[2009328i]

I started in investment banking (i was an analyst for 3 years) and am now a second year associate at a hedge fund. I have a 2014 650i gran coupe

[ezmaass]

Originally Posted by silberma

If you are into BMW's you are a status seeker. BMW's are very expensive to own and have high depreciation. My Nissan Maxima with a sport package is a much better value than any BMW. I enjoyed 3 Honda Accords with V-6's for many years. The only reason for my 2012 535i is that it is a hand me down from a family member.

If you must own one. The way to go is to buy a 3 year old CPO model for half the price of a new one or lease one. For these options you do not have to be rich.

There are more important things in life than buying status symbols.

They're only "status symbols" for the people who know nothing about them and don't enjoy driving. An expensive piece of equipment is only a status symbol in the hands of someone who owns it without the ability to utilize or appreciate it. Have you ever walked into a kitchen full of high-end appliances only to learn that the owner doesn't know how to cook? I know women who need to have Viking, Wolf, and Subzero appliances, but they can't make instant mac and cheese if their life depended on it. THAT'S a status symbol.

I suspect that many people on this board are actually enthusiasts. They're here to talk about technology, handling, and performance of their vehicle... not whether it makes them feel special. I enjoy getting in my car and driving - for hours. I could care less if there was a single soul on the road who ever saw me in it. Empty roads are preferred, in fact. I was to feel the silky smooth acceleration as I depress the accelerator. I want to feel the suspension envelope imperfections in the road. I want to feel the fine craftsmanship and materials under my fingers in the cabin. I enjoy every aspect of this car - and each of the previous BMWs I've owned. For me, there's no substitute. A Nissan as a better value? Sure. If you're buying a car to get you from point A to B, I may agree with you. But if you're buying a car to enjoy DRIVING and experience the finest that automotive technology can afford you? Then a Nissan won't do.

So please don't come here and judge what it is that you THINK drives people to buy a BMW. While I'm sure there are plenty of status seekers who buy them for the badge on the hood, there are many, many, MANY true enthusiasts (many on this forum - myself included) who buy them to experience them.

[cdmulders]

Originally Posted by ezmaass

They're only "status symbols" for the people who know nothing about them and don't enjoy driving. An expensive piece of equipment is only a status symbol in the hands of someone who owns it without the ability to utilize or appreciate it. Have you ever walked into a kitchen full of high-end appliances only to learn that the owner doesn't know how to cook? I know women who need to have Viking, Wolf, and Subzero appliances, but they can't make instant mac and cheese if their life depended on it. THAT'S a status symbol.

I suspect that many people on this board are actually enthusiasts. They're here to talk about technology, handling, and performance of their vehicle... not whether it makes them feel special. I enjoy getting in my car and driving - for hours. I could care less if there was a single soul on the road who ever saw me in it. Empty roads are preferred, in fact. I was to feel the silky smooth acceleration as I depress the accelerator. I want to feel the suspension envelope imperfections in the road. I want to feel the fine craftsmanship and materials under my fingers in the cabin. I enjoy every aspect of this car - and each of the previous BMWs I've owned. For me, there's no substitute. A Nissan as a better value? Sure. If you're buying a car to get you from point A to B, I may agree with you. But if you're buying a car to enjoy DRIVING and experience the finest that automotive technology can afford you? Then a Nissan won't do.

So please don't come here and judge what it is that you THINK drives people to buy a BMW. While I'm sure there are plenty of status seekers who buy them for the badge on the hood, there are many, many, MANY true enthusiasts (many on this forum - myself included) who buy them to experience them.

Well said. Thank you. On target as usual.

[twelve535i]

Originally Posted by cdmulders

Well said. Thank you. On target as usual.

+1

[Super6]

+1

[RED99HT]

I am a Regional Sales rep for an Investment Management Co. I would say if you can sell something and you are very good at it you will own an F 10 in no time. If you find a company that will reimburse your mileage then it will be gravy on top of all that $ you will be making.

