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Go Back   Bimmerfest - BMW Forums > BMW Model Discussions > M Series > E46 M3 (2001-2006)

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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  #76  
Old 03-14-2006, 03:41 AM
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Quote:
Originally Posted by Ventoux
why is that? Ive made well over 200k the past 3 years and still debate whether I should make such a purchase. Im facing a career change, and less income. I should be at around 150k yr, my house note is $1250 month, and im not sure if i can now afford a CPO 04 M3. I just dont like living month to month with a car note taking up a lot of my money.
Unless you have a drug habit you should be able swing your mortgage payment and have plenty left over for an M3 and easily pay your bills and still put money aside for the future. If you want to pay me a consulting fee I'll work out a budget for you.
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  #77  
Old 03-15-2006, 11:47 PM
DJ_INHALE DJ_INHALE is offline
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Rule number 1. Never get married. you should never have to ask for premission to anything. ditch the bitch

How much do I have to make to afford this car? Well? I look at it as where I spend my money. I dont have a gf, I dont out to eat, I dont go on vacations, I dont buy electronics, My rent is cheap as can be. I dont make as much as these old ass baby boomers on this board but I have a low overhead so I justify the m3 for me. (I am going used 2002)

i did put away cash with my Roth IRA and quit spending 1000s on steroids so that will go towards the car

I am going to live the way I want and buy what I want. If I cant afford it, I will suck it up and get rid of it.

Last edited by DJ_INHALE; 03-15-2006 at 11:52 PM.
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  #78  
Old 03-21-2006, 10:37 AM
Ventoux Ventoux is offline
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Got rid of the wife over a year ago.
Its true, it all comes down to choices. I like to go on vacations and eat out, etc... so i have to make the decisions as to what i can keep doing based on my current income.
Quote:
Originally Posted by DJ_INHALE
Rule number 1. Never get married. you should never have to ask for premission to anything. ditch the bitch

How much do I have to make to afford this car? Well? I look at it as where I spend my money. I dont have a gf, I dont out to eat, I dont go on vacations, I dont buy electronics, My rent is cheap as can be. I dont make as much as these old ass baby boomers on this board but I have a low overhead so I justify the m3 for me. (I am going used 2002)

i did put away cash with my Roth IRA and quit spending 1000s on steroids so that will go towards the car

I am going to live the way I want and buy what I want. If I cant afford it, I will suck it up and get rid of it.

Last edited by Ventoux; 03-21-2006 at 01:10 PM.
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  #79  
Old 03-31-2006, 10:28 PM
Devil Doc Devil Doc is offline
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If you have to ask, you probably cant afford it. Join the Navy, become a Corpsman, go to Iraq with the Marines, after 7 months in the sand with no place to spend your money, you will have 50,000 for your new car.
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  #80  
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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  #81  
Old 04-09-2006, 12:27 AM
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Quote:
Originally Posted by jetstream23
Divide your salary by 3, that's the price of the car you should get !

Multiply your salary by 3, that's the value of a mortgage you should undertake for a new home assuming 20% down, no PMI and a reasonable interest rate (i.e. under 6.5%).

Doing more than that means your eyes are likely bigger than your wallet or your brain.

Of course, there are lots of assumptions here but this is my baseline.
Well, that sounds aweful responsible, unlike most Americans.

All kidding aside, my home is now worth 10x my salary ... but I bought it when it was worth 6x my salary. Did I make the right decision to buy in spite of the 3x rule? I'd have to say so. Also, didn't really have a choice in the Bay Area.

Only 1/3 of your salary on a car? Well ... that's aweful bad if you make $30k/year, you can't even buy a new car. I think that might be a little conservative, especially for a single guy. I do think it comes down to priorities though ... a car fanatic spending his annual salary on a car might make sense. The average driver who doesn't care about door dings, drives their car through the Chevron Car wash, and hasn't a clue on how to wax a car probably shouldn't spend even 1/3 of their salary on it. If my father spent $60k on a car I'd just die ... he doesn't take care of his cars.

I do think that if anybody is going to buy a $60k car, they need to have a garage to park it in. I'd recommend looking at a modest home with at least a single car garage first ... then find a way put a nice car in it.
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  #82  
Old 04-09-2006, 02:20 AM
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Dumb poll, but one that will generate all opinions.

I'll say this: if you can afford one (including running costs, insurance, service etc.) then go for it! Who cares if you have a wife, 10 kids, or a $100,000,000 mortgage or girl or whatever.

I don't see anything "wrong" with someone who really loves the E46 M3, ends up getting one but compromises his/her lifestyle. Different people have different priorities. No such rule as "you must get married, have 10 kids and ... before you get the M3".

