Owning an M3?

Glaze06 · 03-16-2011, 03:22 AM

Hi there everyone,

This is my first post here as a member, I've lurked this forum for about three years on and off now. Anyways, I'm very interested in owning an E92 M3 in about a year to two years from now.

That said, a little background on me. I'm a college kid, specifically in my third year at Marquette University as a business undergrad, majoring in both accounting and finance. Obviously my goal is to come out of college with a job or finding one relatively fast even in this rough economy. The forecast isn't nearly as bad as it used to be, so in that sense, I am hoping that I am able to land that big job and go on to afford an M3.

So now that you guys kinda know my aspirations immediately exiting college, I wanted to ask about a couple of things. I am very fortunate to have giving parents who when I turned 16 allowed me to have a car, which is where my 2005 Ford Mustang comes in. The car has roughly 60,000 miles on it currently, however it has been meticulously cared for, and is in excellent condition. The car is just your standard V6 Mustang, nothing too fancy, although I have done a little work to it over the years. The ownership title will be transferred officially to me upon my graduation from college, and I will subsequently be able to use it as a bargaining chip at trade in. According to KBB, the car should hopefully fetch at trade in somewhere between $8-$10 grand.

Alot of backstory, but now that it's all out of the way. I want to ask a couple of things:

-Should I expect a hassle with a trade in of that caliber? I mean it is essentially an affordable sport car which would be traded in for what is essentially a luxury performance car?

-How exactly does the order process work? How long does it take the car to be delivered on average? Is there anything to really worry about during that process?

-Leasing should be out of the question should it not? Considering Chicago/Cook country taxes are absolutely out of control, this would definitely not be a viable option am I correct?

-What is the best financing offered for an M3 currently? Should I expect a huge issue with having very minimal past credit history?

-I am also considering used M3s from 2008 forward to the end of the E92 configuration production run, typically I have seen low mileage(Sub 10K) running for around mid $40s. Is this the price I should expect for used M3s? Will the price predictably drop further on used M3s when the F92's are announced and put into production whenever that is?

-What kind of monthly payment would I roughly be looking at regarding a new or used M?

-Is the ZCP option/configuration available as a dealer add on after you take delivery?

-LOVE the MCB paint, I've seen it on a few members cars here and it looks incredible, how difficult is it to get this paint? Also I have seen that it costs an additional $5K for the paint, is this actually true?

I'm sure I'm missing a bunch of stuff, however are there any other caveats to ownership, what to expect, etc? Also if anyone has any recommendations as to how be prepared for dealing with the dealers, issues with the car, dealers to avoid, stuff like that, please chime in as I'd be interested to hear.

Also, I know that some members may be hesitant to really provide alot of information on account that I'm young and inexperienced, as well as not having a job in hand, I'd really like if you looked past that.

Thanks everyone, cheers!

Also, I figured I'd attach a picture of my Mustang/future trade in:

Uploaded with ImageShack.us

FC · 03-16-2011, 08:11 AM

I'll give you some unsolicited advice. Be careful of spending too much on a car when you are so young. Life is all about priorities.

The truth is, as you grow older you relaize just how many other things you have to spend money on. Sure, you are young now, but just be sure when you turn 26 or so and you want to get married or buy a house, etc, that you don't look back and think of just how much money you blew on an M3.

If you told me back in college what my household income would be today, I would have thought I'd be driving a Ferrari. But I rather pay off my house in 15 years, paid for large remodelings in cash, max 401k's and IRA's, etc. With what's left (after 40K a year in daycare!), I look and see what I feel comfortable spending. My biggest issue is not the payment, but the fact than an M3 seems like overkill for the driving I do.

I'm all for you enjoying your youth (before a house, kids, etc get in the way), but do you need an M3? A new one? It's a pricey, fancy car that eats $1500 tires and gets 15mpg. In Chicago you'll need winter wheels/tires too. Insurance isn't cheap. It's a big expense, and can be a huge mistake if things don't turn out well and you have to sell it.

It's up to you if you feel comfortable with it. Only you know your situation and priorities.

