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What's the lease on it? After 2-3 years you'll probably be tired of it anyway. Might be easier to stomach the $xxk in lease payments vs the $50k car purchase.
Frankly, I can't stand BMWs on the street, the acronym stands for Barge My Way. BMW Owners act like they need to wear this badge on their sleeves. Why don't you tape a note on the roof, something like I have $50k sitting in my bank account but I only drive a Honda or whatever car you drive, it makes more sense. When I was younger, my SIL always urged me to buy a BMW because she wanted to show off and I didn't. Fast forward she drove herself to financial ruin, not because of the BMWs, but because the deep insecure feeling that she needs to keep up on the Jones.
In your opinion, how much net worth to afford a BMW M2 comfortably?
Like the old saying goes, if you have to ask if you can afford it, you can't afford it.
The question should really be: What can you comfortably afford and not have to worry about the vehicle...its initial cost, its maintenance, the insurance, etc.
With some BMW models, it's not the initial cost that's the kicker. It's the upkeep and insurance. Some models are notorious for not being reliable (they're more "performance" cars). They are expensive to maintain and repair, to begin with, then those costs increase a lot with the years, since they break down a lot. The ins. is also not inexpensive.
unless they changed their policy all bmw's have all maintenance free for 3 years . i paid for nothing in 3 years on all mine , not even wiper blades , fluids or brakes .
they were the most reliable cars i ever owned . with 8 quarts of synthetic oil it gets one oil change a year . i pampered mine and did 2 .
Like the old saying goes, if you have to ask if you can afford it, you can't afford it.
The question should really be: What can you comfortably afford and not have to worry about the vehicle...its initial cost, its maintenance, the insurance, etc.
With some BMW models, it's not the initial cost that's the kicker. It's the upkeep and insurance. Some models are notorious for not being reliable (they're more "performance" cars). They are expensive to maintain and repair, to begin with, then those costs increase a lot with the years, since they break down a lot. The ins. is also not inexpensive.
This is complelty out of date as mathjak has pointed out
What's the lease on it? After 2-3 years you'll probably be tired of it anyway. Might be easier to stomach the $xxk in lease payments vs the $50k car purchase.
I'd actually lean this route too. I've been considering an m4 or ftype and this is the route I'd likely go
while they were fun cars to drive the fact is without speeding you really can't appreciate them much . after 6 points i got something more useful and less costly .
I can't believe people still refer to the millionaire next door. The book seems like it talks about how middle and working class people are able to acquire that dream of 1 million dollars. The only reason it is possible for people today to get that wealth is thanks to inflation. The book would be garbage in the 1950s because there was no way for a middle or working class person to get 1 million. The author did a good job relating normal people to millionaires who many people thought are not normal. Why did he not talk about the actual 1%, people today who make 400k a year and have net worths of 7 million+? Thats because those people are in a completely different league and are not relatable to normal people! No one will read a book about how some corporate executive or CEO of a huge corporation are having issues marketing their new product or competing with another large corporation. That author also does not seem to fit the description of the millionaire he defined in the book, He owned a 2013 corvette.... I did not read the book but from what it seems he is not talking about the 1%. Maybe in 2100 I will write a book about how the billionaires are just normal people that eat dry wall and shop at goodwill (And we know that in 2016 billionaires do no live like this).
Now to the OP's questions, what net worth you need to buy a bmws m2. I think this really depends on ones financial status and spendings. Some people could have a net worth of 1.2 million and earn 200k+ a year but the issue is all their money is going to their house. If someone is making 150k a year, saving 24k a year, 110k in savings, and has 300k equity in their house then this person could probably afford a 50k-60k car. Getting an above average car should only have a positive effect on your quality of life. You should not have to cut down on your quality of food, furniture, house, cloths, retirement just so you can have a nice car. Obviously buying a 50k+ car is going to have negative impact financially but that 50k shouldn't matter to you to much or should be easy to acquire back in a couple of years. ultimately it is going to fall int your own judgement. In general I think 50k - 100k cars are more marketed towards upper-middle class (ideally people of 45+ years of age) like engineers, lawyers, doctors, successful small business owners, finance, marketing etc.
This is complelty out of date as mathjak has pointed out
As I stated, it depends on the model. Just reporting the stats I've seen. It's common knowledge that some or many BMWs are "performance" vehicles. "Performance" by definition means persnickety and prone to breaking down. Performance comes at a cost.
If you subscribe to Consumer Reports, you can look up the stats for any model in particular, and see the history of repairs noted by prior owners for each year, the repairs categorized (electrical, fuel system, etc.).
Then when they do break down, they are pricey, if they are of the higher end, which is normal for high end or luxury cars. Lexus is pricey to repair, too...but they don't break down much. A brand that is one of the most reliable in the auto industry.
I believe, though I'm not sure, that many BMW drivers lease, so they aren't concerned about reliability. They trade it in or a newer model every few years.
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