2013 M6 - Financial Advice?
#16
I would strongly suggest you do not do this. Living with your parents and driving a soon to be out of warranty M6 that will depreciate 20k or so in the next couple years is a poor choice any way you look at it. Perhaps look at something more reasonable such as a CPO S4 or 335 msport if you really have the itch.
#17
To add....
You know what's best for you, that's the main thing.
Cars come and go, better ones come after you buy a car you thought you would be satisfied with.
My opinion, don't do it
My further opinion, get out of the parents house
My last opinion, you are indeed smart as it seems from what you typed. You should know the answer for yourself
You know what's best for you, that's the main thing.
Cars come and go, better ones come after you buy a car you thought you would be satisfied with.
My opinion, don't do it
My further opinion, get out of the parents house
My last opinion, you are indeed smart as it seems from what you typed. You should know the answer for yourself
Yes cars come and go I know - but this is a great deal for me so it's hard to pass up. Also - lived on my own (college? and fully by myself for 8-9 months), I didn't like it. I'm home because I get to save, be around the family, and be with my dogs. It makes me happy, living by myself didn't make me happy.
At the end of the day - it is only financing 30k, if something ever comes up, I can always sell the M.
I would strongly suggest you do not do this. Living with your parents and driving a soon to be out of warranty M6 that will depreciate 20k or so in the next couple years is a poor choice any way you look at it. Perhaps look at something more reasonable such as a CPO S4 or 335 msport if you really have the itch.
M6 will be out of warranty in two years.
#18
I wouldn't do it , You cutting this to close. You said you make close to 4k Pre-Tax (Before tax). Then paying 2k student loans, 750 car payment( HIGH) with ins and 1K for a place to live. That's $3750 that's probably more than you are taking home a month? No? You will be in the "Red" every month, you have not even accounted for , Gas, food, lights and or heat?
Not bashing but you sound 23? unless your not going to eat, put gas in the car( It will NEED it), go out anywhere, and live in the dark with no heat. I'd say wait till you make closer to 100k to get a car that cost that much, BTW the car is 75% of you income :/.
Take it from a guy who was there did that and watch his cc debit grow casue everything went to the car, food and gas. An I was making more than 70k.( 20 years ago). Took 10 years to clean up that mess.
Finance guy also
Not bashing but you sound 23? unless your not going to eat, put gas in the car( It will NEED it), go out anywhere, and live in the dark with no heat. I'd say wait till you make closer to 100k to get a car that cost that much, BTW the car is 75% of you income :/.
Take it from a guy who was there did that and watch his cc debit grow casue everything went to the car, food and gas. An I was making more than 70k.( 20 years ago). Took 10 years to clean up that mess.
Finance guy also
+1!
Been lurking on this thread to see what others would say or share based from experience. If I'm in the same position as OP, this is all I'd need for an advice to make a decision. This is the most practical and realistic advice one could give.
Sounds like op will go for it regardless, keep us posted and goodluck.
#23
Registered User
iTrader: (1)
I would skip. I make close to 100k yearly and have fairly equal expenses as you. That being said, the more money you have to spend the better off you are. Don't take that substanial of a hit in your savings. Focus on a car in the price range of 30-40k and pay down what you can from the G sale. Finance at the longest interval you can with the lowest interest rate and overpay the loan monthly. You will be able to keep more cash coming in for other expenses such as vacations, housing, toys etc. I am a firm believer that your final car loan should not exceed 30% of you gross yearly income. This gives you a very nice safety net. Don't go down the road most Americans do and start building debt over savings.
#25
Save your money. The only reason that car seems affordable on your income is because you're have no real adult expenses yet. You're gonna pick up a chick with that bimmer and next thing you know you're onna want a place of your own and money to pay for the kinda chicks who date guys with M6's.
#26
Registered Member
Good call.
