How Much car did you buy?

DJKapeesh · 06-25-2015, 10:54 AM

Quote:

Originally Posted by Whostheboss

Does he even lift?

Do u want my body builder.com page too? Lol

Delta0311 · 06-25-2015, 11:30 AM

Quote:

Originally Posted by DJKapeesh

Do u want my body builder.com page too? Lol

What's you summer cycle looking like?

P1 · 06-25-2015, 11:36 AM

Quote:

Originally Posted by DJKapeesh

This is my first year working out of school
I just started making 80+ yearly and have saved 1k in stock and around 5k liquid cash in my first year of working. I just opened my first Roth IRA and plan to put the maximum money in yearly.

Student loan debt = 30k ish but I plan to pay the fixed $231 until I die because f*ck them and I hope they get discharged in the future.
I owe 28k on my car after refinancing and will begin paying 1k monthly for the next 6 months until it is positive equity.

I am being 100% transparent and have nothing to hide. I am only 25 and possible head and shoulders financially better than some of my peers. This information is to help them and me.

Mate, you should not be buying anything. It frankly doesn't sound like you can even afford the 135i.

You are $58K in the hole and you're trying to buy a 1M?

CANGRKE70 · 06-25-2015, 11:50 AM

Quote:

Originally Posted by DJKapeesh

I am only 25 and possible head and shoulders financially better than some of my peers.

This sounds so much like entitled youthful exuberance.

"First you get the money, then you get the power, then you get the (BMW) woman"

Pay off your student loan, move out from mom and dad's place and BUY your own property. Once you've done all that and have put some good savings aside, then start looking at higher end cars.

Best advice I ever got.

SheaButter · 06-25-2015, 11:54 AM

I don't particularly think it matters how much you make. If your real goal is to find out a financial status for affordability I would ask the ratio that correlates how much an individual saves per month with their car payment (cash buyers don't really matter. Plus it's rarely better to buy a car cash, fiscally speaking).

For example I make around 3.5x more than one of my close friends who has an M3, and on a monthly basis he saves more since he lives at home still, whereas I have 2 mortgages and 1 rent payment. So technically speaking he can afford an M3 more than I can.

P1 · 06-25-2015, 11:58 AM

Quote:

Originally Posted by SheaButter

I don't particularly think it matters how much you make. If your real goal is to find out a financial status for affordability I would ask the ratio that correlates how much an individual saves per month with their car payment (cash buyers don't really matter. Plus it's rarely better to buy a car cash, fiscally speaking).

For example I make around 3.5x more than one of my close friends who has an M3, and on a monthly basis he saves more since he lives at home still, whereas I have 2 mortgages and 1 rent payment. So technically speaking he can afford an M3 more than I can.

It's amazing (and a real eye-opener) how backwards the priorities of some are. Is having a nice car so important that you sacrifice being able to stand on your own two feet, and be a real man that lives in his own place as opposed to with mommy and daddy?

SheaButter · 06-25-2015, 12:02 PM

Quote:

Originally Posted by P1et

It's amazing (and a real eye-opener) how backwards the priorities of some are. Is having a nice car so important that you sacrifice being able to stand on your own two feet, and be a real man that lives in his own place as opposed to with mommy and daddy?

For some cases I agree 100% with this. His parents are travel nuts and are home anywhere from 4 weeks to 12 weeks every year. They took over the guest room and he has the master bedroom now. I'll be super honest here, I can't blame him for staying there as I probably would too

Delta0311 · 06-25-2015, 12:02 PM

Pay of students loans. Get your own place and live on your own. This way you can learn REAL money management skills. If shit goes well, reward yourself with a BMW.

But I know priorities, right, fuck them!!

Delta0311 · 06-25-2015, 12:11 PM

Baller swag quickly comes to a crashing end when you have to sneak your chick into mom's house.

ASBSECU E93 · 06-25-2015, 12:14 PM

Quote:

Originally Posted by MightyMouseTech

Annual salary has nothing to do with it.

^This. If I have zero debt, but only make 40k per year - I can likely afford a 50k car provided my life style otherwise is lean.

DJKapeesh · 06-25-2015, 12:28 PM

Quick clear up some assumptions that some of you seem to be making.

I have lived on my own the day I graduated college and relocated 3 times to gain invaluable positions in the IT field learning new skills.

