Where do these kids get the money?

I am almost 40 and buying the car as a gift to myself. I went with a friend and as we walked around it seemed that these 60K+ cars where owned by kids in their early 20's! I have always thought of myself as a "young guy" but it was depressing to see basically teenagers driving the car that I am streatching to buy as an adult. I also fear that a good percentage of these kids will wrap their hopped up supercharged M3's around a tree somewhere. Good luck trust fund babies!

Hi,
My wife and I were talking about this very point, how so many young people can afford a $60k car!
We figured they live at home, or have a room mate, have reasonbly good jobs, and most of their money goes for the car.
It would be great to have someone who is in their 20s and has an M3 to post.
Oh and as a side point, all the young people, and us older ones were VERY polite and well mannered, and made Bimmerfest a great experience, Thanks to all. Bob

well... you live and you learn. If they mess up their car, then I hope they learn from it. Sometimes I see the 16 year old kids with brand new 60k M3's and I guess im a little perturbed by it. I am somewhat glad I wasn't spoiled with an expensive fast M3, who knows what could happen. its kinda odd seeing 16 year old kids drive cars 6 times the cost of my car.

I can see your point, but theres not much you can really do about it. I know for sure I would not refuse a new M3 at the age of 16 if my parents offered it to me.

oh yeah and I like the E36 bodystyle better than the E46.

Originally Posted by 16hr Day

I am almost 40 and buying the car as a gift to myself. I went with a friend and as we walked around it seemed that these 60K+ cars where owned by kids in their early 20's! I have always thought of myself as a "young guy" but it was depressing to see basically teenagers driving the car that I am streatching to buy as an adult. I also fear that a good percentage of these kids will wrap their hopped up supercharged M3's around a tree somewhere. Good luck trust fund babies!

They lease

Originally Posted by 16hr Day

I am almost 40 and buying the car as a gift to myself. I went with a friend and as we walked around it seemed that these 60K+ cars where owned by kids in their early 20's! I have always thought of myself as a "young guy" but it was depressing to see basically teenagers driving the car that I am streatching to buy as an adult. I also fear that a good percentage of these kids will wrap their hopped up supercharged M3's around a tree somewhere. Good luck trust fund babies!

If it makes you feel better, a buddy of mine that works at Ditech in Costa Mesa was telling me about a 24 year-old that bought an M3 and totalled it 13 days later. (Come to think of it, that probably wouldn't make anybody feel better, but I am sure you get what I am driving at - no pun!) The dude was even suspended. Now he takes the bus. And if that dude is on this board, I do feel for you, but...

Oh and when I was 16, I was driving around a Pontiac Sunbird.

Originally Posted by 1RXTECH

Hi,
My wife and I were talking about this very point, how so many young people can afford a $60k car!
Bob

HOW DO WE AFFORD IT...SIMPLE...We don't have WIFES!!!!

Originally Posted by FlyingDutchMan

HOW DO WE AFFORD IT...SIMPLE...We don't have WIFES!!!!

Good point!!! lol Bob

Originally Posted by 1RXTECH

Good point!!! lol Bob

true, I have wife, kids, house, but, when I was 25 I had a good job making 1200 a week (almost 15 years ago) and I still couldn't afford a 60K car. And, it's not just the 60K, I saw all sorts of upgrades, Dinan, Supercharges, Wheels and so on, so now you are talking more like 70K+. If I could afford to buy my son an M3 as his first car I still wouldn't. I will probably cruise the police auctions for an old CHP car with a huge bumper. After all, you always seem to bend up your first car!

hmmm, I can't speak for others, but I started a business when I was 20 that has allowed me to buy the toys I want to buy. I got the M3 at 23.

Maybe the other early 20s M3 owners have good jobs that allow them to buy the stuff they want.

Originally Posted by gemusan

hmmm, I can't speak for others, but I started a business when I was 20 that has allowed me to buy the toys I want to buy. I got the M3 at 23.

Maybe the other early 20s M3 owners have good jobs that allow them to buy the stuff they want.

Kudos to you, however, I doubt you are the norm.

Originally Posted by FlyingDutchMan

HOW DO WE AFFORD IT...SIMPLE...We don't have WIFES!!!!

Or...'Tax Deductions' (also known as offspring, issue, progeny, rugrats, children....)

Hope you guys had a good time!

I don't know where they get the bucks, but god bless 'em for spending it modding the cars. Gives low rent guys like me something to oogle and dream of and keeps thousands of car crazy people employed. I imagine the chicks dig it too. I'm just depressed that I missed the fest and all the people this year.

Originally Posted by drmwvr

They lease

More like parents lease...hehehe

I gotta admit I have had help with my car since I am still a student, but I work on the side doing things I enjoy such as euro tuning and also promotional and clothing. I also put the down payment on my car in when I got it back in 2000...Just grateful my parents haven't spoiled me as bad as some people...it's not all fun and games. Actually looking forward to my job this may...

Originally Posted by FlyingDutchMan

HOW DO WE AFFORD IT...SIMPLE...We don't have WIFES!!!!

That would be wives. Wife = singular. Wives = plural.

Originally Posted by 16hr Day

I am almost 40 and buying the car as a gift to myself. I went with a friend and as we walked around it seemed that these 60K+ cars where owned by kids in their early 20's! I have always thought of myself as a "young guy" but it was depressing to see basically teenagers driving the car that I am streatching to buy as an adult. I also fear that a good percentage of these kids will wrap their hopped up supercharged M3's around a tree somewhere. Good luck trust fund babies!

