08-22-2016, 08:56 AM | #23 |
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So.... NOT endorsing this site (whoever they are) or their formulations. Just throwing this out there as a jumping off point for your own research. Everyone's situation is different and not everyone lives solely off of "income". Food for thought. The older folks on here will scoff at the low recommended DTI and talk about leverage and such. However, leverage generally relies upon a reasonable "safety net" of assets - i.e. if shit goes upside down, you won't be homeless. Anyway, for your own consideration.... http://www.clearpoint.org/blog/what-...-ratio-anyway/
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08-22-2016, 09:00 AM | #24 |
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08-22-2016, 09:04 AM | #25 |
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08-22-2016, 09:06 AM | #26 |
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I'd buy a house and pay off student loans before buying a brand new BMW. But that's just my opinion.
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08-22-2016, 09:07 AM | #27 |
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Ok - the question that's not being asked...
Why a M 3/4, and why now? If you want a fast car - MUCH cheaper options available as a first 'real' purchase. IMO, and just my thought - buying a car that costs $1k a month and not having a garage to park in seems like a lot of sleepless nights in my house... |
08-22-2016, 09:13 AM | #29 | |
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08-22-2016, 09:16 AM | #30 | ||
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08-22-2016, 09:18 AM | #31 |
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Just get an E46... better car anyways.
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08-22-2016, 09:19 AM | #32 |
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Are you suggesting that he and his roommate are in the closet? Bold statements!
[and... thread derailment in 3...2...1...]
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08-22-2016, 09:22 AM | #33 |
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It's all about what your plans are moving forward. I would definitely forgo a $1K+/mo. car payment. Buy used or get something performance oriented that isn't as expensive. I mean, I owned a house and sold it because I hated being a homeowner. My car was always my priority, but not even I will leverage myself that deep in a car...hell, that's one reason I got rid of the house. I'm never leveraging myself that deep in anything again unless I make the serious money to really afford it. My GF was jobless for a year and half due to injury, having already dumped that house (being mobile), and not having a sky high car payment allowed me to leverage very little from savings in order to keep us stable until she healed enough to get a new, better job. We're not having kids, so renting a nice apt. is a great life for her and I and we both drive nice cars. If things were different, if I were a different type of person I would probably change my priorities. That said, at your age, with a mind toward marriage eventually and home ownership (if that's where you think you're headed), there's no way I would take on a $1K/mo. car payment. Just get a nice sports car with a ~$500/mo. payment and stack that money in retirement and savings for a house. There's no reason you can't live a little before you imprison yourself by getting married, buying a house, and having children.
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08-22-2016, 09:25 AM | #34 | ||
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OP - the other advice is good, but I have a great plan, the best plan really. Because nobody can devise a plan quite like I can. It's really quite a very good plan. Just buy a house and the car. Last edited by Joekerr; 08-22-2016 at 09:31 AM.. |
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08-22-2016, 09:29 AM | #35 |
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This guy ^ is freaking HILARIOUS
BTW - I'm about to meet with the CEO for another 'gray' decision today |
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08-22-2016, 09:32 AM | #36 | |
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08-22-2016, 09:34 AM | #37 | |
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I know a guy, who knows a guy, and this guy lives in a very grey area with little rules or structure for lending money (this world is apparently called "commercial banking" for us plebians). So...form a corporation, get an accountant to write up a really good business plan and then see this guy. As long as you are quick on your feet and can convince him he'll be paid back, you should be able to take a significant loan out. Then, you can divert the funds to purchase a house and get into the market, and you don't have to be limited to a BMW M3/4...why not consider a Ferrari to properly represent your new lifestyle. Bonus points if you can work this into the business plan somehow so it doesn't look odd to the bank. |
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08-22-2016, 09:38 AM | #38 | |
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08-22-2016, 09:40 AM | #39 |
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The answer to the OPs original question is NO, at least not the one he is considering.
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08-22-2016, 09:41 AM | #40 |
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Does no one use the 30% rule anymore? 30% of your annual income is the total price of the car. You can still finance it if you want, but shouldnt be buying a car worth over half your annual income.
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08-22-2016, 09:42 AM | #41 | ||
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08-22-2016, 09:43 AM | #42 | |
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Agreed
even my CPO car has depreciated like a brick... but cruising in the sun with the top down is how I justify it Quote:
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08-22-2016, 09:45 AM | #43 | |
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08-22-2016, 09:48 AM | #44 |
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