Where do these kids get the money?

you cannot lease a car and do all the mods that you saw on these cars. so it's not a lease. im not saying that to brag but just to let anyone out there who is thinking of leasing to know that you cannot modify it in any way or you will end up having to buy it. Just a bit of advice. Also, not having any kids, a wife, and good credit are the key to owning one of these automobiles. so to any teens wanting to have a bmw, dont get married, knock a girl up, or run up those credit cards. If you want a car like this get it first, then do the family thing. later in life you can say ," I owned a bmw." , rather than," I'll never know what it's like to own one of those fine machines."

Originally Posted by munchdown

If you want a car like this get it first, then do the family thing. later in life you can say ," I owned a bmw." , rather than," I'll never know what it's like to own one of those fine machines."

And when you do get it, baby it like it was made from solid gold so you can say, "I bought a BMW when I was young, single, and free...You want to see it?"

Originally Posted by Desertnate

And when you do get it, baby it like it was made from solid gold so you can say, "I bought a BMW when I was young, single, and free...You want to see it?"

Just like the M6 at the Bimmerfest this year

Please note: This is based on my limited exposure to people around me ONLY. This in no way stereotypes the younger enthusiasts, and many of them have done amazing work to afford their own BMWs. Some of my poorer fellow enthusiasts makes do with:

1) Parental help (This'll cover 80% of what you see)
2) High credit card debt, coupled with minimum credit payment and constant acct transfers to temporary no interest cards. I've seen many people with 30k+ debt to pay for the mods
3) Negative savings, as in, most young modders don't have any money saved up. They typically have to wait for the next infusion of cash in order to buy the next mod, as evidenced in for sale forums.
4) Low living cost: To most, the car is the passion and most important thing. Many of them live at home, going to college so parents are paying for living expense, aren't paying home mortgage, and use all of the money on cars and clubbing.

When you shift your priorities accordingly, it is quite possible to come up with 800/mo. to pay for an M3. Especially if you redirect your living expense to credit cards.

Now I don't see a problem with this. Everyone have their priorities in life, and you're free to do whatever makes you happy. If they overspend young and have tougher time when older, then so be it, at least they enjoyed the experience.

But yeah, especially in california, you'll find a lot of rich parents pampering their kids and buying them nice cars. It's a big trend. I'm lucky that my wife's second income actually helps me to buy my BMW instead of farther away from it.

Originally Posted by Stuka

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

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

So true, so true...if it wasn't for college loan debt, I could have done a M3/545 right out of college.

And don't think that I don't think about that every week or so!!!!!!

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!

I just returned from my first Bimmerfest and thought about this issue on the way home today. I decided that the current 20 +/- group are no different than I was when I was 20 something. The price has changed, but cars are still imbeded in our culture. My '57 Vette and a later '65 cost me a lot of money but I worked very hard and made do with less. No wife, kids, or trust fund. My early experience with cars was a good one and I learned a great deal about life, the value of work and money, and made some life long friends. There were exceptions - there always are. But. "car guys" (and girls) usually work for what they have. Maybe the "boomers" have more to contribute to their kids but I still don't think much has changed.

The bottom line is - would I rather have my kid spend $60K on a Bimmer or whatever - or stuff some white stuff up his nose. An M3 any day. I spoke to a lot of them and I would hire many of them in a minute just on their enthusiam for the subject.

I am over 60 and looking forward to next years "Fest" and the 20 something kids showing their "mods" and teaching us old guys some tricks of the trade.

JM

Originally Posted by munchdown

just to let anyone out there who is thinking of leasing to know that you cannot modify it in any way or you will end up having to buy it.

Er... No.

Parents got all my cars
15 1/2 2000 328Ci (gone)
16 2001 6 Speed M3 (gone)
17 1/2 2002 Carrera Cabriolet (daily)
18 2003 SMG M3 show (in the process)
19 2004 Porsche GT3 (all go)

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.

That has got to be one of the dumbest thing in the world I have ever heard! If my folks had $20K to put down for my car, I would have taken the money and bought them a new car myself (parents are frugal immigrants who just bought a toyota camry and feel like they splurged and bought a mercedes).

