How do you pay for your Benz?
08-27-2005, 08:43 PM
#101
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2023 GLC 300 4MATIC
Are you considering 401K in that number? I think I read where the average household has $4,200 in savings account and investments. Not much car for them!
08-27-2005, 09:57 PM
#102
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'05 E320 CDI, '08 BMW X5 4.8i, '11 Duramax 2500HD
Originally Posted by guitarplayer
Are you considering 401K in that number? I think I read where the average household has $4,200 in savings account and investments. Not much car for them!
08-28-2005, 12:55 PM
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06 320E CDI, Porsche 911 C2, Pontiac Montana
Originally Posted by guitarplayer
Went to my dealer this morning, intro myself, nice talk with the sales mgr.
He told me something interesting. Said about 50% of their customers could afford any car on the lot without thinking twice. Said 30% were people who could afford what they bought but it was a stretch for them as they were more in the 28-40 age group that made good money but also have alot of responsibilities with young kids, big mortgage and really should buy a Toyota or Honda but feel the need to have this status in their driveway. And finally 20% were in the fake it till you make it group that were way over their heads.
Just found this interesting. Sounds about right.
He told me something interesting. Said about 50% of their customers could afford any car on the lot without thinking twice. Said 30% were people who could afford what they bought but it was a stretch for them as they were more in the 28-40 age group that made good money but also have alot of responsibilities with young kids, big mortgage and really should buy a Toyota or Honda but feel the need to have this status in their driveway. And finally 20% were in the fake it till you make it group that were way over their heads.
Just found this interesting. Sounds about right.
One of my customers, who thankfully went under, had 6 new Benzes on lease. Of course they were all reposessed. He took a chunk of my money down with him but at worse, he nicked me but now I get to smile at the loser who lost everything!
BTW, he blamed Bush for for his demise! I guess people who should never be in business have no mirrors.
08-28-2005, 01:02 PM
#104
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06 320E CDI, Porsche 911 C2, Pontiac Montana
Originally Posted by CE750
It's just what I gave myself as a rule of thumb.. my cars cannot exceed 10% of my cash and liquid assets. I think many people do see it that way since they use monthly payments and cashflow as their basis for what they can afford. And over 84 months a $50K/yr job can swing an S class if they wanted to! 
08-28-2005, 09:33 PM
#105
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'05 E320 CDI, '08 BMW X5 4.8i, '11 Duramax 2500HD
Originally Posted by Spartan
If you include running costs and insurance, it approaches 20% of one's income. That is high in my opinion.
09-22-2005, 04:31 AM
#106
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Originally Posted by alboogiee
financed the whole thing to raise my credit score... when i was a teenager i goofed off and didnt pay bills... now it hurts b/c it was hard to qualify for home loans.
i took a hit b/c of credit score, put $10k down on $13k c class so i paid like $50/mo for a 60 mo loan at 12%, so i then i pay $200 a mo and i pay more then the minimun and that reflect good upon my credit... in 6 months my score had risen 100 pts...and next thing you know im in the 800FICO braket
i read the susan orman book too... she is basing that on east coast/mid western economy/lifestyle...take into account the cali economy specificly home equity the avg in the US is 15% here in nor cal it is between 22-27%, where else can you 100% finance a home, pay interest or less only, refinance it in a year and pocket $120k?? then take that $120 and turn and put a down payment on a $500k house, wait a year do the same, next thing you know you have 10 houses.. cash them all out and buy a million dollar house in cash...still banking on the 10 previous homes b/c you rent them out...for more then your mortage payment
(offtopic)anyone buying a house? (im a mortage loan officer) alboogiee @ gmail . com
i took a hit b/c of credit score, put $10k down on $13k c class so i paid like $50/mo for a 60 mo loan at 12%, so i then i pay $200 a mo and i pay more then the minimun and that reflect good upon my credit... in 6 months my score had risen 100 pts...and next thing you know im in the 800FICO braket
i read the susan orman book too... she is basing that on east coast/mid western economy/lifestyle...take into account the cali economy specificly home equity the avg in the US is 15% here in nor cal it is between 22-27%, where else can you 100% finance a home, pay interest or less only, refinance it in a year and pocket $120k?? then take that $120 and turn and put a down payment on a $500k house, wait a year do the same, next thing you know you have 10 houses.. cash them all out and buy a million dollar house in cash...still banking on the 10 previous homes b/c you rent them out...for more then your mortage payment
(offtopic)anyone buying a house? (im a mortage loan officer) alboogiee @ gmail . com
What's the title of the book you're talking about? Sounds very interesting.
