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      02-22-2020, 10:49 PM   #23
PA20__VMemmmfour
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I did get tempted, though I'm over that. I'll take care of my debt first.
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      02-28-2020, 11:06 AM   #24
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So many judgmental people here, giving finance advices here not to buy this and that

Let him get whatever he wants, everyone has different preferences in their lives.

Hate people being smartass giving advices on totally different subject than what OP originally asked for

Yea try dealer; if dealer is desperate to sell you a car, they will make some possible
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      02-28-2020, 11:29 AM   #25
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Quote:
Originally Posted by CRtoE92 View Post
So many judgmental people here, giving finance advices here not to buy this and that

Let him get whatever he wants, everyone has different preferences in their lives.

Hate people being smartass giving advices on totally different subject than what OP originally asked for

Yea try dealer; if dealer is desperate to sell you a car, they will make some possible
Huh who is being judgmental

Most here were giving sound advise which is, based on what the OP shared, he is not in a financial position to commit to an expensive vehicle. But he should prob listen to you and buy the car anyway without regard for his financial well being or future. YOLO right?
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      02-28-2020, 11:35 AM   #26
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Originally Posted by Andrae26 View Post
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Originally Posted by rapsquared View Post
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Originally Posted by Andrae26 View Post
You'll be surprised how many F80 owners can't afford the car. If you're making less than 120k a year you shouldn't even consider buying this car unless you have no bills and live with mommy and daddy.
These cars can be purchased in the $3x,xxx range it doesnt take a 6 figure salary to afford one. Especially in some areas where housing is sub 1k per month
Even if the car is in the 30's an ideal income for that would be 90k +. Let's say car is 35k, you're making 70k then DTI is 50% unless you put down quiet a bit. Cheaper areas generally comes with less pay no?
That's not how DTI works...
Oh wow I didn't know it was based on your total debt every month. Quick google search did it for me. In my defense I have only been living in the states for 6 years and all 6 I have been a pilot in the military. Was stationed overseas for the first 3 years. So technically I've only been in America for 3 years. I'll do my research next time before I look stupid haha. I still believe you should be making 3 times as much as any car cost before you buy it. I leased all my F80's because I don't make 3x the car at MSRP.
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      02-28-2020, 12:30 PM   #27
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I still believe you should be making 3 times as much as any car cost before you buy it.
This was always my rule of thumb when I was younger and buying new cars. My first brand new car cost $2,000 and I was making $6,000/yr. Next car cost $4,000 and I was making $12,000. This continued to when I bought my S2000 for $32,500 and I was making ~$90,000. I retired before I bought my next new car, which was the M4, so that was no longer a factor.

However, as you get older and/or your income continues to increase, if you get into the 5% or less bracket, you have more disposable income and you can afford to spend more on a car, or other luxury items.

Another factor to consider is that purchasing a house is almost always a better investment than purchasing a car.
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      10-25-2021, 10:08 PM   #28
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Have you tried a credit union? I'm 20 so my short credit history got me shut down though I can buy the car cash. Wound up using a local credit union got a 2.7% rate as well. If not dealers usually have one prefer bank they help people get approved with a lot are using Ally or Capital One
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      11-23-2021, 07:55 AM   #29
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Just wait man, don't kill your future with debt.
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      03-03-2022, 10:09 AM   #30
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So many pessimistic individuals here, advising him not to buy this or that. Let him obtain anything he wants; everyone has varied tastes in their lives. Yes, try the dealer or Paydaysay.com service; if the dealer is keen to sell you a car, they will do anything they can to help you.

Last edited by jenniferdehner; 03-23-2022 at 08:35 AM..
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      03-03-2022, 05:38 PM   #31
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So many pessimistic individuals here, advising him not to buy this or that. Let him obtain anything he wants; everyone has varied tastes in their lives. Yes, try the dealer; if the dealer is keen to sell you a car, they will do anything they can to help you.
A dealer doing anything to help you doesn't mean it's is in your best interest
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      03-04-2022, 01:30 PM   #32
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There is no way we in hell I’d buy an expensive used car right now as prices are idiotic, and there’s surely no way in hell I’d pay more than 1.9% interest anywhere.

They don’t pay us, don’t pay them.

New and 1.9% or less or nothing.
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      03-05-2022, 01:54 AM   #33
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Originally Posted by NickyC View Post
There is no way we in hell I’d buy an expensive used car right now as prices are idiotic, and there’s surely no way in hell I’d pay more than 1.9% interest anywhere.

They don’t pay us, don’t pay them.

