Is is safe to say the 99% of bmw owners make over 100k? With these cars costing so much I'm just wondering where owners are in terms of salary? Not sure who people can afford so much for a car these days.
PS: I buy used.
655.2KVIEWS
417REPLIES
579APPRECIATES
186ACTIVE PEOPLE
09-22-2023LAST POST
10-03-2021
10-03-2021
Randy Johnson
NFFA
659
REP
1.4K
POSTS
10-03-2021
10-03-2021
Patton250
Colonel
2,986
REP
2.5K
POSTS
I think I was like eight years old when I asked my father how much money he made. It didn’t go well.
Scorp!on
,
Pantagathus
+52
10-03-2021
10-03-2021
Scorp!on
Captain
1,574
REP
781
POSTS
it's simple.
you can afford one without going bankrupt you earn enough for this car.
you can't, you don't.
I know people with smaller income than me affording these cars, it's always a matter of priority...if you want to work basically only for the car no problem.
you can afford one without going bankrupt you earn enough for this car.
you can't, you don't.
I know people with smaller income than me affording these cars, it's always a matter of priority...if you want to work basically only for the car no problem.
prompt
,
jbellk75rt
+1
10-03-2021
10-03-2021
savi01
Private First Class
138
REP
119
POSTS
Scorp!on wroteExactly. It's about priorities.I know people with smaller income than me affording these cars, it's always a matter of priority...if you want to work basically only for the car no problem.
I had been saving up for a house and my wedding for the past couple of years, a new car was nowhere on my radar. Wedding didn't happen, got dumped a few weeks before it. Priorities shifted and I decided to get a new car to put my mind elsewhere and have something to look forward to and play around with. Had I gone forward with the wedding and house, I probably wouldn't be able to comfortably afford the car.
I also know of people making half of what I make, but driving more expensive cars. Those cars are their priorities and other aspects of their life aren't as luxurious.
But there are so many factors that go into something like this, it's not as clear cut as saying "If I make X, I can afford Y". Location (CoL), kids, debts (student loans!), priorities, investments, etc. etc. all affect how much someone can/is willing to spend on anything in life.
mattburks
,
mjbernatz
+3
10-03-2021
10-03-2021
Flying05
Captain
1,358
REP
966
POSTS
Randy Johnson wroteNo. Would not agree with this. Too many reasons to list why not.Is is safe to say the 99% of bmw owners make over 100k? With these cars costing so much I'm just wondering where owners are in terms of salary? Not sure who people can afford so much for a car these days.
PS: I buy used.
JPM-3
,
DenverSteve
+1
10-03-2021
10-03-2021
forza1976
Major General
3,610
REP
6.6K
POSTS
Dumb thread
nathanm4
,
Ibiza
+26
10-03-2021
10-03-2021
BGM-M3COMP
The Ben Shapiro of this place. I never lose! LOL
2,344
REP
3K
POSTS
If you have good credit, it's relatively easy, as long as you actually make a decent amount, doesn't have to be over 100k.
If you lease, even easier.
Some people have businesses, and can write off cars like these. Not sure how that works entirely but my friend has an LLC and a brand new escalade. He said it was basically, "free". I'm sure he's making some type of payment though, not sure what or how much.
Plus it depends on where you live. If you make close to 100k but the cost of living is very cheap, you have more disposable income to spend elsewhere.
Where i live, you HAVE to make, IMHO, 75k+. No ifs ands or buts. I been blessed to have a job that pays over 100k but even if i didn't, and say if i made 25-30k less than what i'm getting now, i can still afford the M3C because i leased it.
If you lease, even easier.
Some people have businesses, and can write off cars like these. Not sure how that works entirely but my friend has an LLC and a brand new escalade. He said it was basically, "free". I'm sure he's making some type of payment though, not sure what or how much.
Plus it depends on where you live. If you make close to 100k but the cost of living is very cheap, you have more disposable income to spend elsewhere.
Where i live, you HAVE to make, IMHO, 75k+. No ifs ands or buts. I been blessed to have a job that pays over 100k but even if i didn't, and say if i made 25-30k less than what i'm getting now, i can still afford the M3C because i leased it.
JDUNITNOW
,
540iSUP
10-03-2021
10-03-2021
meechy6ix0
First Lieutenant
324
REP
346
POSTS
From my experience, 100k seems like a baseline salary in CA. Don’t know how you’d be able to afford it with less than that after rent, insurance, savings, and spendings.
540iSUP
,
meadowsdb
+1
10-03-2021
10-03-2021
iviegatron
Lieutenant Colonel
2,733
REP
1.7K
POSTS
Back when I was in college I made foolish decisions (I'm sure I wasn't alone), ended up buying an Audi TT. I was barely able to afford it. My entire paycheck went into car payments, gas, and insurance. It was fun for a while, but then it got old pretty quickly. I wanted to just sell the car, but I knew I would still be making payments on it due to depreciation. Just my luck, I got t-boned and the car was totalled. I collected almost the full value of the car and paid off the finance company. Long story short, I told myself I would never ever put myself in that situation. It's not the best feeling.
At my previous job, there was a guy at a junior level position who came from Zimbabwe who was making less than $100k and was driving around in a decently optioned Audi A8L. Not sure what his financial situation was, but I can tell more than half of his paycheck was going towards car payments. Reminded me of my college days.
Luckily I'm doing well now and I have my priorities straight. M3 was approved by the wife too.
At my previous job, there was a guy at a junior level position who came from Zimbabwe who was making less than $100k and was driving around in a decently optioned Audi A8L. Not sure what his financial situation was, but I can tell more than half of his paycheck was going towards car payments. Reminded me of my college days.