I'm about 5 yrs older than you, make nearly double, no debt (college or otherwise), and still wouldn't even consider the M. Shoot, I've convinced myself against getting a CPO S4, and that's only about 15K out of pocket.
You're moving to Arlington, use the $$$ to have fun in DC, hit up happy hours, go bar hopping and enjoy the amount of single girls.
And even more importantly, TRAVEL. Go to Europe for a week or two. Or Thailand. Or Australia.
To me, all the M6 would have done is keep you from doing something really fulfilling things. Driving a high-end car is not all that it's cracked up to be, sure you'll feel cool while driving it, but then what? The experience it offers fades much quicker than the life experiences of an active lifestyle IMO
I'm about 5 yrs older than you, make nearly double, no debt (college or otherwise), and still wouldn't even consider the M. Shoot, I've convinced myself against getting a CPO S4, and that's only about 15K out of pocket.
You're moving to Arlington, use the $$$ to have fun in DC, hit up happy hours, go bar hopping and enjoy the amount of single girls.
And even more importantly, TRAVEL. Go to Europe for a week or two. Or Thailand. Or Australia.
To me, all the M6 would have done is keep you from doing something really fulfilling things. Driving a high-end car is not all that it's cracked up to be, sure you'll feel cool while driving it, but then what? The experience it offers fades much quicker than the life experiences of an active lifestyle IMO
#27
Only the OP really knows his finances, and what is needed to survive each month...When I started out, I always looked for a good deal, paid cash, and then started looking for the next best deal. I purchased my latest car a 12XS sedan using the same theory, kinda like flipping houses, only with cars. The only thing that sucked was doing all the paperwork involved with title transfer and such....It can pay off though
#28
Registered Member
Good call.
I'm about 5 yrs older than you, make nearly double, no debt (college or otherwise), and still wouldn't even consider the M. Shoot, I've convinced myself against getting a CPO S4, and that's only about 15K out of pocket.
You're moving to Arlington, use the $$$ to have fun in DC, hit up happy hours, go bar hopping and enjoy the amount of single girls.
And even more importantly, TRAVEL. Go to Europe for a week or two. Or Thailand. Or Australia.
To me, all the M6 would have done is keep you from doing something really fulfilling things. Driving a high-end car is not all that it's cracked up to be, sure you'll feel cool while driving it, but then what? The experience it offers fades much quicker than the life experiences of an active lifestyle IMO
I'm about 5 yrs older than you, make nearly double, no debt (college or otherwise), and still wouldn't even consider the M. Shoot, I've convinced myself against getting a CPO S4, and that's only about 15K out of pocket.
You're moving to Arlington, use the $$$ to have fun in DC, hit up happy hours, go bar hopping and enjoy the amount of single girls.
And even more importantly, TRAVEL. Go to Europe for a week or two. Or Thailand. Or Australia.
To me, all the M6 would have done is keep you from doing something really fulfilling things. Driving a high-end car is not all that it's cracked up to be, sure you'll feel cool while driving it, but then what? The experience it offers fades much quicker than the life experiences of an active lifestyle IMO
#29
Registered User
Good call indeed!
I paid cash for my G and it represented ~10% of my gross annual income. I would never consider buying a car that is almost as much as a year salary.
I paid cash for my G and it represented ~10% of my gross annual income. I would never consider buying a car that is almost as much as a year salary.
#30
Also to add onto another dimension, not many people will really respect the guy with the overkill $$ car living with his parents. "Ayy gurl, you like my car right? Wait until you see my childhood bedroom! Also you can meet my folks afterward!"
And you need to think of it from your parents perspective, its actually insulting.
Here they are prepping you for the world, and hoping you will move out soon and be your own man but instead taking their good graces (free rent) to waste by spending it on a car and further delaying leaving the nest...
And you need to think of it from your parents perspective, its actually insulting.
Here they are prepping you for the world, and hoping you will move out soon and be your own man but instead taking their good graces (free rent) to waste by spending it on a car and further delaying leaving the nest...