[dadysev]

Originally Posted by silberma

If you are into BMW's you are a status seeker. BMW's are very expensive to own and have high depreciation. My Nissan Maxima with a sport package is a much better value than any BMW. I enjoyed 3 Honda Accords with V-6's for many years. The only reason for my 2012 535i is that it is a hand me down from a family member.

If you must own one. The way to go is to buy a 3 year old CPO model for half the price of a new one or lease one. For these options you do not have to be rich.

There are more important things in life than buying status symbols.

A Nissan owner who loves a solid rear axle instead of proper independent suspension, unbalanced front wheel drive with massive understeering would say that about a BMW.

The Joy of driving, The Ultimate Driving Experience are real statements.
My E46 has over 300k miles on it and still going. Let my friends drive it and they freak out how smooth and fun it still feels on the original engine.
Now the proud owner of a 2011 550i.

I have loved and been driving BMW's for over 25 years not because they are status symbols but because they are the benchmark.

Next time you go in to a Honda/Acura, Nissan/Infinity, or Toyota/Lexus dealer ask them why they compare their cars to BMWs????

Just my 2 cents....

[Daddy Wagon]

I agree with all that are in a BMW for what the car truly is "the ultimate driving machine." I absolutely love driving my 550, but also enjoy driving my simple 2 door Jeep Wrangler. Both are fun to drive and neither make me feel that I'm in a different status, though they are completely different vehicles.

[TMW]

Originally Posted by ezmaass

Honestly, life and good fortune isn't about owning a BMW. But I'll say this - good for you that you're looking up to people who make themselves successful. Here in the US, this is a dying trait among our youth. Too many socialists who want stuff handed to them and think capitalism is evil, and not enough people who aspire to make their own way in life.

Money is a tool. It's a means to an end, but it shouldn't be the end game, itself. That's to say, desire money for what it can do for you in life - allow you to pursue a dream, retire, start a business, enjoy a hobby, take care of your family, etc. But don't desire money to have money. I've seen very few people made happy because they have money in a bank account. Many more, rather, I've seen happy because they understand how to deploy their financial resources to enrich their lives and the lives of those around them.

You'll start off by working for a living - that means, you need to get a job. In order to be successful, it'll help considerably if you LOVE what you do. So don't pick a profession because you think it'll bring in money. Pick a profession that you'll love and then find a way to make money with it. In most cases, maybe not all, this should be possible.

When you do pick your profession and begin working at it, give it 200%. When your 20-something-year-old buddies are kicking back at 5pm, keep your nose to the grindstone. Do whatever it takes to stand out from your peers at work. The name of the game is fast-track promotion and growth while you're in your 20's. This isn't for everyone... and realize, you DO sacrifice something here... mainly on the personal side of life. So don't go overboard. Still maintain some semblance of a life, find time to date, but don't waste time drinking until you pass out, playing video games, or other wastes of time (and brain cells).

Next, realize that the guys who DO the work get paid differently from the guys who MANAGE the guys who do the work. That's right - promotion. IT is a great field. I'm a software engineer by background. I haven't written code in a long time. I'm now a C-level at software company. It's a whole different ball game. So whatever business you go into - whether making widgets or delivering widget services - learn the business, itself. Learn how your product/service is sold, how it's marketed, who your clients are, how the financials work, distribution, partnerships, etc... learn it all. This is your key to moving up. A guy who writes code here in the US can make $50k - $200k a year depending upon skill, industry, geography, etc. But understanding the business, and rising above this, opens up all sorts of new earning potential. And quite honestly, it can be much more satisfying and enlightening. Not for everyone.

Your money makes money, not a job. So, while you're working on making a decent salary, learn to invest. Don't blow the money you're making on "stuff." A car is a depreciating asset, which means it's the exact opposite of an investment. While you're young, start off on the right foot. Open a brokerage account. Don't make stupid mistakes and convince yourself you know how to pick stocks, get sucked into get-rich-quick scams, or otherwise. Put your money into boring investments that make quality returns - anywhere from 5% - 8% a year. Get that ball rolling. Contribute regularly and make it almost like a game. The wealthiest people I know are compulsive about investing and saving... it's a challenge, a game.

