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07-04-2008, 07:28 AM | #1 |
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Interesting Article on Young People and Luxury Cars. E92 ///M is Featured
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07-04-2008, 08:27 AM | #2 |
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Woo Hoo.... I belong to generation Y and am close to my parents (although I dont stay with my parents and spend a lot of coin on rent)...Maybe I am loaded
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07-04-2008, 08:35 AM | #3 |
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Totally agree with the article.. i am one of them.
23, 60k salary, no rent, no utilitie... So.. instead of leasing of a BMW M3, i bought a 2003 BMW Z4 3.0i that i know i can afford easily... look pimp... and still burn money at a club! |
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07-04-2008, 08:44 AM | #4 |
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The good thing is alot of the young buyers of the E92 ///M will get bored of it an a couple of years and trade it in for something else and that's when I'll make a move and get one.
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07-04-2008, 09:52 AM | #5 |
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Holly shit, well I guess, I am one of the Gen Y's. Twenty three still at home going to school part time with a 71k job.... no rent or utilities. I've come to the conclusion that I can not support myself with what I make lol. I need to continue with school and get a triple digit job before I start thinking about a family. What can I say I have high goals.... I spend rent money on school at the moment.
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07-04-2008, 11:47 AM | #6 | |
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My younger brother graduated last year and still lives at home, insisting he can't find a job that will pay him what he's worth. I sent him a list of open positions where I work, and the only jobs he was interested in were at my level or higher. (I'm a VP, been here 17 years). I had to go back to him and say "Kid, just because you OWE a hundred grand in college loans, doesn't mean you're WORTH a hundred grand." Similar thing with one of my part-time employees. He worked his way through college, and once he had his degree started posting for positions at my level. He's not even getting interviews for these, he's not qualified, and he's getting frustrated. Again, I'm explaining that VP is not an entry-level position anywhere unless your surname is the same as the company logo and you call the CEO "Dad." He ended up quitting in frustration, and now works at another company - at the exact same level he was qualified for here. Except here, he had a chance to move up faster since he as familiar with the company and was networked. |
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07-04-2008, 11:51 AM | #7 | |
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07-04-2008, 12:13 PM | #8 | |
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07-04-2008, 01:11 PM | #9 |
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The house expense will come eventually. It's good GenY is spoiled; waiting will allow them to sit out the current price correction.
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07-04-2008, 11:57 PM | #10 |
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I am also a member of Generation Y and decided that I want to enjoy a nice car while I'm still young. But I only did so after living out on my own.
I don't understand, however, those who splurge on a nice car while living at home. I couldn't imagine living at home again after getting used to living in my own place. Especially when you've got a girlfriend. Having my own place is sweet. You eat, sleep, go out whenever you want. Eat whatever you want and wherever you want. Decorate how you like. Maybe a lot Generation Yers are okay with parking their M3's in their parents driveways every day, but personally I value my own freedom and independence far more. |
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07-05-2008, 12:31 AM | #11 |
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71K is a good amount of money for a 23yo with no college degree, what do you do?
If you want to make a six figure salary out of U/G, get a 3.6-4.0 gpa and transfer to a name brand school. switch majors to Finance or Accounting and then go work in Capital Markets/Investment Banking. However, then you will be working 80-90 hours a week in a high stress job and won't have time for the car. High salary corporate jobs mean high-pressure, high expectations, high hours and a high salary (if you guys turn a profit, otherwise you go home broke). Welcome to the real world (where it's not handed to you). (FTR - I work for an Investment Bank, so I speak from experience, not cynicism)
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07-05-2008, 01:39 AM | #12 |
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Funny enough the cell phone industry, everyone needs a cell phone. I manage a sales team..... You would never think that the guy in the Sprint/Cingular/T-mobile store could do so good but they do.... I'm very lucky as I am one of the top 3 highest paid. Not everyone is so lucky.
