Can I afford a BMW?

Lyft forked
May 15 58 Comments

Should I buy a 3 year old used BMW?

TC: 240k
YOE: 1

Have about 200k in cash right now.

219 VOTESSELECT ONLY ONE ANSWER
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TOP 58 Comments
  • Rubrik kdbebhd
    How did you manage to save all that cash but you can't answer this simple question for yourself. Really makes you think
    May 156
    • Lyft forked
      OP
      This is not necessarily a simple question. It might make more sense to not have a car or to save for a house first.
      May 15
    • Rubrik kdbebhd
      It might make sense to take an airplane to work. Let's be real, you just wanted to flex
      May 15
    • LinkedIn / Productgassoup
      He's asking for permission, not for advice. You gotta be a dumb fuck to buy an expensive car in his situation but all his friends are doing it and he's wondering if it will hurt his chances of getting laid. IMHO it will not help but if your ego is so fragile and you feel so much peer pressure go ahead. Living with a small c*** and no balls is hard enough, at least you'll have a nice car.
      May 15
    • Lyft forked
      OP
      gassoup, it sounds like you might not be getting laid enough yourself mate.
      May 15
    • LinkedIn / Productgassoup
      At my age sex is really the last of your worries. Sleep is far more important and I'm definitely not getting enough.
      May 15
    • VMware / Strategy
      acmf

      VMwareStrategy

      PRE
      Google
      acmfmore
      @gassoup stop the frustration and buy yourself a life. Let the kid enjoy because that’s only what we have damn here.

      @lyft You’re young, have the money: go for it !
      May 15
  • SF Motors / EngsLhe22
    Buy a new one if you are going to buy one. Unless you are a mechanic or are willing to learn to be one a 3 year old German vehicle will cost the same after maintenance and repairs.
    May 159
    • Lyft forked
      OP
      I reaaally do not want to deal with maintenance. Don’t think I could afford new though.
      May 15
    • Lyft ztni32
      Do not buy a new car, ever. It loses 20% of its value the second it leaves the lot. Such a waste of money. If you’re going to buy a car then make it a few years old. Frankly, I think that you should be saving your money. 200 K in savings is not a lot. You’re better off investing that money and earning a return rather than dumping it into a depreciating “asset”.
      May 15
    • ViaSat gheiena
      Life is short. You might die tomorrow. Why not enjoy some part of the money?
      May 15
    • SF Motors / EngsLhe22
      While I would generally agree with that sentiment of not buying new, there is also a need to take reliability into account. If I had to buy a BMW I would lease a new one and dump it before the repair costs hit. A Honda or Toyota make sense to buy used, IMO.
      May 15
    • ViaSat gheiena
      True. Lexus would be a good alternative option.
      May 15
    • Lyft ztni32
      Enjoy the money by getting a great steak dinner or a new pair of shoes or a trip...don’t piss away such a large amount on a fucking car that will require completely unnecessary spend (insurance, maintenance, etc) for years to come. Life can also be long and if you spend your money wisely you can have a long and very comfortable life. If you piss away your money too soon your life may be fun, but you won’t have much to show for it in 20 or 30 years.
      May 15
    • Lyft forked
      OP
      This is a good sentiment ztni. Maybe in a few more years when it’s like 10% or less of my net worth, it’d be worth reconsidering.
      May 15
    • ViaSat gheiena
      I don’t get it. What do you have to show in 20 or 30 year? It’s not like op is spending all his money. He has 200k in cash. Spending 30k-50k is doable. Remember that when your YOE increase your TC grows with it.
      May 15
    • Autodesk / Other-oQo-
      BMW has a wide range of cars. For a new one, you can pay as little as low $30K up to as much as $180K. It depends on what you are looking for. If you truly like bimmer, go for it. Worrying about maintenance? Lease it. Or, buy a CPO (certified pre-owned). Depending on the models, you may get different levels of issues. If you want reliability, try to buy the ones in late model years (near the end of a model cycle). It is much more reliable than the newly introduced models. Good luck!
      2d
  • LinkedIn ex-fb
    The only car worth buying is a lightly used Honda Civic!

