Can I afford an M3?

[persian54]

Originally Posted by benjammin

BTW, I also made the mistake of test driving an M3

Ironically I bought my M3 even though I was completely disappointed in the test drive X.x....I drove 2, both of which i was considering, and i didn't want to rev them too high as they were FOB.

But I came from a highly modified 335i, and had driven modified M3s in the past ....
I knew I'd mod my car before I bought it lol. Just never knew I'd take it this far 0_o. I'm already budgeting away for a BBK and possibly a supercharger....which would mean that I spent the same amount of $ on mods as all of my 3 years of lease payments combined...while only owning the car for less than a year lol

M3 is a nice car but it's boring in stock form...to me.
hence why I said you shouldn't expect your car payments to be your only expense... if you're on this website...you're (more likely than not) bound to do some mods lol

[benjammin]

Originally Posted by persian54

hence why I said you shouldn't expect your car payments to be your only expense... if you're on this website...you're (more likely than not) bound to do some mods lol

Definitely a good point. The temptation to do a few mods will definitely be there but I think I can hold off at least for a while.

Originally Posted by persian54

M3 is a nice car but it's boring in stock form...to me.

Drive a Jetta for 6 years and a stock M3 won't seem so boring any more

[SamS]

Originally Posted by benjammin

Drive a Jetta for 6 years and a stock M3 won't seem so boring any more

Ditto that! I drove a 4cyl Accord for 6 years before my M3.

[e46e92love]

Originally Posted by Schussler6

Go for it I'm 22 as well and u make more then I do and I can still afford it! U wont regret it

You make less than him and own a 70k car? What?!?!?! OP, you can't afford one, gas, insurance, tires, winter tires (you're in boston) and everything else will add up. You will be car poor.

Cheers,
e46e92

[eamon]

Originally Posted by taleof2bricks

Cash here, but I'm sure any who chose to lease/finance were bringing in far more than $3200/month. Spending 1/4 to 1/3 of your net income on a car payment is just silly! Recent events have shown that this can be a bad strategy for home purchases as well. Lose your 'good paying job', miss a payment or two, and ..........

Correct me if I'm wrong, but you're saying to buy a new M3 "comfortably," one must be making 400k/yr... Serious?
Do people agree with this? That you should spend less than 1/4 of your salary to buy a car?

[dibxna]

i work in mortgages... notice the problem we have right now with that market? its because people who made just barely enough to afford the loan they had then no longer can afford it now. the bottom line is that your income is stable at 70k and one would love to know it will only go up from there but as we continue to weather this economic storm there is still that slight possibility you may find yourself between jobs or getting a chopped amount of income.

i am 26 and bought my car when i was 25. out the door including tax/title/etc it was 61k even. i put down 18k and had a 43k loan at a 2.59% apr. my car payment is just under 800 monthly. what you may think to yourself is that affording 800 monthly is easy enough, however, as you will find with this car you have to fill up twice as much as you would have in your 330 so gas now costs you double (also in part because its more fun to drive than the old one!). insurance will not jump too terribly much assuming you have a clean record... i pay 1300 yearly for mine.

my family taught me at a young age that its not just affording the cost of the car at the dealership but affording the maintenance that goes with it. if you were to buy replacement tires (plan on once a year to once every year and a half) and do this at the dealership (do yourself a favor and dont) you would spend 1600 a pop for a fresh set of tires. factor in all things considered and you arent just looking at a car payment of 800 in my case it actually comes out to closer to 1100 including the full break down.

my thoughts would be to keep doing what you are and save that 1500 dollars a month for another year. then get in to a CPO 2012 or 2011 after you have some more to offset that 14k loss on your existing whip!

[K-M3]

Originally Posted by SamS

Ditto that! I drove a 4cyl Accord for 6 years before my M3.

hmmmmm.... I guess I should consider myself to be in for a treat (whenever I get mine) after 5 years of a 1500cc inline 4.

