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E46 M3 (2001-2006)

View Poll Results: How high do you feel someone's salary should be before purchasing a new 05/06 M3?
0 - 50K 21 5.63%
50K - 65K 28 7.51%
65k - 80K 50 13.40%
80K - 100K 96 25.74%
100K - 120K 71 19.03%
120K and up 107 28.69%
Voters: 373. You may not vote on this poll

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  #1  
Old 10-16-2005, 10:08 AM
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TracerHawk TracerHawk is offline
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Post Poll: Salary to afford a new E46 M3?

Just wanted to do a quick poll, how high do you feel someone's salary should be before purchasing a new 2005/2006 BMW E46 M3?
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  #2  
Old 10-16-2005, 10:34 AM
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Quote:
Originally Posted by TracerHawk
Just wanted to do a quick poll, how high do you feel someone's salary should be before purchasing a new 2005/2006 BMW E46 M3?
It's not a matter of "k", it's "iq" and pick one.

Seriously dude, what a dumb question!!

There are so many factors: do you live at home with mommy and daddy, do you take trips, do you save money or just piss it away, do you have a girlfriend....

Just asking a question like this shows your priorities are, to put it kindly, out of whack.

Ed
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  #3  
Old 10-16-2005, 05:13 PM
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Wife, kids??? Other hobbies?

LOTS of variables.
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  #4  
Old 10-16-2005, 05:51 PM
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Agreed, far too many variables to put a set number on it. Location (cost of living), marital status/dependents, investments/assets, etc.

If you're thinking about it and the question is really weighing on your mind, chances are you shouldn't do it IMHO. This holds true for any depreciating asset.

--SONET
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  #5  
Old 10-16-2005, 05:54 PM
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Ignoring all the variables, I looked at it as cost of an M3 versus a years pay. Should you spend a years pay on a car? How about 6 months pay for one. I would have a hard time justifying spending more than 6 months pay on a car.
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  #6  
Old 10-16-2005, 10:37 PM
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When you say a years pay or 6 months pay. I look at it as what other obligations do you have. If you have no other payments then yeah, you don't have to make that much. I am sure that no matter how much you make if you have loans, you have to take that into account.

I don't think I could answer that question as there are so many variables.
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  #7  
Old 10-22-2005, 03:27 AM
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Quote:
Originally Posted by EdCT
It's not a matter of "k", it's "iq" and pick one.

Seriously dude, what a dumb question!!

There are so many factors: do you live at home with mommy and daddy, do you take trips, do you save money or just piss it away, do you have a girlfriend....

Just asking a question like this shows your priorities are, to put it kindly, out of whack.

Ed
True. There are many factors wich will dictate whether you can afford an M3. I am an enlisted soldier in the U.S. Army, and I own an e46 M3.
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  #8  
Old 10-22-2005, 05:38 PM
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here is an answer I can live with.

http://www.smartmoney.com/consumer/i...story=20041110

Monthly car expenses (payment, insurance, gas, repairs, etc.) should not exceed 20% of your monthly gross income
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  #9  
Old 04-01-2006, 12:14 PM
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Quote:
Originally Posted by EdCT
It's not a matter of "k", it's "iq" and pick one.

Seriously dude, what a dumb question!!

There are so many factors: do you live at home with mommy and daddy, do you take trips, do you save money or just piss it away, do you have a girlfriend....

Just asking a question like this shows your priorities are, to put it kindly, out of whack.

Ed
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  #10  
Old 10-16-2005, 10:47 PM
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  #11  
Old 10-17-2005, 10:33 AM
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I think your scale needs to go almost twice as high.
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  #12  
Old 10-17-2005, 11:51 AM
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You need to make the salary/dependent to account for the variables.
A single guy making 60K can easily plunk down the $700-800 a month to lease the M3.
A married guy making $150K will have to think twice.
Throw in kids and your survey is meaningless.
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  #13  
Old 10-17-2005, 12:54 PM
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Quote:
Originally Posted by BayAreaBMWFan
You need to make the salary/dependent to account for the variables.
A single guy making 60K can easily plunk down the $700-800 a month to lease the M3.
A married guy making $150K will have to think twice.
Throw in kids and your survey is meaningless.
I thought he was talking about buying (as opposed to leasing).

I think this is just an opinion survey. IMO, a single guy making 60k should think twice as well about plunking down 700-800 to lease an m3.
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  #14  
Old 10-18-2005, 01:08 PM
De_UnKnOwN_1 De_UnKnOwN_1 is offline
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dont forget maintenence

and all the gas, becuase this car was not made to be fuel friendly

(sorry if spelling is off somewhere)
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  #15  
Old 11-21-2005, 09:21 PM
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dont forget maintenence

and all the gas, becuase this car was not made to be fuel friendly

(sorry if spelling is off somewhere)
Free maintence. 4yr 50K miles or so the commercials claim. An 05 is still new... for another month. Wow, that would make a great christmas present... for myself
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  #16  
Old 10-19-2005, 03:54 PM
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Quote:
Originally Posted by BayAreaBMWFan
You need to make the salary/dependent to account for the variables.
A single guy making 60K can easily plunk down the $700-800 a month to lease the M3.
A married guy making $150K will have to think twice.
Throw in kids and your survey is meaningless.
Seriously. Trying to buy a home in the Bay Area to garage that new M3 and you'll never afford much else.
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  #17  
Old 10-19-2005, 04:00 PM
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Don't forget that some folks are fortunate enough to get stock options, and when they come due, and the company has performed well, an employee can walk off with 25k, 100k, 500k, in cash after a few years in addition to their regular income.

