[yourcakeisready]

Originally Posted by eluded

You make $70,000 year and are going to ///M car.

[yourcakeisready]

Originally Posted by BimmerRookie

Have you driven an E9X?

No - what car is this?


Edit: Sorry for double posts - I keep forgetting to multi-quote

[Nkc]

Forget what everyone is saying. They're a bunch of trolling fucktards that have no clue when it comes to money.

OP, I've spent my whole life analyzing personal finances and with your age and income level, I'd go straight for an i8. Only idiots drive modern M cars.

[jmg]

Originally Posted by NguyenM6

So what is the good way to drive gt4 without losing value

CPO then keep it for 20 years and drive it no more than 5k miles.

[yourcakeisready]

Originally Posted by Nkc

Forget what everyone is saying. They're a bunch of trolling fucktards that have no clue when it comes to money.

OP, I've spent my whole life analyzing personal finances and with your age and income level, I'd go straight for an i8. Only idiots drive modern M cars.

That's actually what I was planning - thanks!

——————————

In all seriousness - is it unreasonable for a 2008 M3 vert to only have 30k miles? I feel like the miles could be rolled back but would no way of being able to tell. I could bring it to a shop and have them check if any resets were enabled, but still.... not exactly confident

[MaxM3F80]

Originally Posted by jmg

CPO then keep it for 20 years and drive it no more than 5k miles.

right, we all forever young just pay to drive like you stole it
nothing to say here anymore

[sygazelle]

Originally Posted by yourcakeisready

I don't see how me hopping into an older car would necessarily help. I would still be financing 15k if I bought a let's say 2011 M3 assuming the price sold is 30k

Actually it will help a lot.

A car is a depreciating asset. If you buy a 60k car it will be worth 30k in 4 years. You will also have sales tax on 60k plus car insurance premiums partially based on the value of the car. If you buy a 30k used car it will be worth 15k in 4 years. So, in 4 years will have saved 15k in depreciation avoidance plus less sales tax plus less insurance premiums + less interest since the loan is for a smaller amount. This means 25k or so difference over 4 year, or 40 or so percent of your annual salary after tax. Take the money you saved and put it toward a down payment on a house. A house is an appreciating asset. Even the 6% mutual fund you spoke negatively about in an earlier post would be better than losing 12-15% per year in depreciation on a car.

Look, buy the new car if you want. I get living for the moment. But, don't come on this forum and ask for advice and piss on the very people who are trying to help you. Simply say that you understand its not the best financial choice and you are going to do it because you want to. You don't need justification.

[sygazelle]

Originally Posted by yourcakeisready

Mark - to answer your question as a whole - "yes". Taking on a 30+yr mortgage out on house is just not really "ideal" in my eyes in my position. Could I do it? Fucking sure I could. However - did you read any posts above? I'm 24, I don't want to tie down myself to one whole thing yet for 30+ years of my life just because it appreciates. Financially it makes sense I'm not arguing that. What fun is a house (I won't even purchase a house) it'll be more like a condo or apartment that I will rent out anyways. I don't know, I just don't really think I should be getting something that's even more expensive monthly that is not reasonable while I still have a student loans. I don't think I can afford that - whereas I can afford 650 a month for a car, pay off my loans more or less around the same time the M6 is paid off and THEN begin the housing search.

Sorry I'm not up to your CPA prowess and improperly defined the use of a mortgage

In your original post you were 23. You are now 24? Did you have a birthday today?

[Mr Tonka]

Originally Posted by yourcakeisready

I was going to quote the other guy too, but forgot to hit "+" so I'm only going to quote you lol. The only real basis I was going off of by saying I could "buy" a 350-400k home is due to the lone fact I could have the 20% down payment if I really wanted to sell everything.