[dibxna]

Originally Posted by K-M3

hmmmmm.... I guess I should consider myself to be in for a treat (whenever I get mine) after 5 years of a 1500cc inline 4.

not to take away from our threads true aim here... but i let my buddy who drives a tc drive my m3 and he about pooped in my seat. especially with the meisterschaft exhaust which basically makes the car sound pissed off its just a blast man! you'll love it and its totally worth the wait!

[K-M3]

Originally Posted by dibxna

not to take away from our threads true aim here... but i let my buddy who drives a tc drive my m3 and he about pooped in my seat. especially with the meisterschaft exhaust which basically makes the car sound pissed off its just a blast man! you'll love it and its totally worth the wait!

just makes me grin from ear to ear............reading that....

anyways, on a serious note to OP.......i am assuming that the 3200 you quoted is the "take home" minus taxes and deductions. And I hate to say this ('cause I know the feeling of having to hold off on something that you really want....trust me, been there before), but to put it bluntly - a brand spanking new M3 is out of budget, period. cost cuttings and everything aside, it still is out of budget. U r 22, believe me, things are going to pop up that you are gonna want to do, eg: taking off with friends for a weekend of revelry to NYC, or vegas and you want to do these now at the age you are at!!!!!!! I know an M3 is an M3, but would you really want to miss out on those memories just so that you can have an M3 parked in your garage.....trust me, not worth it!!!!!

And there are going to be M3's all the time - a CPO 2012 3 years down the line, or the new generation M3/4 that will be coming out soon - there always will be cars, but this time.......when you are a financially independant professional who can afford a certain fun....... you want to make the most memories out of it that you can carry forth, rather than ruing that you could have made that trip with your friends if you didnt have that big a car payment........in the end, you'll be happier.........

Or your other option is, a 2-3 year used M3 now (say about around 35-45K range)........just my 2 cents

[Blu_Frg]

Originally Posted by K-M3

just makes me grin from ear to ear............reading that....

anyways, on a serious note to OP.......i am assuming that the 3200 you quoted is the "take home" minus taxes and deductions. And I hate to say this ('cause I know the feeling of having to hold off on something that you really want....trust me, been there before), but to put it bluntly - a brand spanking new M3 is out of budget, period. cost cuttings and everything aside, it still is out of budget. U r 22, believe me, things are going to pop up that you are gonna want to do, eg: taking off with friends for a weekend of revelry to NYC, or vegas and you want to do these now at the age you are at!!!!!!! I know an M3 is an M3, but would you really want to miss out on those memories just so that you can have an M3 parked in your garage.....trust me, not worth it!!!!!

And there are going to be M3's all the time - a CPO 2012 3 years down the line, or the new generation M3/4 that will be coming out soon - there always will be cars, but this time.......when you are a financially independant professional who can afford a certain fun....... you want to make the most memories out of it that you can carry forth, rather than ruing that you could have made that trip with your friends if you didnt have that big a car payment........in the end, you'll be happier.........

Or your other option is, a 2-3 year used M3 now (say about around 35-45K range)........just my 2 cents

No, I absolutely agree that I cannot afford a brand new M3 -- whether it be through a lease, financing, or financing select.

Is it possible to get a used e92 M3 in the $35-45K range? I'd just like to have the DCT transmission with navigation and heated seats. What kind of car am I looking at with that budget?

[eisenb11]

Originally Posted by benjammin

I'm in a similar predicament. A couple years older, a few thousand less each year, a year out of college. I have thought long and hard about buying a new E92 but will probably still get one ED next summer.

My living expenses are quite a bit lower and I have and will continue to skimp on everyday expenses (no cable, make my own lunches, going out infrequently, etc) to instead put money towards the car. Once the payments begin I want to be sure I can still bring home at least $500 a month for emergency expenses, even after the increased insurance and gas bills. I've been saving for a year now for a decent down payment (~$25k). And I'm not considering any real estate purchases for awhile.

