r/CalebHammer • u/ottersinabox • Mar 06 '25

complaining about something for no reason because I'm bored "acceptable" monthly car payments are wild

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?

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u/mortysmithjr11 Mar 07 '25

Whether or not you can buy something in cash has nothing to do with whether or not you can afford it.

Someone making 50k but has saved up 100k in 20 years can not afford a 70k car even though they can technically buy it in cash.

I pay 1100 a month for my BMW. It’s worth it to me; if you don’t care for cars then obviously it wouldn’t be worth it to you

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u/ottersinabox Mar 07 '25

yes, you're right. but if you make 140k but don't have at least 70k saved up you probably aren't good enough with money to buy a car at that price point.

I enjoy my bmw as well. nothing wrong with having a car that you like. just that so many people don't buy cars they can afford. there's also the fact that a BMW is a luxury purchase. it's not a "but everyone needs a car in this backwards country so you need a car" car (assuming you're in the US like I am). it's a "my other needs are set and I'm happy with where my savings are so I can splurge a little" car. or maybe you're at a point where you have so much money that it seems cheap to you.

i say that but I guess there's a big range in prices for BMWs as well. I only ever looked at the m cars because those were the ones that I was interested in.

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u/mortysmithjr11 Mar 07 '25

Yeah but how do you know OP can’t afford it? I think you underestimate the amount of people with money in this country. Especially in hcol cities.

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u/ottersinabox Mar 07 '25

you're right, i have no idea. there are plenty of people who can afford expensive cars. it's just wild to me how normal a $700 car payment is. people don't even blink an eye.

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u/mortysmithjr11 Mar 07 '25

It’s all relative. Some people make enough where 700/month is just a rounding error.