I am looking at buying my first house currently and possible my first investment property by year end. The original example was an (Example)

Delta0311 · 06-25-2015, 12:34 PM

Quote:

Originally Posted by DJKapeesh

Quick clear up some assumptions that some of you seem to be making.

I have lived on my own the day I graduated college and relocated 3 times to gain invaluable positions in the IT field learning new skills.

I am looking at buying my first house currently and possible my first investment property by year end. The original example was an (Example)

Ok so you got $5k to your name, pus $30k in school loan debts, and you are buying a BMW, a house, and an investment property? Ok let me know how you make out with that bank robbery then..

Or

You are not in debt and just making up random threads on this forum because you are bored out of you mind at your IT job?

DJKapeesh · 06-25-2015, 12:35 PM

Also as arrogant as some of your responses may be,

My parents lived paycheck to paycheck and was never taught finance until I learned on my own. As bad a situation it may seem you take for granted that you were taught this knowledge or handed wealth or money or even shown how to work the system.

Many minorities have never heard of any of this and I am doing this to try to make it available to people without the knowledge.

DJKapeesh · 06-25-2015, 12:36 PM

Quote:

Originally Posted by Delta0311

Ok so you got $5k to your name, pus $30k in school loan debts, and you are buying a BMW, a house, and an investment property? Ok let me know how you make out with that bank robbery then..

Or

You are not in debt and just making up random threads on this forum because you are bored out of you mind at your IT job?

The information was an example from a different point in time...

I disagree with the paying student loans bit. Sorry but I don't look at them when I do my calculations I just look at the fixed $231. I know u can stone me but I refuse to pay them if I suspect that there will be a loan forgiveness program eventually

Delta0311 · 06-25-2015, 12:36 PM

Quote:

Originally Posted by DJKapeesh

Also as arrogant as some of your responses may be,

My parents lived paycheck to paycheck and was never taught finance until I learned on my own. As bad a situation it may seem you take for granted that you were taught this knowledge or handed wealth or money or even shown how to work the system.

Many minorities have never heard of any of this and I am doing this to try to make it available to people without the knowledge.

Oh boo hoo you struggled. Mother fucker please. I came here when I was a kid from a really nice house in Poland to a fucked up apartment in Newark, NJ. So please "don't start on that I had it so rough" bs.

Delta0311 · 06-25-2015, 12:38 PM

Quote:

Originally Posted by DJKapeesh

The information was an example from a different point in time...

Well then post your current status and not some shit from back when you first flipped a burger patty.

DJKapeesh · 06-25-2015, 12:41 PM

Quote:

Originally Posted by Delta0311

Oh boo hoo you struggled. Mother fucker please. I came here when I was a kid from a really nice house in Poland to a fucked up apartment in Newark, NJ. So please "don't start on that I had it so rough" bs.

This is completely off topic fyi
contribute or don't your choice. I'm not here to fight u

Delta0311 · 06-25-2015, 12:45 PM

Quote:

Originally Posted by DJKapeesh

This is completely off topic fyi
contribute or don't your choice. I'm not here to fight u

Not fighting you either. My parents struggled too when they came here but eventually they figured out the system. They don't really teach money management in schools, you kind of learn as you go. And if you are smart then you do your do diligence and don't learn any lessons the hard way.

DJKapeesh · 06-25-2015, 01:16 PM

So my last thread went South quickly with trolls and pissing contest.

I will attempt to ask the question and rephrase it to a more less personal hypothetical question.

This thread is to be used in a manual I would like to put together targeting generation X, Y, and Millennials who have no idea about or how to financially save. This particular segment is aimed at car enthusiast in that segment.

The question is:
If you were going to buy a 50k car, what would your financial situation need to be for you to pull the trigger? You can use any price you would prefer (30k car, 100k car, ect)

Example:
If I had a job paying 80k+ yearly and had 10k investments, maxing Roth IRA yearly, 6 month cushion and only spending 50% of monthly after tax income on bills I would buy a car worth $XX amount of money (using 50% cash ect)

I have a blog space where I am collecting random contributed information anonymously that I would like to use to publish a testimonial ebook of some kind eventually for people to use. If your interested in contributing or reading that please go here: BLOG

For those interested in the previous thread you can find the pissing contest here: General Off topic

I will not be responding to off topic post this time. I understand this is an opinion based post but when you know nothing about this stuff, any little bit helps to draw up a sloppy map.

