[Xiaoxi]

^Ouch, what part of MD are you in?

[jbenington86]

Lived in Prince Georges county for a bit but moved to Anne Arundel

[Zheeeem]

Simba - do yourself a favor and save that $615/month for a year. You'll get a sense of whether you can afford the car, and you'll have >$7,000 in the bank. The M235i price stayed the same from 2014 to 2015, and might not change that much from 2015 to 2016. Plus, in a year's time you will hopefully have gotten a raise.

[kerm1t]

Seems like ur calculations are a bit off (more like way off, haha). But yea, take others advice and save the money. With just 70k you're going to live way too tight, unless you dont mind. Your monthly income will probably be right around $4000 mark, or even under. just to give you an idea, i knew i can afford it when i randomly browsed the bmw site and saw the m235i and ordered it.

[Golden Arrow]

Originally Posted by gtaccord

So taxes (fed + state) + social security and Medicare is more than 11k per year. It will be closer to 25% all together so take home pay will be ~$52k. Also don't forget 401k and other company benefits.

That being said I would wait at least a year so you can determine your actual cash flow. Real life never works quite as well as a spreadsheet. $600/MO is a big chunk of change.

+1

[wmo168]

Originally Posted by Lazee 1

I'm assuming you don't have a significant other.. and I'm assuming you're a guy. But if you happen to meet that special someone you're gonna have to add an extra few thousand dollars to your yearly expenses!

Girlfriend cost money these day, Food: $450 for a month? These day a nice decent dinner would run you into $60-70 dollars.

[glayfan40]

While I agree with everyone's comments about saving for a place first, I feel timing also plays a big role here.

I bought my current single family house (in MA) 6 months out of college (also an Engineering major) back in 2010 at the trough of the real estate market with only $15k down (only 10% as I was a 1st time home buyer and there were lots of government incentives at the time to boost home sales). My 15-yr mortgage rate was 4.5% at the time and I refinanced it to 2.75% back in 2013.

All of my expenses combined is nearly 75% of my monthly net income (after taxes, health insurance, and 401K). And it's largely because I'm doubling up on my mortgage payment every month in effort to get it paid off by 2020. All but ~$7k (w/ no interest) of my school loans have been paid off over the last few years as well.

With the housing market continuing in an upward swing and more stringent lending practices it could take a while for the OP to save up for that house down payment. I'd imagine real estate market in the Houston area is comparable to Boston ($$$).

Unless the OP's can get some help from his parents/family for the down payment (~$40-50k or so), or he'd be saving for a very long time.

If I were the OP I'd cut down on the clothing and food (dining out I'd assume) expenses to put towards financing (NOT leasing) an M235i. Interest rates are low these days, with some money down, a $40k loan for 6-yrs at 2% only comes to $590/mo, similar to a 3-yr lease monthly payment but he will likely have some equity (not much but some) should he want to trade the car in 3 years. I said not much because he will owe ~$20k by the end of year 3 and the car will probably be worth slightly above that provided it's in decent shape with average miles.

If the OP can AND is willing to stick with a tight budget every month I strongly believe he can pull it off. It all depends what his priorities are.

[dmboone25]

Don't get married and you can afford whatever the fuck you want.

/thread

PS - also, wait on the M2. It will be far better.

[ShockTower]

Unless you have at least 20% down, I wouldn't even consider it. Everyone has opinions and you've clearly gotten many here but a good rule of thumb is not to spend more than 10-15% on a car(including fuel, maintenance and insurance). At $583 (10% of gross), subtract $120 for fuel and $150 for insurance, you really shouldn't be spending more than $300/mo on a payment. I'm probably in the minority here and as a fellow enthusiast, I'd understand giving your left nut for a M235i, but I'd wait, save for 18 mos, buy a CPO with 20k on the clock and call it good. Good luck with your decision!

[Inline_Six]

Hey man, as others here have pointed out, I would go for something cheaper as a first car. Also, leasing is not a good option for someone who has just joined the workforce. I'm buying my first BMW after 7 1/2 years of working and saving.

Remember, BMWs are not just expensive to buy, there's also the higher maintenance costs, insurance costs (oh yeah), and daily fuel costs.

These days, competition is so intense, the line between a luxury car and an average man's car is really blurring. And, you can get great tech goodies in almost every car these days. There are many great (cheaper) cars out there, which are perfect for your first car experience and won't drain your finances. You could get something truly awesome for half the price of the BMW you want.

I think that, right now, your focus should be on achieving financial stability, which will take a few years to attain. If you buy an expensive car right now, you will constantly live in fear (God forbid, what if you lose your job ... what if you get into an accident) and will have to compromise on other areas of your life ... partying, buying a home, etc.

Why not get something cheaper but still a lot of fun ? Then, save up, gain some driving experience, get financially stable, and buy a BMW with confidence that you can afford it.

Good luck.

[pikcachu]

call Suze Orman

[Inline_Six]

Originally Posted by dmboone25

Don't get married and you can afford whatever the fuck you want.

Amen, brother !!!

[mvallido]

Confucius says "Do not count your chickens until the eggs get hatched."

[dmboone25]

Originally Posted by InlineSixTwinScroll

Amen, brother !!!

just sayin

[jbenington86]

Originally Posted by dmboone25

Don't get married and you can afford whatever the fuck you want.

+1