its not as much as you think anymore...

especially living in Southern CA...

Ugh... $100K a year wont even qualify you for a house anymore..

 

That is crazy!! My bf and I combined still do not make 100k a year. PLus my student loans of 40k.

 

I'm in the same age (27) and household income bracket as everyone on this post. I did buy my '05 MCS new (my first new car!), but I can afford the monthly payment since the interest rate was low. I do not have an extravagent life style. I just scrimp on everything else in life in order to afford my MINI. See, just like everyone else!

 

I do well enough. Have worked my way up to partnership in my company (software engineering firm). I had a 05 M3 but wanted to lower cost of ownership, so I bought my 09 JCW which I'm financing for 48 months. When that's paid off we'll get my wife a new car (she wants a BMW 135i, has a 03 330ci now). I will eventually get rid of the JCW and get another M3 or maybe a Porsche.

 

Hey Raven have you joined PhillyMINI.org yet? Its the local MINI club.

 

What's funny is that in my old neighborhood (Roxbury, MA.) you'd think there are a lot of people who are well off. Tons of BMW's and Benz in the streets. You'll only find out the truth when you see them parked in the parking lot of the projects.

 

That is strange. When on sec 8 housing assistance, occupants are not permitted to have any vehicles registered to them with a KBB value of more than 10K ?

 

I am guessing that one possible explanation is that some of these vehicles have spotty records such as being involved in a bad accident or having significant mechanical problems, the presence of such black marks serving to lower the 'value' of the car significantly. I've seen similar things, though the cars tend to be 10+ years old. For example, a 1989 Mercedes-Benz 190D with 85k miles only has a KBB value of just over $2k, and that's in 'Excellent' condition.

Just a thought.

 

Definitely NOT well off. My wife and I both lost homes in our previous divorces, and having no equity to profit from, we're apartment dwellers. We make an average wage, and live paycheck to paycheck.

However, come March, her car will be paid off, giving us a little bit of breathing room, and maybe allowing us to save a little for the first time.

At 52.

I hope the young'uns see the lesson here. You can plan, and save, and invest, and think you have it all figured out. Follow all the latest and greatest financial advice. A divorce can wipe you out. Even if it's a community property state, your half might not be enough to keep you financially secure.

 

Naw... coming from a poor neioghborhood growing up... i know how its done...

the vehicles are registered and 99% of the time financed in their grandmothers name. this ensures that they still receive section 8, and get to have the benz... woot!

 

I used to be not well off, but ok. That was before my Mini has been in the shop for repairs. This is twice now within 2 months it's been in the shop for "major" repairs (>$500 total). I'm starting to wonder whether it's worth keeping if the problems are going to continue.

 

Yup. There's always ways around it.

 

I own 2 MINIs, an 07 S and a 08 S R52.
I consider myself very well off...........Not because I make a lot of money, however simply because I own the 2 MINIs. I think anyone who has 1 or more MINI is well off......emotionally. These cars make bad days disappear.....UNLESS you cant make the payment then Id imagine it hurts
It is a general misconception that We are rich, especially among the German population.

 

Look at http://www.globalrichlist.com/ . You enter your yearly income and it tells you where you rank vs. the rest of the world.

 

Any car can have those types of repairs regardless of the make or model. It just happens.

I just had front brakes put on my car and it's a GM car. The cost for front brakes was $496.00.

 

And if I were living were most of the rest of the world seems to, I'd be a millionaire. However, I live here, where it doesn't stretch very far.

 

Definitely an overgeneralization.

Personally, I have spent almost NOTHING on maintenance on my car over the last ~30k miles that I've owned it... and it's not a MINI, it's a 1993 Ford Mustang with 216,300 miles on it. Also, I can use regular oil, so for every MINI oil change that costs $40 in materials, I could do 3 on my Mustang. Oh, and rather than just buy new brake rotors and pads for it, I bought 13" 2-piston Cobra brakes with Brembo rotors for ~$350... and when I decided to put new suspension on it, I bought High-performance Bilsteins for all 4 corners for less than $300.

