What is Your Monthly Income?

SooMighty · 06-02-2009, 08:56 PM

my gf is taking my current car which is paid off, and she is giving me $400 per month for payment if I get a M3. I figured I have a car that she really wants (G35) and its kind of like trading in the G35 for the car I really want which is a M3 in a sense?

ejheverest · 06-02-2009, 09:13 PM

You can't beat the time value of compound interest. Make sure you save now so you don't regret it when your 45 yrs old and still have to work another 20 yrs, instead of sitting on a beach retired....and driving an M3.

BMW F22 · 06-02-2009, 09:33 PM

Quote:

Originally Posted by 'Cane

I am sorry to everyone that now has that damn song stuck in their head.

That song annoys me. Subway's commercials are retarded nowadays. Then again they seem to have gotten the point across.

The Cthulhu · 06-03-2009, 09:15 AM

I put together a spreadsheet that accounts for tax, medical, insurance, rent, utilities, gas, maintainence, and various budgets (travel, gifts, clothes, etc...). I'd be happy to send it your way, blank, if it would help you with your vehicle budget. You will have to adjust all the tax stuff if you don't live in NY.

As a very general rule of thumb, I've found that with a good rate 5 year autoloan with a 15K down payment, you can probably afford a car that costs 5K less than what you make per year before taxes. This isn't the case if you spend 3K a month on rent, obviously.

It's also tricky to account for your fuel economy on an M3, or in my case, a supercharged Lotus Exige. I think it would make sense to halve the advertized fuel economy on a performance vehicle (7mpg instead of 14mpg on a new M3).

Also, insurance is a biggie. The new M3 is one of the most expensive new cars to ensure according to some report I read. If you're fresh out of college like me, and still under 25, you will probably get shafted on insurance.

My Lotus cost me $280 a month with a clean driving record, a $1000 deductable and no glass. This was through USAA, which only ensures armed service members and their families (my dad served).

Shoot me a PM if you think the spreadsheet would help you, I'd be happy to share the spreadsheet and get it working for you. As far as how much I make... not posting on a forum. As far as how much you make and how much you can afford to spend: that's between you and a spreadsheet or a quicken file.

yomama69 · 06-03-2009, 09:20 AM

Quote:

Originally Posted by jopa489

I agree. As others have said, it sounds like you're thinking through this and making a plan (which is awesome). But someone who makes $36k per year post-tax shouldn't be making a $700/mo car payment. I think you'll find that it won't work out in reality as much as it may seem to on paper.

You'll have plenty of time to get an M3 later in life. That's my honest opinion. Again, not bashing here.

Where can you get an e9x M3 for 700 a month? Sign me up. I'm buying right now!

You can't find a used one sub 50K.

ArmyBimmerDude · 06-03-2009, 09:33 AM

Quote:

Originally Posted by yomama69

Where can you get an e9x M3 for 700 a month? Sign me up. I'm buying right now!

You can't find a used one sub 50K.

Are you sure? Most 08 E9x M3's have depreciated so much that you can negotiate into the high $40k's. The recession hit the cars value hard.

yomama69 · 06-03-2009, 09:49 AM

Haven't seen one under 50K. I suppose if someone is dying to sell and take that much loss on it, you might be able to find one in the high 40's, but I haven't seen it yet.

jaiman · 06-03-2009, 09:50 AM

Quote:

Originally Posted by The Cthulhu

As a very general rule of thumb, I've found that with a good rate 5 year autoloan with a 15K down payment, you can probably afford a car that costs 5K less than what you make per year before taxes. This isn't the case if you spend 3K a month on rent, obviously.

Quote:

Originally Posted by The Cthulhu

If you're fresh out of college like me, and still under 25, you will probably get shafted on insurance.

I think that rule of thumb probably stems from your age. I don't know any established, successful people who buy cars whose price is equal to their annual income, or even close. Most buy cars that are a fraction of their annual income.

fdsasdasdf · 06-03-2009, 10:39 AM

Quote:

Originally Posted by 'Cane

I am sorry to everyone that now has that damn song stuck in their head.