Luckily I'm doing well now and I have my priorities straight. M3 was approved by the wife too.
Nativetexan
,
pana511
+1
10-03-2021
10-03-2021
modat
Lieutenant Colonel
2,536
REP
1.7K
POSTS
Between mortgage, house, student loans and expenses I couldn't see myself affording this car making only 100k.
BGM-M3COMP
,
premier3is
+4
10-04-2021
10-04-2021
BMWRacer523
Lieutenant Colonel
2,591
REP
1.8K
POSTS
If you follow prudent financial advise (I do not - I race cars LOL) - your car payment should be less than 20% of your take home pay. So do the math.
Vivek.
,
540iSUP
10-04-2021
10-04-2021
m5eattle
human
91
REP
116
POSTS
BMWRacer523 wrote20% of net seems high, unless it's inclusive of all transportation expenses (insurance, gas, maintenance, etc).If you follow prudent financial advise (I do not - I race cars LOL) - your car payment should be less than 20% of your take home pay. So do the math.
BMWRacer523
,
siegester
+1
10-04-2021
10-04-2021
BMWRacer523
Lieutenant Colonel
2,591
REP
1.8K
POSTS
weefmower wroteas with everything it's simply a guideline. 15% + 5% for expenses maybe a more conservative estimate.20% of net seems high, unless it's inclusive of all transportation expenses (insurance, gas, maintenance, etc).
Vivek.
10-04-2021
10-04-2021
m5eattle
human
91
REP
116
POSTS
BMWRacer523 wroteAgreed. And like other posters, I bought cars above my means earlier in life. It's really not a good idea. Better to err on the side affordability if one is on the fence.weefmower wroteas with everything it's simply a guideline. 15% + 5% for expenses maybe a more conservative estimate.20% of net seems high, unless it's inclusive of all transportation expenses (insurance, gas, maintenance, etc).
10-04-2021
10-04-2021
Alvinmark12
Lieutenant
815
REP
446
POSTS
You know how many people own 100k car and live with their parents. Owning a expensive home to me is a sign of wealth not a car. Mortgage payments,Property taxes and up keep you can't be poor.
m20e3087
,
DenverSteve
+2
10-04-2021
10-04-2021
GearRex
First Lieutenant
214
REP
322
POSTS
What’s the general guideline?
“Your car payment or payments, should not exceed 10%-15% of your net income.” To be comfortable I would say 10%.
But, as everyone says, is a question of priorities. If you are the type that always says “you only live once”, then everything goes.
I typically stay away from financial advice. Everyone has to live in their own truth. After all, it is YOUR LIFE.
https://www.investopedia.com/how-much-should-i-spend-on-a-car-5187853
“Your car payment or payments, should not exceed 10%-15% of your net income.” To be comfortable I would say 10%.
But, as everyone says, is a question of priorities. If you are the type that always says “you only live once”, then everything goes.
I typically stay away from financial advice. Everyone has to live in their own truth. After all, it is YOUR LIFE.
https://www.investopedia.com/how-much-should-i-spend-on-a-car-5187853
BMWRacer523
,
Scorp!on
+3
10-04-2021
10-04-2021
Hawkdog
First Lieutenant
669
REP
303
POSTS
Patton250 wroteI think I was like eight years old when I asked my father how much money he made. It didn’t go well.
10-04-2021
10-04-2021
M0J0
Lieutenant
200
REP
414
POSTS
there will always be the 50K millionaire who leases and lives above their means.
Alvinmark12
,
savi01
+6
10-04-2021
10-04-2021
Likeanowl
Captain
1,238
REP
727
POSTS
Yeah I make $12 a year
selbyp93
10-04-2021
10-04-2021
BGM-M3COMP
The Ben Shapiro of this place. I never lose! LOL
2,344
REP
3K
POSTS
modat wroteAgreed.Between mortgage, house, student loans and expenses I couldn't see myself affording this car making only 100k.
First world problems lol
selbyp93
10-04-2021
10-04-2021
will0621
Lieutenant
617
REP
411
POSTS
GearRex wroteThat 10-15% rule seems to be for non- enthusiasts who just get a commuter car. I agree it’s all about priorities. some people spend thousands on clothes, watches, jewelry, furniture, vacations, fine dining. For me it’s none of those, so a car is the only major thing I “splurge” on. At least that’s how I justify it to my wife.What’s the general guideline?
“Your car payment or payments, should not exceed 10%-15% of your net income.” To be comfortable I would say 10%.
But, as everyone says, is a question of priorities. If you are the type that always says “you only live once”, then everything goes.
I typically stay away from financial advice. Everyone has to live in their own truth. After all, it is YOUR LIFE.
BMWRacer523
,
Alvinmark12
+6
10-04-2021
10-04-2021
GearRex
First Lieutenant
214
REP
322
POSTS
will0621 wroteVery good points. As long as you are happy, and you can manage everything else that life throws at you, you are alright.That 10-15% rule seems to be for non- enthusiasts who just get a commuter car. I agree it’s all about priorities. some people spend thousands on clothes, watches, jewelry, furniture, vacations, fine dining. For me it’s none of those, so a car is the only major thing I “splurge” on. At least that’s how I justify it to my wife.
As all things in life, you have to strike a balance between being responsible and being content with your life. If you suffer every decision, every purchase, and become obsessed with a future that has not happened, neither of these things are healthy.
As I said, everyone has to live in their own truth, life motto, philosophy, whatever…
will0621
,
BGM-M3COMP
+1
