I hope to make this a regular segment on Weakonomics, the Weakonomics Awards or Weakies for short. The Darwin Awards of money if you will, only these losers will probably to live to see another day. I will rely on the readers for Weakie suggestions.

Since you and I are probably just getting to know each other, I’m a big fan of cars. One of my greatest sources for car news is Jalopnik, a car blog. Now I love cars, and BMWs are among my favorites. Picking a favorite BMW would probably be one of the three that pack the sexy 5.0 Liter V10 best under the hood. Obviously, our winner agrees with me. She went out and got the most expensive BMW currently in production. A BMW M6 convertible. They base about $100,000, and you probably can’t get off the lot for less than $110k on a good day.

With an income of $2,500/month our friend can’t afford this car. She could barely afford a $100,000 house, much less a car which doesn’t usually come with a 30 year payment plan. The fuel and insurance costs on a car like this are no picnic either. A good rule of thumb for car buying is to get a car worth half your annual income. That’s $15k. She bought a car worth 367% of her income. So while we agree on what a great car is, we disagree on what car we should own. I followed the above rule in my recent car purchase.

I wasn’t sure who to award the Weaky to, the buyer or the seller. See, the BMW salesmen is a sleazy waste of skin looking for a fat commission check. I decided to give the Weaky to the buyer based on what she used for the down payment. Check out Jalopnik and the article from CBS5 in San Francisco to get the full details of the transaction.

CBS5 via Jalopnik

Related posts:

1. Weaky Awards
2. Weaky Awards #2
3. Weaky Awards #3
4. Weaky #4
5. Weaky Award #5: Or What your $4 Gas Buys

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