|
|
11-06-2011, 08:39 PM | #45 |
Banned
867
Rep 6,248
Posts |
|
Appreciate
0
|
11-06-2011, 08:41 PM | #46 | |
Brigadier General
236
Rep 3,303
Posts |
Quote:
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
__________________
"...it's not about the money and not about the brand of the car, it's about handling,performance and passion......And that, no other car has all together like an M3........when you talk about the most complete car the M is invincible." --Tony Kanaan. Last edited by e46e92love; 11-07-2011 at 11:27 AM.. |
|
Appreciate
0
|
11-06-2011, 10:11 PM | #47 | |
Captain
170
Rep 803
Posts |
Quote:
Do people agree with this? That you should spend less than 1/4 of your salary to buy a car?
__________________
black/black/black e92 loaded
Instagram: _eamon_ |
|
Appreciate
0
|
11-06-2011, 10:19 PM | #48 |
Lieutenant
45
Rep 587
Posts |
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!
__________________
*15' F82 M4 :: Mineral White w/ Speed Cloth! :: DCT :: fully optioned minus CCB*
*09' E90 M3 :: Le Mans Blue w/ silver novillo :: DCT* *66' 427 Big Block Corvette :: Maroon :: Straight Piped* *56' ford f-100 truck :: NSX blue :: lowered :: custom interior :: custom audio :: colorado custom wheels* |
Appreciate
0
|
11-06-2011, 10:20 PM | #49 |
Lieutenant
91
Rep 439
Posts |
|
Appreciate
0
|
11-06-2011, 10:25 PM | #50 |
Lieutenant
45
Rep 587
Posts |
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!
__________________
*15' F82 M4 :: Mineral White w/ Speed Cloth! :: DCT :: fully optioned minus CCB*
*09' E90 M3 :: Le Mans Blue w/ silver novillo :: DCT* *66' 427 Big Block Corvette :: Maroon :: Straight Piped* *56' ford f-100 truck :: NSX blue :: lowered :: custom interior :: custom audio :: colorado custom wheels* |
Appreciate
0
|
11-06-2011, 10:38 PM | #51 | |
Lieutenant
91
Rep 439
Posts |
Quote:
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 |
|
Appreciate
0
|
11-06-2011, 10:45 PM | #52 | |
Enlisted Member
2
Rep 40
Posts |
Quote:
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? |
|
Appreciate
0
|
11-06-2011, 10:51 PM | #53 | |
Major
53
Rep 1,153
Posts |
Quote:
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. 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. |
|
Appreciate
0
|
11-06-2011, 10:51 PM | #54 |
Major
237
Rep 1,095
Posts
Drives: 09 SC E90 M3 / 13 F10 M5
Join Date: Sep 2011
Location: Dallas, TX
|
DO IT. no regrets.
__________________
|
Appreciate
0
|
11-06-2011, 10:57 PM | #55 | |
Major
53
Rep 1,153
Posts |
Quote:
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. |
|
Appreciate
0
|
11-06-2011, 10:58 PM | #56 | |
Lieutenant
91
Rep 439
Posts |
Quote:
|
|
Appreciate
0
|
11-06-2011, 11:01 PM | #57 | |
Lieutenant
91
Rep 439
Posts |
Quote:
|
|
Appreciate
0
|
11-07-2011, 03:23 AM | #58 |
Lieutenant Colonel
353
Rep 1,749
Posts |
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.
__________________
"It gave you amazing satisfaction, but anyone who says he loved it is either a liar or he wasn't going fast enough." - Jackie Stewart on racing at the Nurburgring
|
Appreciate
0
|
11-07-2011, 05:01 AM | #59 | |
Major General
2157
Rep 5,539
Posts |
Quote:
|
|
Appreciate
0
|
11-07-2011, 07:10 AM | #60 |
Captain
137
Rep 876
Posts |
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 . |
Appreciate
0
|
11-07-2011, 07:36 AM | #61 |
Lieutenant
33
Rep 489
Posts |
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.
__________________
E92 M3 MR on Red/Black ZCP Sound
Carbon 2007 997S - sold 2003 E46 M3 Steel Grey on Red- sold 1997 E36 M3 Arctic Silver on Black- sold |
Appreciate
0
|
11-07-2011, 08:05 AM | #62 | |
Happy Camper
612
Rep 7,869
Posts
Drives: C63 AMG & 280 SL on Weekends :
Join Date: May 2010
Location: GTA, Ontario - Canada
iTrader: (0)
Garage List 1969 Restored Merce ... [7.50]
2011 M3 Coupe TRADED [7.34] 1987 BMW 535is [1.00] Cars from the Past [6.50] The ///M3 Engine S65 [9.59] |
Quote:
__________________
Cheers, Rolf-Dieter
Life will take us to some interesting places, fortunately The ///M3 will too with a many of us know this very well, now my C6.3 AMG with 487 HP does it too ---> Click here for some good stuff I found |
|
Appreciate
0
|
11-07-2011, 08:08 AM | #63 | |
Happy Camper
612
Rep 7,869
Posts
Drives: C63 AMG & 280 SL on Weekends :
Join Date: May 2010
Location: GTA, Ontario - Canada
iTrader: (0)
Garage List 1969 Restored Merce ... [7.50]
2011 M3 Coupe TRADED [7.34] 1987 BMW 535is [1.00] Cars from the Past [6.50] The ///M3 Engine S65 [9.59] |
Quote:
__________________
Cheers, Rolf-Dieter
Life will take us to some interesting places, fortunately The ///M3 will too with a many of us know this very well, now my C6.3 AMG with 487 HP does it too ---> Click here for some good stuff I found |
|
Appreciate
0
|
11-07-2011, 08:20 AM | #64 | |
Captain
203
Rep 795
Posts |
Quote:
One of my friend is leasing it because he don't want to deal with the headache of selling the car when he wants a new one. But I would only do it if I'm totally comfortable with the numbers. |
|
Appreciate
0
|
11-07-2011, 08:39 AM | #66 | |
Lieutenant
60
Rep 552
Posts
Drives: 2015 C63 507
Join Date: Aug 2011
Location: New England
|
Quote:
I was in the same position you are after college. I had a job with similar pay. At the time the E36 was out and the E46 was right around the corner. I remember seeing the covers of car magazines with a silver E46 on the cover and I wanted one badly. That was twelve years ago. I realized that I would have stretched my paycheck too far. I saved instead. I got married, bought a house, and had a baby. I've been at the same job since college and have received several promotions and pay increases. I finally have the opportunity to buy the M3 and live comfortably. If you save that $1500 for 5 years you will have $90,000 in the bank! You will only be 27! You can then afford a ring for your wife, and a substantial downpayment on a home. Then go out and get your M3. Keep in mind its not like your driving a bad car now. Your 22 and are currently driving a BMW. |
|
Appreciate
0
|
Post Reply |
Bookmarks |
|
|