Finances and M3

lakerfan90 · 05-21-2015, 06:29 PM

Dear Members of the Forum,

Today I noticed an absolutely gorgeous Yellow M3. I am not so happy with my Prius and want to switch as soon as the lease is up.

In terms of finances, how much should one be making before being able to afford such a great car. I am looking to get a barebones M3.

Thank you

Powaup · 05-21-2015, 06:30 PM

Only you can answer that question

MTHRAR · 05-21-2015, 06:37 PM

Quote:

Originally Posted by lakerfan90

Dear Members of the Forum,

Today I noticed an absolutely gorgeous Yellow M3. I am not so happy with my Prius and want to switch as soon as the lease is up.

In terms of finances, how much should one be making before being able to afford such a great car. I am looking to get a barebones M3.

Thank you

.

lawrenc967 · 05-21-2015, 06:38 PM

Please please please don't take financial advice from strangers on a car enthusiast forum!

carsrmyvice · 05-21-2015, 06:39 PM

Quote:

Originally Posted by Powaup

Only you can answer that question

+1

If you aren't capable of answering it, then seek advice from a certified financial planner. Although I must warn you they will tell you it's a waste of money lol

Ask yourself this, can I afford 600-650 a month?

Ian1973 · 05-21-2015, 06:43 PM

650 a month? lol

byetter · 05-21-2015, 06:44 PM

Quote:

Originally Posted by Ian1973

650 a month? lol

More than this, if your buying it, with a small down payment. These are easily $1,000 per month.

MWM · 05-21-2015, 06:44 PM

Car payment shouldn't be more than a third of your house payment. House payment better not be more than a third of your income.

If you're grossing $7k a month then leasing a bare-bones M3 probably won't kill you. As the income number decreases, the decision to drop $700/mo on a car lease becomes more risky.

SunnyD · 05-21-2015, 06:47 PM

You should be making $200K/year.

lawrenc967 · 05-21-2015, 06:49 PM

plus insurance, fuel costs (both of which will be significantly higher than his Prius)....

SakhirM4 · 05-21-2015, 06:50 PM

Quote:

Originally Posted by SunnyD

You should be making $200K/year.

Dang!!! Do I have to give my M4 back?? It's paid for

ASAP · 05-21-2015, 06:50 PM

The math is simple

650 X 12 for payments
~$1000 for ins
4000 for gas

So by my math, you only NEED to be making about $13k a year

lawrenc967 · 05-21-2015, 06:51 PM

Roadkiller · 05-21-2015, 06:52 PM

Quote:

Originally Posted by lakerfan90

Dear Members of the Forum,

Today I noticed an absolutely gorgeous Yellow M3. I am not so happy with my Prius and want to switch as soon as the lease is up.

In terms of finances, how much should one be making before being able to afford such a great car. I am looking to get a barebones M3.

Thank you

I agree with the others....only you know if you can afford this car. However, I will say there are too many variables in play here.

For example, are you leasing or buying? If buying, what are you putting down (that you can afford)? While I don't personally prefer them, some people use balloon payment plans to afford this car. Others simply take cash from their savings to bring the payments down. Are you leasing? Getting a good deal? Trade-in?

Bottom line: There are waaaaayy too many variables involved here (disposable income, living habits, salary, married with six kids, etc, etc, etc.) to answer this for you. However, this forum is an excellent resource when you decide you are ready to buy or lease. If that happens, be sure to post your deal here for feedback.....then we can help.

Roadkiller · 05-21-2015, 06:53 PM

Quote:

Originally Posted by ASAP

The math is simple

650 X 12 for payments
~$1000 for ins
4000 for gas

So by my math, you only NEED to be making about $13k a year

Richy Rich · 05-21-2015, 06:57 PM

If you need to ask the question then you shouldn't be considering the car, you can't afford it.

It's also a question nobody here can answer. Do you live on your own, if so what's your rent? What do your current monthly expenses total in comparison to net monthly income? How are you intending on going from a 200/mo lease to an 800/mo lease?

If you're a troll that lives in your parents basement and picks his ass for a living, selling your findings on eBay then maybe you can afford to live paypal deposit to paypal deposit in your shiny new M3.