You bastard!

ArmyBimmerDude · 06-03-2009, 03:04 PM

Quote:

Originally Posted by yomama69

Haven't seen one under 50K. I suppose if someone is dying to sell and take that much loss on it, you might be able to find one in the high 40's, but I haven't seen it yet.

I just checked ebay. There are a few that range from $47k - $53k. You can get 2008 M3's in the $40k's with little resistance.

jpsum · 06-04-2009, 04:21 PM

Quote:

Originally Posted by lyndon_h

Its cool that you are young and are actually paying for your own vehicle. I can respect that. However, I'd humbly suggest (at this point in your life) that you try to put in money in your savings (or 401k) each month than you pay towards your car and entertainment (or at least match it). Life only gets more expensive as you get older.

I hope i didn't come across as trying to tell you what to do with your money. I've just seen too many people start doing well, then one hiccup *ucks everything up. If you make it a point to save alot while you can, you can ensure that you will always have your current lifestyle.

+1 I know so many guys who bought a bimmer or a benz as a status symbol to look cool and to impress, but they forget to think about how uncool it is to be 30 and still live with their parents. The car payment shouldn't be consuming most of the pay check.

ejazbmw · 06-04-2009, 04:28 PM

Quote:

Originally Posted by ArmyBimmerDude

I just checked ebay. There are a few that range from $47k - $53k. You can get 2008 M3's in the $40k's with little resistance.

there's a member on here who is paying 6xx a month on a E90 M3 and he didn't even put that much down!! I think the dealer was dieing to get rid of the car that he just low balled the hell out of them and they took the offer lol recession FTW

ArmyBimmerDude · 06-04-2009, 06:14 PM

Quote:

Originally Posted by ejazbmw

there's a member on here who is paying 6xx a month on a E90 M3 and he didn't even put that much down!! I think the dealer was dieing to get rid of the car that he just low balled the hell out of them and they took the offer lol recession FTW

Yeah, I'm waiting for them to get to the low $40k's. Droppin like rocks they are.

jopa489 · 06-04-2009, 07:33 PM

Quote:

Originally Posted by yomama69

Where can you get an e9x M3 for 700 a month? Sign me up. I'm buying right now!

You can't find a used one sub 50K.

Dunno. Just using the numbers the OP posted in the first post.

If you're getting $400/mo cash from your GF, that's cool. It does make more sense that way, but don't put all your eggs in one basket. If your decision to buy the M3 rides even partly on your GF's money, you still shouldn't be buying it. Shit happens, don't put yourself in a position to be screwed.

MOCKBA · 06-04-2009, 10:54 PM

As a CTO of a company I am making $220K a year. How much monthly? I never look in my paycheck. Just buy what I want and never bother calculations.

yomama69 · 06-04-2009, 10:55 PM

Quote:

Originally Posted by MOCKBA

As a CTO of a company I am making $220K a year. How much monthly? I never look in my paycheck. Just buy what I want and never bother calculations.

Baller Status

ArmyBimmerDude · 06-04-2009, 10:57 PM

Quote:

Originally Posted by MOCKBA

As a CTO of a company I am making $220K a year. How much monthly? I never look in my paycheck. Just buy what I want and never bother calculations.

And you drive a 135 vert?

jaiman · 06-05-2009, 08:58 AM

Quote:

Originally Posted by MOCKBA

As a CTO of a company I am making $220K a year. How much monthly? I never look in my paycheck. Just buy what I want and never bother calculations.

Wow. And yet, you can't type 4 coherent sentences.

gonzo · 06-05-2009, 09:02 AM

Quote:

Originally Posted by MOCKBA

As a CTO of a company I am making $220K a year. How much monthly? I never look in my paycheck. Just buy what I want and never bother calculations.

