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      01-23-2013, 01:29 PM   #23
Yugo
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Quote:
Originally Posted by Carlos714 View Post
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
Do it! People will always tell you wait, you are still young, plenty of time to buy an M3, wait until you are established etc, but the reality is as you get more established and get older your priorities will change as well. Marriage, kids, college savings and other expenses associated with them, therefore I say do it now and you want regret it.

With interest rates at their historical lows, it's a no brainer not to own your dream car right now.

This is all being said with my assumption (haven't read other posts therefore not sure if you provided more detail) that you will be able still to save somewhat for the retirement, wouldn't worry about maxing it and all that at the moment just enjoy your car, you are 20 years old plenty of time for that as far as your living situation goes, you live in CA and I want even speculate on that I am assuming you are renting...
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      01-23-2013, 01:30 PM   #24
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Originally Posted by 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?
I currently work for JIFFY LUBE THE MAIN CORPORATE, so a lot of maintenances will be majorly discounted. With Atleast 60 percent off on every maintenance done .
Gas is a v8 I can surely do that. I just need to look into insurance
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      01-23-2013, 01:31 PM   #25
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Originally Posted by Carlos714 View Post
I currently work for JIFFY LUBE THE MAIN CORPORATE, so a lot of maintenances will be majorly discounted. With Atleast 60 percent off on every maintenance done .
Gas is a v8 I can surely do that. I just need to look into insurance
Does Jiffy Lube have access to the special Castrol oil that the M3 uses?
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      01-23-2013, 01:34 PM   #26
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Focus on work for a while longer and save your money. Buy a house and then buy a M3. This is what I did anyway. I also have a room mate to help with the mortgage.
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      01-23-2013, 01:38 PM   #27
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Quote:
Originally Posted by Carlos714 View Post
I currently work for JIFFY LUBE THE MAIN CORPORATE, so a lot of maintenances will be majorly discounted. With Atleast 60 percent off on every maintenance done .
Gas is a v8 I can surely do that. I just need to look into insurance
Does Jiffy Lube have access to the special Castrol oil that the M3 uses?
Usually when they don't have any item in stock they do what's called a PAID OUT and buy it themselves and add to my bill.
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      01-23-2013, 01:40 PM   #28
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Originally Posted by AshyLarryMP
Focus on work for a while longer and save your money. Buy a house and then buy a M3. This is what I did anyway. I also have a room mate to help with the mortgage.
Even if I put 10 k down, I will still have atleast 6k in bank which I'm planning to Invest in a home in NORTH CAROLINA where houses keep going up in price. Worst case scenario I have a home in NC . What do you think?
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      01-23-2013, 01:42 PM   #29
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Quote:
Originally Posted by Team Plutonium View Post
You just drive backwards the last 6 months of the lease to take the mileage off.
Why do you always give such good advice?
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      01-23-2013, 01:47 PM   #30
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How about a new Lexus IS F-Sport?
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      01-23-2013, 01:47 PM   #31
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A car is the worst investment you'll ever make. Two things you'll get for sure a bill every month and a heap of metal worth half of what you payed for it.
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      01-23-2013, 01:56 PM   #32
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I think it would be a bad idea to go with an 08 M3 when you could find a low-ish miles E46 M3 and enjoy the hell out of it for a lot less money. Maybe it's weird but when I see an E46 M I really do lust after it for it's size and honestly more sporty looks IMO.

Finish school, get promoted, buy a house, then find a 2012-13 M3.
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      01-23-2013, 01:57 PM   #33
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Originally Posted by Nati Beastcat View Post
A car is the worst investment you'll ever make. Two things you'll get for sure a bill every month and a heap of metal worth half of what you payed for it.
How encouraging
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      01-23-2013, 01:58 PM   #34
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I say go for it. Insurance won't be a problem if you have a clean record. I'm 19 and pay $1,100 a year for full coverage.
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      01-23-2013, 02:06 PM   #35
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If you have no other liabilities (kids, mortgage..etc..etc), I say why not? It's just you can do so much more with that 10k rather than putting down on a depreciating item. Why not lease a 2013? Do you have another DD car?