For my money, if I were young and lived in Chicago, I rather get a used Boxster (which is a more fun car anyway - I speak from experience) and get an cheap jeep for when the weather turns to shit or I need more room. I would MUCH rather have a $35K '07 987S and a $5K old Grand Cherokee, than a $60K+ M3. And really, it's not at all close. BUt that's me.

Best of luck!

Templar · 03-16-2011, 09:47 AM

Life is short, do what you want... If you think you'll be able to afford it, then why not? My only suggestion is be sure that in the event that you cannot land a job for a certain amount of time, have some money saved up to make payments (including insurance) on this car, otherwise you'll be broke/in more debt very fast.

I am single, in the military, deployed twice and saved up enough money for my M3. I didn't pay it all straight up, but I owe very little on it. I don't own a home, but while I am in the military my housing is taken care of. I would like to own a home someday, but being that I am going to leave the military and go back to school, home ownership isn't in my short term future right now.

Don't get me wrong, you do need priorities, so if you are going to be living paycheck to paycheck just because of this car payment, it's not a good idea.

Quote:

-Should I expect a hassle with a trade in of that caliber? I mean it is essentially an affordable sport car which would be traded in for what is essentially a luxury performance car?

-How exactly does the order process work? How long does it take the car to be delivered on average? Is there anything to really worry about during that process?

-Leasing should be out of the question should it not? Considering Chicago/Cook country taxes are absolutely out of control, this would definitely not be a viable option am I correct?

-What is the best financing offered for an M3 currently? Should I expect a huge issue with having very minimal past credit history?

-I am also considering used M3s from 2008 forward to the end of the E92 configuration production run, typically I have seen low mileage(Sub 10K) running for around mid $40s. Is this the price I should expect for used M3s? Will the price predictably drop further on used M3s when the F92's are announced and put into production whenever that is?

-What kind of monthly payment would I roughly be looking at regarding a new or used M?

-Is the ZCP option/configuration available as a dealer add on after you take delivery?

-LOVE the MCB paint, I've seen it on a few members cars here and it looks incredible, how difficult is it to get this paint? Also I have seen that it costs an additional $5K for the paint, is this actually true?

- Look up the trade in values on KBB or NADA for your car. If it's in good shape and runs well, the dealership will probably take it. Unfortunately you can sell it for more. A dealership will take something that is worth 8k, buy it from you for 6k, and then turn around and sell it to someone else for 10k. Just the way it works...

- Depends on how you do it, but I think the average is about 11 weeks. Mine was different because I was deployed and bought it from Germany and had it ready when I returned from my deployment to my base in Germany. You'd have to ask your local dealer.

- I don't like leasing for one main reason, it's for rich people! Lease payments are high. Sure, you get to turn the car in after a few years, so you save money in the longrun (over the full price of the vehicle), but with a purchase you actually OWN the vehicle. My car is MINE, and I can mod it or do whatever I want. As long as I take care of it, it will last a very long time! Leasing is fine if you can afford the monthly payments, and you can option to buy the car at the end, but I don't think it's right for a younger person without a stable income, which you don't have (yet). This is all my opinion though

- Financing can vary greatly. You need to have a credit report pulled and the dealership can get you with BMW Financial which usually offers good rates for people with good credit. Do you have any credit? A credit card? Another car payment? Anything? If you have no credit at all, I honestly don't know what BMW Financial will do, especially for a high end car like this. I always thought having at least one credit card at a younger age was a good idea to start building credit, but some people are just irresponsible... Not saying you are, just in general.

- Eh, used is always a good way to go too. I like buying used if you can find a good deal. My other car is a used Mazda CX-7. I got a great deal on it and I'm loving it so far. When the new M3's come out could be a while from now, so if you are in the market right now, then you'd have to wait for a new one. The current model could go up or down in value, depending on how people react to the release of the new model. As you can tell here, mostly everyone prefers the NA V8 over a turbo V6.

- Payments... No one but a dealer can give you a real estimate. It depends on your financing rates, how much you are financing, how much they give you for your Mustang, etc... A lot of different prices. With my credit score and how much I financed, I pay $600 a month. However I paid off about 50% of the financed amount about a month into it. I could refinance and have a lower monthly payment, but I wanna pay it off faster.

