The TRUE Cost of Owning a BMW

The TRUE Cost of Owning a BMW is going to much higher than you think... Alot of people don't realize how much it would cost to own a BMW or any type of mid level luxury car. These are tips and tricks that the wealthy and affluent use to analyze the purchases for Lexus/ Tesla/ Mercedes or Mercedes C Class/ or any level of BMW.

Some people purchase cars for cash, but typically it won't be the best option, especially if you want to get home mortgage. Most people don't even know how to get a home mortgage, this will be a future topic.

First COST:
Depreciation on BMWs or any luxury cars vary. BMW Depreciation will be between 30-50%. This will also apply to any other type of car, Mercedes, Lexus, Tesla, VW.

Second Cost:
BMW Repair Costs
BMW Repair Costs and Maintenance will vary - But this is the second item you want to make sure that is analyzed. Debt to income ratios is a fannie mae and freddie mac requirement and not alot of people confirm this with their mortgage broker. Cars such as entry level and lower level mercedes c class or entry level will vary even more.

Third Cost: Loan Costs
Car loan and getting a car loan will be the third cost. You need to pay attentiont o the interest rate. Owning a BMW or owning a mercedes will vary in most costs but the interest rate will be fairly universal. You will get between 3-10%+ interest rate on a car loan. Ideally you want to be less than 3% interest.

Fourth Cost:
This is the cost of money. With low interest rates and housing shortage at an all time low - the real estate market is blowing up at a rate that has never been seen before. This debt to income ratio being affect would influence how much home mortgage can you afford.
Other things that impact debt to income ratios: credit card debt, car loan debt, student loan debt, child support, alimony, divorce dept, bankruptcy, etc

After analyzing the debt to income ratios and making sure you're not affected and won't be later hurt on trying to buy rental propertys or buying your first rental. Flips are included as well.

Keep in mind, this mainly affects cars such as Tesla Model S, Model 3, Tesla Model X, Mercedes C Class, Lexus, or any other entry level cheap luxury cars. The reason these are affected so much is because the middle class typcally buys these without being able to afford them. They do it for the instagram flex or because their favorite youtube guru has one.
Cars such as lamborghini, ferrari, bugatti would obviously have astromonical costs and would be analyzed much differently.

Remember, none of this matters if you're okay with your 9 to 5 job. But if you're trying to figure out how to quit your job and how to build a business, this will be very important.

Watch your credit card debt, david ramsey has some good principles on this.
Meet Kevin, Graham Stephan typically have some good principles on how to get out of debt and how to retire early.

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