If you have no debt of any kind, and car is your passion, and you have a good paying job, it is doable.

I got my first E36 M3 at 23 as a consolation after I didn't marry my college gf.

Second one at 24 (first one was auto, and I mended my wayward ways and sold it, took a loss, and got one with proper 5 speed gearbox 10 months later).

I got my E46 M3 that was killed by Savage BMW at 27.

I got my Turbo at 30, part of it again was as a consolation to not getting married to the gf at the time.

Not having student loan was a big blessing that allowed me to spend my $$ on what I wanted to spend on, cars.

Originally Posted by 16hr Day

I am almost 40 and buying the car as a gift to myself. I went with a friend and as we walked around it seemed that these 60K+ cars where owned by kids in their early 20's! I have always thought of myself as a "young guy" but it was depressing to see basically teenagers driving the car that I am streatching to buy as an adult. I also fear that a good percentage of these kids will wrap their hopped up supercharged M3's around a tree somewhere. Good luck trust fund babies!

It comes down to something very simple .. .What might seem like a lot of money to you might not be for others . . . Here you are driving around a $60k car and the guy who can barely afford a used Hyundai see's you and thinks to himself how he can never afford what you have and wonders how in the world anyone so young (being only 40) can afford such an expensive car.

It's all relative ...

Im in my 20's, but I live at home and pretty much have no bills. I can make the payment for my cars, and still have enough money to get by. Im sure if you were single and had virtually no bills to pay you could be driving around a ferrari or 100K+ car of some sort. Pretty much most of all my money goes into my cars. Prob 75-80 %. You guys got kids, a wife, mortgage, etc.. etc..

The other thing to keep in mind is that while it might *seem* (at bimmerfest, on some messageboards, etc) so many 20-sometings are driving around in 60k cars, in reality, you are taking about a very, very small percentage of the overall population. The tiny percentage that do can easily be explained by:
-A few that happen to be successful at a young age (coupled w/ lack of debt and other financial obligations)
-Parents may be helping out
-Independently wealthy (trust fund)-- although I bet this is an even smaller percentage.
-Ok job + willingness to spend nearly every cent earned on car (unforunately, this may explain the bulk of the small percentage)

Originally Posted by 1RXTECH

Hi,
My wife and I were talking about this very point, how so many young people can afford a $60k car!
We figured they live at home, or have a room mate, have reasonbly good jobs, and most of their money goes for the car.
It would be great to have someone who is in their 20s and has an M3 to post.
Oh and as a side point, all the young people, and us older ones were VERY polite and well mannered, and made Bimmerfest a great experience, Thanks to all. Bob

Yup, I bet you its like 60% of expensive cars, that most of the kids live at Home with parents and have good jobs. Especially when lease rates are soo low. A 325 is like $289 a month!

Originally Posted by FlyingDutchMan

HOW DO WE AFFORD IT...SIMPLE...We don't have WIFES!!!!

thats is sooo true. when I was single with a condo, heck I was even thinking of getting an M3 convert buy! My payment was going to be like $800 a month, but I LoVE! the M3.

I get a permanent lady(and Im happy) and settled for a new G35.

but Im eyeing the Z now.

I'm a Senior Computer programmer, and run my own business. I bought my first 328is when I was 18 and just purchased my new 330Ci ZHP and paid cash.

Like it's mentioned above I think only a very small population (which you see at these events) that are young and can afford expensive cars. I think you are just seeing the few guys who have become successful at a young age. However this is California where money is everywhere. So it could be a combination of parents success and child's success...not sure.

damn so many of the older people getting pissed at the younger people. Im 18 and drive a 04 M3, and all i have to say is i work my ass off for that car and my parents only put 20K down for me and im paying 800 a month for the next four years.

Originally Posted by M3guyCA

damn so many of the older people getting pissed at the younger people. Im 18 and drive a 04 M3, and all i have to say is i work my ass off for that car and my parents only put 20K down for me and im paying 800 a month for the next four years.

I don't think it is a matter of being "pissed" more than just not figuring out how you do it.

Most of us "older" folks just now getting our BMWs probably have come from more humble backgrounds where our folks could never have dropped $20K to help us with a car. Heck, my folks went into debt just helping me get out of college.

I admit I am amazed as well. I bought my car when I was 26, but it was a stipper 323i (only SP, CD and moonroof) and I was going out on a limb payments wise to even afford that...and I was single at the time! Now days, I am married with kids and there is no chance I will buy a car that expensive again for a looonnnggg time. Probably not a BMW either due to the high price of maintenance

Once my girls are grown and I don't work for the government any more maybe...but that is too far out to think about...

Originally Posted by M3guyCA

and my parents only put 20K down for me

Originally Posted by M3guyCA

damn so many of the older people getting pissed at the younger people. Im 18 and drive a 04 M3, and all i have to say is i work my ass off for that car and my parents only put 20K down for me and im paying 800 a month for the next four years.

ONLY 20K down??? Boy you should bring your Mom a 200lb box of candy daily
and buy your Dad the best set of Golf clubs you can find!!
ONLY 20K down??
YOU HAVE GREAT PARENTS!! Bob