09-22-2005, 11:36 PM
#107
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Originally Posted by chkdg8
What's the title of the book you're talking about? Sounds very interesting.
i take back some of what i said about appreciation, as due to Katrina's hit it has become a buyers market and i dont have the money to play that game so i am done with real estate... for now.
i have been reading the millionaire next door which was recamended by someone on this thread, and i find that to also be a much better book/perspective on finances.
Last edited by alboogiee; 09-22-2005 at 11:38 PM.
09-23-2005, 05:49 PM
#108
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2010 RRS ; BMW K1200R; 14 E350 ; 14 RRS on order
Leased, I had to, 100% business right off considering I have a couple of other modes of transport. if you own a business there days you pretty much have to lease, or buy a giant hummer to get a tax break.
09-23-2005, 10:20 PM
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2005 E320 Platinum Blue/Ash, Appearance Pkg, Premium Pkg
Leased through DCFS/MB Credit. 39mo. Lease special. First pymt down plus lic. plates total. I lease all my new vehicles with $0 cap cost reduction, and pay cash for the oldies. Keeps the cash liquid, can write off a small portion of the lease, and the money factor is lower than what I earn from investments. Not to mention the fact that the car has so many "issues" some caused by the way I use it, some by the way Mercedes-Benz manufactured it, I surely will just want another after the 39mo. Everyone has a different situation and philosophy,this is how I typically do it unless the money factor is crap, and or it has a very low residual.
09-24-2005, 12:07 AM
#110
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Originally Posted by trezaei
Leased, I had to, 100% business right off considering I have a couple of other modes of transport. if you own a business there days you pretty much have to lease, or buy a giant hummer to get a tax break.
thats what happens when you work the real estate biz PART TIME in the bay area...start your own biz... buy big hummer...PS not mine, good friend's...who is looking to buy SL65 now...geeze...
09-24-2005, 09:56 AM
#111
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'05 E320 CDI, '08 BMW X5 4.8i, '11 Duramax 2500HD
Originally Posted by alboogiee
kinda like this??thats what happens when you work the real estate biz PART TIME in the bay area...start your own biz... buy big hummer...
PS not mine, good friend's...who is looking to buy SL65 now...geeze...
thats what happens when you work the real estate biz PART TIME in the bay area...start your own biz... buy big hummer...PS not mine, good friend's...who is looking to buy SL65 now...geeze...
I just hate those wanabee Hummers! I have a good friend out here in AZ who owns a Hummer (the real one) H1 and his plate is "H2 THIS"
Those things are basically GMC Denali's with Hummer sheet metal slapped on! Look horrid too!
09-24-2005, 10:17 AM
#112
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In the market
Originally Posted by CE750
I just hate those wanabee Hummers! I have a good friend out here in AZ who owns a Hummer (the real one) H1 and his plate is "H2 THIS"
Those things are basically GMC Denali's with Hummer sheet metal slapped on! Look horrid too!
Those things are basically GMC Denali's with Hummer sheet metal slapped on! Look horrid too!
09-24-2005, 10:21 AM
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'05 E320 CDI, '08 BMW X5 4.8i, '11 Duramax 2500HD
Originally Posted by Brunelleschi
I was irritated with the H2's at first as well, but now that the H3's are out.....omelllete the H2's slide!
Omellete - good one.
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