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how much should i be making to afford a $38,635 car
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22.... did you call your insurance agent and ask how much full coverage would be for you especially for a BMW??
Also anticipate your license plates
soccerbud34
Senior member
personally, if i were in your shoes, 22 and single, unless i am making salary of atleast 60k+/yr. I would not even on considering purchasing a BMW.
Just think in term of this way, the minute that you purchase and drive off the BMW, the car just lost 3k if nor more in resale value
(so basicly you just throw the $3k down the drain).
This if off-subject,
But you said your are not considering on purchasing a house. Have you consider the option of buying a condo?
60k to 80k will buy you a very nice condo. And those will only go up in resale value 🙂
Anyways, it is just my humble opinion.
Just think in term of this way, the minute that you purchase and drive off the BMW, the car just lost 3k if nor more in resale value
(so basicly you just throw the $3k down the drain).
This if off-subject,
But you said your are not considering on purchasing a house. Have you consider the option of buying a condo?
60k to 80k will buy you a very nice condo. And those will only go up in resale value 🙂
Anyways, it is just my humble opinion.
I don't consider renting a waste. Most people do but your paying for a roof over your head, and a certain degree of living. True you don't get the tax breaks or the investment value but you have a place to live. Besides buying a house is a massive decision and often much more costly than renting.
Edit: I haven't thought of a condo. good idea. and yeah what's with the 6k/year in car insurance. WOW
Depends. $300 more a month got me double the space, a two stall attached garage, a back and front yard, and the ability to do anything I wanted to the place without worrying about loosing the security deposit when I was done. After my tax incentives, I actually end up even, if not ahead of renting.
My house has appreciated nearly $5,000 in 12 months time. Factor that in with the fact that I'm actually paying equity into the place, and it is so much better than renting.
solution # 1 but not gonna happen:
marry my girl who just bought a freaking nice town house by herself now and then buy my beamer.
2 salaries is the key 🙂🙂🙂🙂 It's be like my salary was totally free for anything for me to do with
<~~ waits for the married folk to come tell me how it really is 🙂
marry my girl who just bought a freaking nice town house by herself now and then buy my beamer.
2 salaries is the key 🙂🙂🙂🙂 It's be like my salary was totally free for anything for me to do with
<~~ waits for the married folk to come tell me how it really is 🙂
Vic
Elite Member
😕 😕
Wha? Ok, to get your payments down to $500/mo. (once again assuming 5.9%, if you can get a better rate over 60 months, I wanna know where), you would need to put ~$12,700 down. If you have that much available to put down on a 3-series, buy a fscking house instead. Let me put this in perspective: house = best investment you can ever make, fancy car = worst investment you can ever make.
Forget the obsession. Be practical.
KingNothing
Diamond Member
Don't get an xi anything. BMW's AWD system isn't very sophisticated...instead of changing the amount of power going to the various wheels it applies the brakes to a wheel that's slipping. Think about what that'll do to your brakes. 😕 If you want AWD that bad, get an Audi, their system is much better. That said, I think BMWs look much nicer than Audis and given the option I'd buy a BMW.
BMWs have 50-50 weight distribution, meaning that FWD or RWD doesn't make much difference. If snow is that big of a problem where you live, get a set of Blizzaks for use in the winter, or get a beater 4WD truck. Oh, and while you're knocking $1250 off your cost by taking out the AWD option, get a manual if you haven't already and knock another $1400 off the price. 😉
BMWs have 50-50 weight distribution, meaning that FWD or RWD doesn't make much difference. If snow is that big of a problem where you live, get a set of Blizzaks for use in the winter, or get a beater 4WD truck. Oh, and while you're knocking $1250 off your cost by taking out the AWD option, get a manual if you haven't already and knock another $1400 off the price. 😉
RossMAN
Grand Nagus
I would advise against buying a brand new BMW 3 series although it's the most awesomest car on the planet I would not do it, having said that here's what to expect.
$38,635 - $15,000 down payment = $23,365.00 amount financed @ 6.35% for 5 years = $455.52 monthly payments
plus any applicable fees, taxes, insurance or other weird stuff
Most financial institutions which do the underwriting for new car dealerships prefer a DSR (debt to service ratio) of 40% or less, I say shoot for 35% or less.
So $455.52 plus $500 per month rent = $955.52 per month credit obligations
$955.52 / 40% = $2,388.80 per month gross income x 12 months = $28,665.60
This seems way to low and is a borderline approval, just to be safe I would do a more "realistic" calculation of:
$500 car payment + $500 per month rent + $200 misc credit bills = $1,200
$1,200 / 35% = $3,428.57 per month gross income x 12 months = $41,142.86
So my guess is around $45k and you should be ok assuming all the other variables listed above.
<--- Former loan officer.
It is your life but I can't see paying that much for a car if you currently rent. Getting a house to me would be the biggest priority. When I lived with my parents my priorities were different. Now that I have to pay rent and bills, I couldn't justify spending 40k on a car just because I thought it looked nice. Reevaluate what is really important. If you don't make above 75k a year, you are going to be hurting. Even with a 15k downpayment, you will still have a car payment and a much BIGGER insurance rate.
kranky
Elite Member
You might want to consider that if you do buy this car, you might be locking yourself out of buying a house. Are you spending all your savings on the down payment? And would your payments be so high that you wouldn't qualify for a mortgage? It's one thing to be able to afford the car, it's another to be in a position where it's the car or a house, for five years.
I know you have your mind made up, though.
I know you have your mind made up, though.
StageLeft
No Lifer
Depends on a LOT of factors. For one - how stable is your job? If it's very stable you can spend more - and what about student loans or living arangments or price of living in that city? For me personally I'd feel very very bad spending more than half of my pre-tax income on a car; ie, if I make $50k/year I don't wanna spend more than $25k on a car - and that would be absolute ceiling on what I'd spend.
True Cost to own
Anyways, if you have to ask, you can't afford it. You definitely want to be able to COMFORTABLY afford a car, not BARELY
It's bad to have to sell a car just because you can't make the payments.
Anyways, if you have to ask, you can't afford it. You definitely want to be able to COMFORTABLY afford a car, not BARELY
It's bad to have to sell a car just because you can't make the payments.
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