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      11-07-2011, 09:39 AM   #66
Hurricane
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Drives: 2012 E92 M3
Join Date: Aug 2011
Location: New England

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2012 E92 M3  [5.00]
Quote:
Originally Posted by Blu_Frg View Post
Cliffnotes:
- 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?!
Blu Frg,

I was in the same position you are after college. I had a job with similar pay. At the time the E36 was out and the E46 was right around the corner. I remember seeing the covers of car magazines with a silver E46 on the cover and I wanted one badly. That was twelve years ago. I realized that I would have stretched my paycheck too far. I saved instead. I got married, bought a house, and had a baby. I've been at the same job since college and have received several promotions and pay increases. I finally have the opportunity to buy the M3 and live comfortably. If you save that $1500 for 5 years you will have $90,000 in the bank! You will only be 27! You can then afford a ring for your wife, and a substantial downpayment on a home. Then go out and get your M3. Keep in mind its not like your driving a bad car now. Your 22 and are currently driving a BMW.
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