I'm looking at 2009-2011 M3's, but it's simply not the same thrill

Never owned an M car, knows it's not the same thrill. :

[csu87]

Originally Posted by yourcakeisready

Mark - to answer your question as a whole - "yes". Taking on a 30+yr mortgage out on house is just not really "ideal" in my eyes in my position. Could I do it? Fucking sure I could. However - did you read any posts above? I'm 24, I don't want to tie down myself to one whole thing yet for 30+ years of my life just because it appreciates. Financially it makes sense I'm not arguing that. What fun is a house (I won't even purchase a house) it'll be more like a condo or apartment that I will rent out anyways. I don't know, I just don't really think I should be getting something that's even more expensive monthly that is not reasonable while I still have a student loans. I don't think I can afford that - whereas I can afford 650 a month for a car, pay off my loans more or less around the same time the M6 is paid off and THEN begin the housing search.

Sorry I'm not up to your CPA prowess and improperly defined the use of a mortgage

i sold my 1st house within 1 year of living in it. You dont have to be tied down to a house, and with the way the markets are now, you will probably come out ahead even in the short term. I was able to sell my house for a profit after i took out the amount of work I had done to it + my years worth of mortgage payments.

And no offense, but you dont have to be a CPA to know what a mortgage is.

Your story is falling apart now, however, I still say buy it cause, fuck it.

[KingOfJericho]

Originally Posted by yourcakeisready

Mark - to answer your question as a whole - "yes". Taking on a 30+yr mortgage out on house is just not really "ideal" in my eyes in my position. Could I do it? Fucking sure I could. However - did you read any posts above? I'm 24, I don't want to tie down myself to one whole thing yet for 30+ years of my life just because it appreciates. Financially it makes sense I'm not arguing that. What fun is a house (I won't even purchase a house) it'll be more like a condo or apartment that I will rent out anyways. I don't know, I just don't really think I should be getting something that's even more expensive monthly that is not reasonable while I still have a student loans. I don't think I can afford that - whereas I can afford 650 a month for a car, pay off my loans more or less around the same time the M6 is paid off and THEN begin the housing search.

Sorry I'm not up to your CPA prowess and improperly defined the use of a mortgage

Word of advice: DO. NOT. BUY. A. CONDO.

They appreciate slower than houses, have high(er) fees, and the comps are too easy. If there's ever a default in the community, the recovery value often becomes the new ceiling for lenders, which can crush values for the rest of the complex.

As the current 35 year old me, I would say to buy yourself a house and get really handy fixing it up. It's a LOT easier to do before you have kids running around.

As the 25 year old me, I bought myself a Lotus Exige and loved the hell out of the experience. I was making a bit more money than you (ten years ago) but the experience of having that car at that age was fucking awesome. My mom literally cried when I got the car because they believed I was making a huge financial mistake by not buying real estate. They pressured me into selling the car, which I did, and bought a condo in 2008. Now it's eight years later, I now rent that condo at a loss and the value is still about $50,000 below where I bought it. My situation is probably unique but I would be SO MUCH better off financially had I just kept the fucking car! Plus, I would have a Lotus in my garage - free and clear.

My advice would be this: Buy yourself a very nice $30k car (doesn't have to be new - there's a lot out there). Use the rest of the money to start saving for a house. Yes, a house. Trust me, as a car guy and a homeowner, I happily allocate the overwhelming majority of my funds to my house.

I'm not sure what the lesson is here but I'm sure it's there somewhere.

[InternetFame]

What kind of cake.

[Joekerr]

I'm starting to doubt your profession. However, if you are that successful at selling hoodies for crazy prices (btw I looked at ebay for supreme hoodies and the highest I saw was $320, so still don't know how you sell for $1K), why don't you just buy an E92 M3 for $30K, turn around tomorrow and sell it to your base of suckers for $50K, rinse and repeat and then you will have enough profit to get your M4?

If you are as good as you say that is.


You cannot carry this and save for the future - you want to do it anyways, fine, just learn from the experience and realize up front that you are setting yourself back financially by doing so and you'll be walking the razor edge of solvency. If you are prepared to do that, then what everyone else has said is moot.

Btw, up here, if I go insolvent, I lose my CPA. What about you - prepared to take that risk?

[EALm4]

[mirob]

You're getting advice from people who don't know the difference between "your" and "you're"....good luck...

