Opinions on getting an M3

[typeIIdiabetes]

Hello everybody. I wanted to get some of your guys' opinions if buying a used M3 (around 50K) would be viable given my situation.

I'll be starting med school next august for the army so it will be free (no 200K+ student debt). I'll be getting a salary of 55K. It will be my first car that I have ever purchased and I am 24 yrs old right now. Do you guys think this would be viable? Sorry if this question is stupid but I can't really gauge big purchases like these. I am just trying to get established in this world hehe

[dirtyfreebooter]

Buying a $50k car on $55k would kinda suck, but if you have no other real expenses, it would be doable. A decent down payment would go a long way. Remember, $50k car + taxes + title is $54k.

Personally, I don't like to finance more than 50% of my annual salary. I like having something left over. That is why I'm 30, and just ordered my first BMW last week ;-)

[typeIIdiabetes]

cool man thanks for the input especially with the numbers. it gives me something to measure my situation against yeah i have no other real expenses besides renting a place at school. ill just be studying like crazy.

[masamune]

If you have no other expenses, then it might be feasible. Just realize that you'll be paying way more for gas and insurance, especially since you're under 25. Have you gotten an insurance quote yet? If you don't see yourself getting any major expenses in the next couple years (e.g. rent), then I might do it. I don't know how much money you have saved up already or if you plan to pay it off in full, but also realize that the 55K salary will be trimmed quite a bit after taxes.

I don't own an M3, but contrary to the above poster I only put down $1000 as my down payment because I had a .9% interest rate. It would've been a waste to dump any more in where I could've easily been earning higher interest on that money elsewhere.

[Brandon26pdx]

I'd wait till you turned 25 since your insurance with be a little bit of a butt raping if you're any younger than that. And of course you could save some more for a down payment in the meantime.

If you're debt free otherwise and don't plan to buy a place in the next few years, sure why not.

[typeIIdiabetes]

for sure. ill be turning 25 on july 4th

[J BONE]

Originally Posted by robackja

Personally, I don't like to finance more than 50% of my annual salary. I like having something left over. That is why I'm 30, and just ordered my first BMW last week ;-)

Well said! Nice that you will not have student loans but you are thinking about buying a car that is more than you make once you factor in taxes. Prob not the best idea really. Just my .02. Maybe look at some 335's

[Dntlvet]

C'mon
There are a lot of lower priced cars that would be more sensible for you at this time. This is your first car, not your last.

[typeIIdiabetes]

hmm sounds good. i guess ill wait and save up in the mean time....

[osteome]

FWIW, I drove a piece of crap Camry while I did medical school on the Army's dime.

I paid cash for a new M3 after the first deployment after paying off every single debt that my wife and I had. My situation may be different, but I felt a lot better getting the car when I was more solid in my finances.

Good luck with school! USUHS or HPSP?

[mshahidz]

lol wut? isnt a 50k car on a 55k income relatively easy? I mean with financing it should be very easy to manage...

[shawshank772]

Viable maybe.. But I can tell you the biggest mistake military guys make is purchasing a vehicle right away. They usually default on the loan. Plus the dealers around military bases know you all have steady money coming in. They will jack the price of the car up and screw you on financing..Then when you dont pay they know that they can go to your command and inform them that you are defaulting. Then your command will get pissed off, repremand you and probably take half a months pay away. Which in turn makes you even less likely to be able to pay your bills that month..Yeup thats how the military rolls lol.

[typeIIdiabetes]

Originally Posted by osteome

FWIW, I drove a piece of crap Camry while I did medical school on the Army's dime.

I paid cash for a new M3 after the first deployment after paying off every single debt that my wife and I had. My situation may be different, but I felt a lot better getting the car when I was more solid in my finances.

Good luck with school! USUHS or HPSP?

wow cool an army physician! How do you like military medicine? Are the higher ranked nurses really that bossy and contradictory? i'll be going to USUHS.

Yeah i dont have any debts as of now, but i guess ill still wait before purchasing a car.

[typeIIdiabetes]

Originally Posted by shawshank772

Viable maybe.. But I can tell you the biggest mistake military guys make is purchasing a vehicle right away. They usually default on the loan. Plus the dealers around military bases know you all have steady money coming in. They will jack the price of the car up and screw you on financing..Then when you dont pay they know that they can go to your command and inform them that you are defaulting. Then your command will get pissed off, repremand you and probably take half a months pay away. Which in turn makes you even less likely to be able to pay your bills that month..Yeup thats how the military rolls lol.

thanks for the heads up!

[M5 Jed]

Save your money. As a good rule of thumb, always put away 10% of your paycheck to savings. Then after all your expenses are deducted like food, rent, utility bills, etc., what remains is your fun money. How ever much fun money is left will help you determine what you can afford to buy based on a monthly payment, thats if you are planning on financing. You follow? Work the math backwards to help you determine what you can afford instead of deciding you want to spend $50k and trying to figure if you can afford it.

Budgeting $50k for a used M3 is a bit much. I'm shopping for an E92 M3 too and I've seen them in the $35k - $50k. You're young, you'll have lots of time to get the car you want. Maybe consider something more sensible for the next couple of years so it will let you save more money. Sensible meaning a E46 M3??? They are cheap these days.

Hope it helps.

[SlamMan]

It shouldn't be too hard to put together a simple budget. What's your net take home and what would you be putting down on the car?

[kcdude24]

Buy a civic, rent a decent place...when are you going to have time to drive it? I'd be more concerned about my living arrangement and school versus a car.