As you start building a solid set of liquid investments, take time to educate yourself. After a few years of doing the "boring" stuff, you may want to get into some higher stakes and higher potential types of returns. At this point, you're making more money at work, so you have more capital to invest, too. There's great resources at the library or Internet (make sure it's credible) to learn about things like options trading and other derivatives. The market's not for everyone, and it can be higher risk, but it's a wonderful tool for building wealth if you're willing to spend the time to learn how it works. Most people go belly-up because they're unwilling to learn and simply throw money at what they think are "investments" (uneducated risks, really).

Beside the above advice, a few points to live by:

1. Live below your means. Never spend anywhere near what you make.

2. Debt is a terrible enemy that will starve you of opportunities. The two exceptions are education and real estate.

3. Don't waste money on rent. Despite what housing bears may say, real estate is still one of the best investments. Land is finite. The world's population is growing. Supply and demand. Just be wise about where you buy - find the cheapest property in the most desirable neighborhood. Location is the key factor. If the area has been in heavy demand historically (here in the US - NYC, Boston, LA, DC, etc) it's hard to go wrong. These areas will continue to appreciate. As I said above, this is one of the few exceptions where debt is OK - using someone else's money (especially at cheap interest rates) to buy real estate is a good thing.

4. Insurance. Make sure you're always properly insured - health, auto, property, liability, etc. The first time something terribly wrong happens in life (pray it doesn't, but it has good odds of occurring at some point), you can be financially wiped out without the right coverage. While some may see it as a waste of money (they're invincible), you'll take greater risks and feel more secure about moving forward in life if you're insured against the events that could bankrupt you. Insure yourself, in all areas of life, at levels appropriate to cover your assets and your potential liabilities.

5. Emergency Fund. While you're starting off in life, you may be tempted to either waste money on "stuff" or maybe even jump into more aggressive, long-term investments, like buying a piece of real estate. However, an emergency fund is key - make sure you have 6 months of living expenses in cash that you can pull upon if you needed.

6. Retirement. You're not going to be able to work forever, so start saving for retirement on Day 1 when you begin your first job. If your company offers a retirement plan, participate - if not, save on your own. The only things that help you with retirement savings are the amount you can save and the time you have to save. Time is on your side when you start young.

Some semblance of the above advice should get you to where you're looking to go. I think I've been very fortunate in life, but it's not just luck and good planning... it's also sacrifice. I've gotten to where I am in life because I was willing to give up some stuff along the way. As a case in point, when I was 22 years old and my friends were partying it up, I spent over 280 nights in hotels that same year on business travel working aggressively to make a name for myself and get ahead. I had considerably less social life than my friends in some of those early years. But in return, I was making a six figure salary by the time I was in my mid-20's. Today, I still continue to sacrifice - not nearly as much as I did back then, but nonetheless. My career requires me to travel, long nights on occasion, and plenty of stress with it. But some people may look at me, or others with similar stories here, and just see a big house, a nice car, fancy vacations, etc, and think it's just without compromise. It isn't. It's really solid planning, commitment, AND sacrifice.

If you can do these things, the money will come. Make sure you live honestly and earn a living honestly, too. If you don't, it'll catch up to you. And going back to my original sentiments, make sure that you're using your financial success as a means to an end - a way to enrich your life and those around you. Personal possessions are nice, and if you enjoy a splurge here and there, that's all well and good... but make sure you don't get wrapped up in believing that happiness in life is equated to those possessions... most of the people who make that mistake are very, very unhappy despite the beautiful cars in their garage.

Good luck as you set off in life! You have an exciting journey ahead of you!

Where were you when I was in my 20's and early 30's! Great advice.

[VWtoBMW]

Director level position in the IT industry. Wasn't my "what I want to do when I grow up career" and I still have no clue what I see myself doing in 5 years, but I give my 110% every day at everything I do.... Always have.

[es1]

Do you have a family? Kids?