Then there's my '00 Mustang... the driver's seat belt doesn't retract very well and... oh, that's it... and it's one of the most powerful all-motor V6 Mustangs in the world, so it's a primary candidate for problems, yet it's had none.

Then there's my wife's '01 F-150. It's been 100% dead nuts reliable for all 86k miles of it's life. Period. We keep up with maintenence and drive it every day. End of story.

And... if you want to talk about Foci, my brother has one of those, too. We bought it brand new in 2003 for $9,995. Other than him burning through tires and a couple clutches (not the car's fault), it's been quite reliable... especially for what he puts it through... and the fact that it cost $10k less than a MINI will go a long way toward a few extra [cheaper] oil changes.

Don't get me wrong... I'm not saying ALL Fords are as reliable as ours, and I'd much rather have a MINI than a Focus, but anyone who buys a MINI because they think it'll be the cheapest possible car to own didn't do their research. It's a premium small car that offers a lot more character and fun than a Focus/Civic/Corolla/etc, but it's not a cheap car to buy or maintain compared to some of the other small car offerings.

 

I want to join!!

perhaps I should start a "Not rich MINI club"

 

If you did the job yourself it would cost 75.00 or less. Brake pads are easy!! I am a girl and I can do it!!

 

Raven, I have been a member of PhillyMini since June this year, and I absolutely love it! Everyone is really friendly, and the touring events are tons of fun and really well organized-we have no mini left behind policy.

 

Hey guys. I know ALL about this.

I am a welfare caseworker for a living. I love my job and love helping people. My salary is low though.

Often clients have really nice cars. Many clients have better cars than the caseworkers helping them. Sad but true!!

 

This sounds really fun! I am going to sign up. I live about 40 minutes from the city but it will be worth the drive for the events!!

 

i am a 19 year old
dirt poor artist from Boise, ID
I am most definitely not well off at all.
But I found a great deal and i went for it
and I've never been happier :]

 

Assumptions are just a part of life. Why sweat it one way or another?

My wife and I like sports cars. People assume sports cars cost a lot of money. Not necessarily.

We currently have her 2002 MCS, purchased used a couple of years ago for $14.5k. Low miles, loaded w/Nav system. Bought a nice set of wheels off eBay and she's happy.

I drive a 2000 BMW Z3 Coupe. While most people assume it costs an arm and in some cases both legs, I paid $11.5k three years ago and light mods brought it up to around $15k invested.

Throw in the 1999 Miata w/hardtop ($10.5k) and a very clean, very low mileage 1977 Fiat 124 Spider ($3500) and we have a nice little group of fun cars for what I'd consider well under the confines of a well-off person's budget. Well, maybe not Warren Buffet

The cars were bought over a period of time, we waited for great deals because they are out there, the cars are free and clear and we're having fun with them within going into big debt.

Not surprisingly our son learned by example and is very happy with his first car... a 1999 Acura CL 3.0 Coupe for just under $7k.

My basic point is, if you let depreciation work for you rather than against you, your money can go much farther than you might think possible. And when you buy, consider the entire picture... cost to obtain, maintenance, insurance, the works. I keep an eye on themarket and it's not surprising to me that you can easily find Boxsters under $20k used. Early Infiniti G35 Coupes for less than $18k. And in this recessions, values can drop even lower. Heck, I've seen older Ferraris going in the twenties.

A friend of mine recently called and told me he was considering getting a new Honda Fit. That's what he could afford. I told them I thought they were nice cars and asked if he liked Mini Coopers. He was very excited about Minis and immediately started in on the price of new ones. Then I told him he could easily find a clean, low mileage used one for less than the Fit. Even an S like ours. He hadn't even considered the possibility.

Look, I don't begrudge anyone who feels the need to order a new car, after all... that's how used cars are made.

 

I get that a lot. One guy even thought the car costs $40k. A lot of people think they're a lot faster than they are too.