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      01-19-2013, 03:18 PM   #23
M3Eddy
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Eddy,

Have you thought about the budget owing this car? First off they won't sell you the car since you are a minor second insurance on the M3 would kills your monthly spending.
Actually I have. You can put it under a parent/guardians name.
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      01-20-2013, 10:47 AM   #24
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If you are planning on attending college in the future I would pass on this purchase and save it for your education. But, if you're skipping college and have the income level to purchase the car then go for it. Make sure you get an insurance quote before purchasing it. At 16 it's going to be very high.
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      01-20-2013, 12:14 PM   #25
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If you were to put it under your parents name which is what I did at 17 but obviously with a different type of car. You will still need to go on the insurance just in case you have an accident. Most likely your insurance payment would be as close as you car payments. When I first started with my new car I was actually paying more for insurance then my car payment. Just consider your monthly budget and make sure it doesn't conflict with your personal daily spending. You don't want to just make money to pay a car you have to leave space to spend money on going out which is what most teens at your age do. Finally congrats if you get the car. At your age I was dreaming of having one but I was stuck with a dodge charge. Sucks I totaled the car in 7 months. reason why you should be on the insurance if getting it under your parents name.
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      01-20-2013, 06:35 PM   #26
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Awesome! At 16 I got my first M3, an e36.
I think if you're still in school and plan on staying in school and have awesome parents that will support you then go for it.
But on the other hand I say, you don't spend money that you don't have.
Good luck!
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      01-20-2013, 07:18 PM   #27
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i need some popcorn too please
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      01-20-2013, 09:27 PM   #28
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Anybody know how PenFed is with getting approved? I know that each bank have their own criteria in approving or rejecting an applicant but if PenFed is more lienant, coupled with the ridiculousy low finance rates they offer, he might want to look in to them...
I refinanced with PenFed, it took about 20 minutes and it was the lowest out of everyone else around. Even USAA couldn't one close.
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      01-20-2013, 11:07 PM   #29
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You must want to shorten your life span.... At 16, perhaps a 414HP car is a little much for you to handle... ! Need to learn responsibility and respect the power of the car first... Pretty sure there was a story about some idiot parents that bought their 16 yr old kid a new E92 M3 and the kid ended up flipping it due to driving like a moron....

But hey, good luck with the car! Do us all a favor and post whenever you're going to be on the road so we all know to stay off!
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      01-21-2013, 12:03 AM   #30
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You must want to shorten your life span.... At 16, perhaps a 414HP car is a little much for you to handle... ! Need to learn responsibility and respect the power of the car first... Pretty sure there was a story about some idiot parents that bought their 16 yr old kid a new E92 M3 and the kid ended up flipping it due to driving like a moron....

But hey, good luck with the car! Do us all a favor and post whenever you're going to be on the road so we all know to stay off!
Yeah I'll be in Florida tomorrow.
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      01-22-2013, 05:12 PM   #31
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Florida's probably a good place for you with the M3... We have the worst drivers in America here, so if anything, you'll blend right in!
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      01-22-2013, 06:58 PM   #32
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Florida's probably a good place for you with the M3... We have the worst drivers in America here, so if anything, you'll blend right in!
Which includes you so I really wouldn't be talking.

Also, you can't just say teens are better drivers than adults. Teens are much more energetic and alert than adults and it's proven. Just because young people drive good cars doesn't mean they can't handle it.
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      01-22-2013, 07:15 PM   #33
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Definitely up for debate on whether or not I'm one of those bad drivers... I definitely have my moments out there, but it's usually caused by someone who is just an aweful, stupid driver.

To be honest, could a 16 yr old handle an M3? Of course. But odds are, the normal 16 yr old kid wouldn't understand everything that can happen if the car is misused. Being that young is all about making mistakes. Hell, I've made my fair share and still do. When it comes to a fast car though, alot of the times a stupid mistake can cost you big time - Injuries, your life, etc.

I mean my first car was an Integra GS-R. 170hp car that probably was dumb for me to have at the time. I'm fortunate that nothing bad happened to me from owning that car because I did my fair share of dumb shit in that car - hitting 140MPH on countless occasions, bieng carelss on the road, etc. That, and I didn't understand the responsibility that came with taking care of a nice car. You learn that as you get older.