[zx10guy]

Originally Posted by KingOfJericho

Word of advice: DO. NOT. BUY. A. CONDO.

They appreciate slower than houses, have high(er) fees, and the comps are too easy. If there's ever a default in the community, the recovery value often becomes the new ceiling for lenders, which can crush values for the rest of the complex.

As the current 35 year old me, I would say to buy yourself a house and get really handy fixing it up. It's a LOT easier to do before you have kids running around.

As the 25 year old me, I bought myself a Lotus Exige and loved the hell out of the experience. I was making a bit more money than you (ten years ago) but the experience of having that car at that age was fucking awesome. My mom literally cried when I got the car because they believed I was making a huge financial mistake by not buying real estate. They pressured me into selling the car, which I did, and bought a condo in 2008. Now it's eight years later, I now rent that condo at a loss and the value is still about $50,000 below where I bought it. My situation is probably unique but I would be SO MUCH better off financially had I just kept the fucking car! Plus, I would have a Lotus in my garage - free and clear.

My advice would be this: Buy yourself a very nice $30k car (doesn't have to be new - there's a lot out there). Use the rest of the money to start saving for a house. Yes, a house. Trust me, as a car guy and a homeowner, I happily allocate the overwhelming majority of my funds to my house.

I'm not sure what the lesson is here but I'm sure it's there somewhere.

In general, I agree with you on the condo. My first place was a unique type of townhome sometimes called a back to back as it didn't have a backyard. My end unit had two adjoining neighbors. Was able to sell it to another first time home buyer 2 years after buying it and pocketed the capital appreciation tax free. That's something which hasn't been discussed here. While there's no guarantee real estate will appreciate and you can actually lose out depending on the circumstances, but what investment vehicle allows you to walk away with capital appreciation and not pay a lick of taxes on it? If you're smart, you can structure this plan into your possible single vagabond lifestyle by buying a decent property in a good location. When you decide to pick up and move 2 years later, sell it, pocket the potential profit and either throw it in savings or drop it into your next property...rinse...repeat.

Anyways, back to the condo comment. Not all condos are bad. It depends on location and the structure of the condo. My vacation property near the beach is a single family detached home with a 2 car garage. Yet it's zoned/classed as a condo. Yes, the condo fees are pricey and I also have to pay for HOA fees on top of it, to me it's still worth it. Because it's a vacation property, I'm not out there often to do upkeep. The condo association does that for me. They mow the lawn and maintain the landscaping in front of the house. If there is any exterior damage to the house, the condo association takes care of it. The builder is still throwing up houses in the development and prices are still appreciating. The developer is looking to expand the development with another 120 single family units. In the 4 years I've owned this place, I would estimate the property has appreciated roughly about $30k going off of base prices for the model I bought and what the builder is charging now for it.

[lens]

^
And they think you're mid thirties, have a wife, kids.

Honestly, you're 23, unless you expect to have a kid or wife soon, buying a house now is the financial mistake. 60k car vs 200k+ house.

Who cares if it's depreciating, you don't buy cars for an investment, you buy it for your own means and to have fun and enjoy yourself. Most of the house buyer advice givers here are very late twenties or thirty plus age.

[csu87]

Originally Posted by mirob

You're getting advice from people who don't know the difference between "your" and "you're"....good luck...

ur incorrect they're

[zx10guy]

Originally Posted by chaungo

^
And they think you're mid thirties, have a wife, kids.

Honestly, you're 23, unless you expect to have a kid or wife soon, buying a house now is the financial mistake. 60k car vs 200k+ house.

Who cares if it's depreciating, you don't buy cars for an investment, you buy it for your own means and to have fun and enjoy yourself. Most of the house buyer advice givers here are very late twenties or thirty plus age.

I bought my first home when I was 27. I lived at home to save up and pay off enough of my bills to be in the position to buy the home. I did get parental help in easing the load of getting into my first home. But had I just YOLO'd to the BMW dealership and bought an M3 at age 23, I wouldn't be in any position to buy my first place even with the parental help. Instead I bought a lowly Chevy Cavalier.

