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F10 / F11 (2011 - Current)
The new chapter in the highly successful story of the BMW 5 Series Sedan (F10) and wagon (F11)

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  #51  
Old 09-09-2012, 08:40 PM
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Originally Posted by Ralph1201 View Post
well said, but i still feel bad for IIIF10III, even though this thread may have had some other intentions.

i think IIIF10III has more disposable income than many others onboard here, even if they make more on paper. at different stages in life, priorities change, some things which one doesnt even have to think about right now are necessary expenses later.

secondly, there is this lifestyle thing. i.e a careless spender v/s a prudent person.

thirdly, a premium car a guy drives - does it have anything to do with the gross income?
i would imagine that some of those are owned by black money and some others due to inherent wealth. genuine monthly gross income hardly comes into the equation.
I think we are basically saying the same thing.
I was just trying to cut the ice because he seemed upset,
but at the same time its curiosity that killed the cat....
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  #52  
Old 09-09-2012, 08:50 PM
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Those are my measurements too, or at least they were about 15 yr ago!!!!!
That is why the side bolsters are adjustable on most Bimmers!! They are made to be with you for the long haul.
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  #53  
Old 09-09-2012, 08:56 PM
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I for one am grossly underpaid.
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  #54  
Old 09-09-2012, 09:05 PM
Beemerican Beemerican is offline
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Originally Posted by miamiboyca View Post
I for one am grossly underpaid.
+1. Preach Brother!!
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  #55  
Old 09-09-2012, 11:34 PM
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Based on a financial advisory I read, people should spend no more then 10% of their monthly income on a car payment(s).
I think 10% of pre tax income is an absurdly high amount of money to spend on a car. Remember this is pre tax so if you look at it as percent of disposable income it is a lot more. Especially when you also net out mortgage payments, children's school fees, wife/girlfriend, etc.

I would advise spending no more than 2-3% of income on a car. Better to save and retire early. Driving a nice car is great, but not if it means working till old age. I'd rather retire by 50 than drive Bentleys and Ferraris.
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Last edited by Stealth.Pilot; 09-09-2012 at 11:44 PM.
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  #56  
Old 09-09-2012, 11:43 PM
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I for one am grossly underpaid.
Me too given the hell I go through every week! Need a vacation badly!
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  #57  
Old 09-10-2012, 12:54 AM
djsilo djsilo is offline
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  #58  
Old 09-10-2012, 03:35 AM
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No, a moral one!
+1000

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  #59  
Old 09-10-2012, 06:35 AM
Emilner Emilner is offline
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Originally Posted by Stealth.Pilot View Post
I think 10% of pre tax income is an absurdly high amount of money to spend on a car. Remember this is pre tax so if you look at it as percent of disposable income it is a lot more. Especially when you also net out mortgage payments, children's school fees, wife/girlfriend, etc.

I would advise spending no more than 2-3% of income on a car. Better to save and retire early. Driving a nice car is great, but not if it means working till old age. I'd rather retire by 50 than drive Bentleys and Ferraris.
I think that the number is quite low. A family making $200k a year can spend between $333 and $500 a month on a car? If you make $500k a year you should budget between $833 and $1250? It's impossible to say there is a correct percentage. There is a massive difference in cost of living from one region to another which will completely change how the numbers come out. Personal finances also play a huge roll. A person owns their home outright vs someone heavy in mortgage debt there will have a lot more disposable income...
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  #60  
Old 09-10-2012, 06:44 AM
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Originally Posted by yogi799 View Post
I thought this thread had a poll... I am disappointed.

Care to redo it as such? The answers would be anonymous and quite interesting to see.
Quote:
Originally Posted by Stavrs View Post
Somehow I think the answers will also be completely false no matter the anonymity.
sadly enough, i think Stavrs is right.

but that raises the question, if we cant answer an anonymous poll honestly (boldly), what difference is there between men and women?
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  #61  
Old 09-10-2012, 06:50 AM
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Originally Posted by LukeS View Post
I think we are basically saying the same thing.
I was just trying to cut the ice because he seemed upset,
but at the same time its curiosity that killed the cat....
sure we are. i just wanted to add to what you said. coz honestly, i think he has every right to feel upset.
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  #62  
Old 09-10-2012, 06:51 AM
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Quote:
Originally Posted by Stealth.Pilot View Post
I think 10% of pre tax income is an absurdly high amount of money to spend on a car. Remember this is pre tax so if you look at it as percent of disposable income it is a lot more. Especially when you also net out mortgage payments, children's school fees, wife/girlfriend, etc.

