[Gfit]

I leased it. That's just my preference. I have enough $ to buy plenty of the but leasing just works for me.

[LuvMyE92]

Originally Posted by Odinsrighthand

So in short, I don't think income is the sole factor in being able to afford a large purchase. It's all about planning for it in advance.

Concur. Sounds like you are in a good spot.

Originally Posted by mlover789

I'm only 32 once.

Oh, to be 32 again!

Originally Posted by BRAKE!

I want to preface this post by saying that there is no moral, mathematical, or ethical right answer to this question.

Good post @BRAKE!

Everyone has made good points here so I'll try not to duplicate too much and just share some thoughts of my own.

First, I concur that you can buy a new M3 for a lot less than $100K. All of those fancy options are nice, but not necessary. Unless you just must have them to make your life complete. At which point you'll find out that it didn't work.

Second, many years ago I was self-employed, and still struggling financially... long story short, I resolved to always have at least 6 months net pay in the bank, in cash, for emergencies, losing my job, whatever. That's an individual choice obviously, how much you have saved in your rainy day fund is up to you. But you should have something there even if it's literally only enough for just one day.

Third, don't rely on advice from strangers on the Internet to make life choices.

Best of luck to you!

[dynamic]

Originally Posted by Odinsrighthand

I'm a 34 year old Automotive Technician "mechanic" certainly not wealthy. I would not consider my ability to purchase a $97k car necessarily due to my income but more so having made the correct life choices. I own my home, have no bills outside of the basics and work my butt off after starting with less than $1000 in my pocket after leaving the military in 2010. So in short, I don't think income is the sole factor in being able to afford a large purchase. It's all about planning for it in advance.

You sound like a guy who has his head together and his priorities set intelligently.
Thank You for your military service to our great nation!

[Wamion117]

Originally Posted by AhsanU

About tree fiddy.

And every time I go to a dealership and think "oh wow they have an allocation", I realise the CA is actually the GODDAMNED LOCH NESS MONSTER TRYING TO TAKE AWAY MY TREE FIDDY.

Dealers out here always trying to take our tree fiddy smh

[Murse85]

Assuming you’re not living in san fran, Nyc or some other high cost city, making at least 100-150k household income/year will be something within reason. This is also assuming you don’t have other debts excluding the obvious mortgage, spouses car payments, etc… this is strictly my opinion.

[Tyga11]

Originally Posted by g80 Portimaoblue

Assuming you’re not living in san fran, Nyc or some other high cost city, making at least 100-150k household income/year will be something within reason. This is also assuming you don’t have other debts excluding the obvious mortgage, spouses car payments, etc… this is strictly my opinion.

Most people here live well above their means...they're literally all in debt up to their eye balls.

[lazybones18]

Originally Posted by g80 Portimaoblue

Assuming you’re not living in san fran, Nyc or some other high cost city, making at least 100-150k household income/year will be something within reason. This is also assuming you don’t have other debts excluding the obvious mortgage, spouses car payments, etc… this is strictly my opinion.

lol $100k in these cities is literally poor or lower middle class in my opinion

[macdaddy_o]

Rich dad, poor dad.

Use your income to create passive income. Use the passive income to buy expensive stuff

[harculesjentro]

It's problematic to give an exact amount because every month, it's different. The economy is unstable now, and 99% of my income depends on it. I am engaged in investments (I used to deal with cryptocurrency, but I soon realized that it is too big a risk). My income for last month was 55 thousand dollars. This is an average income, but I would earn less if it weren't for https://www.dividendpower.org/2021/04/22/what-is-the-rule-of-72/. I think you need to earn more to live comfortably and afford cars of this class, and what do you think?

[yami sukehiro]

Originally Posted by lazybones18

lol $100k in these cities is literally poor or lower middle class in my opinion

120k+ in the bay area for a single person is pretty comfortable i'd say

[bhmax16]

Absolutely impossible to throw out a number. Every single one of us have a different life situation. Even if two people make the same exact salary, one may have existing debt, student loans, kids etc. which would require them to make much more than the other individual with zero debt and no kids to afford a G8X. It also comes down to what your savings and investment goals are. When do you want to retire? I bet most of us could retire 10 or even 20 years earlier than average if we opted to forego vacations, drive Corollas rather than M cars, and use the leftover dollars to save 30% or more of our salaries a year. Me personally? I am 36 years old, no kids, no student loans, BARELY make 6 figures (but have a healthy 7 figure portfolio) and still consider my G82 purchase to be a bit of a stretch. I prefer to have a much larger safety margin than the average American. We're all going to have a different answer to this depending on our mentalities and individual goals and situation.

[kyoung05]

Originally Posted by yami sukehiro

120k+ in the bay area for a single person is pretty comfortable i'd say

I guess it depends on your definition of "pretty comfortable."

$120k gross comes out to about $72k net, or $6k/month. Average rent in the Bay Area is about $3,200. Add on to that the cost of internet, utilities, insurance, etc. and you're left with maybe $2,500/month.

