Hopefully new M3 owner

[phidalgo12]

Hey guys I'm 18 and been looking around for a new car and of course as a car enthusiast my whole life I've been liking into fast cars and the m3 seems to be perfect I found a 2009 M3 in the Mids 30k in my area. Other than the cost of buying this amazing car what other owning cost would I have to face? Also I live in NYC so how does the low end power feel (I know the numbers but what's on paper and real life is different)And for the the people that say I'm to young or im to privlaged for having my parents buy me a car, NO I have a steady job with a good wage. I'm savings up and financing the car and I have been driving since I was 15 so i am not a novice driver. I test drove a Acura TL Sh-awd I liked the low end power but it didn't feel right to me I felt like I wanted more!! So thank in advance for any insight you guys may provide!!!

[Rewted]

You seem to be focused on the performance, perhaps you're purchasing the car for the wrong reasons?

Did you factor in fuel, insurance rates, surplus funds for repair and maintenance, legal representation when you potentially harm yourself or others in an accident? :P

Seriously though, consider your financial situation first, might not be the best decision if you're on a budget.

[redoubt]

Ok……just a quick answer…….the Acura TL and M3 should not be compared on the same planet……2 different cars…….my last car was a 2008 Acura TL-S which I used as a trade in for what was new at the time…..a 2012 M3 Coupe…..cars handle very differently……if you have never driven an M3…..I would strongly suggest you do so before you buy one…….if you live in NY City, do you have a garage? If not…..kiss your car or at least the wheels good
by very quickly…..I lived in NY for 50 years before moving to Pennsylvania…….2 different States…..as different as an Acura TL and an M3……good luck !!

[CIFUM3]

Originally Posted by Rewted

You seem to be focused on the performance, perhaps you're purchasing the car for the wrong reasons?

Did you factor in fuel, insurance rates, surplus funds for repair and maintenance, legal representation when you potentially harm yourself or others in an accident? :P

Seriously though, consider your financial situation first, might not be the best decision if you're on a budget.

Lmao legal representation

[phidalgo12]

Originally Posted by Rewted

You seem to be focused on the performance, perhaps you're purchasing the car for the wrong reasons?

Did you factor in fuel, insurance rates, surplus funds for repair and maintenance, legal representation when you potentially harm yourself or others in an accident? :P

Seriously though, consider your financial situation first, might not be the best decision if you're on a budget.

My monthly rate is half my paycheck after all my expenses are paid so financially I feel fine and I hope it never comes to the event of me getting into an accident but that's why I came to this forum to see living cost with the car excluding gas. On average how much should I expect to spend on the car per year and on what would also be helpful... And thanks for not being rude and bashing on my dream to own a m3 because of my age

[phidalgo12]

Originally Posted by redoubt

Ok……just a quick answer…….the Acura TL and M3 should not be compared on the same planet……2 different cars…….my last car was a 2008 Acura TL-S which I used as a trade in for what was new at the time…..a 2012 M3 Coupe…..cars handle very differently……if you have never driven an M3…..I would strongly suggest you do so before you buy one…….if you live in NY City, do you have a garage? If not…..kiss your car or at least the wheels good
by very quickly…..I lived in NY for 50 years before moving to Pennsylvania…….2 different States…..as different as an Acura TL and an M3……good luck !!

Did you own your m3 in Ny? And I know the TL is on the same league but it's the only car I test drove. I haven't had the chance to test drive the m3 because of work yet but my friend's dad has one and when I was in it I feel in love

[Ashley Schaeffer BMW]

You should only buy an M3 if you clear $200k /yr after taxes.

[Rewted]

Originally Posted by phidalgo12

My monthly rate is half my paycheck after all my expenses are paid so financially I feel fine and I hope it never comes to the event of me getting into an accident but that's why I came to this forum to see living cost with the car excluding gas. On average how much should I expect to spend on the car per year and on what would also be helpful... And thanks for not being rude and bashing on my dream to own a m3 because of my age

Again, this question is subjective as things WILL go wrong. I have a 2010 e92 M3 which was new, but now no longer under warranty. Had a few scares, but nothing major so far.

Keep $5000 set aside and you should be fine*.

*My opinions are not subject to guarantee.

[Rewted]

Originally Posted by Ashley Schaeffer BMW

You should only buy an M3 if you clear $200k /yr after taxes.

Cmon now, M3 is a daily driver, not an exotic. lol

[phidalgo12]

Originally Posted by Ashley Schaeffer BMW

You should only buy an M3 if you clear $200k /yr after taxes.

