Thinking of parting ways
02-10-2009, 04:54 PM
#1
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My Ride: Expected delivery on 15 Jan 2007 525I Olivian Green, Beige Interior, PP, CWP, PDC, SP, Rear shades,heated rear seats, Ipod fitted, Nav, Oem Rims 166, Xenon Lights, Wood grain package, illuminated door sills
Sup 60 family,
I'm having a real problem. I have a 2007 525I, you can read below all the stuff in it, but i have 38,000 miles on it and in perfect condition. I baby this car. I built the car in, germany so alot of the extras on it you cant get here in the states. But here is the issue. I also have a 05 yukon with 67,000 miles on it and also i baby this truck. The wife wants a smaller suv, but the yukon we owe to much on because of previous negative equity on my truck before this one. But the BMW has $2,000 positive equity in it, and the BMW dealer here is foaming at the mouth about how nice my car is and he wants to buy it off me. So I would sell my BMW and buy me a little get around car for about a year and then pay off my yukon and then go and get my wife what ever she wants. She like the VW Tourge or the new Mercedes GLK. We would keep the yukon and then have 2 suvs, but one payment. Then i would shop around for a 750li, or S500, or Lexus LS460. But i like my BMW and since i built it from scratch it has sentimental value to us. So im not sure which way to go. Keep in mind my payment is $570 a month, and with insurance combined its like $650. A month back in my account. Also within this time my salary goes from $64,000 a year to $86,000. So im not sure what to do if i want to part with the car and save for a year and half. Help me out fellas please. I have been looking at these M5's on the net also.
Type
1= Sell and Save
2= Keep what i have
I'm having a real problem. I have a 2007 525I, you can read below all the stuff in it, but i have 38,000 miles on it and in perfect condition. I baby this car. I built the car in, germany so alot of the extras on it you cant get here in the states. But here is the issue. I also have a 05 yukon with 67,000 miles on it and also i baby this truck. The wife wants a smaller suv, but the yukon we owe to much on because of previous negative equity on my truck before this one. But the BMW has $2,000 positive equity in it, and the BMW dealer here is foaming at the mouth about how nice my car is and he wants to buy it off me. So I would sell my BMW and buy me a little get around car for about a year and then pay off my yukon and then go and get my wife what ever she wants. She like the VW Tourge or the new Mercedes GLK. We would keep the yukon and then have 2 suvs, but one payment. Then i would shop around for a 750li, or S500, or Lexus LS460. But i like my BMW and since i built it from scratch it has sentimental value to us. So im not sure which way to go. Keep in mind my payment is $570 a month, and with insurance combined its like $650. A month back in my account. Also within this time my salary goes from $64,000 a year to $86,000. So im not sure what to do if i want to part with the car and save for a year and half. Help me out fellas please. I have been looking at these M5's on the net also.
Type
1= Sell and Save
2= Keep what i have
02-10-2009, 05:08 PM
#2
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My Ride: 2005 545i | Titanium Silver | Sport, Premium, Cold Weather, Navigation packages | Style 124 staggered rims | iPod integration | Tinted windows
If your salary just went up, I think congratulations is in order!
Concerning your car, ultimately, you have to make the decision. You're the one driving the car everyday and for me, I really appreciate and enjoy driving my 545i. It's frustrating enough getting stuck in traffic and dealing with the idiots on the road, but driving my 545i makes my ride much more enjoyable.
But speaking on a more practical level, considering the economic conditions in our environment, my recommendation is to do anything possible to lower your monthly expenses, save as much as you can and most importantly, get out of debt! Debt is the main reason for the economic pressures out there! If getting rid of your E60 allows you to pay off your other vehicle and also maybe increase your savings, that is a great option. Everyone says that 2010 is going to present many wonderful opportunities for those in the position to take advantage. You can get into the car of your dreams then with no or little debt. I used to lease my cars, but now my wife & I purchase everything. If we don't have the money, we don't but it.
At the same token, considering you just got a raise in salary, does your new role require you to be on the road? Can you maybe write-off a portion of your monthly car payment as an expense for work?
Concerning your car, ultimately, you have to make the decision. You're the one driving the car everyday and for me, I really appreciate and enjoy driving my 545i. It's frustrating enough getting stuck in traffic and dealing with the idiots on the road, but driving my 545i makes my ride much more enjoyable.
