What's wrong with this pricing picture ?
04-07-2004, 02:46 PM
#26
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Location: Phoenix, Az
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2003 ML320
Some interesting posts here.
I do not consider myself wealthy at all, but do have a house and mulitple cars (Mostly Porsche's and a 03 ML320).
All the cars we own are paid off.
The Porsches are old and cheap. The ML320 is we just got used a few weeks ago. My fiancee (wedding date is 5/22/04) and I traded in one car each on the deal and threw in a little cash. It actually turned out be a good deal for us since we needed to downsize the number of cars we had anyway. Our plan is to keep it for many many years. It is really nice to have few cars with no debt.
I also race one of my Porsche's. Fun to do but does cost money. Right now I may have to reduce the number of races I do keep costs down, but I have no debt here so all I spend is decision I chose to make. Neither of us have credit card debit either so that helps. Even so we must be carefull with our money. There are alot of people who are not and **** it away in lot of small ways. Then they have nothing. My fiancee and I are both of the mindset that you save and save so that you can afford a few indulgences here and there. Just don't go into debt doing it.
BTW... I do not consider a newer C320 to be lowly... Espcially in College. Lowly is to be drving a $1500 beater.
There are really 3 type of folks with super expensive cars (my mind 60k plus, 30-60k are just expensive, 20-30k Average, 10-20k low cost, sub 10k cheap).
1) Those with more money than they know what to do with. These people make millions.
2) People stretched way beyond their means.
3) Wealthy folk that splurged for something really nice. These folks decided to stretch a little and willing to give up a couple nice vacations,etc to pay for it.
Back in 94 I was working as a lot attendant at a local MB dealership. One day I had to deliver a car to the owner's home after service. It was a nice new (1-2 year) SL500. Figure about 90-100k in those days. Well I drove it to their home in the very nicest most expensive part of town. Came to the front gate called in an was told to drive it around back. When I did I noticed their other car. A nice new (1-2 year old) S500 also about 90-100k. Then I saw that the couple that owned these cars were probably mid-late 20's. I had no clue how they could afford 200k in cars and probably 1M in home? (they were not celebrity type or sports figures). Well I never did find out, but figured it was either family money, some huge investment or good decision made early in life, or they were in debt beyond belief.
Debt happens to alot of people because they want to make it look like they have all the nice things. In then end it will catch up with you. Save and spent wisely and you will be able to do things and go places you would never have thought possible.
I do not consider myself wealthy at all, but do have a house and mulitple cars (Mostly Porsche's and a 03 ML320).
All the cars we own are paid off.
The Porsches are old and cheap. The ML320 is we just got used a few weeks ago. My fiancee (wedding date is 5/22/04) and I traded in one car each on the deal and threw in a little cash. It actually turned out be a good deal for us since we needed to downsize the number of cars we had anyway. Our plan is to keep it for many many years. It is really nice to have few cars with no debt.
I also race one of my Porsche's. Fun to do but does cost money. Right now I may have to reduce the number of races I do keep costs down, but I have no debt here so all I spend is decision I chose to make. Neither of us have credit card debit either so that helps. Even so we must be carefull with our money. There are alot of people who are not and **** it away in lot of small ways. Then they have nothing. My fiancee and I are both of the mindset that you save and save so that you can afford a few indulgences here and there. Just don't go into debt doing it.
BTW... I do not consider a newer C320 to be lowly... Espcially in College. Lowly is to be drving a $1500 beater.
There are really 3 type of folks with super expensive cars (my mind 60k plus, 30-60k are just expensive, 20-30k Average, 10-20k low cost, sub 10k cheap).
1) Those with more money than they know what to do with. These people make millions.
2) People stretched way beyond their means.
3) Wealthy folk that splurged for something really nice. These folks decided to stretch a little and willing to give up a couple nice vacations,etc to pay for it.
Back in 94 I was working as a lot attendant at a local MB dealership. One day I had to deliver a car to the owner's home after service. It was a nice new (1-2 year) SL500. Figure about 90-100k in those days. Well I drove it to their home in the very nicest most expensive part of town. Came to the front gate called in an was told to drive it around back. When I did I noticed their other car. A nice new (1-2 year old) S500 also about 90-100k. Then I saw that the couple that owned these cars were probably mid-late 20's. I had no clue how they could afford 200k in cars and probably 1M in home? (they were not celebrity type or sports figures). Well I never did find out, but figured it was either family money, some huge investment or good decision made early in life, or they were in debt beyond belief.
Debt happens to alot of people because they want to make it look like they have all the nice things. In then end it will catch up with you. Save and spent wisely and you will be able to do things and go places you would never have thought possible.
04-07-2004, 05:23 PM
#27
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Join Date: Nov 2003
Location: san francisco
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C32
In the SF Bay Area, where decent condo/townhome in a normal location begins at 550K+, you will need to stretch every dollar you earn. Making 122K/year and buying a 700K home here is very normal because of the high cost of living.
If you only pay 300K, get ready to live next to a local drug dealer or a state detention center.
If you only pay 300K, get ready to live next to a local drug dealer or a state detention center.
04-07-2004, 07:14 PM
#29
MBWorld Fanatic!
Originally posted by ultraseven
In the SF Bay Area, where decent condo/townhome in a normal location begins at 550K+, you will need to stretch every dollar you earn. Making 122K/year and buying a 700K home here is very normal because of the high cost of living.
If you only pay 300K, get ready to live next to a local drug dealer or a state detention center.
In the SF Bay Area, where decent condo/townhome in a normal location begins at 550K+, you will need to stretch every dollar you earn. Making 122K/year and buying a 700K home here is very normal because of the high cost of living.
If you only pay 300K, get ready to live next to a local drug dealer or a state detention center.
Anyway with that income your monthly payment including taxes and insurance, shouldn't be more than $1,960 per month, that should leave you enough to save/invest 10-15% of your income, plus for living expenses.
04-07-2004, 08:37 PM
#30
Super Member
Originally posted by ultraseven
In the SF Bay Area, where decent condo/townhome in a normal location begins at 550K+, you will need to stretch every dollar you earn. Making 122K/year and buying a 700K home here is very normal because of the high cost of living.
If you only pay 300K, get ready to live next to a local drug dealer or a state detention center.
In the SF Bay Area, where decent condo/townhome in a normal location begins at 550K+, you will need to stretch every dollar you earn. Making 122K/year and buying a 700K home here is very normal because of the high cost of living.
If you only pay 300K, get ready to live next to a local drug dealer or a state detention center.
John