Originally Posted by ezmaass

Honestly, life and good fortune isn't about owning a BMW. But I'll say this - good for you that you're looking up to people who make themselves successful. Here in the US, this is a dying trait among our youth. Too many socialists who want stuff handed to them and think capitalism is evil, and not enough people who aspire to make their own way in life.

Money is a tool. It's a means to an end, but it shouldn't be the end game, itself. That's to say, desire money for what it can do for you in life - allow you to pursue a dream, retire, start a business, enjoy a hobby, take care of your family, etc. But don't desire money to have money. I've seen very few people made happy because they have money in a bank account. Many more, rather, I've seen happy because they understand how to deploy their financial resources to enrich their lives and the lives of those around them.

You'll start off by working for a living - that means, you need to get a job. In order to be successful, it'll help considerably if you LOVE what you do. So don't pick a profession because you think it'll bring in money. Pick a profession that you'll love and then find a way to make money with it. In most cases, maybe not all, this should be possible.

When you do pick your profession and begin working at it, give it 200%. When your 20-something-year-old buddies are kicking back at 5pm, keep your nose to the grindstone. Do whatever it takes to stand out from your peers at work. The name of the game is fast-track promotion and growth while you're in your 20's. This isn't for everyone... and realize, you DO sacrifice something here... mainly on the personal side of life. So don't go overboard. Still maintain some semblance of a life, find time to date, but don't waste time drinking until you pass out, playing video games, or other wastes of time (and brain cells).

Next, realize that the guys who DO the work get paid differently from the guys who MANAGE the guys who do the work. That's right - promotion. IT is a great field. I'm a software engineer by background. I haven't written code in a long time. I'm now a C-level at software company. It's a whole different ball game. So whatever business you go into - whether making widgets or delivering widget services - learn the business, itself. Learn how your product/service is sold, how it's marketed, who your clients are, how the financials work, distribution, partnerships, etc... learn it all. This is your key to moving up. A guy who writes code here in the US can make $50k - $200k a year depending upon skill, industry, geography, etc. But understanding the business, and rising above this, opens up all sorts of new earning potential. And quite honestly, it can be much more satisfying and enlightening. Not for everyone.

Your money makes money, not a job. So, while you're working on making a decent salary, learn to invest. Don't blow the money you're making on "stuff." A car is a depreciating asset, which means it's the exact opposite of an investment. While you're young, start off on the right foot. Open a brokerage account. Don't make stupid mistakes and convince yourself you know how to pick stocks, get sucked into get-rich-quick scams, or otherwise. Put your money into boring investments that make quality returns - anywhere from 5% - 8% a year. Get that ball rolling. Contribute regularly and make it almost like a game. The wealthiest people I know are compulsive about investing and saving... it's a challenge, a game.

As you start building a solid set of liquid investments, take time to educate yourself. After a few years of doing the "boring" stuff, you may want to get into some higher stakes and higher potential types of returns. At this point, you're making more money at work, so you have more capital to invest, too. There's great resources at the library or Internet (make sure it's credible) to learn about things like options trading and other derivatives. The market's not for everyone, and it can be higher risk, but it's a wonderful tool for building wealth if you're willing to spend the time to learn how it works. Most people go belly-up because they're unwilling to learn and simply throw money at what they think are "investments" (uneducated risks, really).

Beside the above advice, a few points to live by:

1. Live below your means. Never spend anywhere near what you make.

2. Debt is a terrible enemy that will starve you of opportunities. The two exceptions are education and real estate.

3. Don't waste money on rent. Despite what housing bears may say, real estate is still one of the best investments. Land is finite. The world's population is growing. Supply and demand. Just be wise about where you buy - find the cheapest property in the most desirable neighborhood. Location is the key factor. If the area has been in heavy demand historically (here in the US - NYC, Boston, LA, DC, etc) it's hard to go wrong. These areas will continue to appreciate. As I said above, this is one of the few exceptions where debt is OK - using someone else's money (especially at cheap interest rates) to buy real estate is a good thing.