Wait until your stability entitles you to have something, based on that you can enjoy it. Needing to stress over your car and insurance payment every month will make you hate that you love something you can't keep.

MRCUR · 05-21-2015, 07:00 PM

Are Prius owners even allowed to drive M3's?

BMW F22 · 05-21-2015, 07:18 PM

Quote:

Originally Posted by MRCUR

Are Prius owners even allowed to drive M3's?

Hey now, I drove a Prius for 6 months after selling my 335. Then I got into an M235i and will be considering an M2/Cayman S in the future. So I would say yes? Driving a Prius for a while made me realize how much I miss the bimmer. Lol

jttBimmer · 05-21-2015, 07:24 PM

If you're not sure, wait. If you plan to lease later then maybe save up some money for MSDs.

You certainly do not need to be making 200/k a year. When I was making around 80/yr... young, single... I could have made an M3 lease work. I instead took on a 1200/month mortgage before housing took a dump... an M3 would have been a better "investment" then.

Xtabi · 05-21-2015, 07:27 PM

OP you my friend are in luck! For today I just read the answer to this very question! No joke. And it was on a BMW blog no less. It must be fate. But what does the oracle reveal for the future of you BMW purchase? Read on...

http://www.bmwblog.com/2015/05/21/11...-listen-to-it/

...and report back to us your findings and learnings.

STi2M3 · 05-21-2015, 07:35 PM

When you feel like you could afford a 911 without jeopardizing your financial stability, only then should you buy an m4. When you feel like you could afford a Ferrari, buy a 911.

ASAP · 05-21-2015, 07:39 PM

Quote:

Originally Posted by Xtabi

OP you my friend are in luck! For today I just read the answer to this very question! No joke. And it was on a BMW blog no less. It must be fate. But what does the oracle reveal for the future of you BMW purchase? Read on...

http://www.bmwblog.com/2015/05/21/11...-listen-to-it/

...and report back to us your findings and learnings.

lololol....

You need to make $500K to buy an M3 and $200K to buy a Camry... which conservative idiot trying to sell a mag wrote this?

