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So, F10 drivers, what is your gross income?

40K views 269 replies 71 participants last post by  getz 
#1 ·
Just kidding... :D
 
#79 ·
Ok so I have a friend (more like loose acquaintance) that was declined by BMW FS on the purchase of an F10...so he went to several banks and got 4 loans at 20k each. He refuses to tell me his interest rates and the payments on each loan and simply declares that being able to walk back into the dealership and pay "cash" a week after getting clowned out of there is well worth it. This is my definition of reckless abandon. He is single, no known kids, rents an apt. Thoughts...
 
#82 ·
Why are you talking trash about me Bee???

This is not about income, but rather pride. I wonder how he got 4 loans without the collateral??? If I were him I would have bought a Benz and then honked as I drove by :)

I am single, no kids, and sold my home in FL in 2006 (before the crash) and very financially irresponsible. But I am happy as a mother #$%@***$, now if I could just get my hair back and lose a few lbs.. :bigpimp:
 
#85 ·
A better question might be what percentage of your play money do you spend on car payments. Some people spend thousands a year for vacations, cigarettes, gambling, strip clubs, boat etc. etc. Some people just choose to spend most of their play money on their car, there is absolutely nothing wrong with that if they can afford it.
 
#96 ·
Sooooo...if I open a shaved ice Vodka store next to yours. Do you think the electric lemonade will boost sales?
 
#98 ·
Great idea. And I will open a DUI defense shop a mile down the street. I can even give you guys a cut for demand generation. :D
 
#101 ·
The income achieved by F10 drivers is not all that interesting to me. Interesting, however, would be the F10 drivers' occupations and the stories of hard work that got them to where they are today.

Some of the members on this forum show pictures of garages, cars, and other things that are beyond the reach of the income of mere mortals. Certainly some here have started and sold off businesses, etc. These are the stories that would be most interesting, perhaps because I currently own and operate a software business and am working towards my first big pay day (read: acquisition of the company).

The kind of success achieved by many of the forum's members usually only occurs through hard work and the use of a noggin. I enjoy reading about this.

-Corey
 
#110 ·
At the Jersey shore this Summer I saw a popular T-Shirt phrase: YOLO (You only live once).

Which depending on your beliefs, may hold true or not. I think I only have one go at life, so it's a challenge to find balance the near term enjoyment and long term planning for 40 yrs of retirement. Yes, I wrote 40 years given the odds at least one of us will live to 90 are pretty good (my money is on Mrs. D). Today, I could stop making double mortgage payments and buy Vanquish (my oops in another thread) without interupting any retirement investments (after 40 all investments are retiement investments), but the cheaper Vantage would be a much more prudent choice. Forty years of retirement weighs in heavily in any financial decision such that I shouldn't trade-in my 550 for a Vantage, since I didn't get enough use out of it yet. Conservative me says the 550 needs to hang around to 2015 or at least one full year after it is paid off. Conservative me usually wins.

Now if only I could embrace YOLO.
 
#111 ·
I'm convinced most people will retire in quiet desperation. It takes a heck of a lot of money to live out your retirement in a decent life style - for 30 years anyway. At 100k a year, assuming little or no interest, you'd need $3 million tax paid dollars to live out 30 years, at least $2 million anyway with some returns and such and more conservative living. Assuming you don't have any debts, your kids are graduated and not dependant upon you, and you have insurance for all your necessities, you might be okay with $2 million for you and your spouse. At $60k a year you could get away with $1.8 assuming no ROI. If you have a company sponsored pension, you may not need to save as much, but it can get tight fast.
 
#119 ·
Depending on the retirement lifestyle you want to live, I believe one will spend less as they move further along retirement. Your need for a luxury vehicle every 3 years or whatever your turnaround is will diminish. You won't have a commute so you will drive less. That equals less gas. Most retired couples I know downsize to a smaller property which means less maintenance.
 
#112 ·
Don't forget about inflation. With 3% inflation, $100k is only worth $41k after 30yrs.
 
#125 ·
Well, I have no income to speak of because of the economy but, I'm retired at 51 and paying all with cash too. I finally get to enjoy life from all the hard work I put in. :thumbup:
 
#127 ·
By the way, this thread is more like

"Am I overspending on the car? How's others doing?"

This is all about priorities... house, car, vacation, audio, sports, food, etc, etc...

My friend, who got married recently, makes 5 figures, got about $80k student loan, then went to Italian vacation last year with credit card debt.

He does not own a car, and thinks he's living modest.
 
#128 ·
By the way, this thread is more like

"Am I overspending on the car? How's others doing?"

This is all about priorities... house, car, vacation, audio, sports, food, etc, etc...