4. Insurance. Make sure you're always properly insured - health, auto, property, liability, etc. The first time something terribly wrong happens in life (pray it doesn't, but it has good odds of occurring at some point), you can be financially wiped out without the right coverage. While some may see it as a waste of money (they're invincible), you'll take greater risks and feel more secure about moving forward in life if you're insured against the events that could bankrupt you. Insure yourself, in all areas of life, at levels appropriate to cover your assets and your potential liabilities.

5. Emergency Fund. While you're starting off in life, you may be tempted to either waste money on "stuff" or maybe even jump into more aggressive, long-term investments, like buying a piece of real estate. However, an emergency fund is key - make sure you have 6 months of living expenses in cash that you can pull upon if you needed.

6. Retirement. You're not going to be able to work forever, so start saving for retirement on Day 1 when you begin your first job. If your company offers a retirement plan, participate - if not, save on your own. The only things that help you with retirement savings are the amount you can save and the time you have to save. Time is on your side when you start young.

Some semblance of the above advice should get you to where you're looking to go. I think I've been very fortunate in life, but it's not just luck and good planning... it's also sacrifice. I've gotten to where I am in life because I was willing to give up some stuff along the way. As a case in point, when I was 22 years old and my friends were partying it up, I spent over 280 nights in hotels that same year on business travel working aggressively to make a name for myself and get ahead. I had considerably less social life than my friends in some of those early years. But in return, I was making a six figure salary by the time I was in my mid-20's. Today, I still continue to sacrifice - not nearly as much as I did back then, but nonetheless. My career requires me to travel, long nights on occasion, and plenty of stress with it. But some people may look at me, or others with similar stories here, and just see a big house, a nice car, fancy vacations, etc, and think it's just without compromise. It isn't. It's really solid planning, commitment, AND sacrifice.

If you can do these things, the money will come. Make sure you live honestly and earn a living honestly, too. If you don't, it'll catch up to you. And going back to my original sentiments, make sure that you're using your financial success as a means to an end - a way to enrich your life and those around you. Personal possessions are nice, and if you enjoy a splurge here and there, that's all well and good... but make sure you don't get wrapped up in believing that happiness in life is equated to those possessions... most of the people who make that mistake are very, very unhappy despite the beautiful cars in their garage.

Good luck as you set off in life! You have an exciting journey ahead of you!

[ezmaass]

Originally Posted by es1

Do you have a family? Kids?

Yes - I do. And there's nothing else in the world like a family!

[Patronus86]

Originally Posted by bull_area

Hello everyone, I admire your success in life so that you could afford those beautiful F10's, I love this car so much, could you please help to point me in right direction in business so I could enjoy owning one too?
I am finishing college right now and I am searching for the right idea for making business, so I would like to congratulate you if you tell me how you are making that kind of fortune.
Right now I am stuck on old Merc CLK and knowledge I earned in school is enough for making only 10000 euro / year in my country so I need to make break through in business here, or go abroad and work hard in IT sector.

Please share your ideas with me.
Thanks

previous cars:
Nissan Sylvia 2.4 DOHC
Mitsubishi Eclipse 2.0
Mercedes CLK 320 W208

2 tips:
1) find a job/career/profession because you like it, not because you want to make money.
2) don't ask for career advice on a car forum.

[gtmassive75]

Originally Posted by Patronus86

2 tips:
1) find a job/career/profession because you like it, not because you want to make money.
2) don't ask for career advice on a car forum.

Nothing is wrong with asking for career advise on a car forum... almost everyone here is driving a $70K car so they must be doing a decent job..
OP prepare to work hard and NEVER be satisfied at your current position, always want more.. I'm telling you from experience.. I came to this country in my 20s with $5US in my pocket.
Doesn't matter what job you do, as long you are honest and try to be better what you do than your peers, it will be recognize and be fruitful..

[ezmaass]

Originally Posted by gtmassive75

Nothing is wrong with asking for career advise on a car forum... almost everyone here is driving a $70K so they must be doing a decent job..
OP prepare to work hard and NEVER be satisfied at your current position, always want more.. I'm telling you from experience.. I came to this country in my 20s with $5US in my pocket.
Doesn't matter what job you do, as long you are honest and try to be better than your peers.

