20 year old, want to buy 2008 e92

[Maximusdafarmer]

Wow... kind of new to this forum but have to get in on this.

First of all... who is getting 1100 a year for full coverage at 19? I was with USAA and a clean record, and similar vehicle, and I got nothing near that. Like I was twice that.

Second, as a former 20 year old who made a similar decision, I would advise you not to do it. When I was 20 I purchased a 2006 CTS-V and loved it. I also blew a lot of money on a lot of dumb stuff. I earned all my own money, paid my own way and did not live at home ( just throwing that out there for everyone who is going to burn me). But at the end of the day, I could have done a lot more with that money.

Third, would just like to point out, not everyone who buys a 2008 does it because it is the cheapest. I very recently picked up a 2008 M3, no options on it besides the luxury package and sunroof 6MT, and I have put enough money into it to buy a 2011 or 12, and by the time I finish in a year I could have bought brand new. But between the engine, cosmetic, software ( i.e. not tune) and suspension updates, I felt no need to pay for options I would be ripping most of them out anyway, no to mention loss of value. Sorry to threadjack, I just felt mildly insulted.

But, last thought, I can't deny that although I was well aware what I was doing was not the soundest financial decision, I frankly did not care every time I punched the accelerator and it brought a smile of sheer joy to my face.

[beam3er]

Why not get a e46 m3 instead and supercharge it? You'll be just as fast and half the cost of e9x m3 and you'll love it! I got both e46 m3 zcp and e90 m3. Cheaper insurance, less gas, just as much fun and you can put tons of mods on it and be less in depth than getting the e9x m3 and the resale value on the e46 m3 is good especially on the zcp and you'll be much more comfortable driving a car that you can afford to fix
Just my 2 cents

[p-streets]

The heck what anyone is saying. your money your choice if you can buy it and pay for it and still be happy then go for it. Everyone hear has a M3 and they are saying no don't get it your to young WTF I'm sure Ppl told th the same. I was told that and I'm fine so do what you want no one here is paying your bills so enjoy yourself bro. If you buy one what you need to budget is the mods you will be spending money on

[Letuz]

Originally Posted by p-streets

The heck what anyone is saying. your money your choice if you can buy it and pay for it and still be happy then go for it. Everyone hear has a M3 and they are saying no don't get it your to young WTF I'm sure Ppl told th the same. I was told that and I'm fine so do what you want no one here is paying your bills so enjoy yourself bro. If you buy one what you need to budget is the mods you will be spending money on

Worst advice ever. The OP says he would have 6k in the bank (as in, total) if he puts 10k down.

What if you need new tires? What if something breaks? You'll be out of warranty and totally screwed. The running costs are not inexpensive either.

Save your money, revisit in a few years... It would be a ridiculously bad decision given your stated financial situation.

[Crypty]

I got mine at 22 with like 18k down and a similar monthly and have no regrets. Insurance for me is like 1100/6 month. Idk what you're making. Everyone has their own financial situation, it's not that crazy an idea though if you have a stable job with decent pay. But maybe I'm not the best person to ask as I almost bought a new gtr at the time.

[catherineanh]

Originally Posted by Red_Baron

Get a Ferrari while you're at it. Y.O.L.O.

+1!!!!! hahahah GO H.A.M cause Y.O.L.O!

[klammer]

Since when did the right decision=best financial decision. Think our skewed sense of morality, right=profitable needs to be adjusted and that value exists outside of dollars & cents. I for one value fun & experience over "perceived" financial sensibility. Go for it! I welcome the challenge of poor financial decisions

[NELSON.MLGB]

I got my M when I was 18. So op do it.

[Detroit M3]

Go for it if you can afford it and have a steady income.

[Timbo3]

Dude I'm 20 and I'm going to college in Boston area. I have a 08 e92 m3.... The car has 32K miles and it runs like a new car... haven't replaced or repaired a thing except oil change and mods ofcoz ... if you can afford it go for it.. great DD car too

[M3Mongo]

There is ups and downs of course. But at 20 unless mommy and daddy are buying the car there is no need to have 40 45+ car. I had a 98 jetta vr6 when I was like 20 and loved every last minute of it. Hey times I still wish I had that same car.
But at 20 there so many things you prolly haven't done and enjoyed and a 550 payment and insurance etc isn't the wisest thing. Yeah I'm all about it's your money spend it but I also wish all the money I spent unwisely on cars etc I could get back.
There tons of fun cars out there no need to jump to the top. 550 for 5 years can be a lot longer then it sounds.