My friend, who got married recently, makes 5 figures, got about $80k student loan, then went to Italian vacation last year with credit card debt.

He does not own a car, and thinks he's living modest.
What kind of watch does he own? :D
 
#130 ·
Right now you can get the $750 loyalty offer to finance your new 5 series. Pay the loan off in 4 months with your cash and you still come out about $500 ahead. Add to that the BMW CCA payout and you get about $1500 between the two!
 
#134 ·
Yes, I love these financing deals. When I bought my car the offer was 0.9% for 36 months, plus $1500 cash back. I didn't put down a dime to maximize the amount of cheap money that BMW was offering. The best part was the total interest came out to be $1,178.75 or $321.25 less than their $1,500 rebate for financing. The $1,000 BMWCCA rebate was just icing on the cake. :banana:
 
#132 ·
Ok, lets bottom line this; if you earn less than 6 figures and are married with one or more children, have other significant debt obligations, this probably isn't the car for you unless you have substantial assets accumulated or other non-income sources of support to warrant the expenditure.
 
#141 ·
My bottom line is this on any car purchase, at any income level.
If your questioning it, don't buy it. If it means that much to you, plan for it, work harder and be patient. Don't kill your finances over a car.

Top 10 leading indicators the car is too expensive for you:
1) You tell yourself, I'm going to keep this car for 10 years.
2) You consider selling your stock options prematurely for money down.
3) You're wondering how to convince your spouse this is a logical purchase.
4) You're thinking of impractical ways to save money, like drinking or golfing less, while your drinking and/or golfing.....yes I added the "and" :rofl:
5) You gain the ability to convert interest rates into payments…..mentally. :eeps:
6) You're on the car builder "daily" continuing to re-evaluate and sacrificing options you wanted.
7) You start looking into home equity loans.
8)
9)
10)
HELP!! I need three more!!! :rofl:
 
#140 ·
Come on guys, you never should put your guns, dope, and cash in the same place. They go in three different holes in the backyard. :rofl:
 
#143 ·
You consider ballon payments as a way to lower your payment up front.
 
#150 ·
13.) You would be driving your new BMW to the local laundromat to do your laundry.
 
#146 ·
When people see someone in a car... I think they would guess the following

Japanese/American car -> Less than $100k/year income
small German car or Japanese premium -> $100k+
midsize German car -> $200k+
big German car -> $300k+
Italian or German sport car -> $500k+

So feeling just right/guilty/too modest is all up to us..... :D
 
#153 ·
When people see someone in a car... I think they would guess the following

Japanese/American car -> Less than $100k/year income
small German car or Japanese premium -> $100k+
midsize German car -> $200k+
big German car -> $300k+
Italian or German sport car -> $500k+

So feeling just right/guilty/too modest is all up to us..... :D
In my mind it's actually
big German car -> $500k+
Italian sport car -> $1M+

But maybe I'm just a bit on the conservative side. I never even considered buying any german car when our family income was less than 200K, and we didn't even have our daughter then. Our cars then were a 2009 Acura TSX (my wife's) and a 2005 CR-V.
 
#151 ·
Nothing more tacky than seeing a guy roll up to a Laundromat in a $80k car and asking to "borrow" detergent!
 
#159 ·
Income is one measure of a person's wealth, but how much of that income you spend may be a better gauge of retained wealth. I was doing a charity drive yesterday at a local, small market where people pull in to get a few food items, beer, or cigarettes. What I noticed was that the people who were the most generous drove average new and old cars. The three new luxury cars that pulled up, an Audi and two Mercedes, had occupants who gave nothing. No BMW's drove up except me, and I gave a large donation. These luxury drivers were all young people who looked like they stretched their budgets to buy a prestige automobile and had no change left over after they bought their beer and cigarettes which they probably put on their charge card anyway. Instead of just looking at how much money BMW drivers make maybe it would be interesting to see how generous high earning BMW drivers are. How much do you think an average owner gives to church or charity?
 
#166 ·
These luxury drivers were all young people who looked like they stretched their budgets to buy a prestige automobile and had no change left over after they bought their beer and cigarettes which they probably put on their charge card anyway. Instead of just looking at how much money BMW drivers make maybe it would be interesting to see how generous high earning BMW drivers are. How much do you think an average owner gives to church or charity?
We aren't young anymore, we buy everything on our rewards charge card (which we pay off every month), we don't buy beer or cigarettes, but we do donate roughly $300-400/mo to charities and maybe $10/yr to churches. So, I would bet we aren't typical, but I'm not sure if our donation mix puts us in the :angel: or :fingers: category. ;)
 
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