what do you guys recommend i do to attain my dream car?

[bmw13]

As an M3 "upsessive" i was very close to getting my dream e92 m3 for my 20th last year, but was not approved, in return i decided to go with a 1 series. (wanted anything faster than my 330i) love the torque of the 1 especially tuned but the car does not emphasize on what i enjoy most and thats fast cornering. when test driving the coupe the power felt almost perfect imo. what i loved more was how stable and planted it felt, and the lsd i could go all day but... back to the issue. i do have a tuned car and the power gains are great but where i live right now the heat kills all the fun. bottom line my hear is still with the ///m3, i loved my e46... the scenario:getting a raise in a month and am seriously thinking about getting into an e92 m3, but don't want to get more hurt than i am. i want to know the best way to go about this to get it done.

2009 135i ~18,000 mls
second car with BMW financial w/o cosigner.
credit 780+
owe about 35,000

based on this info what time frame, or what mileage should i go to my dealer to try to get this done? thanks for the help guys

[SUB-ZERO]

Well, if you purchased your own 135i, then I would say you are doing something right. However, from my experience, the only way to help ensure success is to gain experience and education in your specific field/industry.

What do you do for a living? Education? Work experience?

If you happen to be in the engineering or IT industry, I can possibly provide you with some specific advice.

However, in general terms and aside from educating yourself and gaining experience, I recommend you target a specific niche within a stable or emerging industry and become very good in it. Additionally, the environment in which you are in (Florida), may not be as conducive to career growth as other areas within the US.

-SZ

[bmw13]

I am a produce broker. We are one of the largest suppliers to Metro Richelieu of Quebec, Montreal and Ontario. We have established a very good relationship with them over the last 20 years and it is only getting stronger. Over the past couple years they choose to stick with us on more specific items year around which says a lot. As a broker and with the connections we have established we have the option to shop the country based on quality on the East and West coast, but again we do all of our business in CAN, who fortunately cares much more about food Quality and are willing to pay for it. As far as the stability of the company it is very strong and can assure you is only growing. But i started this thread to get advice on numbers aspect of the situation but appreciate your concern financially. I only pay $440 @ 2.9% a month now for my 1 and can pay more now but even more so with the raise. what should i do? as far as the down payment 3-5k with trade in and when or what mileage thanks..

[SUB-ZERO]

I think a well appointed m3 ($70k-$72k ) at 2.9% with about $5k down will be between $950-$1200 per month depending on the type of financing that you do. If you do the BMW preferred plan with a balloon payment at the end of the loan, you can achieve a monthly payment of about $950 with a balloon of about $20k at the end. Take a look at the calculator on the BMW site, it will give you a very close approximation.

Oh, BTW, normally as a good rule of thumb, keeping your car payment to 1/8 of your net monthly income is a good financial choice (I personally try to stay at 1/16). At your age, I recommend keeping your debt low and invest in yourself or your business. However, if you can write your car off for a business expense, then you may want to lease.

-SZ

[Poleposition]

Theres always this:

[bmw13]

based on buying my 1 brand new, i am going to probably go used... no need for one my age to take such a hit.. again. i believe one with under 10k would be just fine...

[bmw13]

Originally Posted by Poleposition

Theres always this:

thought about it already, too difficult and couldnt even drive the car the way i would want to, it would attract too much negative attention

[Poleposition]

Originally Posted by bmw13

thought about it already, too difficult and couldnt even drive the car the way i would want to, it would attract too much negative attention

Good cause I was j/k. You have plenty of time to land yourself an M3. Keep doing what youre doing. It'll happen.

[SUB-ZERO]

Originally Posted by bmw13

based on buying my 1 brand new, i am going to probably go used... no need for one my age to take such a hit.. again. i believe one with under 10k would be just fine...

Just updated my last post..take a look. Also, have you thought about the upcoming M1/1M?

-SZ

[bmw13]

thanks SZ for all the help man, really do appreciate it. i was considering the m1 but dont know if i want to wait... but last time i didnt wait i jumped into a 1 series which i think is a great car and i like it a lot, but i certainly do not love it, so merely jumping into an m3 right away is kind of foolish i would be putting myself into the same situation now

[bmw13]

as far as mileage goes, when would be the optimum time to jump out to get the most into my next car?