Would I have given anything to drive an M3 at 16? HELL YES! At the same time, I'm glad I didnt because I may not be here today and/or there would've been an M3 beat to shit out there!
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      01-22-2013, 07:47 PM   #34
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Definitely up for debate on whether or not I'm one of those bad drivers... I definitely have my moments out there, but it's usually caused by someone who is just an aweful, stupid driver.

To be honest, could a 16 yr old handle an M3? Of course. But odds are, the normal 16 yr old kid wouldn't understand everything that can happen if the car is misused. Being that young is all about making mistakes. Hell, I've made my fair share and still do. When it comes to a fast car though, alot of the times a stupid mistake can cost you big time - Injuries, your life, etc.

I mean my first car was an Integra GS-R. 170hp car that probably was dumb for me to have at the time. I'm fortunate that nothing bad happened to me from owning that car because I did my fair share of dumb shit in that car - hitting 140MPH on countless occasions, bieng carelss on the road, etc. That, and I didn't understand the responsibility that came with taking care of a nice car. You learn that as you get older.

Would I have given anything to drive an M3 at 16? HELL YES! At the same time, I'm glad I didnt because I may not be here today and/or there would've been an M3 beat to shit out there!
I agree and it's all true of what you said but let's just see what's going to happen to me. Thanks,
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      01-23-2013, 12:26 AM   #35
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I agree and it's all true of what you said but let's just see what's going to happen to me. Thanks,
early death.
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      01-23-2013, 01:41 AM   #36
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Quote:
Originally Posted by M3Eddy View Post
Which includes you so I really wouldn't be talking.

Also, you can't just say teens are better drivers than adults. Teens are much more energetic and alert than adults and it's proven. Just because young people drive good cars doesn't mean they can't handle it.
Eddy listen to other for advise how may miles do you have under your belt?
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      01-23-2013, 11:58 AM   #37
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Hey eddy - why not just play an old fashion game of Russian Roulette??? Basically the same thing you're doing if you get an M3...
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      01-23-2013, 11:21 PM   #38
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You guys all sound like his parents (maybe). Let the kid have fun. I wonder what his parents drive?!
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      01-24-2013, 01:04 AM   #39
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You guys all sound like his parents (maybe). Let the kid have fun. I wonder what his parents drive?!
Thank you! For christ's sake. I understand where everyone is coming from but the OP clearly stated that I needed some help with purchasing a new M3. Not if I should get one or not. I already have my mind set up, it's not like some internet guy is going to change my decision.

Thanks for your time everyone.

/thread.
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      01-25-2013, 05:19 AM   #40
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I wish I was driving a car when I was 16, let alone a BMW...good luck to you.

Your biggest hurdle is whether BMWFS will qualify you since your credit history might be very short, but everything can be solved with a rather large down payment.

Not going to lecture you on being a responsible citizen on the road since I was riding a 1000cc sports bike when I was your age...so a M3 might seem a bit tame.
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      01-25-2013, 10:25 AM   #41
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Originally Posted by M3Eddy View Post
Thank you! For christ's sake. I understand where everyone is coming from but the OP clearly stated that I needed some help with purchasing a new M3. Not if I should get one or not. I already have my mind set up, it's not like some internet guy is going to change my decision.

Thanks for your time everyone.

/thread.
Let us know what you end up buying. I feel bad for you since the M3 will cost you a fortune (with insurance cost). Do your math first cause the payments will be for the next 60 month or 72 month (if you finance). I know what financing is. No matter what you buy, you do get tired making those monthly payments after 6 month. If you have the money and a good paying job buy a house, move out from your parents house. You will be happier 10 or 15 years from now that you did that. But at the end it's your choice, after all it's your DINERO.
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      01-26-2013, 02:02 AM   #42
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Thanks everyone for their kind suggestions and tips, it's greatly appreciated!
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      01-26-2013, 10:00 AM   #43
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But at the end it's your choice, after all it's your DINERO.
not unless money given counts as money earned.
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      01-26-2013, 01:15 PM   #44
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