Life is short, live it to the max with whatever that gives you the max

Last edited by 650iOzBoy; 04-09-2006 at 02:23 AM.
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  #83  
Old 04-09-2006, 06:59 AM
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If you make only $30k a year, you shouldnt buy a new car. Buy a reliable used car. Spending a lot of money on a vehicle and forgoing saving for retirement or paying off other debt is a moronic choice. Sorry, it just is. Yeah, i want an M3, but I dont want to have to scrape by or be working when im 70 just to satisfy my car craving at 38.

That being said, i cant wait till i get an M3. Used of course.

Quote:
Originally Posted by kaweahnet
Only 1/3 of your salary on a car? Well ... that's aweful bad if you make $30k/year, you can't even buy a new car. I think that might be a little conservative, especially for a single guy.

Last edited by Ventoux; 04-09-2006 at 07:03 AM.
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  #84  
Old 04-09-2006, 07:09 AM
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Quote:
Originally Posted by Ventoux
If you make only $30k a year, you shouldnt buy a new car. Buy a reliable used car. Spending a lot of money on a vehicle and forgoing saving for retirement or paying off other debt is a moronic choice. Sorry, it just is. Yeah, i want an M3, but I dont want to have to scrape by or be working when im 70 just to satisfy my car craving at 38.

That being said, i cant wait till i get an M3. Used of course.
I wouldn't say that's necessarily a moronic choice for everyone. If owning a car you really enjoy makes you happy in your life then it's worth it, even if that means not saving as much for retirement. If you don't have enough money to retire when you're an old fart it's not really a problem because you can always get a job at the carosel at a shopping mall and that will easily pay your bills.
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  #85  
Old 04-09-2006, 08:11 AM
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Well, the reality of the real world is that you can probably rationalize buying all the toys you want at a young age, without fulling understanding the pain it's going to cause you at an older age. I wouldn't for a moment put a gnat's ass worth of value in responses from other young people in this area.

But, anyway, you guys should all go back to stuffing your heads into the sand or other body orifices and justify owning a cool car now ahead of saving for a home, children's education and/or retirement.

Oh wait, forgot, Carpe diem!

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  #86  
Old 04-09-2006, 10:02 AM
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Quote:
Originally Posted by 650iOzBoy
Dumb poll, but one that will generate all opinions.
Isn't generation of opinions one of the goals of a forum?
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  #87  
Old 04-09-2006, 10:55 AM
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Quote:
Originally Posted by Moderato
If you make 200K+ per year and you have no kids, there is no way you
would have to "justify" an M3, and that's a fact.
Depends on where you live, no? Seen the housing prices in the NYC area? Combined salary of 200K+ will probably allow you to buy a small house that's not falling apart.

Whether you're an idiot for living near NYC is another question (and a fair one) but that's a different story.

Last edited by rumratt; 04-09-2006 at 10:58 AM.
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  #88  
Old 04-09-2006, 11:03 AM
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The question obviously depends on a lot of things. Marital status, kids, realty situation, other toys (boats, time shares, etc.), crap like that. So, I was liberal with my vote and went with $100k minimum. Doesn't necessarily have to be single income, either. It just depends on these other factors. For us, I'd like to have an income of about $150k before I felt totally comfortable with a well-appointed M3 given all of my other obligations.
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  #89  
Old 04-09-2006, 11:35 AM
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Quote:
Originally Posted by BahnBaum
Well, the reality of the real world is that you can probably rationalize buying all the toys you want at a young age, without fulling understanding the pain it's going to cause you at an older age. I wouldn't for a moment put a gnat's ass worth of value in responses from other young people in this area.

But, anyway, you guys should all go back to stuffing your heads into the sand or other body orifices and justify owning a cool car now ahead of saving for a home, children's education and/or retirement.

Oh wait, forgot, Carpe diem!

Alex
How much do you suggest saving for home/retirement/children's education? I've heard save 10% for kid's education, plus like 10-15% for retirement. If you add in 25% for car, 30% for house, that's only 20% left to spend on other stuff. Plus, that's with only 1 kid... Of course, like others said, depends on where you live, how much you make, but at least the retirement savings should be done proportionally.
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  #90  
Old 04-09-2006, 11:47 AM
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Quote:
Originally Posted by swchang
30% for house
Good luck with that in CA or NY.
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  #91  
Old 04-09-2006, 02:06 PM
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Quote:
Originally Posted by rumratt
Depends on where you live, no? Seen the housing prices in the NYC area? Combined salary of 200K+ will probably allow you to buy a small house that's not falling apart.