I would advise spending no more than 2-3% of income on a car. Better to save and retire early. Driving a nice car is great, but not if it means working till old age. I'd rather retire by 50 than drive Bentleys and Ferraris.
Wow Stealth - so based on that you would need to make about 300,000 per year in order to drive (and I mean lease) a 5 series...? $300,000 x .03 = $9,000. $9,000 / 12 = $750 which includes tax.

Put me in the NON Prudent Pile.
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  #63  
Old 09-10-2012, 08:11 AM
tadtaggert tadtaggert is offline
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Originally Posted by Emilner View Post
I think that the number is quite low. A family making $200k a year can spend between $333 and $500 a month on a car? If you make $500k a year you should budget between $833 and $1250? It's impossible to say there is a correct percentage. There is a massive difference in cost of living from one region to another which will completely change how the numbers come out. Personal finances also play a huge roll. A person owns their home outright vs someone heavy in mortgage debt there will have a lot more disposable income...
Stealth is setting a bar that if more people moved in that direction they may find their life (at least the financial part of it) more stable. I'm continually amazed that overwhelming majority consider car payments an integral part of life. When you're younger, drive a car an extra year or two after it's paid off and save something. Later when you walk into a dealership you can just negotiate a good deal and write them a check.
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  #64  
Old 09-10-2012, 08:36 AM
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Originally Posted by tadtaggert View Post
Stealth is setting a bar that if more people moved in that direction they may find their life (at least the financial part of it) more stable. I'm continually amazed that overwhelming majority consider car payments an integral part of life. When you're younger, drive a car an extra year or two after it's paid off and save something. Later when you walk into a dealership you can just negotiate a good deal and write them a check.
Save Money?! The world is ending on December 21st anyways.. Whats the point?
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  #65  
Old 09-10-2012, 08:38 AM
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Originally Posted by Emilner View Post
There is a massive difference in cost of living from one region to another which will completely change how the numbers come out. Personal finances also play a huge roll. A person owns their home outright vs someone heavy in mortgage debt there will have a lot more disposable income...
Exactly. Depending on your region, you may get more bang for your buck. Real estate has been very stable in where we live. Don't forget property taxes! That's forever.
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  #66  
Old 09-10-2012, 09:23 AM
At Law At Law is offline
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I could never afford the monthly payments on an F-10.

That is why I was forced to pay for it outright.
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  #67  
Old 09-10-2012, 09:25 AM
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Originally Posted by Stealth.Pilot View Post
I think 10% of pre tax income is an absurdly high amount of money to spend on a car. Remember this is pre tax so if you look at it as percent of disposable income it is a lot more. Especially when you also net out mortgage payments, children's school fees, wife/girlfriend, etc.

I would advise spending no more than 2-3% of income on a car. Better to save and retire early. Driving a nice car is great, but not if it means working till old age. I'd rather retire by 50 than drive Bentleys and Ferraris.
That's great and I agree, the lower the better. However, most Americans don't make enough to practically stay within that boundary, even with a beater car. Then on the flipside, a lot of people who can and should practice some type of discipline don't and the banks follow suit because itís profitable. I only used that number as a point of reference, but I think 10% would be a stretch goal for most American families, whether its circumstance or self-inflicted. I try (and still trying ) to instill delayed gratification and accountability into my children, but looking back at my youth, I guess Iím being somewhat hypocritical.
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  #68  
Old 09-10-2012, 09:26 AM
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Real estate has been very stable in where we live.
You obviously don't live in America!
(I kid...I kid...)