And this is what I love about America - someone arrives with $5 USD in their pocket, a dream, and drive - and look at what they can accomplish!

I think it's particularly important that you called out being honest. There are plenty of crooks and dishonest people who end up with a lot of money in their pocket (until their luck changes, at least)... but there's nothing quite like making an honest living and doing something extremely well in life. Nothing will provide you with the same satisfaction in life or sense of accomplishment.

I love hearing these stories - they need to plastered on the news at night, and our children in this country need to see it highlighted. Too many people have a "woe is me" attitude and a sense of entitlement. If you listen to our president you'd think the "game is rigged" and nobody can get a fair shake or opportunity any longer. Most of the wealthy people I know are self-made, and their attitude embodies the same sentiments as this poster - do something you love, do it honestly, and always strive to be the best... it'll get you where you need to go.

[Sergm3]

Originally Posted by Hellraiserharris

Master plumber here. Like most people say. You just got to know how to manage your money.

Same here

[PhilT3]

Originally Posted by ezmaass

They're only "status symbols" for the people who know nothing about them and don't enjoy driving. An expensive piece of equipment is only a status symbol in the hands of someone who owns it without the ability to utilize or appreciate it. Have you ever walked into a kitchen full of high-end appliances only to learn that the owner doesn't know how to cook? I know women who need to have Viking, Wolf, and Subzero appliances, but they can't make instant mac and cheese if their life depended on it. THAT'S a status symbol.

I suspect that many people on this board are actually enthusiasts. They're here to talk about technology, handling, and performance of their vehicle... not whether it makes them feel special. I enjoy getting in my car and driving - for hours. I could care less if there was a single soul on the road who ever saw me in it. Empty roads are preferred, in fact. I was to feel the silky smooth acceleration as I depress the accelerator. I want to feel the suspension envelope imperfections in the road. I want to feel the fine craftsmanship and materials under my fingers in the cabin. I enjoy every aspect of this car - and each of the previous BMWs I've owned. For me, there's no substitute. A Nissan as a better value? Sure. If you're buying a car to get you from point A to B, I may agree with you. But if you're buying a car to enjoy DRIVING and experience the finest that automotive technology can afford you? Then a Nissan won't do.

So please don't come here and judge what it is that you THINK drives people to buy a BMW. While I'm sure there are plenty of status seekers who buy them for the badge on the hood, there are many, many, MANY true enthusiasts (many on this forum - myself included) who buy them to experience them.

@ezmaass

Everything you have written is SPOT on.

As for the 'status symbol ' comment from the other guy... Clearly he is not an enthusiast... As you pointed out. Some people lack the ability to have PASSION for something. So they lack the understanding of what you described above in the way you enjoy your vehicle.

As for the OP's question....

HARD WORK is critical. The advice given by ezmaass is spot on. But I would add one overarching theme... HARD WORK! Especially in your younger years... Then as you get in your later years, hopefully you can swing the pendulum more to SMART work and start to take more time for yourself. Because as pointed out, you WILL need to sacrifice. My wife right now is on a vacation with a girlfriend of hers. I couldn't go due to work obligations. Fortunately, my wife understands as she has a demanding career as well. We don't eat dinner together during the week. We don't have kids (yet...she's 30) But we make time EVERY weekend to spend with family and friends and have our own date night.

In the end, work hard... Educate yourself... Be positive more often, learn how to sacrifice as needed, have a general goal of where or who you want to be when you grow up and work towards it.

[COBodom]

Originally Posted by bull_area

Hello everyone, I admire your success in life so that you could afford those beautiful F10's, I love this car so much, could you please help to point me in right direction in business so I could enjoy owning one too?
I am finishing college right now and I am searching for the right idea for making business, so I would like to congratulate you if you tell me how you are making that kind of fortune.
Right now I am stuck on old Merc CLK and knowledge I earned in school is enough for making only 10000 euro / year in my country so I need to make break through in business here, or go abroad and work hard in IT sector.

