[Majikthese42]

You may be looking at the incorrect variable. I thought the most common vehicle purchased by millionaires was supposed to be the Ford F-Series.

... and then there's THIS: http://www.msnbc.msn.com/id/17534426

My conclusion: Car enthusiasts probably spend a higher proportion of their disposable income on cars than non-enthusiasts. (Duh!) ...as opposed to spending it on exotic vacations, drugs, serial marriages, housing, gambling ...or saving for the kids' college or investing the money.

[JSpira]

Originally Posted by 0700700

not in my part of the world... here 20 year olds drive 7 series, S-class, bentleys, 997 Turbos, ferrari f430s... etc etc

In a country that was characterized by the Economist as backwards and corrupt last month.

The analysis here from The Economist on the newest members of the European Union, Bulgaria and Romania.

Precis: The European Union's two newest members, Bulgaria and Romania, are both economically and politically backward. Also the two countries are backwards in infrastructure and public services and corruption is more entrenched. Both have sizable ethnic minorities and their political infrastructure is fragile. My favorite quote from the piece: ,,Criminal-justice systems are weak, and high-level sleaze widespread.``

[mbdurham]

Originally Posted by Chi-town330

If you really want to make this study interesting, then re-do the poll with more categories above $100k. $100k is not high enough to have as the top category, especially when polling people with $40-$50k cars.

This study was interesting in that we not surprisingly learned a lot of people buy expensive cars in relation to their income. This seems to be the American way, I guess, as evidenced by the fact that sooo many people talk about car payments on here as a key "cost" criteria (i.e., concerned more with cash flow than their "balance sheet" or "earnings"). I’m not passing judgment on the younger owners – that would be hypocritical of me given my own financial behavior during my 20’s.

Now, if you re-do the poll with more categories, we could learn who really practices fiscal responsibility, and/or just really likes the 3 series (i.e., could afford much more, but choose the 3 vs. spending a lot of money)

But I also think this forum probably does not contain a statistically representative sampling of 3 series owners, as my guess is a higher percentage of young owners join forums vs. older ones, as they are more "excited" about their cars. I told some "older" BMW owners I know about these forums, and they couldn't have cared less.

Yes this poll could have been done in countless different ways with many more categories such as overall net worth, debt to income ratio, age, kids, household income, mortgage, etc (I bet a net worth poll would be interesting)...... I was just interested because it seems so many of the members on this forum appear to be younger if they could all really afford a $40-50k car.....and "afford" is also a relative term...you could make the payment making less than 25k per year....but should you? well that is your decision I am not here to judge.

Also if you notice I don't think this poll reflects the age poll unless most of the people who posted age, where a very large portion was under 25, are making 100+ per year.....If that is the case kudos to you!

[mbdurham]

I don't understand why this thread was moved and the age poll thread gets to stay?????? Because it is about money???

[flush01]

Originally Posted by mbdurham

So true.......my rule on credit cards without exception is pay the balance off every month....if you can't do that don't use them.

lol, I threw away every damn credit card I had (just left one)... now I just pay cash, and its so much better, nomore huge visa bills

[DasBlitz]

Originally Posted by JSpira

Why is that? Leasing is just an alternative means of financing where the burden of depreciation is placed on the lessor instead of the driver.

In that vein, anyone who took out a loan shouldn't vote either.

Only someone who pays cash on the barrel.

Hit the nail on the head. Also there are numerous people who own business' and are very wealthy. But they still lease vehicles besides maybe an exotic. They do that because of taxes and not having to deal with fixing a car after a few years.

[WilyB]

Originally Posted by 0700700

not in my part of the world... here 20 year olds drive 7 series, S-class, bentleys, 997 Turbos, ferrari f430s... etc etc

The per capita Purchasing Power Parity of Bulgaria is $10,400 for 2006, making it the 66th in the world. USA same figure is $44,333 (8th).

I kind of seriously doubt many – if any – 20 years old Bulgarian may afford a used Porsche or BMW, let alone a new one… unless they - or there dad - deal in illegal substances.

[STE92VE]

Originally Posted by STE92VE

I know your topic title says owners, but your poll will be inaccurate if leassees vote.

