[PackPride85]

Originally Posted by FoxCrane

If you want an experience AND a car, do European Delivery; the savings can help offset some of the travel cost.

+1 to this. While you are waiting a few months sign up for a new credit card like chase that will give you a huge signup bonus. Pay all your bills with the new cc and you'll fly to Germany for free.

[hyperzulu]

Originally Posted by smakdown61

+1 to this. While you are waiting a few months sign up for a new credit card like chase that will give you a huge signup bonus. Pay all your bills with the new cc and you'll fly to Germany for free.

That's what I did - with a little more planning. Flew me and my girlfriend first class there and back, stayed in several 4 star hotels, and spent nearly three weeks abroad all over Europe, including that lovely spot in my sig.

[sstarrx3]

[QUOTE=Billup;17017739]I took on an engineering job about 700 miles from my hometown. When I first moved here I was looking at an E90 M3, but I hadn't really established what my take home was actually going to be after taxes, as well as all my living expenses. I ended up selling my Rsx-S and buying the 128i. It's a great all around car and has been very reliable, although maintenance has still been costly.

In all honesty, I probably could have gotten an E90, but I enjoy doing a bunch of other activities that cost a bit of money, like going out to nice dinners, buying clothes, going out and buying a round of drinks for all my friends at the bar on the weekend. Things like that can tally up, and next thing you know, you are living paycheck to paycheck because you wanted a brand new car. It might be gratifying at first, but I feel way better about myself that I can max out my 401k as well as still put away money in my personal account week after week.

Now that I've actually been here about 2 years and am comfortable with where I'm at, I'm now finally looking at a Cayman to purchase next year since I have everything in order, and I'm still young to enjoy it.

Best of luck![/QUOTE

How young do you have to be to enjoy a Cayman? Most people I see driving them are in their 60s and they have BIG smiles on their faces!

[Mavus]

Originally Posted by Simbachinna

Hi,

I'll be graduating from college with an Engineering Degree, and 70k starting in Houston. I was wondering if you guys think I can afford a M235i (M3 is my dream car). I will have $0 debt.

Built a M235 how I want it and the lease with 36 months, 12k miles w/ 2800 down is $576. With tax and everything, I'm assuming $615/month.

This is a rough calculation, 70k after tax is like $59k, or $4,900/month.

Rent: $939
Utilities (Gas, Internet, Cell Phone, Electricity): $450
Food: $450
Car (lease payment with gas, insurance for 22yr old): $1000
Clothes: $150
Health Insurance: $550
Entertainment/Gadgets: $300
Saving: $1000

Total: $4839/month

Was wondering if you guys in the real world think this is an accurate estimation for a 22yr old.

I think you will quickly discover this is waaay too much. If you must drive BMW 2 series I would recommend 228i. It is much lighter than 235i and it is 38K with track pkg. Other fun options are 128i and 135i w/ext wrnty. This should allow you to have a nice car without being a bank slave and you can save more to get the M3 that you want.

I see many folks are giving you free financial advice and some of them are good. However, I believe you need to have fun when you get your first job especially in engineering and reward yourself within limits.

When I got my first engineering job I bought pre-owned Acura TL. It was a very good reliable car and I sold it @ 120K mi. Getting a pre-owned vehicle ~$20-30K would be the most rational choice and after 2 years when the dust settles you can decide if you want to spend more money on a car.

Having a few extra $ in the bank will make you feel better/smarter than driving a new BMW.

GL and congrats!!

[dan81phl]

I'm an engineer and I didn't start right out with a fancy car.

I had a Civic, then a GTI, and now finally a M235i after 10 years of working. I don't regret waiting until now. The GTI was a great car. I had money to spend on vacations, to buy a house, and I've got money in the bank.

I'd say just enjoy the car you have now and wait a little while until you're more settled. Work hard, get promoted, then enjoy the fruits of your labor.

That's just my opinion of course.

[ORIGIN M.]

Afford?

Lease a i3 and forget the bloody gas allowance.

[dalrx]

If you even have to ask then you can't.

[obliterate]

Originally Posted by hans007

i do have one thing to say that a few of my married friends have said.

if you plan on having kids or someday, you might want to get your awesome dream coupe in there.

friend of mine was going to buy another fun car like a 3 coupe or 4 series for years. has had a 2004 r32 since it was new (i suppose its a 2 door hatch but still) and was talking about getting an e92 m3 or a 4 series right around when i got my car (well and really more like tlaking about getting some sort of bimmer for 4-5 years).. one thing leads to another and he's married, got a big ass dog, wife wanted kids, and now drives a 2015 X5 diesel and has a kid now. i mean i think he's talked himself into how awesome an X5 is, but yeah.. you get the idea

I totally got what you're saying!! I was debating between a M235i and a used 335i because of practicability. My wife then said, M235i is a cool 2-dr car which you probably would not consider 6 years later. Actually I was pulled right back to M235i by this.

__________________________________________________ _________

And I think this is definitely an awesome post! With many great guys' thoughts and advices! It makes a guy who's about to get out of school with a PhD feel really warm.

[PackPride85]

Originally Posted by dalrx

If you even have to ask then you can't.

Probably the best advice of the thread to be honest.

[dan84]

Originally Posted by ynotony

I have friends who at 22 got M3s and 911s, and in 3 years they just wanted something better and faster. They could technically afford it, fine, but they're now 30 and have run out of room to upgrade. Where do you go when a 911 turbo doesn't excite you, but you only make $150-200k/year? You end up spending lots of money constantly switching cars.