- I believe you have to order ZCP and they can't do it at the dealer after it's been built.

- Any individual orders will cost you a LOT... While they are nice and unique, if you're worried about payment issues, these are not for you.

EDIT: Please anyone chime in to correct me where I'm wrong. Not 100% sure on any of my statements

Don't take anything I said as fact, lol...

ajskydiver · 03-16-2011, 12:48 PM

Quote:

Originally Posted by FC

I'll give you some unsolicited advice. Be careful of spending too much on a car when you are so young. Life is all about priorities.

The truth is, as you grow older you relaize just how many other things you have to spend money on. Sure, you are young now, but just be sure when you turn 26 or so and you want to get married or buy a house, etc, that you don't look back and think of just how much money you blew on an M3.

If you told me back in college what my household income would be today, I would have thought I'd be driving a Ferrari. But I rather pay off my house in 15 years, paid for large remodelings in cash, max 401k's and IRA's, etc. With what's left (after 40K a year in daycare!), I look and see what I feel comfortable spending. My biggest issue is not the payment, but the fact than an M3 seems like overkill for the driving I do.

I'm all for you enjoying your youth (before a house, kids, etc get in the way), but do you need an M3? A new one? It's a pricey, fancy car that eats $1500 tires and gets 15mpg. In Chicago you'll need winter wheels/tires too. Insurance isn't cheap. It's a big expense, and can be a huge mistake if things don't turn out well and you have to sell it.

It's up to you if you feel comfortable with it. Only you know your situation and priorities.

For my money, if I were young and lived in Chicago, I rather get a used Boxster (which is a more fun car anyway - I speak from experience) and get an cheap jeep for when the weather turns to shit or I need more room. I would MUCH rather have a $35K '07 987S and a $5K old Grand Cherokee, than a $60K+ M3. And really, it's not at all close. BUt that's me.

Best of luck!

I 99.9% agree (Cayman instead of Boxster)

Also, to figure out a car payment or really any payment, open up Excel or similar spreadsheet. In the cell, use the payment function:

=PMT([rate],[#pmts],[value])

Put the desired rate as a percent, like 2.9% divided by 12. So, =PMT(2.9%/12,
then enter the number of payments in months, so =PMT(2.9%/12,60
Then put the amount of the loan as a negative number (that way Excel gives it to you as a positive # instead of negative, I have no idea why Excel does this), so =PMT(2.9%/12,60,-50000)

Excel returns 896.21. You can then figure out total costs of loans, etc. It's a great tool. In the above example, you'd pay 3772.86 in interest over the life of the loan.

At zero percent, every 10K on a 5 year loan = 166.67 (48 months = 208.33).

Good luck!

hbcpa · 03-16-2011, 12:59 PM

Quote:

Originally Posted by ajskydiver

then enter the number of payments in months, so =PMT(2.9%/12,60
Then put the amount of the loan as a negative number (that way Excel gives it to you as a positive # instead of negative, I have no idea why Excel does this), so =PMT(2.9%/12,60,-50000)

Excel returns 896.21. You can then figure out total costs of loans, etc. It's a great tool. In the above example, you'd pay 3772.86 in interest over the life of the loan.

At zero percent, every 10K on a 5 year loan = 166.67 (48 months = 208.33).

Good luck!

Actually, the loan should be a positive number as it is an inflow. The formula will return a negative amount as it is an outflow of cash.

IbanezGod · 03-16-2011, 01:40 PM

death is certain. Life is not. Make sure you keep your priorities straight and don't go overboard but get what makes you happy. I too would have thought i'd be driving a Ferrari if I knew what I would be making 10 years out of college. But a mortgage, want to travel and a GF but a big dent in the wallet

Nine · 03-16-2011, 02:13 PM

Choose a lifestyle, then choose a car.

Glaze06 · 03-16-2011, 04:30 PM

Thanks for all the information thus far.

-I have credit, which I would assume is very good considering I pay everything on time, and have been for about 5 years now. I have two credit/debit cards to my name.

