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      11-06-2011, 08:57 PM   #12
Private First Class

Drives: 2008 M3 Sedan
Join Date: Apr 2011
Location: Surf City, CA

iTrader: (0)

Originally Posted by Blu_Frg View Post
- 22-years-old; graduated this past May
- Fully employed, making good money: ~$70K
- After 401k contributions, health insurance, etc, my take home pay is ~$3200
- I rent for $900 a month, includes all utilities
- $14K in debt from financing an 04 330i zhp 6 speed (which I bought less than 3 months ago lol)
- I am confident that I can sell it back to someone for $15K or even $16K because I bought it for such a steal.
- Insurance costs me around $150 a month for the ZHP
- I fill up once a month, for around $60

So, assuming I sold off my ZHP, my monthly expenses are:

$3200 - $900 (rent) - $800 (food & entertainment) = $1,500 for a car payment, insurance, gas, and savings.

I really regret going to the dealership and test driving an M3 because now it's all I can think about. I'm addicted to the thought of owning one.

What are my options here? I'm thinking about doing the BMW Select Financing with a brand new car that's spec'ed to my liking.. or I can purchase a used one.. but I really do want the competition package. There was an AW 11 model at my dealer with 3K miles and the comp package for $65K.

In the truest sense of the word, no, I cannot 'afford' this car because I cannot pay cash for it. But I can 'afford' to make payments. Should I do it? I'm thinking that if I do do it, it'll be after winter.

I'm also toying with the idea of purchasing a condo next year. I want to take advantage of the buyer's market and historically-low mortgage rates, but at the same time, everyone in my family says I need to wait longer because the market is so uncertain. Further, one of my co-workers who purchased a house as rental income out of college says that, while she doesn't regret doing it, she would have waited a couple more years if she could do it again. So I'm not too committed to the idea of buying a condo until I'm say, maybe 25 or 26.

What do you guys think? Should I go for it?!

Many Americans lived so close to the edge, that when trouble came, they fell off and 'lost everything'.

Want to be car rich and cash (house, savings, etc) poor? Then wiggle your way into it. At least you will look like you have $ to the chicas, as you take them to Burger King & ask them to pay for their meal. $70k may be decent $ for your age, is certainly a lot to someone who is in the unemployment line, but it isn't really "good money".