I wouldn't mind having that problem! But seriously, why does it have to be a linear progression in terms of vehicle cost? My uncle who has owned everything from Golf GTI's to 911 Turbos didn't work his way up from the bottom. He went from a Mustang GT to a Mazdaspeed 3 to a 911 to an Audi S4 and he's currently waiting for the new Golf R to come out. If you're really a car guy and not an e-peen masseuse you don't look at the sticker price to establish a fun factor.

Personally, I'm glad I got a few fun cars out of my system when I was young and single, before I decided to start a family. The relationship+marriage+kid process rarely leaves time and money for an irresponsible fun car. Let alone not having to ask permission to spend $50grand on a car that only I will enjoy! lol

[chaswyck1]

Originally Posted by dan84

I wouldn't mind having that problem! But seriously, why does it have to be a linear progression in terms of vehicle cost? My uncle who has owned everything from Golf GTI's to 911 Turbos didn't work his way up from the bottom. He went from a Mustang GT to a Mazdaspeed 3 to a 911 to an Audi S4 and he's currently waiting for the new Golf R to come out. If you're really a car guy and not an e-peen masseuse you don't look at the sticker price to establish a fun factor.

Personally, I'm glad I got a few fun cars out of my system when I was young and single, before I decided to start a family. The relationship+marriage+kid process rarely leaves time and money for an irresponsible fun car. Let alone not having to ask permission to spend $50grand on a car that only I will enjoy! lol

Chin up, Dan, there's another period in your life coming up when to can go back to an "irresponsible fun car" after the kids are grown and gone and two doors work just fine!

[JP Medina]

The sum of your vehicles/toys MUST NOT be over 20% of your net worth/monthly income,
divide it, multiply it, I don´t know... if you follow this rule you wil enjoy whatever you drive without regrets or failing to payments/compromisos

[dan84]

Originally Posted by JP Medina

The sum of your vehicles/toys MUST NOT be over 20% of your net worth/monthly income,
divide it, multiply it, I don´t know... if you follow this rule you wil enjoy whatever you drive without regrets or failing to payments/compromisos

Agree. My number is 25% though!

[M235guy]

Originally Posted by dan84

Agree. My number is 25% though!

You mean 50% isn't good

[Xiaoxi]

I'm with the younger/fun-now team. 24, making around $55k with 2 jobs, paid off my student loans, and just ordered an M235i. No ***** given lol. By the time I'm burdened with even more responsibilities I don't expect the chances of having a really enjoyable car to get better.

[Gate7]

Originally Posted by Xiaoxi

I'm with the younger/fun-now team. 24, making around $55k with 2 jobs, paid off my student loans, and just ordered an M235i. No ***** given lol. By the time I'm burdened with even more responsibilities I don't expect the chances of having a really enjoyable car to get better.

[pikcachu]

It's kind of funny.... here in america people first buy things and then try to figure out how to pay for them....

In other places where credit is not so easy, you first get the money and then you buy things....

Everything is ok while economy is "firing" on all cylinders but then comes 2008 economy HPFP failure and you will get a CEL on your financial dashboard

[jbenington86]

Originally Posted by Xiaoxi

I'm with the younger/fun-now team. 24, making around $55k with 2 jobs, paid off my student loans, and just ordered an M235i. No ***** given lol. By the time I'm burdened with even more responsibilities I don't expect the chances of having a really enjoyable car to get better.

This is the path that I took with my 128i back in 2008. Had no debt and just figured I would never get the chance at a BMW ever again. During the order/production phase I was unsure if I would have enough for my down payment but everything worked out in my favor. During ownership I came to the realization that you can buy and own fairly expensive vehicles but sacrifices will be made somewhere to accommodate.

This time around when buying my M235i I have a little more income but only financed the same amount as last time. Saved enough money this time for a 50% down payment instead of 18%-19%. I would think buying a car that is almost equal to your annual income is a bit risky unless you have a major down payment.

[alanman]

You make a decent amount of money and could afford this easily.

[mikeyymonster]

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!

[Xiaoxi]

Originally Posted by jbenington86

This is the path that I took with my 128i back in 2008. Had no debt and just figured I would never get the chance at a BMW ever again. During the order/production phase I was unsure if I would have enough for my down payment but everything worked out in my favor. During ownership I came to the realization that you can buy and own fairly expensive vehicles but sacrifices will be made somewhere to accommodate.

This time around when buying my M235i I have a little more income but only financed the same amount as last time. Saved enough money this time for a 50% down payment instead of 18%-19%. I would think buying a car that is almost equal to your annual income is a bit risky unless you have a major down payment.

I'm paying 30k out of pocket for my M235i due to a combination of trade-in value and compensation from BMWNA, so it's not too close to my annual income. I also have very little fixed monthly expenses in other areas so the monthly dent from the car is not that bad. I'll pay this down over the next 2-3 years and build up my credit history and score past 750 in time to make a down payment on a house.

[jbenington86]

Originally Posted by Xiaoxi

I'm paying 30k out of pocket for my M235i due to a combination of trade-in value and compensation from BMWNA, so it's not too close to my annual income. I also have very little fixed monthly expenses in other areas so the monthly dent from the car is not that bad. I'll pay this down over the next 2-3 years and build up my credit history and score past 750 in time to make a down payment on a house.

Sounds like a good plan if you don't have many monthly expenses, wife, kids, etc. I saved up enough so my down payment would bring my monthly payments below $400/mo but of course I will be paying it off well before the term of the loan too. I am also working towards that mysterious house down payment and will get there some day. More likely when I move to a location where decent houses doesn't cost $450k+.