-I'm leaning much more towards buying a used M3, it would be great to order new, however MSRP on these cars are like $70+ in most cases. Maybe I should have made it clear that I desire the cheaper route, i.e. used or certified pre-owned.

-As for the Boxster comments, my father has a Boxster S that he's been tweaking for a while that I have also driven on occasion. Its a fun car, but drop top cars aren't my thing (Hell I can't stand moon roofs) and I grew up learning to drive in an 80's 3-series so I've long been a BMW fan boy. I really desire and aspire to one day own this car.

-Yes I understand priorities change. I'm in a steady relationship over two years now (big wallet dent), and I understand those who say you get out want a house, start a family, etc. While those things I very much would like to have eventually, I think that a few years of being young and kinda having that "it" car that you've always desired are warranted before making the change to SUV driving family guy. I am also very lucky to be in a relationship with someone who shares a very similar sentiment, if/when things get that far...

Anyways, hopefully that clears it up, I'm more looking for information regarding used M3s from 2008-2010.

03-16-2011, 03:22 AM	#1
Glaze06 What Redline? 2 Rep 2 Posts Drives: 2005 Mustang Join Date: Mar 2011 Location: Chicago - South Suburbs iTrader: (0)	Owning an M3? Hi there everyone, This is my first post here as a member, I've lurked this forum for about three years on and off now. Anyways, I'm very interested in owning an E92 M3 in about a year to two years from now. That said, a little background on me. I'm a college kid, specifically in my third year at Marquette University as a business undergrad, majoring in both accounting and finance. Obviously my goal is to come out of college with a job or finding one relatively fast even in this rough economy. The forecast isn't nearly as bad as it used to be, so in that sense, I am hoping that I am able to land that big job and go on to afford an M3. So now that you guys kinda know my aspirations immediately exiting college, I wanted to ask about a couple of things. I am very fortunate to have giving parents who when I turned 16 allowed me to have a car, which is where my 2005 Ford Mustang comes in. The car has roughly 60,000 miles on it currently, however it has been meticulously cared for, and is in excellent condition. The car is just your standard V6 Mustang, nothing too fancy, although I have done a little work to it over the years. The ownership title will be transferred officially to me upon my graduation from college, and I will subsequently be able to use it as a bargaining chip at trade in. According to KBB, the car should hopefully fetch at trade in somewhere between $8-$10 grand. Alot of backstory, but now that it's all out of the way. I want to ask a couple of things: -Should I expect a hassle with a trade in of that caliber? I mean it is essentially an affordable sport car which would be traded in for what is essentially a luxury performance car? -How exactly does the order process work? How long does it take the car to be delivered on average? Is there anything to really worry about during that process? -Leasing should be out of the question should it not? Considering Chicago/Cook country taxes are absolutely out of control, this would definitely not be a viable option am I correct? -What is the best financing offered for an M3 currently? Should I expect a huge issue with having very minimal past credit history? -I am also considering used M3s from 2008 forward to the end of the E92 configuration production run, typically I have seen low mileage(Sub 10K) running for around mid $40s. Is this the price I should expect for used M3s? Will the price predictably drop further on used M3s when the F92's are announced and put into production whenever that is? -What kind of monthly payment would I roughly be looking at regarding a new or used M? -Is the ZCP option/configuration available as a dealer add on after you take delivery? -LOVE the MCB paint, I've seen it on a few members cars here and it looks incredible, how difficult is it to get this paint? Also I have seen that it costs an additional $5K for the paint, is this actually true? I'm sure I'm missing a bunch of stuff, however are there any other caveats to ownership, what to expect, etc? Also if anyone has any recommendations as to how be prepared for dealing with the dealers, issues with the car, dealers to avoid, stuff like that, please chime in as I'd be interested to hear. Also, I know that some members may be hesitant to really provide alot of information on account that I'm young and inexperienced, as well as not having a job in hand, I'd really like if you looked past that. Thanks everyone, cheers! Also, I figured I'd attach a picture of my Mustang/future trade in: Uploaded with ImageShack.us Last edited by Glaze06; 03-16-2011 at 03:30 AM..
	Appreciate 0 Tweet Quote