I plan on keeping this car for 10+ years so I’d prefer to buy new, and I want to get one before the eco cloud rains on the parade that is the S65 V8. Is it a poor financial decision? I will admit that it is. I’m trying to lessen the financial burden by making sacrifices elsewhere but I know that’s still not protection against job loss or other unforeseeable circumstances. Everyone in this thread has given good advice but as persian said, you’re only young once. As long as it doesn’t consume all your disposable income, I would go for it.

BTW, I also made the mistake of test driving an M3

The problem is that when someone has to "skimp" on anything in order to get the car, they're putting themselves into a potentially bad situation. At your age, you're better off building up an emergency fund, working on funding your 401k investments, and getting your savings in place to get some property instead of dumping everything into a depreciating asset that costs more money to keep insured/running.

Originally, being from the Detroit area, myself, you're also in an extremely unstable job market - you should have 6 months minimum, 1 year, preferred, worth of cash in an emergency fund. I'd seriously consider putting savings and housing at a much higher priority than a depreciating car because there are some major steals to be had in the area. My friend sold his condo and picked up a house in Novi for a mere $35k cash.

Originally Posted by eamon

Correct me if I'm wrong, but you're saying to buy a new M3 "comfortably," one must be making 400k/yr... Serious?
Do people agree with this? That you should spend less than 1/4 of your salary to buy a car?

I think your math is off by a magnitude. The number he used was $3200 / month. That's only about $40k year (not $400k) in take home, so about $70k / year base. I'm pretty sure his statement that most M3 owners are making significantly more than that is a pretty safe assumption.

[h4nh]

DO IT. no regrets.

[eisenb11]

Originally Posted by Blu_Frg

Is it possible to get a used e92 M3 in the $35-45K range? I'd just like to have the DCT transmission with navigation and heated seats. What kind of car am I looking at with that budget?

Considering that I just sold my 08 328i convertible for $32k (only 26k miles and still under the original warranty), I'd find it very unlikely you'll find a decent low mileage M3 in that price range.

If I were you, I'd just write this entire idea off entirely. Keep your 330i, it's a great car. Focus your energy on your career and some savings and you'll be in a much better place to consider a M3 when the new F32 M3 rolls around in 2-3 years.

Being able to afford a payment and being able to afford a car are two different things. Don't sacrifice your quality of life to get the car; enjoy your life and things will work out for the better in due time.

[K-M3]

Originally Posted by Blu_Frg

No, I absolutely agree that I cannot afford a brand new M3 -- whether it be through a lease, financing, or financing select.

Is it possible to get a used e92 M3 in the $35-45K range? I'd just like to have the DCT transmission with navigation and heated seats. What kind of car am I looking at with that budget?

ummm.... maybe not in the 35K range unless you dont mind an E46 M3, but a quick search on BMWUSA in the preowned section shows up a couple of 2008 E92's in the 45K-55K range, I think most of the 2008s are below 50K, they may not be CPO'd though. Do a quick search and see if there's any that fits your bill and budget.....if soo.....god speed.........if not, wait and save........

[K-M3]

Originally Posted by eisenb11

Considering that I just sold my 08 328i convertible for $32k (only 26k miles and still under the original warranty), I'd find it very unlikely you'll find a decent low mileage M3 in that price range.

If I were you, I'd just write this entire idea off entirely. Keep your 330i, it's a great car. Focus your energy on your career and some savings and you'll be in a much better place to consider a M3 when the new F32 M3 rolls around in 2-3 years.

Being able to afford a payment and being able to afford a car are two different things. Don't sacrifice your quality of life to get the car; enjoy your life and things will work out for the better in due time.

true!!!! you said it in half as many words that I could.......

[karussell]

lots of good advice here. my two cents:

savings first, then house, then car. don't make sense to borrow $70K for depreciating asset and have no savings. also makes less sense to have $70K car and not even put it in your own garage.

pay off your ZHP. enjoy it. need it paid off and some good savings to buy your home. I suggest look for a single family home instead of a condo…. I think in long term all condo associations don't pan out and their fees are so high it ruins your ROI. in this market, look for home that is easily rented in good school district. you want the cheapest house in the most expensive neighborhood you can afford.