As for myself, I'm 31 with no wife/kids, making $160K+ a year, and just bought my first car ever (always just rode motorcycles) which is an old 2001 530. I did walk around that event wondering WTF was up with a bazzillion kids running around with heavily modified M3s, but I also realized that people have differing lots in life. I am definitely grateful to everything that my folks gave me even though we were not wealthy. I love machines and definitely enjoyed looking at all the cool mods the people did to their cars.

This topic is very interesting because I was talking to my girlfriend about the same thing on our way home....I mean, there was alot of money being spent on what are already incredible cars....BMWs.....

I am sure that I may speak for a small percentage of people but I am in my mid-20s, and own a 540. My parents didn't help a bit rather I was pushed towards working at 13. And since I really had no use for the money I was making, I decided to open a savings account. Then at about 18 I played the stock market with the help of a market guru--made some good money, and eventually placed all of my earnings into mutual funds and savings bonds. Then, at the age of 23, I graduated from USC, landed a good paying job in commercial real estate and purchased my 540. Granted I am still paying off the car and some school loans, but trust me, the hard work is definitely worth it; and being able to purchase a BMW on your own makes you appreciate the car even more.

Originally Posted by M3pinoydriver

Parents got all my cars
15 1/2 2000 328Ci (gone)
16 2001 6 Speed M3 (gone)
17 1/2 2002 Carrera Cabriolet (daily)
18 2003 SMG M3 show (in the process)
19 2004 Porsche GT3 (all go)

Are you serious? Those are some damn nice parents and damn nice cars!!!!!

Originally Posted by chonch

Are you serious? Those are some damn nice parents and damn nice cars!!!!!

thanx. u see the red GT3 there? That was me

Edit: ohh yea and my sig was from SB to my house

Personally I'm 20 and purchased my '96 M3 a little over a year ago with my own money. I purchased a '95 Dodge Ram in high school, paid it off working at a start-up internet company doing data entry in the summer, then worked as a web site designer during the school year and the balance was paid off by my current job valet parking cars (not a bad job for someone who is into cars ) When I sold my Dodge, I put used the money as a down payment on the M3 and financed the balance over 4 years. The result: A car payment that was about $50 more than my Dodge Ram pickup payment and a beautiful BMW M3 to have fun with

P.S. I fall under the category of college student living at home with parents with little other expenses

Originally Posted by M3pinoydriver

Parents got all my cars
15 1/2 2000 328Ci (gone)
16 2001 6 Speed M3 (gone)
17 1/2 2002 Carrera Cabriolet (daily)
18 2003 SMG M3 show (in the process)
19 2004 Porsche GT3 (all go)

Wow...and I thought I was spoiled for geting this brand new bimmer for doing exceptionally well in college...

Do they need anymore sons in the family?

I do not know of one 20 something "kid" who owns a nice car and a house. All of them rent and most rent with others. This allows them to buy/lease a 60k car.

Originally Posted by car_for_mom

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

Hope you guys had a good time!

We missed you cfm!!!!!

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.

FWIW gang, I'm a 42 year-old-fart and was delighted to see everyone of all ages. I really don't care what age any of you are -- we share a great common interest, and I have more fun hanging and talking cars with you all, of all ages, than just about any other activity. Bimmerfest rocks!

Ah, I rejoice when I see anyone, young or old, with a fine product of the Bayerische Motoren Werke! (although, like Jimmy Carter, I do "lust in my heart" after the M3's and 645's of the world....

I was at the local gas station where I usually get my morning coffee and a couple of times I've seen this very young, very pretty girl with a black M3 I gave her the "thumbs up - you go, girl!" sign, and whenever she sees me now she smiles and waves back to me in my humble 325i

Ah, I was 44 when I got my very first Bimmer; I test drove lots o'cars, saved up quite a bit o' money, and I have to tell you - I feel a sense of ownership and connection to this, the very first car I bought for myself.

If you're 25 with a M3 - you go!