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07-08-2008, 05:31 AM | #13 | |
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I graduated with a B.S. in Environmental Science from UC Riverside this March. I'm getting job interviews with salaries in the $40K to $50K range. I can't speak for the rest of the country but I know home prices here left no choice for most Gen Y kids to do anything but move home. Even in suburb communities which would require a commute into Orange County, LA or San Diego were pricing homes well into the $300K range and onward. This just isn't feasible for a recent grad, with loans. I was fortunate enough to get free tuition all the way through college but I can only imagine what my counterparts are faced with. So what is left if buying a house/condo isn't available? Apartments or move back home. Even a nice apartment can run well over $1500 a month. So I, like most Gen Y kids have moved back home though my reason is more motivated by the fact that I am still looking for work. Personally though, after tasting freedom for my last two years of college, I'd rather drive my car into the ground and be on my own if possible than drive an expensive car and live at home. My parents allow me freedom but there's just something about having your own place that is hard to put a price on. I figure if all the guys move home and drive nice cars and I have my own place sooner or later I'll rack in all the ladies once they get past the nice cars stage since I know they'll grow tired of having to bone in the back seat of his M3 Okay, sorry for the long post. Feel free to disagree, the above is just my observations |
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07-29-2008, 02:29 AM | #14 |
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Yeah a hungry waiter who lives in their M3. That is a mortgage payment.
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07-29-2008, 11:06 AM | #15 |
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Ahhhh thats me also!
20 , leasing a e92 335 , still have my parents on my side for necessities. I go to a 32k private university and pay rent. Comes down to just having less jager bombs and heinies on the weekend |
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07-29-2008, 12:25 PM | #16 |
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So much bitterness towards generation y. I just turned 24, my fiance is 23 and we both make 6 figures a year just out of university. Chose your profession wisely and work for your grades and it is attainable. We are both pharmacists. I paid 15-20 k more than you guys paid for your M3's since I am in Canada and there is still lots of money left for investing, mortgage and all of the other amenities. Just because you had to work up the ladder doesn't mean that everyone had to in order to achieve a good salary. I am no "superstar" but my parents have helped me throughout my schooling and I am very grateful for what I have received and yes I do have a very close relationship with my parents. The want it now is still there but some younger people do have the means to achieve this. Sorry about the long post.
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07-29-2008, 03:55 PM | #17 | |
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I want an E93 at the moment but am saving to buy a home. I have the money to go finance the new BMW but instead am living in a nice home with a paid off E30, paid off motorcycle, and out of debt. I'm trying to accumulate long-term wealth instead of short-term. I have respect for younger guys who can afford these nice E9X's but take care of the important things in life first. A big sign of irresponsibility on the parents and child's part to the folks this story is in reference to. /rant; sorry to any who may come across offended
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07-29-2008, 04:05 PM | #18 | |
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07-29-2008, 10:24 PM | #19 |
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staying at home saves A LOT of money... its the simple tradeoff between freedom (having your own place) and fun (money to spend), depending on which one you value more
to me it only seems like the smarter thing to do. why pay for bills when you don't have to?
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07-29-2008, 11:07 PM | #20 |
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Haha, I can't imagine living at home and having the money to drive a nice car like this. I'm 23, but have my own apartment and pay for everything on my own. The reason I have an apartment rather than a house, is because I'm trying to pay off some more loans first.
Sure, I could drive a beater and pay them off faster, or buy a house and pay them off slower, but I'm perfectly happy in an apartment (I honestly don't really want a house for myself yet), and this way I can have a nice car that I like (for the car itself, not in the slightest bit due to it's image as a BMW), and still pay more on loans. I'm really surprised how many people on here do live with their parents. When I came back from school, my parents let me live with them for a little while to save up a little money, and I drove a $7000 97 Mustang GT while I did with payments of a whooping $150 a month. I also paid for my own insurance and everything, parents basically just let me stay rent free for a little while. I didn't buy any other nicer cars until I had moved out, and I'm even on my second job now. The ambition to want to succeed NOW, is not bad, but expecting it is. There's a difference between self confidence and attacking the job field to move up as quickly as possible, and just acting like the world should give you everything.
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07-29-2008, 11:48 PM | #22 |
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win for me
But this subject is a http://www.m3post.com/forums/showthr...light=entitled its been debated to death, so plz delete.
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