[M3SQRD]

Originally Posted by eisenb11

Considering that I just sold my 08 328i convertible for $32k (only 26k miles and still under the original warranty), I'd find it very unlikely you'll find a decent low mileage M3 in that price range.

If I were you, I'd just write this entire idea off entirely. Keep your 330i, it's a great car. Focus your energy on your career and some savings and you'll be in a much better place to consider a M3 when the new F32 M3 rolls around in 2-3 years.

Being able to afford a payment and being able to afford a car are two different things. Don't sacrifice your quality of life to get the car; enjoy your life and things will work out for the better in due time.

+1 - don't overextend yourself at this point by buying a car you think you can afford. Your 330 zhp is a very good car so keep the 330 for now, get your condo/house first and save/invest what you can until the 330 is paid off. Then reevaluate your financial situation at this time to determine if you are able to truly afford a "newer" ('10 or newer) M3 without overextending yourself. When you are financially able to buy an M3 there will be one waiting for you...

[marcus321]

I know how you feel. When I was in your shoes(2 years ago) I bought a cheap but fun sports car(350z) so that I could purchase a house easily. After 2 years of owning now I am ready to buy my m3 and even then I am going used with an 09. I make about 70k a year as well and I dont spend money on dates to much(maybe 200) since I have had a steady girlfriend and most of my free time is consumed sitting on the couch playing video games or at the gym playing bball or lifting...both of which are really cheap hobbies. I would buy a house first and then get into the car you want. Dont have your first big ticket item purchase be a liability item.

If you want to speed up your car buying purchase then buy a house(3br) and rent 2 rooms out. This works out really well if you live near the university or have a few good friends around you who rent. This would give them a good opportunity to lower there rent while at the same time contributing to your mortgage .

[Team Plutonium]

Man, growing up in Germany, these thoughts of buying an M3 at 22 basically never enters your mind... I got a hand-me down beater from my mom at 18 and drove crappy cars until I got my first real job. And I though I (and my friends) went crazy when I bought a brand new Golf GTI.

OP: You make good money at your age, which means there is a high chance you'll make a lot more in a couple years. The M3 is probably not that far away.

[rye m3]

At least you guys are asking. Hey, in your 20's, look for one generation behind. Look at the E46 M3. Great car - although maintenance can get expensive. If you make less than $100k and you're thinking of buying a $70k car, you are way out of your league.
Even with the 330 ZHP, a great way to reenergize the love is to mod it. Wheels, spoilers, coilovers, plenty to do that will make it much nice for low $. "Affording" it is relative, letting the car consume all of your income just doesn't make sense.
I always targeted about $30k for a car. Really is a great point that can get you a lot of car for the money if you look well. Of course that isn't the E92 M3, but it is the E46. Good luck and at least you are double checking your decision.

[Mr. ///M3 RD]

Originally Posted by taleof2bricks

NO!

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".

I think the fault is primarily due to the banks and investment institutions ... lending money to people that really cannot afford some of the things they purchased / acquired like houses, condos and cars etc ... just look around you what you can get today (more so a few years back) with no money down ... it's ridiculous ... I feel sorry for the people that simply fall for this

[Mr. ///M3 RD]

Originally Posted by rye m3

At least you guys are asking. Hey, in your 20's, look for one generation behind. Look at the E46 M3. Great car - although maintenance can get expensive. If you make less than $100k and you're thinking of buying a $70k car, you are way out of your league.
Even with the 330 ZHP, a great way to reenergize the love is to mod it. Wheels, spoilers, coilovers, plenty to do that will make it much nice for low $. "Affording" it is relative, letting the car consume all of your income just doesn't make sense.
I always targeted about $30k for a car. Really is a great point that can get you a lot of car for the money if you look well. Of course that isn't the E92 M3, but it is the E46. Good luck and at least you are double checking your decision.

So true ... this ^^^ and the e46 is a great car ... one can pick one upo in the US in great shape for zirka $30K