Please share your ideas with me.
Thanks

previous cars:
Nissan Sylvia 2.4 DOHC
Mitsubishi Eclipse 2.0
Mercedes CLK 320 W208

I wish you all the best in your professional life and I hope one day you will be able to make your automotive dreams come true.

Just keep in mind that a lion share of the posts on this forum (F10) come from US where cars are dirt cheap compared to the rest of the world. To put things in perspective for you, a lease on a 528xi can run you ~$500 a month with 3k down. A kid straight out of collage with a decent IT degree can easily start off with 60k. So basically what I am saying is that in US a car is by no means a measure of success (unless you have some NEW exotic ride, and “NEW” is a key word here, not a 12 year old 911). That is most definitely not the case in Slovakia, Poland, Germany, UK…..or any European country for that matter.

Advices you got here are of course valid, but living in US is just easy and affordable. The buying power of a dollar inside the US makes it the best place to live !

**Disclaimer**
I am not trying to steal anyone’s thunder here. It’s cool we all work hard and have nice rides, but OP needs to know how easy it is to have a new luxury car in US. Folks from Europe have to work double that hard regardless the recipe.

[ezmaass]

Originally Posted by COBodom

I wish you all the best in your professional life and I hope one day you will be able to make your automotive dreams come true.

Just keep in mind that a lion share of the posts on this forum (F10) come from US where cars are dirt cheap compared to the rest of the world. To put things in perspective for you, a lease on a 528xi can run you ~$500 a month with 3k down. A kid straight out of collage with a decent IT degree can easily start off with 60k. So basically what I am saying is that in US a car is by no means a measure of success (unless you have some NEW exotic ride, and “NEW” is a key word here, not a 12 year old 911). That is most definitely not the case in Slovakia, Poland, Germany, UK…..or any European country for that matter.

Advices you got here are of course valid, but living in US is just easy and affordable. The buying power of a dollar inside the US makes it the best place to live !

**Disclaimer**
I am not trying to steal anyone’s thunder here. It’s cool we all work hard and have nice rides, but OP needs to know how easy it is to have a new luxury car in US. Folks from Europe have to work double that hard regardless the recipe.

There's a difference between "affording" and truly affording something. Most Americans are addicted to credit. Cash flow is their primary measurement of affordability, and therefore that's why you see so many cars advertised as a monthly lease payment versus an MSRP. How many BMW drivers here in the US would be driving their BMW if they had to pay cash for it? 1 in 10 probably.

Yes, these cars are cheaper compared to European countries here, but the average American certainly can't afford them. The average family has a household income of just $55k... barely enough to cover a mortgage and expenses on the average US home (~$200k). There's not money in the budget for a 5-series lease or finance, no less cash purchase.

In my neck of the woods (NY metro area), houses routinely run $800k - $1.2M for the "average" family home - equivalent to a $200k in the mid-west somewhere. Many families here are making $200k and still can't afford a BMW.

Then you have those people who just stretch themselves and use any amount of credit they're given. You have guys making $75k a year and financing or leasing $75k cars! Insanity. Add to it, when you look at their personal finances, they have credit cards with balances, other loans, mortgage/rent, and next to nothing being saved for retirement. So, they're driving a BMW... but can they actually AFFORD it? No.

I was one of those young guys in computer science who got out of college and straight into a great job. Even when I was single, 25, and making six figures, I still didn't think I could "afford" a 5-series... not if I wanted to save for a house, marriage, retirement, and a slew of other obligations that I saw as more important than my car. Could I have gone out and bought one? Sure. The bank would have been more than happy - I had a great income, perfect credit, and the ability to pay for a lease or loan... what else could they have asked for? But it would have meant that I couldn't do things like max-out a 401k or save up a bigger house down-payment (which avoids interest on a loan, etc).

I'd suggest it's probably the upper 10% - 15% of the US population who could, if they wanted, find a way to buy a new one. I'd then suggest it's probably more like the upper 3 - 4% who could truly AFFORD them in the sense that their net worth is substantial, other financial obligations are satisfied, they could buy it in cash, and they're not stretching themselves to do it.

