping the 350Z will be pointless in the future. You will find yourself driving it less and less and it will simply continue to loose value. My recommendation is to roll the equity from that vehicle into the next in order to get what you want (new X5) rather than settling for a used Toyota Highlander (PS - we have both but I came to this X5d from a used low-mileage '06 750Li)
Last edited by ndabunka; 12-04-2012 at 06:21 PM.
Reason: removed mistaken 1K reference.