That seems a little over the top

[phidalgo12]

Originally Posted by Rewted

Again, this question is subjective as things WILL go wrong. I have a 2010 e92 M3 which was new, but now no longer under warranty. Had a few scares, but nothing major so far.

Keep $5000 set aside and you should be fine*.

*My opinions are not subject to guarantee.

Could I buy a third party warranty? I heard great things on this forum about Zurich but thanks I will keep money aside

[IB M]

Don't be deterred kid. The M3 at $30k is a great deal and you will love it. The power is perfect for the car.

There might be a little jealousy here on the forum from the older guys as most of us drove pieces of junk cars until we were in our 20s and 30s. Don't let that bother you.

My only comment would be growing up in and around New York City myself the clearance of the M3 in the New York City streets with potholes is a challenge. You might want to consider the X5M or something with a little more ground clearance.

[Rewted]

Originally Posted by phidalgo12

Could I buy a third party warranty? I heard great things on this forum about Zurich but thanks I will keep money aside

You could, but I would advise you to just set a side $4000~5000. This allows for the money to be used in another emergency situation and not wasted if warranty isn't invoked during the period.

[Properstyle]

Man the amount of nonsense in this thread lol. people make the m3 sound like a lambo. My advice is there. Have at least 2k upfront to do maintence on the car when you first get it as you never know what the previous owners has or has not done. Get the oil change first thing and keep it changed in 5-7k intervails. next go a head and change out diff fluid, replace the valve cover as it is a common failure on the car and possibly brake pads.and filters.

If you are responsible which it seems you have some what of a head on your shoulders you will enjoy the car and be happy. Get a after market warranty if you have the funds from mercury auto or assurance auto warranty. they match the factory warranty with no deductable, you can pick up a 4yr 48,000 for 3500-4k.

[M3414]

Why don't you just put the money away to the side and invest, pay for college, or towards a down payment for a house, then a car, your 30 year old self will thank you down the road. Half your paycheck towards a car is dumb even after expenses.

[phidalgo12]

Thanks a lot Rewted and IB M for the advice!! I have done a lot of research on this car but the only thing I haven't seen much or understood was how much should expect to pay on maintenance per year could you guys give an idea... Thanks

[M3414]

Budget for:
$1,500 new set of tires every year
$3,000 insurance, that is conservative estimate for an 18 year male
$300 oil change every 5k miles DIY
$2,000 everything else, fluids, miscellaneous stuff, things breaking, needing to be replaced, this is more of an average, probably more if something major happens

that's $566.66 a month, assuming you pay cash up front

[phidalgo12]

Originally Posted by M3414

Budget for:
$1,500 new set of tires every year
$3,000 insurance, that is conservative estimate for an 18 year male
$300 oil change every 5k miles DIY
$2,000 everything else, fluids, miscellaneous stuff, things breaking, needing to be replaced, this is more of an average, probably more if something major happens

that's $566.66 a month, assuming you pay cash up front

Alright thank you this was helpful

[SunnyD]

I would tell you to get a cheaper car and invest what you're saving up, but if you're dead set on getting the m3, then you also need to factor in insurance (which will be higher for an 18 yo) along with regular maintenance.

[Gbiz]

Originally Posted by M3414

Why don't you just put the money away to the side and invest, pay for college, or towards a down payment for a house, then a car, your 30 year old self will thank you down the road. Half your paycheck towards a car is dumb even after expenses.

+1

Wait until you graduate college, get a good job, and a nice place to live. 50% of your income towards anything, even housing is not smart.

[phidalgo12]

Who wouldn't be lol and yea it's about 6k a year in paying half and my dad is helping with the other half for the first few years in exchange for my good grades and he gets to use it once in a while ( another car enthusiast ) lol

[M3414]

Originally Posted by phidalgo12

Who wouldn't be lol and yea it's about 6k a year in paying half and my dad is helping with the other half for the first few years in exchange for my good grades and he gets to use it once in a while ( another car enthusiast ) lol

Sound like you are going to be financing it, add an extra $500ish

Budget for:
$1,500 new set of tires every year
$3,000 insurance, that is conservative estimate for an 18 year male
$300 oil change every 5k miles DIY
$2,000 everything else, fluids, miscellaneous stuff, things breaking, needing to be replaced, this is more of an average, probably more if something major happens

= 566.66
Payment: $500
=1,066.66/month

btw where can I get a part time job like yours that pays me over $2,100 a month because you said you had expenses to