Well..hurry up, and we'll see you at this year's MFEST...you are going to be one of the youngest folks there with an E92.
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      01-23-2013, 02:07 PM   #36
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Quote:
Originally Posted by Carlos714 View Post
I currently work for JIFFY LUBE THE MAIN CORPORATE, so a lot of maintenances will be majorly discounted. With Atleast 60 percent off on every maintenance done .
Gas is a v8 I can surely do that. I just need to look into insurance
Probably a 20 year old without a college education who is working at Jiffy Lube should not be buying a $35k used car, but that is my conservative old school perspective. The liberal new school perspective is that you only live once, so enjoy life now and don't worry about borrowing a lot of money or saving for the future. The reality is that at your age, assuming you have no responsibilities to other people, there is probably little harm in trying to afford the M3.
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      01-23-2013, 02:09 PM   #37
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wait 3 years and get a 2012-3...when the new one will be out. u'll get it for cheap and u can save till then
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      01-23-2013, 02:16 PM   #38
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Quote:
Originally Posted by Yugo View Post
Dthe reality is as you get more established and get older your priorities will change as well. Marriage, kids, college savings and other expenses associated with them, therefore I say do it now and you want regret it.
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      01-23-2013, 02:22 PM   #39
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you need to consider a lot of stuff when buy a car, as everyone said its not just the down payment and the monthly payments. its a car things do go wrong and the M tax is pretty expensive so if something was to go wrong ur done. you will also need more than ur 550 every month, insurance will be expensive and you will be spending around 1000 just to have the car. wait a few years and save up your money.
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      01-23-2013, 02:24 PM   #40
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Quote:
Originally Posted by Carlos714 View Post
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
What is it with you kids? Try looking at something affordable. Plain and simple. Look at these options. They are no slouches by any means.

2000-2010 Honda S2000
2001-2006 BMW E46 M3
2006-2008 BMW E86 M Coupe or Roadster
2003-2005 Nissan 350Z

I would even go so far as to even look at the cheaper 1991-2001 Acura NSX.

I have owned every one of these cars at one point and working at Jiffy Lube these are right in your price range. Some of these may be too expensive.

Also nobody considers on top of the 2008 M3 price, insurance, monthly payment, you will need another $10,000 to get it to where you want it. Thats just me. Be reasonable and realistic. A 2008-2013 is not realistic.
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      01-23-2013, 02:24 PM   #41
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Quote:
Originally Posted by Pure ///M
I say go for it. Insurance won't be a problem if you have a clean record. I'm 19 and pay $1,100 a year for full coverage.
How much do u pay a month bro for the car itself?
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      01-23-2013, 02:25 PM   #42
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Originally Posted by Team Plutonium View Post
You just drive backwards the last 6 months of the lease to take the mileage off.
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      01-23-2013, 02:26 PM   #43
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First of all, I love this thread.

Quote:
Originally Posted by Carlos714 View Post
I currently work for JIFFY LUBE THE MAIN CORPORATE, so a lot of maintenances will be majorly discounted. With Atleast 60 percent off on every maintenance done .
Gas is a v8 I can surely do that. I just need to look into insurance
Even if they offer to do it for free, do not let the guys at Jiffy Lube do maintenance on an E92 M3.

Quote:
Originally Posted by Carlos714 View Post
Even if I put 10 k down, I will still have atleast 6k in bank which I'm planning to Invest in a home in NORTH CAROLINA where houses keep going up in price. Worst case scenario I have a home in NC . What do you think?
If you really want it and think you can afford it, do it. But it sounds like you have a lot going on financially, with potential real estate investments, etc. Not trying to sound snotty--seriously consider talking to a real financial advisor about your current situation and future. Don't expect sound financial planning advice from strangers on a car forum.

Quote:
Originally Posted by Pure ///M View Post
I say go for it. Insurance won't be a problem if you have a clean record. I'm 19 and pay $1,100 a year for full coverage.
In California? Full coverage? I'm unfortunately quite a bit older than 25, with a clean driving record and multiple discounts, and there's no way I could get full coverage on my M3 for $1100 a year here in the NYC 'burbs.

Quote:
Originally Posted by pbonsalb View Post
Probably a 20 year old without a college education who is working at Jiffy Lube should not be buying a $35k used car, but that is my conservative old school perspective. The liberal new school perspective is that you only live once, so enjoy life now and don't worry about borrowing a lot of money or saving for the future. The reality is that at your age, assuming you have no responsibilities to other people, there is probably little harm in trying to afford the M3.
Plus, with four more years of Obama ahead, the country and possibly the world is likely to collapse in financial ruin in the near future, so why not enjoy life now?
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      01-23-2013, 02:30 PM   #44
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What is it with you kids? Try looking at something affordable. Plain and simple.
Millennials. They've never been told no.
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