[InternetFame]

Originally Posted by csu87

ur incorrect they're

Eye'd said it to.

[BuzzE46]

Here's what I have to say,

Obviously a car is a depreciating asset, it sucks. However I get where OP is coming from. Lifes short, If you can afford it and truly want it then go get it. Because in the future, lets say OP decides to get married buys a house and pays bills, its hard to get an //M car like that.

Im 23, I only make 45k a year, I have 2006 M3 E46. I love the car but some days I
want an E92 M3 and an f80 but an f80 isn't financially in my range so ill have to wait down the line.

I live in Queens NY and it sucks b/c houses here are expensive. a lot of kids that are 20 are driving 80,000 cars, AMGS and brand New M's, sometimes getting a new car every year. there trust fund babies. Its frustrating.

Do what you want to do,
have you looked at 2013 m6's? what about an e92 m3?
I would look for a CPO M4 or get a good lease deal.

Do what makes you happy, but be wise and budget your money if you decide to get the car.

good luck brotha

[yourcakeisready]

Originally Posted by sygazelle

In your original post you were 23. You are now 24? Did you have a birthday today?

Ever hear of a typo? It was late at night - but I do turn 24 in a few months, so maybe it's applicable.

Originally Posted by Mr Tonka

Never owned an M car, knows it's not the same thrill. :

I know owning an older car is not the same thrill yes

Originally Posted by KingOfJericho

Word of advice: DO. NOT. BUY. A. CONDO.

They appreciate slower than houses, have high(er) fees, and the comps are too easy. If there's ever a default in the community, the recovery value often becomes the new ceiling for lenders, which can crush values for the rest of the complex.

As the current 35 year old me, I would say to buy yourself a house and get really handy fixing it up. It's a LOT easier to do before you have kids running around.

As the 25 year old me, I bought myself a Lotus Exige and loved the hell out of the experience. I was making a bit more money than you (ten years ago) but the experience of having that car at that age was fucking awesome. My mom literally cried when I got the car because they believed I was making a huge financial mistake by not buying real estate. They pressured me into selling the car, which I did, and bought a condo in 2008. Now it's eight years later, I now rent that condo at a loss and the value is still about $50,000 below where I bought it. My situation is probably unique but I would be SO MUCH better off financially had I just kept the fucking car! Plus, I would have a Lotus in my garage - free and clear.

My advice would be this: Buy yourself a very nice $30k car (doesn't have to be new - there's a lot out there). Use the rest of the money to start saving for a house. Yes, a house. Trust me, as a car guy and a homeowner, I happily allocate the overwhelming majority of my funds to my house.

I'm not sure what the lesson is here but I'm sure it's there somewhere.

Not quite sure I would be in the same situation as you were, but sounds identically because you bought the car you wanted.

What about an apartment though? I was looking at one in Ballston, Arlington.

Originally Posted by InternetFame

What kind of cake.

Depends on my mood

Originally Posted by Joekerr

I'm starting to doubt your profession. However, if you are that successful at selling hoodies for crazy prices (btw I looked at ebay for supreme hoodies and the highest I saw was $320, so still don't know how you sell for $1K), why don't you just buy an E92 M3 for $30K, turn around tomorrow and sell it to your base of suckers for $50K, rinse and repeat and then you will have enough profit to get your M4?

If you are as good as you say that is.


You cannot carry this and save for the future - you want to do it anyways, fine, just learn from the experience and realize up front that you are setting yourself back financially by doing so and you'll be walking the razor edge of solvency. If you are prepared to do that, then what everyone else has said is moot.

Btw, up here, if I go insolvent, I lose my CPA. What about you - prepared to take that risk?

Because if you go on eBay, most sellers sell 'offsite' through either pick-up or paying PayPal directly through invoice so we don't suck a 13% loss selling directly on eBay. Which is why you won't see these gray market sales.

Also - would never go insolvent lol even if something ever did hypothetically happen, my parents would help.