This leaves you with a $600/week, on average, for all of your discretionary spending - food, entertainment, etc. Totally doable, sure, but not what I'd consider "pretty comfortable." You're going to have to "save up" for things like vacations/travel, and any other non-standard expenses. This even isn't factoring in savings - for retirement, down payment on a house (and in the Bay Area this could easily mean $100k+), etc.

And all of this is without factoring in a car payment, let alone a brand new M3.

When my wife and I didn't have any kids, or a house, and were living in the Bay Area jointly making about double that, it still felt like we were living paycheck to paycheck sometimes. Granted, we didn't always make the wisest of financial decisions, but it wasn't like we were throwing money down the drain either. It took a lot of restraint and planning to get to a more "comfortable" place.

[M4CompConv/X7]

I am 69 years old and retired. Can't wait until I turn 70 and I can start drawing Social Security from Uncle Sam. Bought a 2022 X7 in Nov 9, 2021 and put a deposit down on a G83 at the same time. I love retirement!

[chicagofan00]

Originally Posted by m3g80alloc

Forums are pretty anonymous so I’m surprised more people aren’t answering. I think the majority of people with “luxury cars” can’t afford them anyways. And being able to afford things has different meaning to different people.

I’m 27 and make a little over 350k and just now felt comfortable to place an order on an m3. Could I have done it at 150k? Probably, but I didn’t feel comfortable given my expenses. Aside from my place, this is the second largest purchase I’ve ever made and I’m still feeling anxious about it.

For me, I decided to pull the trigger when I realized that having the car wouldn’t negatively affect my financial plans. Worst case scenario, I sell the car and lose 15k on value. Though even used M3s are pretty strong right now.

Well shit, I've taken a wrong turn in life. I'm 40 and making about half that.

[Forzanerazzurri]

Originally Posted by m3g80alloc

Forums are pretty anonymous so I’m surprised more people aren’t answering. I think the majority of people with “luxury cars” can’t afford them anyways. And being able to afford things has different meaning to different people.

I’m 27 and make a little over 350k and just now felt comfortable to place an order on an m3. Could I have done it at 150k? Probably, but I didn’t feel comfortable given my expenses. Aside from my place, this is the second largest purchase I’ve ever made and I’m still feeling anxious about it.

For me, I decided to pull the trigger when I realized that having the car wouldn’t negatively affect my financial plans. Worst case scenario, I sell the car and lose 15k on value. Though even used M3s are pretty strong right now.

I'm a few years older than you but in a pretty similar income position and I am totally freaked out about spending this much on a car. Seeing others making 100k or less buying this car is alarming to me but everyone has their own circumstances.

[GixY2K]

Like stated previously, is all about your financial situation.

I only have an almost paid off mortgage and 1/3 of income is tax free thanks to 2 tours to Iraq and the subsequent VA rating.

Oh, and three kids. 2 in the AF and one still at home.

To me the M4 almost fully loaded was a bargain at $96K (before tax/lic.) based on what it brought to the table compared to my previous toy.

[M4CompConv/X7]

Originally Posted by GixY2K

Like stated previously, is all about your financial situation.

I only have an almost paid off mortgage and 1/3 of income is tax free thanks to 2 tours to Iraq and the subsequent VA rating.

Oh, and three kids. 2 in the AF and one still at home.

To me the M4 almost fully loaded was a bargain at $96K (before tax/lic.) based on what it brought to the table compared to my previous toy.

Yup, my 100%VA sure helps the military retirement. (23 years in USAF)

[jmg]

Everyone's situation is different and any info from this thread is not going to be very helpful if you are trying to decide if you can afford a G8X.

I'm a homeowner in a 2200 sqft house in expensive southern california with no debt, supporting a family as the sole breadwinner, paying for private school, saving for retirement and still be comfortable with a well optioned $100k G8X and 3 other less extravagant cars.

Or you can be making $60k a year and stretch yourself leasing a base $75k G8X living in an apartment.

Or you can be living in a 5000 sqft mansion with a fully optioned beater $110k G8X parked next to your "weekend" Ferrari and Bentley SUV for the wife.

The spectrum is so wide...

[izzypy]

Originally Posted by chicagofan00

Well shit, I've taken a wrong turn in life. I'm 40 and making about half that.

Money ain’t everything. Cliché, but I’ve realized it’s becoming truer the more I make 😢

[izzypy]

Originally Posted by Forzanerazzurri

I'm a few years older than you but in a pretty similar income position and I am totally freaked out about spending this much on a car. Seeing others making 100k or less buying this car is alarming to me but everyone has their own circumstances.

Sounds like we both frequent the FIRE subs a bit too much haha. You could certainly pay for the car if you make sub 100k. I just don’t think you would be contributing to your retirement or investing at all at that point. Retirement may not be what people are concerned about anyways.

[themnmd]

Who resurrected this thread?

[Likeanowl]

I make $5 annually. Can I afford a bmw?