These folks would typically put a lot of money down on a car or just pay cash outright.

For me, regardless of how much I make, for the past few years, $600 per month has been my pyschological limit for a car payment even though I can afford much more.

Just something wierd about a car payment potentially being larger than a house payment.
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  #18  
Old 10-19-2005, 04:59 PM
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Quote:
Originally Posted by chuck92103
Don't forget that some folks are fortunate enough to get stock options, and when they come due, and the company has performed well, an employee can walk off with 25k, 100k, 500k, in cash after a few years in addition to their regular income.

These folks would typically put a lot of money down on a car or just pay cash outright.

For me, regardless of how much I make, for the past few years, $600 per month has been my pyschological limit for a car payment even though I can afford much more.

Just something wierd about a car payment potentially being larger than a house payment.
when did you buy your house in SD? my house is quite bit larger then 600 a month and I think my mortage is a lot smaller then most san diegans. I have issues buying expensive cars
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  #19  
Old 11-26-2005, 02:23 PM
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Quote:
Originally Posted by BayAreaBMWFan
You need to make the salary/dependent to account for the variables.
A single guy making 60K can easily plunk down the $700-800 a month to lease the M3.
A married guy making $150K will have to think twice.
Throw in kids and your survey is meaningless.
You can say that again.
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  #20  
Old 10-18-2005, 01:32 PM
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Lets keep it simple guys. I bet less than 1% of M3 owners live with Mommy and Daddy, what a dumb statement. What a dumb statement Ed. It doesnt have anything whatsoever if MY priorities are out of whack, I'm just curious what others view as an acceptable range to be able to afford an M3? Simple enough? Fair enough? Sheesh.

I agree, there are many independent factors like if you have a wife/kid/family to feed, if you have a second income, etc etc etc. I mean for a regular, single, 1 income earner man or woman. IF you were single and wanted to get an M3, how much salary would say you should have to afford this car. I don't mind the gas/insurance/maintenance aspects. I figure if you can afford the car, you can afford what goes with it in terms of costs.

I liked the rule of thumb suggested that your annual income should be twice the cars value, thats a good general barometer I think.

Thanks for the votes on the survey. Just opinions guys, no need to stress.
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  #21  
Old 10-18-2005, 04:51 PM
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You would be surprised. A LOT of very young kids driving them, they are either a present from the folks, or the kid is a drug dealer.

If you wanted to use those parameters, then you should have stated them, not asking such an open ended question.

But the bottom line is can you afford some $800 - $900 a month payment? Plus insurance? Plus operating costs? Maintenance is included if you buy a new one for the first 4 year, 50K miles. So not costs there. But you still have tires (figure about $1000 - $1500 per 20K miles, could be a LOT less miles, could be a bit more, but seldom over 25K per set of rears). In town , driving kindly, 18 - 20 MPG. On te open road, crsuing steady state, I have seen as high as 27.5 MPH. Most drinv somewhere in between. Track from a high of 9 (loafing) to a low of 4.8 MPG.

Oh, and don't forget rent or house payment (and that varies greatly by area), food(some areas cost more than others), clothing, and any other expenses you may have.

Are you willing to eat out less? Eat cheaper? etc?

Still too many variables. Figure how much you spend now, and figure the cost of the car and opearting it, and if the two added together are less than your takehome, you can easily afford it. If not, is there stuff you are willing to sacrifice to have the car? If so, you can do it. If not, too bad.
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  #22  
Old 10-18-2005, 09:24 PM
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Quote:
Originally Posted by TracerHawk
Lets keep it simple guys. I bet less than 1% of M3 owners live with Mommy and Daddy, what a dumb statement. What a dumb statement Ed. It doesnt have anything whatsoever if MY priorities are out of whack, I'm just curious what others view as an acceptable range to be able to afford an M3? Simple enough? Fair enough? Sheesh.

I agree, there are many independent factors like if you have a wife/kid/family to feed, if you have a second income, etc etc etc. I mean for a regular, single, 1 income earner man or woman. IF you were single and wanted to get an M3, how much salary would say you should have to afford this car. I don't mind the gas/insurance/maintenance aspects. I figure if you can afford the car, you can afford what goes with it in terms of costs.

I liked the rule of thumb suggested that your annual income should be twice the cars value, thats a good general barometer I think.

Thanks for the votes on the survey. Just opinions guys, no need to stress.
No money down on a 50K loan from BMWFS you are looking at 1K a month for 60 months. Can you afford that yes or no? It's as simple as that.
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  #23  
Old 10-19-2005, 06:13 PM
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Quote:
Originally Posted by TracerHawk
Lets keep it simple guys. I bet less than 1% of M3 owners live with Mommy and Daddy, what a dumb statement. What a dumb statement Ed. It doesnt have anything whatsoever if MY priorities are out of whack, I'm just curious what others view as an acceptable range to be able to afford an M3?...
Obviously, you have not been to Vancouver. Lots of teenagers in M3, AMG C55, various Porsches. Anyone want to adopt me?

Where you live makes a huge difference to which car you can afford. What is your monthly rent / mortgage bill? Condo payments around here start at significantly over $1000. House? I am dreaming again.

Ed
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  #24  
Old 10-19-2005, 06:24 PM
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Not sure I would buy the "twice annual income", since the rule of thumb for mortages is 2-1/2 times annal salary. Granted in some parts of the country this is unrealistic, I would just get my house in order prior to upscale cars.
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  #25  
Old 10-19-2005, 06:48 PM
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In my original post I mentioned not spending more than 6 months pay on a car. As a caveat I live in Texas where you can purchase a very nice home for one years pay
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