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View Poll Results: Do you follow the 1/10th rule when buying a car?
Yes 0 0%
No 12 100.00%
Voters: 12. You may not vote on this poll

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  #1  
Old Yesterday, 12:45 AM
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1/10th rule for car buying

Do you guys follow the 1/10th rule?
http://www.financialsamurai.com/the-...e-must-follow/
According to this article you can only get to a BMW at around $250K gross annual income. (I am not sure how a 435i is 1/10th of $250K).

Were you aware of this rule?
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  #2  
Old Yesterday, 03:23 AM
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Quote:
Originally Posted by mr_clueless View Post
Do you guys follow the 1/10th rule?
http://www.financialsamurai.com/the-...e-must-follow/
According to this article you can only get to a BMW at around $250K gross annual income. (I am not sure how a 435i is 1/10th of $250K).

Were you aware of this rule?
Not aware of this made up rule. No one follows it. If they did, the auto industry would go down the tubes. The financial samurai needs to break out his short knife because of this epic fail.
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  #3  
Old Yesterday, 05:02 AM
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If you read all the way to the end of the article he still gives you props for being at 25%. I'm probably at 20% or less. I know a lot of people making probably half what I'm making who are driving cars that cost two times what mine cost. I was walking near my office in Queens yesterday. It wasn't scary but, it certainly wasn't a place I would ever want to live in. I was amazed at all of the newer german cars I saw including a 2012 M5.
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  #4  
Old Yesterday, 05:32 AM
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Originally Posted by Spike Holmes View Post
.....I was walking near my office in Queens yesterday. It wasn't scary but, it certainly wasn't a place I would ever want to live in. I was amazed at all of the newer german cars I saw including a 2012 M5.
Why amazed?.....you can make 250k and live in Queens, but I guarantee that 250k isnt reported to uncle sam. Street pharma has a high profit margin
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  #5  
Old Yesterday, 05:39 AM
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The guy who came up with the rule obviously is no friend of the car business. Ugh, it's probably so ridiculous that I didn't bothered reading how he came up with the rule.
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  #6  
Old Yesterday, 05:48 AM
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That is a terrible website with even worse advice. Anyone who sticks to a "rule" that says I make 250k a year so I can only buy a 25k car is an idiot.
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  #7  
Old Yesterday, 06:10 AM
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The guy is a minimalist. He'd probably prefer to live in one of those tiny homes that fits on a two wheeled trailer. He's just on the narrow end of the financial spectrum. And that's fine... for him. If you take what he says with a grain of your own salty reality, he holds some fair ideals.

Just up the spectrum from him are more famous folks like Dave Ramsey. I don't live by everything the man says, but I have a friend who was once seriously backwards and is now in much better shape. I watched him go from 2 new cars every two years to buying the right used one with cash. His marriage, once torn apart by focus on debt and the stress of money is now stronger than ever.

The dot com bust mentioned in that article was the turning point for me. We haven't had a car note since the 90's. They drive (pun!) me nuts. Every time I see a new car, I see one that I may own in 4-5 years- if I like it enough to trade in my savings or investments. We're at a place now where we're divesting in market stocks and other more traditional investments to eliminate that one biggest debt- the house.

We plan to redirect (most of) that house note to savings for the next number of years. Even though we're not in a huge home expense, we'll be ready to right size and get focused on a retirement steeped in mobility. We might even be able to help our child pay off some college debt.
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  #8  
Old Yesterday, 06:13 AM
Autoputzer Autoputzer is online now
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This 1/10th rule would usually only make sense for somebody who doesn't care about cars. That pretty much eliminates anybody surfing a BMW-related website. I have friends who are well below the 1/10th rule, though. Most of these friends make $100k to $150k and buy $10k to $15k used cars.

Everybody has different priorities and things they enjoying spending their disposable income on. A friend of mine and his wife drive clunkers, but have $50k in watches….. uh, I mean "fine time pieces." When they buy a decent car, it quickly becomes a clunker. So, it's better that they don't spend a lot of money on cars. A big priority of mine is to retire from my suck-*** job as early as possible. That limits what I'm willing to spend on cars.

The big picture is to spend less than you earn, but spend a reasonable portion of your disposable income on what gives you enjoyment.
I include depreciation of cars as part of our "consumption." When my wife and I were both working we kept our consumption below 80 percent of our after-tax earned income. I was below 50% before marriage.

Depreciation is the largest component of the cost of car ownership. I enjoy a nice car. So, I mitigate the costs by keeping our cars a long time. We generally keep our cars over 100k miles. I expend a lot of effort maintaining them, both mechanically and cosmetically. A clean, maintained car can be as enjoyable as a new one, and a lot cheaper to drive.

