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  • Writer's picturejustinlawrence137

How much money do you need to make to afford a near $100,000 car?

One of the best new cars available is the all new BMW M4 Competition they are selling for prices near and above $90K+... So what does it take for you to be able to afford it?

The amount of money you need to afford a $100,000 car depends on several factors, including your financial situation, your expenses, and your preferred method of payment.

Here are some general guidelines to consider:

  1. Down Payment: If you plan to finance the car with a loan, you'll typically need to make a down payment. A common down payment amount is around 20% of the car's purchase price. For a $100,000 car, that would be $20,000.

  2. Monthly Loan Payments: If you take out a car loan, you'll need to make monthly payments to cover the remaining cost of the car plus interest. The monthly payment amount will depend on the loan term (e.g., 36 months, 48 months, 60 months) and the interest rate. Lower interest rates and longer loan terms can result in lower monthly payments but may cost more in interest over time.

  3. Insurance Costs: Luxury cars like a $100,000 car typically have higher insurance premiums than less expensive vehicles. The cost of insurance will vary based on factors like your driving history, location, and the type of coverage you choose.

  4. Taxes and Fees: You'll also need to account for taxes, registration fees, and any other applicable fees when purchasing the car. These costs can vary depending on your location and the specific car you're buying.

  5. Maintenance and Operating Costs: High-end cars often come with higher maintenance and operating costs, including fuel, maintenance, repairs, and potential specialty service needs.

  6. Income and Budget: It's crucial to consider your overall financial situation, including your income and monthly expenses, when determining how much you can afford for a car. Your car payment should fit comfortably within your budget without causing financial strain.

  7. Financing Terms: The interest rate on your car loan can significantly impact the overall cost of the car. A lower interest rate will result in lower total interest paid over the life of the loan.

  8. Trade-In or Existing Savings: If you have a trade-in vehicle or savings set aside for a car purchase, this can reduce the amount you need to finance or pay upfront.


BMW M4 Competition Purchase Price: $95,000

Down Payment: $19,000

Interest rate: 5%

Loan Term: 60 months

Sales Tax: 0% (Private Party)

Title & Registration: $3,800

Total Loan Amount: $79,800

Cash Needed at Purchase: $22,800 ( Down Payment + Title and Registration)

Total Loan Interest: $10,555.47

Total 60 month Cost With Interest: $109,355.47


Not including:

- Maintenance

- Insurance

- Gas

- Repairs

If your car payment accounts for no more than 15% of your GROSS monthly income you will need to make just over $10,000 a month to afford a new BMW M4 Competition.


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