If you're 35 with a M3 - you go!

If you're 45 with a M3 -you go!

Older...you go, but do it carefully!

Originally Posted by car_for_mom

If you're 25 with a M3 - you go!

If you're 35 with a M3 - you go!

If you're 45 with a M3 -you go!

Older...you go, but do it carefully!

Well, I did not get my first bimmer until 30. It was after I drove a co-workers and realized there was INDEED a difference in BMW's. It was so incredible that a few months later I flew to Dallas to pick up my 328 coupe. Best car I ever owned.

I have no problem with kids of all ages driving bimmers. I would have earlier if I had known how great they felt.

I had to sell the coupe after marriage and the first of two kids arrived...and no flames please, but we did sell the bimmer for a...minivan. And it was not cool. But it does have power sliding doors and a stow-away third seat, which the parents on this board will know the value.

Anyway, I now am out of credit card debt and the mortgage is under control...so here I come ZHP.

Originally Posted by BloodRedHog

I had to sell the coupe after marriage and the first of two kids arrived...and no flames please, but we did sell the bimmer for a...minivan. And it was not cool. But it does have power sliding doors and a stow-away third seat, which the parents on this board will know the value.

Now now, coolness is one of those relative concepts.

We've got a Chrysler Town&Country, loaded, with all the bells and whistles. Cool for a road rally? No. Bimmerfest? No. The track? No.

Cool for hauling the family around, vacations, transporting plywood from the lumber yard, etc. etc. etc.? YES!!! I love our minivan.

I enjoy driving my bimmer a lot more, but then, that's what I got it for. The minivan is not purposed really for driving, per se, it's the utility that makes its value -- especially hauling kids and their friends around. Power doors on both sides is one of the coolest features to come around in the entire existence of the family minivan

Well here's my .02 cents on the topic, I don't own an M yet. I'm 24, own my own place, and got myself a used E46 8 months ago all by myself. Since then, i've put alot of money towards modding my car and I do all this on my own. You have to give some of us twenty-something year-olds credit. I work hard to make my car payments and I'm sure there's alot of people out there like myself. But there were alot of younger people than me with M's. I can't say that they didn't derserve their car either. To each their own I say. It was just great to see people of all ages getting together to enjoy all the different BMWs out there. That's the important aspect.

Thanks

Tony

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 think that's kind of a waste of money. You are paying 800 a month and working hard to afford such a nice car at a young age. Your parents even put down 20k! lol, why didn't you just get an E36 M3 and not have to work so hard to afford a new M3?

lol and the funniest comment...


"my parents only put 20K down for me"


LOL! 20k is double what my car costs.

Originally Posted by M3pinoydriver

thanx. u see the red GT3 there? That was me

Edit: ohh yea and my sig was from SB to my house

Hey, this is Gio, we met at the off-ramp of the I-101 Fwy in Encino and you asked me where the caravan was for Bimmerfest. I have the Red M3. Nice to meet you and damn that Porsche GT3 is nice. Next time bring the BMW!

Gio

P.S. - I'm on page 2 Bimmerfest Pics (page 2) withe ///M Power windshield decal

In response to pretty much all the people posting on this subject:

What you can afford is always directly related to the amount of money you earn and the discretionary income you can afford to spend after deducting financial responsibilities. A lot of these younger guys in their 20's driving $60K cars, I would suspect, have great jobs, few liabilities (no wife, kids or mortgage), probably have a very economical housing arrangement (live with parents), and obviously love their cars more than anything else. As for the older guys, hey, it took a little while, but we got to own an awesome BMW also. I personally feel very happy for the younger guys who can drive these super M3's with turbos' and countless mods. I'm 31 and it took me a long time to be able to purchase my own BMW. I may not have all those performance mods that let me do 0-60 in like 3 seconds with 10 sec quarter mile times, but I love my car all the same. And when I went to Bimmerfest, I gotta say, young or old, BMW owners had a brotherly comradery that was unbelievable. Hey, we love our cars!

Originally Posted by FlyingDutchMan

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

Klootzak