    You could have way more fun taking a sabbatical and pursuing your interests, than driving a BMW and working as a swe 9-5 everyday
    May 150
  • Salesforce n00bmstr69
    Get a new Tesla. Safe and next gen. Good look, feel, Drive, pickup, safe. Dm me for referral.
    May 150
  • ViaSat gheiena
    How do you have 200k in cash if you only have 1 YOE?
    May 155
    • Lyft forked
      OP
      Saved 130k in my first year working. Had 70k before.
      May 15
    • ViaSat gheiena
      70k for just being a student? Man...
      May 15
    • ViaSat gheiena
      Also, you must live frugal to save that kind of money. Keep up the good work!
      May 15
    • Amazon PotatoSale
      How did you get 240k with just one YOE? I don't think lyft offers were that high last year.
      May 15
    • Accenture / Eng__xjwg
      how did you save 130K in 1year? i'm jelly
      May 15
  • Facebook WMiK87
    Does it have to be a BMW? You can afford buying it, but can you afford maintaining it? BMW is notorious for having expensive maintenance costs.
    May 154
    • ViaSat gheiena
      Lexus would be good alternative.
      May 15
    • LinkedIn / Productgassoup
      Considering he lives in SF a Corolla would probably be an even better alternative as nobody gives a flying shit about it and anything nice will get broken in right away.
      May 15
    • ViaSat gheiena
      Lol. Not in Bay Area. Is the car window breaking that bad over there?
      May 15
    • LinkedIn / Productgassoup
      Just Google it. Property crime is out of control.
      May 15
  • Uber kPCK48
    Are you still at $240k with Lyft's current stock price?
    6d1
    • Lyft forked
      OP
      Yup, was higher before.
      6d
  • New VreM84
    I bought a 3 yo 335xi with 43k miles. Shit load of money spent for maintenance (luckily I had some of the original warranty left plus a third party plan), at 106k it got spun rod bearing and turned into a very heavy paperweight. Sold for scrap for $2k.
    May 151
    • Lyft forked
      OP
      That sucks to hear.
      May 17
  • Apple MVYd52
    I would say to save your money, unless you need the car. I'm assuming you can afford it on a monthly expense basis, but you will realize that it's just a car. It's like getting a new toy, it's fun for a little bit and the "unboxing" portion of it, but after that it's just a mode of transportation.

    Spend your money on more fun things that will last longer either tangibly or experience wise. (Food is the exception, spend money on food, it's fun)
    May 160
  • Amazon / Engn0v
    Get a 1 year used model 3.
    May 150
  • New OKcU41
    240k TC w/ 1 YOE? Obvious troll.
    May 157
    • Facebook bigdiqe10
      Uh no - there are plenty such examples at FB. I’m sure there are plenty at Lyft as well.
      May 15
    • New OKcU41
      So base 160k, 80k stock, 80k signing?
      May 15
    • Facebook bigdiqe10
      Not even counting signing bonus - it’s called promotion within one year. Say a new grad starts at 110k base, 55k RSU/year, 10% bonus. With good ratings and one promo they can be at eg. 150k base, 70k RSU, 10% target bonus in < 1 year.

      If you wanna count signing bonus then TC with 0 YOE can be like $275k.
      May 15
    • New OKcU41
      How the hell are people getting 55k in stock per year? The startup offers I've gotten offer that much assuming they 10x lmao.
      May 15
    • Facebook bigdiqe10
      How? Standard new grad offer is $160k RSU/4 years and can go up to $220k RSU/4 years. Add on a $100k cash signing bonus, base, yearly bonus and you can see where the TC ends up.
      May 15
    • New OKcU41
      Also how does someone get a 40k base promotion in a year? That's jumping like 2 levels
      May 15
    • New UHtz31
      you guys are forgetting he needs to pay tax on his 240k (of which a portion likely is stock). So unless he's living with his parents or out of a card board box, 130K in cash after tax savings seems like a stretch
      May 16
  • Yelp / Othermothball
    The most expensive car you can buy is a cheap BMW. Buy new.
    May 151
  • Salesforce / Eng
    123kona321

    SalesforceEng

    PRE
    BAE Systems
    123kona321more
    Yes. Get one if you want. If you have a commute to work, I’d rather spend time in something I like than an appliance, which some here think all a car is.
    7d0
  • Amazon cnnfox
    You really can afford if:
    [ ] You can pay in cash.
    [ ] You are Ok to let it go in 5-7 years. BMW owners looking to drive it 15-20 years cannot truly afford it.
    [ ] You can buy a new. Used car != luxury

    BTW, consider leasing option as well.
    May 160
  • Google gliz
    Did you pay your taxes yet?
    May 160
  • Nutanix hmbsjc1
    Live your life!
    May 150
  • Yes you can afford a bmw. Get a new one. Lease it and trade another new one after 3 years.
    May 150
  • Microsoft Vbsm66
    Buy a certified used BMW and sell before the warranty period is up
    May 150
  • New eQjn37
    I second getting a Tesla especially if you work in tech. Car gets better with age. Bmw is built like a tank tho
    May 150
  • Google snatch
    How did you save 130 on 240 income? Is this not in Bay area?
    May 150
  • Novartis xHKx76
    Cb
    May 150
  • AT&T / Eng
    DDM2K

    AT&TEng

    PRE
    Optum, Windstream, AT&T, Verizon
    DDM2Kmore
    Suze Orman says....
    May 150
  • Cisco vzIq77
    Nah short $TSLA instead
    May 150
  • New / SalesLadyCloser
    How’d you get 240 @ 1 YOE ? 😮
    May 150

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