Another financial metric I like is the ratio of total value of cars/net worth. Keeping that metric below 1/10th is much more reasonable. I usually find myself delaying replacement of cars to get that metric to fall below another whole percentage point. Two years after college and buying my first new car (a Nissan Sentra SE-R), I was slightly over 0.5. My first BMW took me up to about 0.2. That would normally keep me awake at night, but since I was saving every other paycheck I could live with that.

Last edited by Autoputzer; Yesterday at 06:14 AM.
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  #9  
Old Yesterday, 06:24 AM
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I can assure you minimalists may not have a full house of furniture and assessories, but they have toys too, expensive cars and cameras.
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  #10  
Old Yesterday, 06:30 AM
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I slobbered like a Bullmastif when I saw this thread!!! 1/10th rule...let me see...ummm NO! Someone who makes 200K/yr..*****s a 20k car. Simply over the top frugal and far too conscious of a dollar. Bottom line is live life to the fullest within somewhat of a tolerable limit. The question that comes to mind is what is the actual purpose of money? What does it do? Gives us power to buy! Some spend it all, some save it all. Everyone is different. I have a made up 1/3 rule. Keeps me in a BMW so I'm happy. 40 years from now I'm dead so who gives a Sh*t? It's my life, my money, my belief.

... 1/10th rule... long live the TIGHTWADS!!! "... BOO...HISS...BOO!"
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  #11  
Old Yesterday, 06:37 AM
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Perhaps a more sensible rule would be that car payments should make up no more than 10% of your monthly take home. If you figure a 100k income with around 40% of that going to taxes and retirements savings, then 10% of your monthly car payment budget will be close to $500.

Then again, there's really no analysis to support the arbitrary 10% figure. Everyone's situation and goals are different so simply stating a fixed value benchmark is pretty pointless.
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  #12  
Old Yesterday, 06:45 AM
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Originally Posted by dwlink View Post
Perhaps a more sensible rule would be that car payments should make up no more than 10% of your monthly take home. If you figure a 100k income with around 40% of that going to taxes and retirements savings, then 10% of your monthly car payment budget will be close to $500.

Then again, there's really no analysis to support the arbitrary 10% figure. Everyone's situation and goals are different so simply stating a fixed value benchmark is pretty pointless.
Exactly! If we were all robots then maybe...
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  #13  
Old Yesterday, 06:59 AM
Autoputzer Autoputzer is online now
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Originally Posted by cruise_bone View Post
That is a terrible website with even worse advice. Anyone who sticks to a "rule" that says I make 250k a year so I can only buy a 25k car is an idiot.
My parents' neighbor back in the 1980's made $2.5M/year and bought an Oldsmobile. His wife drove an old Buick. Their house next to my parents was just a place to sleep that was close to work. When you make around $1000/hour, a short commute is important. They had a country home, and would whisk their children and grandchildren and themselves off to Switzerland for a long Christmas holiday every year... on the Concord.

George Barber's (of Barber Motorsports Park fame) daily driver is a Dodge mini-van. He got pissed at the "inspection" cost of his new M5 and it was gone shortly afterwards. Here's Mr. Barber's garage, though: https://www.barbermuseum.org/gallery.php

Jackie Onassis drove a 328i.

I go to a lot of Porsche and BMW driving schools. A common conversation topic among students is what cars they own. I was at an Advanced M school once where one guy said his only car was a Volvo. But, he lived in Manhattan, and arrived at the track in a rented Mercedes-Benz AMG (Hertz in selected markets, including Atlanta airport). He was the oldest guy there, but he was fast as Hell and he surely didn't get that way driving his Volvo around Manhattan.

Everybody's different.

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  #14  
Old Yesterday, 07:51 AM
PropellerHead PropellerHead is offline
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Quote:
Originally Posted by Autoputzer View Post
George Barber's (of Barber Motorsports Park fame) daily driver is a Dodge mini-van.

Jackie Onassis drove a 328i.

Everybody's different.
This reminded me of a story from an employee of Ross Perot's Perot Systems. She had seen a parking place (a rare commodity) and zoomed around some trashy import to get the spot ahead of the driver. The driver was the billionaire founder of the company, H. Ross Perot.

He ate lunch in the deeply discounted employee cafeteria nearly every day including the day we were on tour. But the tour wouldn't have been a tour without all the cool stuff we got to see. Russian space suits, moon rocks, Osama bin Laden's walking cane from a close call military raid.. and there was some famous chair.... I forget what it was... We also missed out on seeing an original copy of the Magna Carta that he'd sold years earlier for millions of dollars.