03-16-2011, 08:11 AM	#2
FC Lieutenant 250 Rep 523 Posts Drives: '21 F90, '23 BGTS 4.0, '21 GTI Join Date: Apr 2009 Location: Northeast iTrader: (0)	I'll give you some unsolicited advice. Be careful of spending too much on a car when you are so young. Life is all about priorities. The truth is, as you grow older you relaize just how many other things you have to spend money on. Sure, you are young now, but just be sure when you turn 26 or so and you want to get married or buy a house, etc, that you don't look back and think of just how much money you blew on an M3. If you told me back in college what my household income would be today, I would have thought I'd be driving a Ferrari. But I rather pay off my house in 15 years, paid for large remodelings in cash, max 401k's and IRA's, etc. With what's left (after 40K a year in daycare!), I look and see what I feel comfortable spending. My biggest issue is not the payment, but the fact than an M3 seems like overkill for the driving I do. I'm all for you enjoying your youth (before a house, kids, etc get in the way), but do you need an M3? A new one? It's a pricey, fancy car that eats $1500 tires and gets 15mpg. In Chicago you'll need winter wheels/tires too. Insurance isn't cheap. It's a big expense, and can be a huge mistake if things don't turn out well and you have to sell it. It's up to you if you feel comfortable with it. Only you know your situation and priorities. For my money, if I were young and lived in Chicago, I rather get a used Boxster (which is a more fun car anyway - I speak from experience) and get an cheap jeep for when the weather turns to shit or I need more room. I would MUCH rather have a $35K '07 987S and a $5K old Grand Cherokee, than a $60K+ M3. And really, it's not at all close. BUt that's me. Best of luck!
	Appreciate 0 Quote

03-16-2011, 01:40 PM	#6
IbanezGod 997TT, X5M 95 Rep 975 Posts Drives: 997TT, X5M Join Date: Jul 2009 Location: Philly iTrader: (0)	death is certain. Life is not. Make sure you keep your priorities straight and don't go overboard but get what makes you happy. I too would have thought i'd be driving a Ferrari if I knew what I would be making 10 years out of college. But a mortgage, want to travel and a GF but a big dent in the wallet __________________ 2007 Porsche 911 Turbo, Previously: 1998 M Roadster, 2011 M3, 2005 M3
	Appreciate 0 Quote

03-16-2011, 02:13 PM	#7
Nine Banned 49 Rep 1,922 Posts Drives: Not ZCP, FML. Join Date: May 2010 Location: DC, Miami, NYC iTrader: (2)	Choose a lifestyle, then choose a car.
	Appreciate 0 Quote

03-16-2011, 04:30 PM	#8
Glaze06 What Redline? 2 Rep 2 Posts Drives: 2005 Mustang Join Date: Mar 2011 Location: Chicago - South Suburbs iTrader: (0)	Thanks for all the information thus far. -I have credit, which I would assume is very good considering I pay everything on time, and have been for about 5 years now. I have two credit/debit cards to my name. -I'm leaning much more towards buying a used M3, it would be great to order new, however MSRP on these cars are like $70+ in most cases. Maybe I should have made it clear that I desire the cheaper route, i.e. used or certified pre-owned. -As for the Boxster comments, my father has a Boxster S that he's been tweaking for a while that I have also driven on occasion. Its a fun car, but drop top cars aren't my thing (Hell I can't stand moon roofs) and I grew up learning to drive in an 80's 3-series so I've long been a BMW fan boy. I really desire and aspire to one day own this car. -Yes I understand priorities change. I'm in a steady relationship over two years now (big wallet dent), and I understand those who say you get out want a house, start a family, etc. While those things I very much would like to have eventually, I think that a few years of being young and kinda having that "it" car that you've always desired are warranted before making the change to SUV driving family guy. I am also very lucky to be in a relationship with someone who shares a very similar sentiment, if/when things get that far... Anyways, hopefully that clears it up, I'm more looking for information regarding used M3s from 2008-2010.
	Appreciate 0 Quote