The car I am dreaming of (BMW 645) costs $1400 a month to own....?

Question

I will be out of college soon and would like to treat myself. I don't have any other large expenses, just rent and the usual bills. Would I be able to afford that price on a $50,000 salary? I'm not used to knowing what I can get with a 'salary' job- I am prior miltary. Thanks!

Answer 1

No way! Most buyers of the 6 series have yearly salaries of well over 6 figures minimum. The last 650 conv i sold was to a neuro surgeon making over a million a year, and that was a lease for 1600 per month. Not to mention, you'll need excellent credit to borrow that kind of money on a car. Sorry but 50k a year may entitle you to a 325i.

Answer 2

I doubt that you could afford it. Dont forget that you are taxed at least 25% on that $50,000 salary. So you would be bringing home about $3000 a month after tax. $1400 to car note, PLUS insurance.. PLUS gas.. (I drive a BMW 550, so trust me when I say that gas is VERY expensive). Then you have rent and bills... and food. What about medical insurance? What about car upkeep..(you have to put tires on the car and the run flats are not cheap). What about saving for emergencies?

Thats way too much car for you on that salary. Unless you move back home with your parents.

Answer 3

Hey. That might be a little bit over the top for you right now because of climbing gas prices, luxury car tax, insurance and regular car maintenance costs. If you're under 25 your insurance will be even higher so my suggestion to you is that you go online and try to find a used BMW (5-series or 3-series, convertibles are great looking) from one of the certified BMW Pre-owned dealers. They usually have some great looking bimmers (pronounced Beem - ers) low mileage and certified by their team of car experts. You can also get a pretty good extended warranty. Try googling "certified preowned BMW 645i" and see what you get. Then try 325i convertibles or 545i. You'll be glad you did but certainly nix the new 645i. It'lll be too much for you to afford right now. Good luck.

Answer 4

If I had a $50,000 salary I wouldn't spend it on a car like that is like $16,400 a year just for the cost of 12 months and then the insurance, car repairs, tune ups, oil changes, tires, ect it's never ending. You would be lucky after your other bills if you afford a new pair of shoes at the end of the year.

Answer 5

Collage hasn't paid off.... Why couldn't you figure out a budget while you were in the military... You, just like everybody else got paid based on a salary!!! Now you are getting out of collage and you can't figure out if you can afford a $1400/ month car payment!! Call the admissions office at your school and tell them you want your money back! People like you scare me!
I could understand if you had dropped out of school in the 8th grade.... You almost have a collage degree!!!!

Answer 6

I would say that a monthly car expense of $1400 on a $50,000 annual salary is way out of line. For that annual salary, your monthly car expense (excluding gasoline, insurance, etc) should be about $350.

Answer 7

Whike you probably could afford it, you may spread yourself thin, and not have any money for other things. Why not start small, with a smaller lerss-expensive BMW, and look forward to owning the bigger one when you have a secure job, earning a higher salary? If you have the best to start off with, what do you have to look forward to?

Answer 8

What's the price of the car itself? i think it's a horrible idea to buy a car that is worth more than your year's salary. And I know that this BWM is probably about 60 to 70 grand. . . bad idea.

Answer 9

Waste of money. Put it toward something that really matters. Seriously... Cars... are really not that important.