And you can't mention frugal billionaires without saying Buffett. Though seriously upgraded over the years, in his same house in Omaha since he bought it. Until this year, he drove a 12 year old Caddy. He upgraded to a 2014 in March. And he's virtually out of the stock market. Tells ya something.

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  #15  
Old Yesterday, 08:56 AM
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Wow...not even one person here follows the rule!

I was worried that I'm spending too much on my car.
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  #16  
Old Yesterday, 09:09 AM
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I don't know if I agree with this formula. Does it apply if you pay cash and don't finance? There's certainly a difference in deprecation between a new car and a used one. The car really only costs you the difference between what you pay for it and what you sell it for. I quit buying new cars an opted for used because they do cost so much less in the long run. Just seems like a huge waste of money to buy new, especially a BMW.
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Old Yesterday, 09:22 AM
Spike Holmes Spike Holmes is offline
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Quote:
Originally Posted by LegendaryItalia View Post
Why amazed?.....you can make 250k and live in Queens, but I guarantee that 250k isnt reported to uncle sam. Street pharma has a high profit margin
Oh, I wasn't belittling Queens. It was just that particular area. If it wasn't subsidized housing,it couldn't have been to far from it. I've seen this everywhere I have lived. Third world housing with a fairly new premium vehicle parked out front
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  #18  
Old Yesterday, 09:22 AM
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Originally Posted by FIA View Post
I don't know if I agree with this formula. Does it apply if you pay cash and don't finance? There's certainly a difference in deprecation between a new car and a used one. The car really only costs you the difference between what you pay for it and what you sell it for. I quit buying new cars an opted for used because they do cost so much less in the long run. Just seems like a huge waste of money to buy new, especially a BMW.
...waste of money buying new? Some people buy new because of many different reasons. Others buy used because of many different reasons. In the grand scheme of things it probably has to do with 'ones' priorities to be quite frank. But no matter you do, is that decision making you truly happy that you did it? Don't know. Everyone is different. To each his own I guess. Maybe some people grew up with the philisophy of knowing the value of a dollar for whatever reason. Some others..not so much. The frugal billionaire is what gets me. Probably why I'm not a billionaire but I DON"T CARE. Use money for the way it's supposed to be used... buy stuff. So instead of 5 million in the bank when I retire I have 1 million... so what. You could be dead tomorrow so live it up!
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  #19  
Old Yesterday, 02:45 PM
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I think the frugal billionaire *is* living it up. At least as far as he's concerned. Maybe his pleasure is derived from getting the absolute most from his effort and/or his dollar- at least as he sees it.

I happen to loove free money: zero % financing, paying off a credit card every month, or even a simple online coupon for x% off my purchase. But for me, neither the deal nor the thing makes me happy.

Family makes me happy. Doesn't even have to be my own. Just watching folks I care about watch the folks they care about makes me happy.

Everybody's clock is wound by a key they find. Everything else is just an enabler.

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  #20  
Old Yesterday, 04:23 PM
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Originally Posted by MWatty550 View Post
...waste of money buying new? Some people buy new because of many different reasons. Others buy used because of many different reasons. In the grand scheme of things it probably has to do with 'ones' priorities to be quite frank. But no matter you do, is that decision making you truly happy that you did it? Don't know. Everyone is different. To each his own I guess. Maybe some people grew up with the philisophy of knowing the value of a dollar for whatever reason. Some others..not so much. The frugal billionaire is what gets me. Probably why I'm not a billionaire but I DON"T CARE. Use money for the way it's supposed to be used... buy stuff. So instead of 5 million in the bank when I retire I have 1 million... so what. You could be dead tomorrow so live it up!

As I've grown older my priorities have changed. Now days I prefer motorcycles, motorhomes and yachts.

I bought a brand new 550i in 2007, drove it for two years and it was worth about 35K. MSRP was over 70K. I did the math and found it was costing me about $1/mile. Now days I drive a 2003 530i and have put about 120k miles on the clock since I bought it. I did the math and as of last year it had cost me about .10/mile. Since I drive a ton of miles the decision to keep the old car was a no brainer. In the five years I've been driving that car I've saved myself over 100k.

Different strokes I guess. If you value a car that much then I say fine go for it. But for me it just seems like a waste of money.
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  #21  
Old Yesterday, 04:39 PM
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Quote:
Originally Posted by FIA View Post
As I've grown older my priorities have changed. Now days I prefer motorcycles, motorhomes and yachts.