05-21-2015, 06:29 PM	#1
lakerfan90 Enlisted Member 14 Rep 32 Posts Drives: Future M3 Driver Join Date: May 2014 Location: Irvine iTrader: (0)	Finances and M3 Dear Members of the Forum, Today I noticed an absolutely gorgeous Yellow M3. I am not so happy with my Prius and want to switch as soon as the lease is up. In terms of finances, how much should one be making before being able to afford such a great car. I am looking to get a barebones M3. Thank you
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05-21-2015, 06:30 PM	#2
Powaup Brigadier General 1253 Rep 3,688 Posts Drives: 2021 Supra 3.0 (Past: 2015 M23 Join Date: Aug 2012 Location: San Francisco, CA iTrader: (0) Garage List 2015 BMW M4 [10.00]	Only you can answer that question __________________ Check out my YouTube Channel Powaup Instagram: @ Powaup
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05-21-2015, 06:38 PM	#4
lawrenc967 Lurker Extraordinaire 10 Rep 49 Posts Drives: F80 M3 Join Date: Oct 2010 Location: Bay Area, CA iTrader: (0)	Please please please don't take financial advice from strangers on a car enthusiast forum!
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05-21-2015, 06:43 PM	#6
Ian1973 Colonel 736 Rep 2,134 Posts Drives: 15 M3 Join Date: Sep 2013 Location: Charlton, NY iTrader: (0)	650 a month? lol
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05-21-2015, 06:44 PM	#8
MWM Private First Class 39 Rep 126 Posts Drives: M3 (F80) Join Date: Oct 2006 Location: Falmouth, ME iTrader: (0)	Car payment shouldn't be more than a third of your house payment. House payment better not be more than a third of your income. If you're grossing $7k a month then leasing a bare-bones M3 probably won't kill you. As the income number decreases, the decision to drop $700/mo on a car lease becomes more risky.
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05-21-2015, 06:47 PM	#9
SunnyD Major 457 Rep 1,291 Posts Drives: M4 GTS Join Date: Dec 2006 Location: Long Beach, CA iTrader: (0)	You should be making $200K/year. __________________ '16 ///M4 GTS '11.75 ///E90 M3 ZCP \| DCT '06 ///M5 \| SMG - Gone '98 ///M3 \| 5MT - Gone '07 ///M Coupe \| 6MT - Gone
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05-21-2015, 06:49 PM	#10
lawrenc967 Lurker Extraordinaire 10 Rep 49 Posts Drives: F80 M3 Join Date: Oct 2010 Location: Bay Area, CA iTrader: (0)	plus insurance, fuel costs (both of which will be significantly higher than his Prius)....
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05-21-2015, 06:50 PM	#12
ASAP Major General 10172 Rep 8,631 Posts Drives: '23 X3 M40i Join Date: Sep 2012 Location: FL iTrader: (0)	The math is simple 650 X 12 for payments ~$1000 for ins 4000 for gas So by my math, you only NEED to be making about $13k a year __________________ 2 x N54 -> 1 x N55 -> 1 x S55-> 1 x B58
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05-21-2015, 06:51 PM	#13
lawrenc967 Lurker Extraordinaire 10 Rep 49 Posts Drives: F80 M3 Join Date: Oct 2010 Location: Bay Area, CA iTrader: (0)
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05-21-2015, 06:57 PM	#16
Richy Rich Colonel 3169 Rep 2,135 Posts Drives: F80 \| MKIV Supra \| Aventador S Join Date: Jan 2014 Location: Los Angeles iTrader: (0)	If you need to ask the question then you shouldn't be considering the car, you can't afford it. It's also a question nobody here can answer. Do you live on your own, if so what's your rent? What do your current monthly expenses total in comparison to net monthly income? How are you intending on going from a 200/mo lease to an 800/mo lease? If you're a troll that lives in your parents basement and picks his ass for a living, selling your findings on eBay then maybe you can afford to live paypal deposit to paypal deposit in your shiny new M3. Wait until your stability entitles you to have something, based on that you can enjoy it. Needing to stress over your car and insurance payment every month will make you hate that you love something you can't keep. __________________ For Sale: 2017 740whp Frozen White M3 \| 5900 Miles [sold] 'GR3MLIN' - Satin Mineral Grey M3 Build Thread
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05-21-2015, 07:00 PM	#17
MRCUR Lieutenant Colonel 822 Rep 1,779 Posts Drives: 2018 Model 3 Performance Join Date: Oct 2014 Location: PA iTrader: (0)	Are Prius owners even allowed to drive M3's?
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05-21-2015, 07:24 PM	#19
jttBimmer Second Lieutenant 119 Rep 240 Posts Drives: 2022 BG M3 Comp Join Date: Apr 2015 Location: Tampa, FL iTrader: (0)	If you're not sure, wait. If you plan to lease later then maybe save up some money for MSDs. You certainly do not need to be making 200/k a year. When I was making around 80/yr... young, single... I could have made an M3 lease work. I instead took on a 1200/month mortgage before housing took a dump... an M3 would have been a better "investment" then.
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05-21-2015, 07:27 PM	#20
Xtabi Colonel 1703 Rep 2,127 Posts Drives: 2016 M3 Join Date: Jan 2008 Location: Ohio iTrader: (0)	OP you my friend are in luck! For today I just read the answer to this very question! No joke. And it was on a BMW blog no less. It must be fate. But what does the oracle reveal for the future of you BMW purchase? Read on... http://www.bmwblog.com/2015/05/21/11...-listen-to-it/ ...and report back to us your findings and learnings. __________________ 2016 F80 \| MG/SO \| DCT \| Adaptive M Suspension \| 19" Black 437M Wheels \| CF Roof \| CF Trim
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05-21-2015, 07:35 PM	#21
STi2M3 Private First Class 42 Rep 131 Posts Drives: 2015 MG/SO M3 (on order) Join Date: Mar 2012 Location: Boston, MA iTrader: (0)	When you feel like you could afford a 911 without jeopardizing your financial stability, only then should you buy an m4. When you feel like you could afford a Ferrari, buy a 911.
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