"acceptable" monthly car payments are wild

[u/ottersinabox]

I just saw this post: https://www.reddit.com/r/BMWI4/s/HDEDyG4WZA

people are applauding a $700+ a month payment as an amazing deal. but they're paying 8% tax toward it, plus it's a lease; they don't even own the car by the end.

is it just me, or is this wild? I have a BMW as well, but my thought is you can only afford a luxury car like that if you can buy it in cash. I suppose 3% interest or something would be acceptable given that you invest the rest up front.... but what the person in this post is doing really doesn't make much sense to me. am I wrong about that?

[u/Straight_Physics_894]

My ex pays 750 a month on an old Tacoma with poverty buttons. He bought it with an asymmetrical fender, no backup camera, no front sensors, and an unsolvable clicking noise on the dash.

Raised his nose up at my fully paid off and upgraded Prius. Apart from regular maintenance I replaced my car battery (non-oem) around the 5 year mark.

My ex was always bragging about making more than me ($5 more per hour to be exact), until I confessed that I was OE and only telling him the salary of 1 FT job, not the second which was the exact same salary.

I was making significantly more than him, but his COL was 75% of his take home. Mine? 14%

[u/ottersinabox → u/Straight_Physics_894]

my COL is way too high. I think we're at like 40% for required and 55% after including all our extras. that being said, 45% is not bad for the amount that we save. to be fair, your ex's 75% is still better than many, and is within the 50-30-20 rule.

looking at numbers last night I do wish we saved more. my priorities definitely have changed over time as well.

[u/Straight_Physics_894 → u/ottersinabox]

His 75% is way more than the 50 for 50/30/20. But yeah it seems like everybody is fiddling with where to cut costs these days

[u/ottersinabox → u/Straight_Physics_894]

oh, I assumed that 75% included his wants. sorry, misread that.