I bought a brand new 550i in 2007, drove it for two years and it was worth about 35K. MSRP was over 70K. I did the math and found it was costing me about $1/mile. Now days I drive a 2003 530i and have put about 120k miles on the clock since I bought it. I did the math and as of last year it had cost me about .10/mile. Since I drive a ton of miles the decision to keep the old car was a no brainer. In the five years I've been driving that car I've saved myself over 100k.

Different strokes I guess. If you value a car that much then I say fine go for it. But for me it just seems like a waste of money.
Also, if you look at the "true cost of ownership" of a car, it is quite a bit more than the purchase price makes out to be. Edmunds has a pretty useful calculator.

However, if you had kept driving that 550, the per mile cost would have kept going down. The first year of ownership is the most expensive.

But I'm about to get another car now and I keep going back and forth about whether I should give up on driving pleasure and get a Prius, get a cheap bimmer (ala stripped 320 sport), or get what I think would be pretty decent bimmer (328 m sport, still stripped).
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Old Yesterday, 04:42 PM
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Originally Posted by mr_clueless View Post
Also, if you look at the "true cost of ownership" of a car, it is quite a bit more than the purchase price makes out to be. Edmunds has a pretty useful calculator.

However, if you had kept driving that 550, the per mile cost would have kept going down. The first year of ownership is the most expensive.

But I'm about to get another car now and I keep going back and forth about whether I should give up on driving pleasure and get a Prius, get a cheap bimmer (ala stripped 320 sport), or get what I think would be pretty decent bimmer (328 m sport, still stripped).

If the car is your only main toy get an M3.
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Old Yesterday, 04:57 PM
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If the car is your only main toy get an M3.
The car is my main/only toy, but I just don't feel comfortable owning an M3. I live in an apartment complex and don't have a private garage. And I might kill myself with M3 kind of power.

The mostly stripped 328i M sport is about as high as I will go (targeting ~$45K). If we use the 1/10th rule, I should have an annual income of $450K which I don't. Hence the question to see how many people here follow that rule, so I can give myself permission to overspend.
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  #24  
Old Yesterday, 05:08 PM
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I have an E46. Keeps me within the 1/10th rule and for the first time in 20 years, I don't have a car payment. Sure it's not the latest/greatest car, but it still looks great and runs great. And at the end of the day, it's still a BMW 3 series and I love driving this car. There's a bit of wisdom in that article. When you go from having car payments to not having car payments and still having a car you can live with, it is a liberating feeling. I hope my little E46 wagon hangs in for many more miles.

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  #25  
Old Yesterday, 05:17 PM
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Quote:
Originally Posted by Bear77 View Post
I have an E46. Keeps me within the 1/10th rule and for the first time in 20 years, I don't have a car payment. Sure it's not the latest/greatest car, but it still looks great and runs great. And at the end of the day, it's still a BMW 3 series and I love driving this car. There's a bit of wisdom in that article. When you go from having car payments to not having car payments and still having a car you can live with, it is a liberating feeling. I hope my little E46 wagon hangs in for many more miles.

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Definitely hold on to the E46 as long as you can. I had severe buyers remorse after getting the F30. It simply does not have the feedback/handling of the E46. And the E90's have RFTs with no spare. Absolutely nothing like an E46. It is the perfect car. I wish BMW still made them. I would buy one if they did.

The only car I ever took a loan for was my Honda Civic and paid that off 2 weeks after getting the car because I had a few bonuses come through in my paycheck back then.

These days with the funny interest rate environment, it has become fashionable to lease and to claim that leasing is better than owning. If interest rates ever go up, that will change, but until then, leasing seems like a good deal. But I won't do it simply because I don't want to give out all my personal info to yet another bunch of financial companies. Even though they claim the information is all secure, they invariably have security breaches where they will say the information was stolen and will offer to sign me up for free credit monitoring.
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2014 328i / Liquid Blue / Beige Leatherette / 4 DR / 6 MT / Moonroof / Rear Camera + PDC / Xenons / DHP / 12K+ Miles / Bought 10-16-2013
2003 325i / Gray Green / Beige Leatherette / 4 DR / 5 MT / Moonroof / 219K+ Miles / Bought 12-21-2002 / Sold 10-21-2013
1998 Civic EX / Vogue Silver / Gray / 4 DR / 5 MT / 122K+ Miles / Bought 12-30-1997 / Totaled 08-2002
1988 Sentra / Gray / Gray / 2 DR / 4 MT / 190K+ Miles / Bought 06-1994 @ 120K+ Miles / Died 12-1997
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