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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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  #18  
Old 12-03-2005, 09:55 PM
jetstream23 jetstream23 is offline
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Location: Phoenix, AZ
 
Join Date: Mar 2004
Posts: 3,229
Mein Auto: 330i, Toyota Land Cruiser
Well, based on some of these posts I could afford 2 M3's...maybe a coupe and convertible but honestly, I would not want to put myself in that situation. Although I love my car and I needed 4 doors unfortunately, I know that automobiles are depreciating assets and borrowing money to buy something that decreases in value over time does give me a hollow feeling in my stomach. Although I wouldn't say that car loans are "bad debt" like credit cards or personal loans, they aren't really "good debt" either like mortgages or education loans. They probably fall somewhere in the middle simply because cars fulfill an essential need....transportation.

I am quite conservative however and half my family is in the Financial Services industry so I was taught about the time-value of money when I first started getting allowances as a kid. Ultimately, its up to each individual to decide how to allocate their money. And, to the degree that your car is more than just transportation and is a significant hobby and source of enjoyment for you, it can be justified that you might spend more. Just don't kid yourself about your real financial situation. Determine a budget for your car as IF it were only transportation and then take some of the money that you would use for entertainment and other hobbies on a monthly basis and add it to you car funds if that's how you feel about it. Okay, I'm off the
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