Can I afford a new M3?

Beerflakes · 10-19-2018, 12:29 PM

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?

f80er · 10-19-2018, 12:31 PM

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.

joegie · 10-19-2018, 12:37 PM

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?

Spoolin Montego · 10-19-2018, 12:37 PM

I mean how can you not afford it? I know people making half as much driving these cars

gabriel.psd · 10-19-2018, 12:38 PM

No. This is a $400,000/year car.

Sorry. Good luck.

Beerflakes · 10-19-2018, 12:43 PM

Quote:

Originally Posted by Spoolin Montego

I mean how can you not afford it? I know people making half as much driving these cars

I should have phrased it differently. I understand that I have enough money left over from my paycheck and expenses to pay for an M3.

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.

///M-er-gized · 10-19-2018, 12:50 PM

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.

gabriel.psd · 10-19-2018, 01:07 PM

Quote:

Originally Posted by Beerflakes

I should have phrased it differently. I understand that I have enough money left over from my paycheck and expenses to pay for an M3.

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.

Probably not even half of that.

darielsantana · 10-19-2018, 01:17 PM

Quote:

Originally Posted by Beerflakes

Quote:

Originally Posted by Spoolin Montego

I mean how can you not afford it? I know people making half as much driving these cars

I should have phrased it differently. I understand that I have enough money left over from my paycheck and expenses to pay for an M3.

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.

Quote:

Originally Posted by Beerflakes

Quote:

Originally Posted by Spoolin Montego

I mean how can you not afford it? I know people making half as much driving these cars

I should have phrased it differently. I understand that I have enough money left over from my paycheck and expenses to pay for an M3.

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.

Are you single? Any kids? Do you really like the car? Maybe you can afford the car but dont feel it.

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.

gatorfast · 10-19-2018, 01:21 PM

Since you are obviously frugal ($2,500 all-in expenses??), a pre-owned M3 would be a better financial decision.

Darth One · 10-19-2018, 01:23 PM

Quote:

Originally Posted by Beerflakes

Quote:

Originally Posted by Spoolin Montego

I mean how can you not afford it? I know people making half as much driving these cars

I should have phrased it differently. I understand that I have enough money left over from my paycheck and expenses to pay for an M3.

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.

This is always a tough question to ask on a car forum. First you'll get all the judgmental posts from people who grew up during the Great Depression and think you should never go into any debt. And then the YOLO people will argue with them and say i piss on your lawn old man! I make enough money from my bitcoin mining and real estate flipping businesses to finance 5 M3's!!! At least you didn't post that you were 20 years old...that always guarantees a shit show.

Of course, the real answer will depend on your own risk tolerance.

ferrarifast · 10-19-2018, 01:26 PM

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.

damageprone · 10-19-2018, 01:29 PM

Quote:

Originally Posted by gatorfast

Since you are obviously frugal ($2,500 all-in expenses??), a pre-owned M3 would be a better financial decision.

This sounds like the answer you're looking for.

10-19-2018, 12:29 PM	#1
Beerflakes Lieutenant 150 Rep 409 Posts Drives: 2020 X5, 2021 M550i (soon) Join Date: Feb 2007 Location: MO iTrader: (3)	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?
	Appreciate 0 Tweet

10-19-2018, 12:31 PM	#2
f80er Banned 2056 Rep 1,984 Posts Drives: An M3 Join Date: Jan 2016 Location: DMV iTrader: (1)	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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10-19-2018, 12:37 PM	#3
joegie Second Lieutenant 110 Rep 253 Posts Drives: 2018 F80 ZCP 6MT Join Date: May 2018 Location: North San Diego iTrader: (1)	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? __________________ JOEY \| '18 AW M3 ZCP 6MT \| '18 Raptor
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10-19-2018, 12:37 PM	#4
Spoolin Montego Captain 599 Rep 871 Posts Drives: 16 m3/20 x5m/23 m3 Join Date: Mar 2012 Location: Orange County iTrader: (1)	I mean how can you not afford it? I know people making half as much driving these cars
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10-19-2018, 12:38 PM	#5
gabriel.psd Lieutenant 490 Rep 466 Posts Drives: F80 AW 6MT Join Date: May 2009 Location: San Diego iTrader: (0) Garage List 2004 330ci [0.00]	No. This is a $400,000/year car. Sorry. Good luck. __________________ Gabe - F80 AW Cloth 6MT - HRE 520 - OEM GTS Hood - CS lip/spoiler/diffuser - Status Gruppe SRS Coilovers - Nose Lift - Full Suspension - OEM Alcantara & Carbon interior - BM3 - IKON
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10-19-2018, 12:50 PM	#7
///M-er-gized Captain 687 Rep 663 Posts Drives: 2019 540i Join Date: Mar 2015 Location: Florida iTrader: (0)	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. __________________ 2019 540i \| Black Sapphire \| Black Dakota Leather with Blue Stitching \| M Sport Package \| Executive Tier \| Driver Assistance \| Parking Assistance \| HK \| M Sport Brakes \| Leather Dashboard 2016 M3 \| YMB \| Black Extended Merino \| CF Roof \| CF Trim \| DCT \| Adaptive \| Executive Last edited by ///M-er-gized; 10-19-2018 at 12:57 PM..
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10-19-2018, 01:21 PM	#10
gatorfast Major General 4992 Rep 6,860 Posts Drives: 718 Cayman Join Date: Jan 2008 Location: SoFla iTrader: (4)	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, 01:26 PM	#12
ferrarifast Commander 639 Rep 404 Posts Drives: 22 M4 Comp xDrive Coupe Join Date: Apr 2016 Location: New Jersey iTrader: (0)	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. __________________ 2022 M4 ZCP xDr Cpe - Frozen Black on Black full lthr....fully loaded Gone: 2020 BMW M4 ZCP: MG/SO Full Merino 2018 BMW M3: Black/ Blk cloth 6MT Life is too short to list the non Ms
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