How much should you make to afford a BMW?

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How much should you make to afford a BMW?

And generally they would like to know that the monthly payments would not exceed 10\% of your monthly salary (or income.) So for a $45,000 BMW, with 20\% down, and payments over a period of 5 years (it could be six years, but really?) you would need about $275/mo. Or an income of $2,750.00 a month.

Do you have to be rich to own a BMW?

No, it is not necessary to own a BMW after being rich. You should drive whichever car makes you happy.

How much do you need to make to afford car?

Whether you’re paying cash or financing, the purchase price of your car should be no more than 35\% of your annual income. If you’re financing a car, the total monthly amount you spend on transportation – your car payment, gas, car insurance, and maintenance – should be no more than 10\% of your gross monthly income.

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Who owns Erhard BMW?

the Dahm family
Erhard, which is owned by the Dahm family, is investing over $10 million in the new, 87,000-square-foot dealership which will house Erhard BMW of Bloomfield Hills, after a relocation from Telegraph and W. Maple roads in Bloomfield Township, Hovey said.

What car could I afford?

Is it smart to finance a car?

Financing a car may be a good idea when: You want to drive a newer car you’d be unable to save up enough cash for in a reasonable amount of time. The interest rate is low, so the extra costs won’t add much to the overall cost of the vehicle. The regular payments won’t add stress to your current or upcoming budget.

How can I afford to buy a BMW?

1. Research your credit information and finances. Know exactly what you can afford. Too many people know that they can afford a BMW, but they don’t know how they can afford it better, or pay less. I can afford a BMW too, but I don’t want to have to make the $600-$1,000 monthly payment if I don’t have to.

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How do I take delivery of my BMW?

You can take delivery of your BMW in two different ways, you can either pick it up from the dealership once it is ready and has been shipped by BMW, or even better, you can go to Germany and pick it up yourself. Now who wouldn’t to do that?

Is it better to lease or buy a BMW?

Then buying is the right thing for you. The good thing about a BMW lease is that if your contract is for 10,000 miles a year, there is no issue with calling your salesman up and asking for 15,000 miles at some point during the lease. Just remember that it will cost you a little extra to do that.