Do you pay cash for everything as to avoid calculations?

johnnymu · 06-05-2009, 10:50 AM

Quote:

Originally Posted by ArmyBimmerDude

And you drive a 135 vert?

Everyone has their own goal, some don't need to fancy cars to reach it. Barry sanders drove his college truck throughout his football career.

BMW_TT · 06-05-2009, 12:25 PM

Quote:

Originally Posted by johnnymu

Everyone has their own goal, some don't need to fancy cars to reach it. Barry sanders drove his college truck throughout his football career.

You still trading??

NewSong · 06-05-2009, 12:31 PM

Quote:

Originally Posted by ArmyBimmerDude

And you drive a 135 vert?

Do you seriously think he is lying about being wealthy just because he drives a 135i?

06-02-2009, 08:56 PM	#89
SooMighty New Member 8 Rep 15 Posts Drives: G35 Join Date: May 2009 Location: LA iTrader: (0)	my gf is taking my current car which is paid off, and she is giving me $400 per month for payment if I get a M3. I figured I have a car that she really wants (G35) and its kind of like trading in the G35 for the car I really want which is a M3 in a sense?
	Appreciate 0 Quote

06-02-2009, 09:13 PM	#90
ejheverest First Lieutenant 29 Rep 395 Posts Drives: E90 SG 330i Join Date: Nov 2006 Location: Mass, NH, Maine, Virginia iTrader: (0)	You can't beat the time value of compound interest. Make sure you save now so you don't regret it when your 45 yrs old and still have to work another 20 yrs, instead of sitting on a beach retired....and driving an M3. __________________ SOLD......E90 SG, ColdWeather Pckg, Sport Pckg, Logic7,H R Sports, Rogue Ikon, M sport shift knob/boot
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06-03-2009, 09:15 AM	#92
The Cthulhu Banned 8 Rep 197 Posts Drives: N/A Join Date: Jun 2009 Location: N/A iTrader: (0)	I put together a spreadsheet that accounts for tax, medical, insurance, rent, utilities, gas, maintainence, and various budgets (travel, gifts, clothes, etc...). I'd be happy to send it your way, blank, if it would help you with your vehicle budget. You will have to adjust all the tax stuff if you don't live in NY. As a very general rule of thumb, I've found that with a good rate 5 year autoloan with a 15K down payment, you can probably afford a car that costs 5K less than what you make per year before taxes. This isn't the case if you spend 3K a month on rent, obviously. It's also tricky to account for your fuel economy on an M3, or in my case, a supercharged Lotus Exige. I think it would make sense to halve the advertized fuel economy on a performance vehicle (7mpg instead of 14mpg on a new M3). Also, insurance is a biggie. The new M3 is one of the most expensive new cars to ensure according to some report I read. If you're fresh out of college like me, and still under 25, you will probably get shafted on insurance. My Lotus cost me $280 a month with a clean driving record, a $1000 deductable and no glass. This was through USAA, which only ensures armed service members and their families (my dad served). Shoot me a PM if you think the spreadsheet would help you, I'd be happy to share the spreadsheet and get it working for you. As far as how much I make... not posting on a forum. As far as how much you make and how much you can afford to spend: that's between you and a spreadsheet or a quicken file.
	Appreciate 0 Quote

06-03-2009, 09:49 AM	#95
yomama69 Banned 64 Rep 688 Posts Drives: 2007 E90 335i Join Date: Jan 2009 Location: Austin, Texas iTrader: (0)	Haven't seen one under 50K. I suppose if someone is dying to sell and take that much loss on it, you might be able to find one in the high 40's, but I haven't seen it yet.
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06-04-2009, 10:54 PM	#103
MOCKBA Captain 56 Rep 870 Posts Drives: 135 convertible Join Date: Nov 2006 Location: SFBA iTrader: (0)	As a CTO of a company I am making $220K a year. How much monthly? I never look in my paycheck. Just buy what I want and never bother calculations. __________________ 535i/HUD Kamerton brings me true sound fidelity
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