Originally Posted by JSpira

Why is that? Leasing is just an alternative means of financing where the burden of depreciation is placed on the lessor instead of the driver.

In that vein, anyone who took out a loan shouldn't vote either.

Only someone who pays cash on the barrel.

I respectfully disagree. When you lease, I believe you are paying the depreciation, not the leasing company. Don't forget, they get the car back at the end and you have nothing. Car companies prefer to lease rather than sell outright because it is in their benefit.
Someone who takes out a loan will either have a higher monthly payment than a leasee or else they will put more money down than a leasee, to have the same payment. So, I don't agree that they shouldn't vote.

Originally Posted by DasBlitz

Hit the nail on the head. Also there are numerous people who own business' and are very wealthy. But they still lease vehicles besides maybe an exotic. They do that because of taxes and not having to deal with fixing a car after a few years.

This I agree with somewhat. I think a majority of the higher end vehicles are leased. Keep in mind, the monthly payments on those are ~$1000 or more and you know that those folks are earning the big $$$$

Here, we're talking about a car that's ~$40-$50K and all I was really trying to say in my original post, is that there are additional criteria that need to be considered to validate the results of this poll.

[scottwww]

Originally Posted by Majikthese42

You may be looking at the incorrect variable. I thought the most common vehicle purchased by millionaires was supposed to be the Ford F-Series.

... and then there's THIS: http://www.msnbc.msn.com/id/17534426

My conclusion: Car enthusiasts probably spend a higher proportion of their disposable income on cars than non-enthusiasts. (Duh!) ...as opposed to spending it on exotic vacations, drugs, serial marriages, housing, gambling ...or saving for the kids' college or investing the money.

I'll never be a billionaire, so I drive a bimmer.

I think that a lot of people driving bimmers in Boise, Idaho bought them when they sold their million dollar houses in California to buy bigger houses in/around Boise for half the money, then spent the rest on cars and travel.

[JSpira]

Originally Posted by STE92VE

I respectfully disagree. When you lease, I believe you are paying the depreciation, not the leasing company. Don't forget, they get the car back at the end and you have nothing. Car companies prefer to lease rather than sell outright because it is in their benefit.
Someone who takes out a loan will either have a higher monthly payment than a leasee or else they will put more money down than a leasee, to have the same payment. So, I don't agree that they shouldn't vote.

Help me out here. We're not analyzing someone's cash flow, we're polling owner income. Since most BMWs are leased (I recall at one point the number was 70% but that may have gone down a bit), saying that people who lease shouldn't vote makes no sense for the sake of the survey.

Car companies prefer to lease because they get to sell another car in two or three years. They much prefer that over people who keep cars for longer periods of time.

Therefore, they subsidize the leases to some extent.

So why is it that the majority of owners, who happen to finance via a leasing arrangement, shouldn't vote?

[STE92VE]

Originally Posted by JSpira

So why is it that the majority of owners, who happen to finance via a leasing arrangement, shouldn't vote?

OK, I will make this as simple as I can. When you lease, you OWN nothing. The leasing company retains title to the vehicle. The title of this thread specified "owners". What it really should have been titled is "drivers" and then we wouldn't be adding to our post counts with this back and forth debate.
Anyway...peace & :rocks:

[scottwww]

Do these income levels go in-line with class divisions? Maybe dependents, underclass, middle-class, upper middle-class, and upper class? If not, what would be the correct income levels for these kind of divisions?

[thekewl1]

Originally Posted by mbdurham

So true.......my rule on credit cards without exception is pay the balance off every month....if you can't do that don't use them.

i wish i could have adopted your philosophy when i was in my early twenties. Now i'm paying for it, literally . live and learn....

[Nikki]

thsi may have been asked, but is this individual or household income?

[scottwww]

Originally Posted by Nikki

thsi may have been asked, but is this individual or household income?

I took it as being household income.

[M335i]

Originally Posted by mbdurham

Don't get me wrong I had a 928GTS when I was 23. I paid for it but my parents paid my rent so I understand. I heard "Daddy's Car" more times than I can count.

I had a 928S4 before I sold it to buy the 335, now that car is this shit!