Thanks for reading

P1 · 06-25-2015, 01:29 PM

Quote:

Originally Posted by DJKapeesh

Quick clear up some assumptions that some of you seem to be making.

I have lived on my own the day I graduated college and relocated 3 times to gain invaluable positions in the IT field learning new skills.

I am looking at buying my first house currently and possible my first investment property by year end. The original example was an (Example)

This thread is absolutely useless mate. What are you trying to achieve here? You are making shit up about your status, and you don't care if people make up shit either just so you can have "examples" for your little blog.

Everyone: we're wasting our time here. Let's close this thread.

DJKapeesh · 06-25-2015, 01:33 PM

Quote:

Originally Posted by P1et

This thread is absolutely useless mate. What are you trying to achieve here? You are making shit up about your status, and you don't care if people make up shit either just so you can have "examples" for your little blog.

Everyone: we're wasting our time here. Let's close this thread.

You can close this thread, I recreated a more reasonable version of this where I can get some honest advice without personal information

Thanks to the 1 or 2 people who participated. Notes taken

shadow191 · 06-25-2015, 01:47 PM

Why would you put a blog together based on random peoples opinions? There is so much information already out there with guidelines and rules of thumb. A Roth IRA really has no impact on how much car you should buy. General rule of thumb is no more than 20% of your take home pay should go towards a car payment + insurance. Or another rule of thumb is no more than 10% of your gross monthly income. So if you make $60K, then your monthly car payment + insurance should be no more than $500.

And your loan shouldn't be longer than 4 years or so. If you take a 84 month loan, you're going to upside down pretty quickly and stay there. These rules apply pretty much in all situations, even if you don't have a mortgage or rent payment and even if you have a large cash cushion. I'd argue that they're a little generous especially if you don't have much of a cash cushion.

FWIW, asking on any car enthusiast forum is going to get you a very skewed answer. Lots of guys here spend way over common sense limits on their car simply because they love cars. Lots of guys who can barely make their car payment are modding them. Just look at the classifieds and see how many ads are from people who need cash because something "came up". And then notice the stuff their selling is worth a few hundred dollars at the most.

So any car enthusiast site is probably not going to be great for actual financial advice on cars. You're going to get guys who make $30K with $0K in investments, no Roth IRA or any retirement account, a 3 day cash cushion willing to buy a $50K car with $0 down and an 84 month loan.

View Poll Results: How much should you make to buy a 50-55k Car? 1M for example
around 50k annually	7	7.78%
80k annualy	18	20.00%
100k or more	52	57.78%
Cash cars only	6	6.67%
Shouldn't spend this much on a car	7	7.78%
Voters: 90. You may not vote on this poll

06-25-2015, 11:54 AM	#27
SheaButter Lieutenant 275 Rep 529 Posts Drives: F80 M3CP F86 X6M Join Date: May 2015 Location: Irvine, CA iTrader: (2)	I don't particularly think it matters how much you make. If your real goal is to find out a financial status for affordability I would ask the ratio that correlates how much an individual saves per month with their car payment (cash buyers don't really matter. Plus it's rarely better to buy a car cash, fiscally speaking). For example I make around 3.5x more than one of my close friends who has an M3, and on a monthly basis he saves more since he lives at home still, whereas I have 2 mortgages and 1 rent payment. So technically speaking he can afford an M3 more than I can. __________________ Instagram: That_M_Power E93 M3 AC Schnitzer Carbon Fiber - Fully Gutted Exhaust and muffler delete \| 2007 DB9 Bone Stock \| 2016 428i
	Appreciate 1 Quote

06-25-2015, 12:02 PM	#30
Delta0311 Banned 7478 Rep 10,120 Posts Drives: 2011 BMW 335xi E92 2016 228xi Join Date: Apr 2009 Location: NJ iTrader: (1)	Pay of students loans. Get your own place and live on your own. This way you can learn REAL money management skills. If shit goes well, reward yourself with a BMW. But I know priorities, right, fuck them!!
	Appreciate 1 Quote

