06-27-2020, 03:04 PM | #23 | |
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No trouble as of yet with my current car, aside from the fact that I'll be moving cities for an indefinite period of time and the shipping will cost me nearly $2k - a new development I've been thinking about. My car is probably worth $2-4k more than the debt on it, depending on how it's sold. Just to clarify my earlier statement, the $200 incremental payment includes the increase in insurance. As for my savings, I recently calculated it and I have around 1.5 years of living expenses in liquid assets. You're totally right, I've been looking at opportunities to buy a house or a condo. However, at least in the markets I'm in, it seems like the low interest rates are supporting home prices along with the limited amount of supply. Any thoughts as to when the distress will start to materialize in home values? Anyways, as an alternative to shipping my car or overextending myself on an M240i, I found a '16 M235i online for $24k. My main concern is that it's not CPO and I'm not familiar buying from a private party. Any thoughts on this? |
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06-27-2020, 03:13 PM | #24 | |
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06-27-2020, 03:50 PM | #25 | |
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Learned a bit from my first agency, got hired to run my own gig on a 3 year stress program. Got through it and the rest is history. Hire great people I find is the key over the years. Have excellent agency processes and structure and it becomes a juggernaut so to speak. The business is just like compounding interest. After a few years it starts to mushroom as far as commissions. Keep hiring , 1099 mostly, a few w-2's for admin and service and its off to the races. Don't get me wrong it takes a while to figure out what works and what doesn't which you have to go through. Luckily enough I found a few mentors who "made" it and I begged for help. I basically mirrored their play book and rolled with it. Tweaked it to my liking but the foundation they layed out for me. Without that I would have failed miserably. I worked my ass off in the beginning and smarter as I get older. I hunt for whales and let me sales crew keep writing the small stuff every day, every week, every month so they are focused based upon the commission structure and bonus opportunies. Keeps them hungry so they make good money and I get my cut from all of them. That's the beauty of this business. I worry more about my next golf trip and business golf outings these days. |
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06-27-2020, 03:51 PM | #26 |
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We've always spent/bought/borrowed, based on if we both lost our jobs and had to temp, could we still pay bills.
$200 additional a month with decent income is not that much. Sounds like if you lost your job and went and made $75K, you'd be ok. Get a great deal (so if you need out of in year its no issue) - you looking for auto or manual ? Auto have been cheaper (some will try and argue otherwise here lol) I have a 16' 235i with low mileage CPO, and its nice security. (you are paying a premium for that warranty btw...warranties after used are much more expensive then when buying new...their cost about 3x as much) Few on CPO site out your way - check for paint or wrecked, CPO does not guarantee that. Nice white RWD in San Antonio. Good luck |
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06-28-2020, 06:24 AM | #27 |
msej449
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Drives: M235i Convertible +LSD 2016
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Location: South Coast UK & Swiss Alps
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Think about this: if you had the $35K in your savings account now, would you still clean it out to get the car? Or would you use it as a deposit on a nice property? Or a year off going 'round the world on a budget? Or negotiate 6 weeks off work, unpaid, to do a European Driving holiday? Or buy that custom MTB you always wanted and take a 3 week holiday doing trails in the Rockies? Or even give you the option to tell your obnoxious new boss to go **** himself and quit, without worrying about paying the bills. And so on. Having money in the bank means you have lots of choices. Borrowing money means you have lots of constraints. I'm not saying any option is right/wrong, but perhaps it's worth thinking more broadly.
Swapping cars is going to cost you what, $20K over 3-4 years? Even if you borrow to spend it all, is driving the car for that time better than taking a year to Globetrot or whatever other option you could go for?
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06-30-2020, 07:34 PM | #28 | |
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People need to start running out of money first. Once unemployment starts running out, we will be seeing it. For the time being, Im willing to bet that most mortgage activity is in the form of refinances currently..so home values will not be falling immediately. However, COVID has created previously unheard of unemployment rates. The odds are that a certain % of the workforce will not be returning to their usual job, or to any job at all as they look for work. its also possible that the government will step in and create some kind of preventative foreclosure measures to stop 2008 from repeating..so I wouldnt be banking on falling property values to find a deal anytime soon. bringing this back to car discussion..I prefer the 240 over the 235. The B58 engine is worth the extra money. I came from a 335 so I didnt want another N55. My personally, I'd pass on that. Some guys wouldnt feel the same way. If you're gonna spend the money on a depreciating asset, get what you want, not a compromise |
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2 series, cpo, m240i, new owner, purchase, used car |
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