But speaking on a more practical level, considering the economic conditions in our environment, my recommendation is to do anything possible to lower your monthly expenses, save as much as you can and most importantly, get out of debt! Debt is the main reason for the economic pressures out there! If getting rid of your E60 allows you to pay off your other vehicle and also maybe increase your savings, that is a great option. Everyone says that 2010 is going to present many wonderful opportunities for those in the position to take advantage. You can get into the car of your dreams then with no or little debt. I used to lease my cars, but now my wife & I purchase everything. If we don't have the money, we don't but it.
At the same token, considering you just got a raise in salary, does your new role require you to be on the road? Can you maybe write-off a portion of your monthly car payment as an expense for work?
02-10-2009, 05:14 PM
#3
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Originally Posted by vafinest25' post='789933' date='Feb 10 2009, 05:54 PM
The wife wants a smaller suv, but...
I've only been married for 11 years, but these are words to live by. Everything else is just "stuff."
02-10-2009, 05:53 PM
#4
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My Ride: 2008 Silverstone II E60 M5 2012 E70 AW X5 50i Sport w/ LCI Aero Kit and Rocker Panels
Stay with the Germans. Dump both cars and get a new X5. I just picked one up and it's AWESOME!
02-11-2009, 02:15 AM
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My Ride: Alpine White 2006 530Xi (SLD)
dam, I thought I was stretching it with my salary. LOL people get TWO cars, a house and the whole nine on $65k... what am I doing wrong here?
02-11-2009, 02:23 AM
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My Ride: Alpine White 2006 530Xi (SLD)
Originally Posted by Silver_545i' post='789944' date='Feb 10 2009, 09:08 PM
If your salary just went up, I think congratulations is in order!
Concerning your car, ultimately, you have to make the decision. You're the one driving the car everyday and for me, I really appreciate and enjoy driving my 545i. It's frustrating enough getting stuck in traffic and dealing with the idiots on the road, but driving my 545i makes my ride much more enjoyable.
But speaking on a more practical level, considering the economic conditions in our environment, my recommendation is to do anything possible to lower your monthly expenses, save as much as you can and most importantly, get out of debt! Debt is the main reason for the economic pressures out there! If getting rid of your E60 allows you to pay off your other vehicle and also maybe increase your savings, that is a great option. Everyone says that 2010 is going to present many wonderful opportunities for those in the position to take advantage. You can get into the car of your dreams then with no or little debt. I used to lease my cars, but now my wife & I purchase everything. If we don't have the money, we don't but it.
At the same token, considering you just got a raise in salary, does your new role require you to be on the road? Can you maybe write-off a portion of your monthly car payment as an expense for work?
Concerning your car, ultimately, you have to make the decision. You're the one driving the car everyday and for me, I really appreciate and enjoy driving my 545i. It's frustrating enough getting stuck in traffic and dealing with the idiots on the road, but driving my 545i makes my ride much more enjoyable.
But speaking on a more practical level, considering the economic conditions in our environment, my recommendation is to do anything possible to lower your monthly expenses, save as much as you can and most importantly, get out of debt! Debt is the main reason for the economic pressures out there! If getting rid of your E60 allows you to pay off your other vehicle and also maybe increase your savings, that is a great option. Everyone says that 2010 is going to present many wonderful opportunities for those in the position to take advantage. You can get into the car of your dreams then with no or little debt. I used to lease my cars, but now my wife & I purchase everything. If we don't have the money, we don't but it.
At the same token, considering you just got a raise in salary, does your new role require you to be on the road? Can you maybe write-off a portion of your monthly car payment as an expense for work?
Specifically:
1. "...the economic conditions in our environment..." - was not awkward use of English language at all
2. Getting out of debt is ALWAYS good. However, with the current interest rates it is probably better to get into debt, provided of course that you have a set of skills that you can trade for money regardless of the economic conditions.
3. "Everyone says that 2010 is going to present many wonderful opportunities for those in the position to take advantage. " - what are you talking about here specifically?
4. "If we don't have the money, we don't but it." - ABSO-F***ING-LUTELY!!!!!!!!!!
don't get me wrong - I'm not hating, just wanted to understand what you meant
PS Like the way that 545 looks in silver though
02-11-2009, 04:53 AM
#10
Take the money you were going to spend on a little get around car and put it into the Yukon to zero out the negative equity in it. Then, sell the Yukon and get your wife whatever she wants. KEEP YOUR BMW!
It makes no sense to keep the Yukon over the E60, which one do you think will hold its value more down the road? Plus, now's a good time to get rid of SUV's cuz the burning thoughts of high gas prices have cooled off thanks to the recession.
It makes no sense to keep the Yukon over the E60, which one do you think will hold its value more down the road? Plus, now's a good time to get rid of SUV's cuz the burning thoughts of high gas prices have cooled off thanks to the recession.