New and 1.9% or less or nothing.

its next to impossible to find 1.9%, so I would not go just on that. If you have a sizeable downpayment in another year or two, then better and prices will come down. I would just wait for some months or a year then buy the car. You will be looking at $1000 a month for 5 years , thats a heck of a commitment.
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      05-24-2022, 09:21 AM   #34
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I didn't miss anything. I just think your hardline stance and opinion on what constitutes affordability is misguided.

I love how this is always the rationale for putting down less money and financing more. Like there are so many 100% safe investments out there which yield a high return thereby making it foolish to use cash elsewhere. This is much more of an academic answer than a real world and practical answer imo.

And finally, nowhere did I mention that overall cost of ownership was not important. However, that is only realized once you dispose of the vehicle. For the ownership period though, most people budget in terms of monthly cash outflow. This is what I was referring to when I mentioned the down payment can be used to manage monthly payment.
Late to this but I agree 100% and what always interests me in these types of threads are the hard lines people take. Like what they do is the end all to be all for anyone and everyone and a holier than thou attitude when it comes to the right way to buy or finance a car.
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      05-25-2022, 12:08 PM   #35
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Y'all are arguing on a thread that's almost two years old; I'm pretty sure these people have moved on with their lives lol.
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      10-19-2022, 09:29 AM   #36
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      10-19-2022, 09:41 AM   #37
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i never put money down and get the lowest rates. i roll taxes and anything possible into the loan if i can beat it investing. if these things sound foreign to you....you can't afford it.


then again we live in america....so half the people in this forum are in debt.

no judgement, do you man
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      10-19-2022, 04:06 PM   #38
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Originally Posted by G35POPPEDMYCHERRY View Post
i never put money down and get the lowest rates. i roll taxes and anything possible into the loan if i can beat it investing. if these things sound foreign to you....you can't afford it.


then again we live in america....so half the people in this forum are in debt.

no judgement, do you man
A lot of people are in debt because we have a Federal reserve that don't know their heads from their asses. Made borrowing too easy. Now, the majority will feels the pain. Sitting on cash all year.
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      10-21-2022, 07:59 AM   #39
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A loan is always a bad idea because this money will have to be returned to creditors. And I don't think a person taking a loan today will find himself in a more profitable financial situation tomorrow. On the contrary, it is worth teaching people financial literacy and the economy because this is the way to prosperity. I like the recommendations of the Young and Thrifty blog for young people who realize the importance of savings in their lives. And I do not understand those who prefer to pay for their purchases with loans, as I consider it unreasonable.
Loans are not black and white. There's a whole spectrum of color. If you can borrow money for less than you can make that money work, a loan makes sense. If you're taking out a loan and putting yourself in deeper financial trouble, then I agree with you.
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      10-21-2022, 04:42 PM   #40
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I have a friend who took out a 10k loan to short the stock market back in January with my recommendation on SPX puts. 10k turned into 700k. Had another friend that took out 5k to put into NFLX puts and it made him 460k overnight. Would either of these loans put them in a financial coffin for years to come? Most likely not.
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      10-24-2022, 09:09 AM   #41
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Quote:
Originally Posted by PA20__VMemmmfour View Post
So I applied for a loan through BOA and did not get approved. Loan was for about 45k and price of m4 is roughly 47k not including taxes and other fees. I really want the vehicle, do you guys think I should let the dealer find me one or suck it up and wait till I solve my dti( which is not terrible) ? I know it's not guaranteed but that's my only other option. What do you guys think.
within the context of buying a car, yea maybe reduce your expenses first and fix your credit if it needs fixing. the dealer will find you a "deal" but you may be upside down later (long term, depreciation; etc). bank prob said no because of the risk.
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      03-26-2023, 04:52 AM   #42
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Quote:
Originally Posted by CRtoE92 View Post
So many judgmental people here, giving finance advices here not to buy this and that

Let him get whatever he wants, everyone has different preferences in their lives.

Hate people being smartass giving advices on totally different subject than what OP originally asked for

Yea try dealer; if dealer is desperate to sell you a car, they will make some possible
This is absolutely reckless advise. OP couldn't have made it more clear that he is not in a financial position to buy this car yet you are encouraging him to YOLO his arse to the dealership and commit financial suicide.
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      04-22-2023, 03:52 PM   #43
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I'm always on the lookout for new and exciting games to play. Right now, I'm really enjoying a game called Stardew Valley. It's a relaxing and enjoyable farming simulation game that's perfect for unwinding after a long day.

Speaking of games, have you heard of Joy Wallet? It's a website that provides great tips on how to save money and find awesome deals on all kinds of things, including games and gaming equipment. You should definitely check it out at joywallet.com and see how it can help you save some money while still enjoying your favorite games.
hey Velma, don’t you have a cousin who’s a Nigerian Prince? and just inherited a gold mine?
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