Whether you're an idiot for living near NYC is another question (and a fair one) but that's a different story.
Where I live 350K will buy you a fairly nice home. Nothing extravagant but acceptable. Did those type 44's work out for you?
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  #92  
Old 04-09-2006, 03:35 PM
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Quote:
Originally Posted by Moderato
I wouldn't say that's necessarily a moronic choice for everyone. If owning a car you really enjoy makes you happy in your life then it's worth it, even if that means not saving as much for retirement. If you don't have enough money to retire when you're an old fart it's not really a problem because you can always get a job at the carosel at a shopping mall and that will easily pay your bills.
Exactly my point. People want different things and hence places different valuation on things (or "utility" as those economists call it). For Ventoux, having a solid retirement is important to him/her.

As for me, this is one case in life where I do not do what I preach. I can afford the 650i without undue compromising. I'm grateful for that.
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  #93  
Old 04-10-2006, 08:48 AM
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More than having a solid retirement, not having tons of debt is more important to me. Sure, people have every right to make the choices they want, but i still stand by the fact that encurring large amounts of debt for immediate satisfaction isnt smart. No matter how you try and justify it.

http://www.cbsnews.com/stories/2001/...in286725.shtml

This article suggests that debt payments shouldnt eat up more than 10-15% of income. (car included) If you make minimum monthly payments on credit card debt, you seriously need to revaluate whats going on financially in your life. Im not trying to be a jerk here, its just the truth.

There is a fantastic episode of Frontline on the history of the credit card. Its very eye opening. http://www.pbs.org/wgbh/pages/frontl...s/credit/view/

As it relates to the topic, IMHO, if you carry large amounts of CC debt, if you you dont save monthly for your retirement, if you live month to month with nothing left over, then you really shouldnt own a high end automobile, not matter what kind.


Quote:
Originally Posted by 650iOzBoy
Exactly my point. People want different things and hence places different valuation on things (or "utility" as those economists call it). For Ventoux, having a solid retirement is important to him/her.

As for me, this is one case in life where I do not do what I preach. I can afford the 650i without undue compromising. I'm grateful for that.
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  #94  
Old 04-10-2006, 06:34 PM
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Quote:
Originally Posted by Ventoux
There is a fantastic episode of Frontline on the history of the credit card. Its very eye opening. http://www.pbs.org/wgbh/pages/frontl...s/credit/view/

As it relates to the topic, IMHO, if you carry large amounts of CC debt, if you you dont save monthly for your retirement, if you live month to month with nothing left over, then you really shouldnt own a high end automobile, not matter what kind.
Thanks for that, very interesting. According to that article, I'm a "deadbeat"; never owing a cent on my plastic, but using the plastic purely for convenience. In fact, AmEx labels my (only) plastic as a "charge card", not a credit card. (AmEx has a charge card line and a credit card line). Credit cards are perhaps the worse ways of getting into persistent debt for many people.

Last edited by 650iOzBoy; 04-10-2006 at 06:38 PM.
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  #95  
Old 04-11-2006, 05:06 PM
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Congrats. I too am a dead beat!!!

Funny how lowering the monthly payments netted them more money. That guy is a genius.
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  #96  
Old 04-11-2006, 10:35 PM
Laszlo Laszlo is offline
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Even on a lease and putting down 10K, you're still talking about 1K a month (approx.)... and that's on a lease, man. You're throwing money out the window. Unless you're writing it off through an owned business.
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  #97  
Old 04-12-2006, 01:17 PM
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  #98  
Old 04-13-2006, 08:38 AM
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I'm glad I heard the word happiness. That's what it should all be about. Heck, we could all get runover by a Ford tomorrow ... so if owning a BMW today is what is going to make you happy ... why not? I just caution in trying to find happiness in material posessions. On the other hand, I'm smilin' pretty big when I'm behind the wheel of my machine.

My point is that it sure would be a shame to sacrifice and sacrifice to prepare for tomorrow, and then never get a chance to enjoy life.
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  #99  
Old 04-13-2006, 08:51 AM
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In all honesty, too safely afford a car and not live for it, unless you've saved extensively over the years, the new vehicle should not be more than 1/8 of your yearly income.
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  #100  
Old 04-13-2006, 10:27 AM
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Originally Posted by wheel-man
In all honesty, too safely afford a car and not live for it, unless you've saved extensively over the years, the new vehicle should not be more than 1/8 of your yearly income.
Awww ... come on. That is a little extreme. That means theat people who make $80k/yr shouldn't buy a $15k car.
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