10-19-2018, 12:29 PM | #1 |
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Can I afford a new M3?
I think I would be looking to lease. I've never leased a vehicle this expensive, so am just curious whether this is a good idea or not.
Early 30s, stable solid job. Low COL area. Income: 165K Total expenses (everything): $2500/mo I'm tempted to just go for it, is this crazy? |
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10-19-2018, 12:31 PM | #2 |
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Let's say you really make 165k a month that's what 8-9k after taxes and your expense are 2500? Then yes you can without a doubt afford one.
Hell I am willing to bet lots of dudes make less than that and still manage to lease them. |
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nbennettksu1397.00 |
10-19-2018, 12:37 PM | #3 |
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you won’t have any issues being approved, seems like you’re iffy about the car, maybe take one for a test drive and decide?
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10-19-2018, 12:38 PM | #5 |
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No. This is a $400,000/year car.
Sorry. Good luck.
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10-19-2018, 12:43 PM | #6 | |
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I'm just wondering if it seems like an excessive car to buy given my income. Not quite sure what the typical income to car affordability ratio is, or demographic of your typical M3 buyer. |
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10-19-2018, 12:50 PM | #7 |
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I follow the 10% rule.
Monthly payment should be 10% or less of monthly take home pay. Total net price of car should be 10% of liquid net worth (i.e., cash on hand, doesn't include retirement savings, IRAs or 401k.). So if you take home $8,000 a month, your monthly payment should be $800 or less. If you have $800,000 in liquid assets, price of car should be approximately $80,000 or less.
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10-19-2018, 01:07 PM | #8 | |
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10-19-2018, 01:17 PM | #9 | ||||
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Probably a 3 year lease wont screw things but you really need to want the car. You do have the cash. I have 2 kids and make a bit over you and I own a M3.
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10-19-2018, 01:21 PM | #10 |
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Since you are obviously frugal ($2,500 all-in expenses??), a pre-owned M3 would be a better financial decision.
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10-19-2018, 01:23 PM | #11 | ||
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Of course, the real answer will depend on your own risk tolerance. |
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10-19-2018, 01:26 PM | #12 |
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Live life on the edge, go for it. This forum is full of people that can barely afford these cars
Check this post out to see what people do https://f80.bimmerpost.com/forums/sh...ghlight=afford notably: 1 guy is a walmart greeter, the other works at McDonalds, and one of them is a rock collector, albeit a successful one.
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10-19-2018, 01:29 PM | #13 |
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