20 year old, want to buy 2008 e92

[Carlos714]

I am currently 20 years with a well paid job, I want to put a 10k down payment and I can afford up to 550 a month. Everyone is trying to convince me to get this crazy idea out of my mind, they say what will screw me over is the maintenance on the vehicle. Should I still do it? And around what's the best price I can get for an 2008 ? Any suggestions ? I'm currently living in ORANGE COUNTY CA

[LucWerkz]

Another one?!

[Uiop]

I don't see why not if you can afford it and enjoy your Investment. People will be jealous, that's life. Just don't wrap it around a tree. Are you in college?

[THE TECH]

I think it will be close. I think you should consider something with more wiggle room. Everytime I hear someone wanting a 2008 it tells me that they can't afford one so they're looking for the oldest one out there for cheap.

[kchu221]

Originally Posted by THE TECH

I think it will be close. I think you should consider something with more wiggle room. Everytime I hear someone wanting a 2008 it tells me that they can't afford one so they're looking for the oldest one out there for cheap.

+1 on the oldest model with the highest miles... and depending on your driving record, your insurance isnt gonna be pretty either.

[p-streets]

Get a 09 or 10 make sure it got extended warranty both powertrain and maintenance and say f**k the rest why not it's your money and if u can do it go for it

[THE TECH]

Originally Posted by p-streets

Get a 09 or 10 make sure it got extended warranty both powertrain and maintenance and say f**k the rest why not it's your money and if u can do it go for it

Clearly that's not the case given the OP's statement.

[ChrisPD]

What's the problem with purchasing an 08? The buyer is usually aware that there is some outdated software and a few odds and ends are different. But you're purchasing an m3 that's already depreciated.

Seems more logical for a 20 year old or people of all ages to save that kind of money.

[Majdnoon]

I agree with everyone else here... you'd be cutting it pretty close to the bone. That plus gas and insurance will kill ya. If you want an M car, why not get a nice E46 or E36 M3 as a toy to have fun with? Theyre cheaper and they'll give you more wiggle room financially, plus you'd be able to keep your 328 for a daily.

[Brian@MWP]

On paper $550 a month doesn't look to bad but after a year or two of paying that every month you'll probably wish you didn't take on that payment ! But your choice in car is awesome and if you decide to do it you'll definitely love the M3. But like you said maintenance is expensive unless you can do it yourself!

[MRSSIIM3]

if you cant afford it, dont buy it

[THE TECH]

Originally Posted by ChrisPD

What's the problem with purchasing an 08? The buyer is usually aware that there is some outdated software and a few odds and ends are different. But you're purchasing an m3 that's already depreciated.

Seems more logical for a 20 year old or people of all ages to save that kind of money.

OP wants the cheapest car and of course that happens to be an 08.

[Majdnoon]

Oh and by the way, I'm also 20, have a well-paying job for my age, live in SoCal, and wanted to sell my Jetta to help me get into an E92. I bought an E36 instead, kept my Jetta as a backup sedan car and a good DD (though I never take it anymore, lol) and I am SO happy with it. You're left with so much more money for mods, repairs, whatever you need.

[Carlos714]

Originally Posted by Uiop

I don't see why not if you can afford it and enjoy your Investment. People will be jealous, that's life. Just don't wrap it around a tree. Are you in college?

I am in college, I literally dream about this car

[Carlos714]

Originally Posted by Majdnoon

I agree with everyone else here... you'd be cutting it pretty close to the bone. That plus gas and insurance will kill ya. If you want an M car, why not get a nice E46 or E36 M3 as a toy to have fun with? Theyre cheaper and they'll give you more wiggle room financially, plus you'd be able to keep your 328 for a daily.

I love da m3, was also looking Into the 335 but I know by the time I'm done paying it off it will be worth half of what I paid for it,and the M3 will still have higher value! Another reason why I want the 2008 is because I want the 6speed manual transmission.im also considering the09.

[Carlos714]

Originally Posted by Brian@MWP

On paper $550 a month doesn't look to bad but after a year or two of paying that every month you'll probably wish you didn't take on that payment ! But your choice in car is awesome and if you decide to do it you'll definitely love the M3. But like you said maintenance is expensive unless you can do it yourself!

Thanks man I appreciate it, it's just something I really want to do now that I'm young and enjoy it. Not when I have kids or married.
Approximately after warranty is over how much would I be spending out of pocket on maintenance?

[BMW Fanatic]

Guys I am turning 22 on Friday and just put a 25k down deposit on a 458, it's a lease. My payments will be around $1500 a month and I have to give the car back in 24 months. 3 things; 1) We have winter for about 6/6.5 months a year. 2) I can only afford 3rd party insurance cos obviously I have to continue paying my $1800 mortgage + life insurance. 3) I invested in a company called Arkym and I lost all of my initial investment.

Please advise if this is a good idea or not. It's my dream car, I really want it!!!

[Carlos714]

Originally Posted by ChrisPD

What's the problem with purchasing an 08? The buyer is usually aware that there is some outdated software and a few odds and ends are different. But you're purchasing an m3 that's already depreciated.

Seems more logical for a 20 year old or people of all ages to save that kind of money.

Your right, I'm not trying to spend an extra 20 to 30 grand on a 2013 where in two years ill loose atleast 15 k.

[Majdnoon]

Originally Posted by Carlos714

I love da m3, was also looking Into the 335 but I know by the time I'm done paying it off it will be worth half of what I paid for it,and the M3 will still have higher value! Another reason why I want the 2008 is because I want the 6speed manual transmission.im also considering the09.

Like I said man, if you really love the M3 that much, just get an older one. Nothing wrong with buying yourself an E46 or E36 M3 to have fun with. If you go with a nice, clean, well maintained, low mileage good quality E36, the entire car itself will cost the 10K deposit that you were planning on dumping on your 2008 E92. You'll save the 550 per month and can spend that money on mods for your E36 an you get to keep your 2000 328i as well. Not to mention it is FAR better on gas (I regularly 25 MPG highway driving normally as opposed to the 19MPG you *may* get from an E92 if you granny drive it). Plus you'll save a TON of money on insurance driving a six cylinder car from 1999, for example, as opposed to a V8 from 2008. It really would be the best decision

[pbonsalb]

Could you afford the insurance, gas, maintenance, tires, and unknown repairs for this expensive and complex car? All will be much higher than whatever you are paying now.

Out of curiosity, what does it cost for a 20 year old male to have full insurance on a 2008 M3 in California (the lender will require collision as well as liability). $5,000 per year?

[24601]

Originally Posted by MRSSIIM3

if you cant afford it, dont buy it

I agree with MRSSIIM3. But then again, I bought mine and I can't afford it. By far the best poor financial decision I've ever made!

[24601]

Originally Posted by BMW Fanatic

Guys I am turning 22 on Friday and just put a 25k down deposit on a 458, it's a lease. My payments will be around $1500 a month and I have to give the car back in 24 months. 3 things; 1) We have winter for about 6/6.5 months a year. 2) I can only afford 3rd party insurance cos obviously I have to continue paying my $1800 mortgage + life insurance. 3) I invested in a company called Arkym and I lost all of my initial investment.

Please advise if this is a good idea or not. It's my dream car, I really want it!!!

The only down side to leasing these high end cars is the milage restrictions...