But good luck either way.

[Maximusdafarmer]

I don't think need applies to the purchase of a vehicle like this... Who on here actually NEEDED an M3... It's all about what you want and what's worth it to you

[spyderco10]

Originally Posted by Yugo

Doing sort of "back of the envelope math here" w/ a 10k down and today's interest rates (given you qualify), you s/b able to look at 40k+ cars

[spyderco10]

Originally Posted by Letuz

Worst advice ever. The OP says he would have 6k in the bank (as in, total) if he puts 10k down.

What if you need new tires? What if something breaks? You'll be out of warranty and totally screwed. The running costs are not inexpensive either.

Save your money, revisit in a few years... It would be a ridiculously bad decision given your stated financial situation.

+1 my a/c evaporator core went out right after the warranty expired. this was a $4k repair

[rjd598]

Originally Posted by pbonsalb

It is the rare kid these days who thinks like that. Delayed gratification is beyond comprehension.

Believe it or not I'm 20 and I would rather save than buy myself a car like that. I give credit to my parents for raising me the way they did and the better education ive received thus far. Looking down the road is hard for some people

[Lowest_Frequency]

Originally Posted by klammer

Since when did the right decision=best financial decision. Think our skewed sense of morality, right=profitable needs to be adjusted and that value exists outside of dollars & cents. I for one value fun & experience over "perceived" financial sensibility. Go for it! I welcome the challenge of poor financial decisions

That's fine when you're living on your own. I wouldn't, but that's my opinion.
Saying the same thing when you're living with your parents is just plain disrespectful and you'd deserve to get your a$s beat.

[Grail05]

OP do it... and learn from your mistake... your young do it....

its your money... just FYI yes maintenance on an 08 is a biatch specially if your not a DIY guy...

I have saved so many $$$$$$$$ cause im a DIY... Ive done all... also if you know where to buy the maintenance parts ex. oil pads ect. then it will be cheap...


I put 15k down new, but then again that was new so i didnt have to worry about the maintenance cost or if something would have gone wrong throughout the years.

10k down on an 08 is a bit crazy... but hey its your money.... id prefer putting that on a brand new car and be safe than sorry. you never know... if you buy that car and one week later engine blows up.. your SOL at that point.

well good luck..

[///M3THOD]

Is OP even here any more.. or are we for the most part just talking amongst ourselves?

Such a busy day.. maybe go to Bed Bath & Beyond, I don't know.., I don't know if we'll have enough time.

[limerockpark1of50]

Originally Posted by 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

Nah, you'll waist your money and now out of warranty it's gonna cost A pretty fortune.. Buy A 13 since its the last of the v8's and may hold A value in the future. Save ur money and buy A E46 and have fun with that.. 2006 I believe was the last of that body style and STILL A fun car to drive and own

[Airball118]

A little on my situation:
I'm 25, a mid-level analyst at successful company that is STABLE. My parents put me through college. I was able to get married AND buy a house at 24 because I didn’t have college loans.

Now, I sit here and digest as much information as I possibly can about the M3 on this forum. I get to learn the “in’s and out’s” from people that actually own and have experience with the car I dream about. All the while, I put equity in my home, my retirement and some when I can for my dream car. When the time comes (maybe 10 years down the road) I’ll be FULLY prepared (money and knowledge wise) to buy a M3 and not have a voice in my head say “Oh boy, can I really afford this?”

Just my plan, for what it’s worth.

[Carlos714]

Originally Posted by ///M3THOD

Is OP even here any more.. or are we for the most part just talking amongst ourselves?

Such a busy day.. maybe go to Bed Bath & Beyond, I don't know.., I don't know if we'll have enough time.

After reading every single post I'm going with a e46 and mod it up, and for you who are mentioning my parents kicking my ass out, I provide money to my home and parents all the time, and if I wanted the 08 is because I worked my ass off for all the money I have. E46 it is

[zamboni]

Originally Posted by Pure ///M

I pay $600 a month, it's a 2012 E93. Bought it new

Yo must have had 50% down with that payment.