[Grover432]

Originally Posted by gtmassive75

Nothing is wrong with asking for career advise on a car forum... almost everyone here is driving a $70K car so they must be doing a decent job..

Really? Maybe some are leasing because they have to and not because they want to. Maybe some driving an F10 inherited money or work for a successful (or not so successful) family business.

It's pretty hard to determine anyone's level of success by reading what they write on a forum.

As far as the whole status thing goes, I'm sure no one here gives a care in the world about people looking over at them when they are behind the wheel of their BMW, rather they get pleasure from the "drive" only. But BMW, Mercedes, Jaguar, Audi, etc. all know that European sport sedans and cars have long been the badge of "success" in North America, Russia and more recently India, China, etc. In the 50 and 60's it was Cadillac. But in more recent years GM has struggled to keep up with the image of the European imports, even through they may go faster and corner harder than a BMW.

I like BMW's because I like the drive, the look and especially the engineering. I can't deny I like the roundel on the hood (at least a bit). If not, I could get a similar drive for less money in an American brand.

There are lots of cars that drive exceptionally well, but given a choice between a GTR and a 911, most would pick the 911. The same goes for the Boxster vs the Corvette. The American car guys say the Corvette does everything better than a Porsche and for less money, but for some reason Porsche seems to sell allot of Boxsters. Maybe the marque has something to do with things after all.

[COBodom]

Originally Posted by ezmaass

(...) Could I have gone out and bought one? Sure. The bank would have been more than happy - I had a great income, perfect credit, and the ability to pay for a lease or loan... what else could they have asked for? (...)

You just nailed my point. It’s all about priorities (which shift with age) and we can debate over semantics like “affording” VS “comfortably affording” vs MSRP vs lease etc….

Many young folks coming out of college want instant gratification and there’s nothing wrong with it. They will have a whole life to save for their 401k and big houses. What’s available to them in USA is a 36 month BMW lease program and that’s something within their reach. It doesn’t matter it’s a lease (which in my opinion is the best way to waste money on a rapidly deprecating luxury asset), it still puts them behind the wheel of their dream car. And if you’re a lucky 25 year old pushing six figures than you can most definitely drive a new bimmer. I personally would not have waited until I am 45 to finally be able to finance a 5 series which I could have otherwise leased for half of that monthly payment at the age of 25. If it’s available for me and I can handle monthly payments, I want it now.

In Europe you have to be at the peak of your career or at least very well established in order to drive a 5 Series. The bank won’t even consider you (lease or otherwise).

[bull_area]

Hello ezmaass and everyone replying
First of all I want to apologize for not responding, even though I appreciate your well-intended replies. Ezmasass you put your heart into it, helping not only me but a lot of other young aspirants, judging by the reach of this post,.
Thank you for putting such a valuable advice together, it means so much, it could be book of its own if we dive deep into what you have written in between lines
In fact I have hanged your reply on the wall

Years have passed, more than 8 to be precise. I can say for myself I have been diligent on my pursue of happiness in honor of not only your advice, I have been promoted several times and pivoted my career multiple times, sacrificing personal time and the sweetness of present moment in favor for the future brought me fruits.
Now I'm leading my peers, turning hard work into smart work, I'm getting more into present moment, but the stress and courage to learn new things and put my skin in the game is still plentiful.
At this point I can say the urge to own F10 or similar car has been so suppressed, it has been de-ranked from need to want to nice-to-have.
Currently enjoying doing well in terms of career and having to catch the train on social life and family (unfortunately no wife yet). The luxuries are not even on the rails currently, even though I could afford them, current times of inflation brings another meaning of the mentioned AFFORDABILITY, so it is the time that will tell us the true value of money. Until then, focusing on what is important, like being healthy, truly happy and leading a life towards a meaning.

I am also interested in how your life has changed along the way guys and although we dont know each other more than from these few posts, I will gladly check back with you again in 8 years. At least for me, this is an amazing point to retrospect on.
Enjoy life