06-25-2015, 12:11 PM	#31
Delta0311 Banned 7478 Rep 10,120 Posts Drives: 2011 BMW 335xi E92 2016 228xi Join Date: Apr 2009 Location: NJ iTrader: (1)	Baller swag quickly comes to a crashing end when you have to sneak your chick into mom's house.
	Appreciate 2 Quote

06-25-2015, 12:28 PM	#33
DJKapeesh Lieutenant 311 Rep 469 Posts Drives: 11' 135i, 13' 911 C2S, 10' X5D Join Date: May 2011 Location: Atlanta iTrader: (1)	Quick clear up some assumptions that some of you seem to be making. I have lived on my own the day I graduated college and relocated 3 times to gain invaluable positions in the IT field learning new skills. I am looking at buying my first house currently and possible my first investment property by year end. The original example was an (Example)
	Appreciate 0 Quote

06-25-2015, 12:35 PM	#35
DJKapeesh Lieutenant 311 Rep 469 Posts Drives: 11' 135i, 13' 911 C2S, 10' X5D Join Date: May 2011 Location: Atlanta iTrader: (1)	Also as arrogant as some of your responses may be, My parents lived paycheck to paycheck and was never taught finance until I learned on my own. As bad a situation it may seem you take for granted that you were taught this knowledge or handed wealth or money or even shown how to work the system. Many minorities have never heard of any of this and I am doing this to try to make it available to people without the knowledge.
	Appreciate 0 Quote

06-25-2015, 01:16 PM	#41
DJKapeesh Lieutenant 311 Rep 469 Posts Drives: 11' 135i, 13' 911 C2S, 10' X5D Join Date: May 2011 Location: Atlanta iTrader: (1)	How Much car would you buy? Financial Advice So my last thread went South quickly with trolls and pissing contest. I will attempt to ask the question and rephrase it to a more less personal hypothetical question. This thread is to be used in a manual I would like to put together targeting generation X, Y, and Millennials who have no idea about or how to financially save. This particular segment is aimed at car enthusiast in that segment. The question is: If you were going to buy a 50k car, what would your financial situation need to be for you to pull the trigger? You can use any price you would prefer (30k car, 100k car, ect) Example: If I had a job paying 80k+ yearly and had 10k investments, maxing Roth IRA yearly, 6 month cushion and only spending 50% of monthly after tax income on bills I would buy a car worth $XX amount of money (using 50% cash ect) I have a blog space where I am collecting random contributed information anonymously that I would like to use to publish a testimonial ebook of some kind eventually for people to use. If your interested in contributing or reading that please go here: BLOG For those interested in the previous thread you can find the pissing contest here: General Off topic I will not be responding to off topic post this time. I understand this is an opinion based post but when you know nothing about this stuff, any little bit helps to draw up a sloppy map. Thanks for reading
	Appreciate 0 Quote

06-25-2015, 01:47 PM	#44
shadow191 Lieutenant Colonel 181 Rep 1,681 Posts Drives: 2017 Volvo XC90 R-Design Join Date: Dec 2012 Location: GA iTrader: (3)	Why would you put a blog together based on random peoples opinions? There is so much information already out there with guidelines and rules of thumb. A Roth IRA really has no impact on how much car you should buy. General rule of thumb is no more than 20% of your take home pay should go towards a car payment + insurance. Or another rule of thumb is no more than 10% of your gross monthly income. So if you make $60K, then your monthly car payment + insurance should be no more than $500. And your loan shouldn't be longer than 4 years or so. If you take a 84 month loan, you're going to upside down pretty quickly and stay there. These rules apply pretty much in all situations, even if you don't have a mortgage or rent payment and even if you have a large cash cushion. I'd argue that they're a little generous especially if you don't have much of a cash cushion. FWIW, asking on any car enthusiast forum is going to get you a very skewed answer. Lots of guys here spend way over common sense limits on their car simply because they love cars. Lots of guys who can barely make their car payment are modding them. Just look at the classifieds and see how many ads are from people who need cash because something "came up". And then notice the stuff their selling is worth a few hundred dollars at the most. So any car enthusiast site is probably not going to be great for actual financial advice on cars. You're going to get guys who make $30K with $0K in investments, no Roth IRA or any retirement account, a 3 day cash cushion willing to buy a $50K car with $0 down and an 84 month loan.
	Appreciate 0 Quote