Financial Opinions Needed - Financing a Car
So here is the deal. I'm currently trying to sell my E46, in efforts to get into a 135i.
I'm a junior in college, have student loans, and have a job where I make like 300/month. During the summer months I have an internship that pays 25/hr, I know I have the money to cover monthly payments in the mean time in which I am not working my internship, and support the payments for my last year of school.
The loan would be for about 22k, and my parents would be taking out the loan, but it's on me to pay it each month, etc. The only reason for going through my parents is so that the car is in their name, to keep insurance costs down. I wanted to get a 5 year loan, which would put my payments (if I didn't put any money down) at ~450/month. I'd use the money from selling my car, right now to cover fees and taxes, and the first 2-3 months of payments as well.
I've heard both sides of this argument, the "don't do it while you're still in school" and the "if you can support the payments, why not." I'm just curious as to what you guys, especially those of you in school have to say about it. Like I said I am a junior, and the soonest I would be getting a 1er would be after January, buying used of course, 08-09 model.
The reason I'm not keeping my E46, is because to this point I have 6k into it in maintenance, and it's still draining my pocket, I just can't keep supporting it, I'd rather keep spending the same money on a car with a warranty, and one that is much more fun to drive/mod than what I have now. While I know I'll be ultimately taking a hit on the car when it comes time to sell, it seems to me, at least in my head to be worth it.
I'm interested to see what you guys all say.