Not trying to bag on you dude but this is a crazy opportunity in life and you need to focus on the priority. How about socking some of that salary away and catch a military flight to Europe during breaks...spend some of that money to go see the world and recharge your batteries for the next semester. You've got the rest of your life to buy cars and be saddled with debt.

[JulieDriving]

Originally Posted by osteome

FWIW, I drove a piece of crap Camry while I did medical school on the Army's dime.

I paid cash for a new M3 after the first deployment after paying off every single debt that my wife and I had. My situation may be different, but I felt a lot better getting the car when I was more solid in my finances. I too drove cheap econo cars until I graduated and had a stable income for a while.

Good luck with school! USUHS or HPSP?

I think this is great advice. OP, all I know is, one of the biggest mistakes I've seen peers make in med school/ residency was purchasing expensive cars and other things because they technically could at the moment and because they were confident of their future earnings.

I recently supervised a resident who bought a non-M 3-series costing 55-60K (here in Canada, cars cost significantly more; M3s are usually in the 90-95K range). He flunked his exams and now is stuck with this huge ass debt he can't afford.

I'd say be prudent.... You have an incredible potential to make money in just a few years with no debt when you graduate, and could buy a new M3 outright with cash soon! Good luck with your studies.

[osteome]

Originally Posted by typeIIdiabetes

wow cool an army physician! How do you like military medicine? Are the higher ranked nurses really that bossy and contradictory? i'll be going to USUHS.

Yeah i dont have any debts as of now, but i guess ill still wait before purchasing a car.

Brain cramp...should have deduced USUHS based on salary as a med student. I like what I do, despite being on the second deployment. Overall, I would not change anything thus far as far as career goes.

I have not had any real problems with the nurses as an attending in the in-patient or out-patient worlds, or having one as a commander recently. As long as you are practicing good medicine, there seems to be little conflict. I was HPSP with a civilian residency and probably ran into a little more attitude on that side.

I started my family in 4th year and through residency. I did carry student loan debt with that, but paid it off quickly. I would focus on the studies and realize that you may not have a lot of time to enjoy the M3 now. Sock away the money and remain debt free after you graduate.

Also, try for a European assignment if possible, it is great!

Good luck.

[dibxna]

Originally Posted by robackja

Buying a $50k car on $55k would kinda suck, but if you have no other real expenses, it would be doable. A decent down payment would go a long way. Remember, $50k car + taxes + title is $54k.

Personally, I don't like to finance more than 50% of my annual salary. I like having something left over. That is why I'm 30, and just ordered my first BMW last week ;-)

first time ive ever seen a foco person on a forum for cars!!!!! nice man!!!!! im a foco native

and totally agreed.. doing a 50k car (which means youre going to be buying an 08 with lower miles or an 09 with higher miles) would be kind of a pinch on the budget.

I am 25 years old and have an 09 m3 sedan... love the car... coming from a volvo s60r I can already tell (after just over a month of ownership) that its more costly for a few things:

1. insurance is approx 1650 a year for me (volvo was older and slightly less hp but safer and had around a $1400 yearly premium)
2. gas costs the same per tank to fill as my volvo but i probably fill up a day or day and a half more frequently than i did in the volvo - so far i have averaged around 13-14 mpg which is primarily city driving and a combo of a short 7 mile highway stint to work
3. if you are buying a used m3 you really should look for a certified pre owned so you continue to have a warranty after the factory goes out - you do not want to try affording cost of maintenance on your 55k salary after warranty stuff passes (i believe its a 50 dollar deductible for each incident on the cpo warranty stuff (anyone want to confirm?))
4. tires - my volvo had 52k miles when i traded it in. i had my 5th set of tires on it as i traded it. the bmw they claim will pull 20k per set however thats what volvo told me and i was lucky if they lasted 15k. the factory oem tires are approx 350-400 per tire at the dealer and if you do a tire rack search you can pull a full set around 1000 installed through a discount tire place (discount will price match to tire rack) thats not cheap on a 55k budget if you have to do this once a year
5. car washes - you will likely wash by hand yourself or if you are like me you'll take it to a car detail place and pay for the carwashes to be hand done which will set you back around 20 dollars a week (or however frequently u wash)

as my rents always told me growing up - its one thing to afford the car, however, its an entirely different scenario affording upkeep.

the larger down payment you can afford the lower monthly payment you'll achieve and consequently leave more room for other fun things (or the above listed items)

[dibxna]

Originally Posted by masamune

If you have no other expenses, then it might be feasible. Just realize that you'll be paying way more for gas and insurance, especially since you're under 25. Have you gotten an insurance quote yet? If you don't see yourself getting any major expenses in the next couple years (e.g. rent), then I might do it. I don't know how much money you have saved up already or if you plan to pay it off in full, but also realize that the 55K salary will be trimmed quite a bit after taxes.

I don't own an M3, but contrary to the above poster I only put down $1000 as my down payment because I had a .9% interest rate. It would've been a waste to dump any more in where I could've easily been earning higher interest on that money elsewhere.

keep in mind the .9% rate is NOT for preowned. it is for brand new so this wouldnt really apply to his scenario - although i would bet that bmw would make a killing on pre owned financing if they did below the market rate

[cmk227]

Do the right thing and wait. If you still want and desire an M think about the 02-06 model should be $12-30k based on year and miles. Remember that after med school you will most likely be deployed for a year. Car will be sitting in a garage. Wait until first deployment or finishing up med school before you buy a $50k car.

Congrat for going into Mil and thank you for your service. Did mine in 1996-2002 as a Medic assign to the 11 ACR in Ft. Irwin.