The point on region of America and Cost of Living is well made. I've recently been looking at homes in the Bay Area (lightly considering a relocation opportunity). If space aliens moved my house from the ATL to the San Jose area, it would be worth in excess of $4M. That would put a damper in my car slush fund.

My gross income is irrelevant in the equation. What is relevant is what my wife lets me spend of my paycheck.
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  #69  
Old 09-10-2012, 09:30 AM
jpparker30 jpparker30 is offline
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So we are supposed to take financial advise from Stealth.Pilot? No offense, but this is a guy who buys a 550 with evey option available, and then decides to sell a year later to buy the M5. Talk about financial suicide. He is going to take a bath on the resale of the 550. Why not just lease the 550 and then buy the M5? Good luck getting your money back for that all leather dash.
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  #70  
Old 09-10-2012, 09:33 AM
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Quote:
Originally Posted by Emilner View Post
I think that the number is quite low. A family making $200k a year can spend between $333 and $500 a month on a car? If you make $500k a year you should budget between $833 and $1250? It's impossible to say there is a correct percentage. There is a massive difference in cost of living from one region to another which will completely change how the numbers come out. Personal finances also play a huge roll. A person owns their home outright vs someone heavy in mortgage debt there will have a lot more disposable income...
It is low, although most families have 2 cars.

But you are right, net worth, whether you paid off your mortgage, regional factors etc. make a big difference.

Nonetheless I would discourage a young person from spending a lot on a car. The value of investing for young people is very high.

I find that cars is where most people piss away money and struggle later in life.
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  #71  
Old 09-10-2012, 09:38 AM
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Originally Posted by jpparker30 View Post
So we are supposed to take financial advise from Stealth.Pilot? No offense, but this is a guy who buys a 550 with evey option available, and then decides to sell a year later to buy the M5. Talk about financial suicide. He is going to take a bath on the resale of the 550. Why not just lease the 550 and then buy the M5? Good luck getting your money back for that all leather dash.
I would not recommend taking financial advice from a BMW forum. The notion that you even mention such a thing is ridiculous.

However I am not certified to give financial advice so you can ignore my comments at your leisure.
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  #72  
Old 09-10-2012, 09:55 AM
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Originally Posted by jpparker30 View Post
So we are supposed to take financial advise from Stealth.Pilot? No offense, but this is a guy who buys a 550 with evey option available, and then decides to sell a year later to buy the M5. Talk about financial suicide. He is going to take a bath on the resale of the 550. Why not just lease the 550 and then buy the M5? Good luck getting your money back for that all leather dash.
LOL.. you obviously missed the best part of that - the Plan B, in case the sale doesnt go well.
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  #73  
Old 09-10-2012, 10:11 AM
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Originally Posted by Stealth.Pilot View Post
I would not recommend taking financial advice from a BMW forum. The notion that you even mention such a thing is ridiculous.

However I am not certified to give financial advice so you can ignore my comments at your leisure.
So many ways to dissect those statements and all of them hilarious! Of course, I start from the premise that we're all insane for driving cars like these for mostly basic transportation.
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  #74  
Old 09-10-2012, 10:24 AM
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Originally Posted by Leslierc View Post
I start from the premise that we're all insane for driving cars like these for mostly basic transportation.
i think 528i owners can be excluded from that insane category

best looks, best tires, best fuel efficiency, best seats, luxurious and quiet interiors, other optional features.. in short - best value for money.

what does it lack? no more than 260 lb-ft of torque. but in 40mph locals and 80mph highways, thats more than enough.
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  #75  
Old 09-10-2012, 10:39 AM
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Originally Posted by Ralph1201 View Post
i think 528i owners can be excluded from that insane category

best looks, best tires, best fuel efficiency, best seats, luxurious and quiet interiors, other optional features.. in short - best value for money.

what does it lack? no more than 260 lb-ft of torque. but in 40mph locals and 80mph highways, thats more than enough.
I agree with you regarding the practicality of the 528i, even though Prius owners might provide some friendly argument in opposition to your point. For me, though, it's more about the personal satisfaction of driving something that I like a lot, can afford, and makes be happy.
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