[SUB-ZERO]

Originally Posted by bmw13

thanks SZ for all the help man, really do appreciate it. i was considering the m1 but dont know if i want to wait... but last time i didnt wait i jumped into a 1 series which i think is a great car and i like it a lot, but i certainly do not love it, so merely jumping into an m3 right away is kind of foolish i would be putting myself into the same situation now

No problem man!

I think the M1/1M will be worth the wait; I myself am considering buying one to keep the M3 company. The wait is not too far off; I heard second quarter 2011. Besides, if you wait, you will pay your 135 off a bit more and hopefully come out on top when you trade it in or sell it.

-SZ

[bmw13]

very true, i have not even had this car for a year now, nor did i have my 330i for more than 6 months, i am creating a very bad habit. i will be patient and wait for the right time and the right m car to come along. whether its the m1 or m3 itll work out. my fear is me wanting the m1 after getting the m3 you know? as i am wanting the m3 again after thinking i would be as happy with a 1. stick to what you know, first choices are usually right... like i said this habit must end before it starts.

[gatorfast]

If getting an M3 was the ultimate goal, then why did you buy such an expensive car so recently instead? I don't know what your complete situation was, but it seems like it would have been smarter to keep the 330i and keep saving instead of buying a new $35k+ car that you weren't really crazy about.

Not really sure what you are asking. I don't think anyone on here knows the optimum time to trade in your 135i for a new m3, only you can decide that.

[bmw13]

Originally Posted by gatorfast

If getting an M3 was the ultimate goal, then why did you buy such an expensive car so recently instead? I don't know what your complete situation was, but it seems like it would have been smarter to keep the 330i and keep saving instead of buying a new $35k+ car that you weren't really crazy about.

Not really sure what you are asking. I don't think anyone on here knows the optimum time to trade in your 135i for a new m3, only you can decide that.

i figured i would love the 1 more after i tuned it but, the handling factor just isn't there

[bonedoctor]

Originally Posted by gatorfast

Not really sure what you are asking. I don't think anyone on here knows the optimum time to trade in your 135i for a new m3, only you can decide that.

+1

To be perfectly honest, I agree with the 1/8th iincome minimum. My wife's and my car combined is only 1/20th of my income, and that's really the best place to be. Financial security is earned over time and the best advice is seldom taken.

Here's a good example taken from my own life. I do really well right now, but it took 15 years of school/training to get here. If I had a stable income 1/5th my current income from the time I was 22 until now, I would be better off financially than I am today. That is to say, IF I was careful, saved, and invested. If I saved all the money that would have gone to my schooling, training, and money that I never had because I was in school and training, I would be much more well off today financially.

But very few people are able to do this because most people spend every penny they earn and don't take the effort to save and invest wisely.

If you are only interested in the best time to jump out of the 135i, then there really isn't a good answer. The longer you make payments at $440/mo on a 2.9% loan, the more you can put away and directly save toward the M3. That means, you really should wait as long as possible.

It's not really fair to just wonder what the breakeven point is, when you won't be upside down on how much you owe on the car versus how much its resale value is. The breakeven is going to be somewhere around 1.5 years from now. But you have to figure that every month from now until 1.5 years from now, you could be putting away $500/mo. But at the same time, you are putting about $300/mo of equity into the loan monthly anyways.

Maybe the best determinant is that you've lost about 25% depreciation on your car already. You're losing another 10% in the next year. And another say 7% the following year. So again, the longer you wait, the better.

Nevermind, now I'm just rambling.

[richardbb85]

why is it better to write off a lease and not finance?

[Mark's M]

Well 'ya know.....you're going to get one, that's a given. You sound like me....when I get fixated on something, it'll happen.

Take everything that everyone's said into consideration but go with your heart. If your heart can stand a little less money in your pocket for awhile (well a few years actually) and it's something you can afford somehow, some way, then go ahead. If it's honestly going to create financial difficulty (i.e. way too much stress), then it might not be worth it. A great pre-owned sounds like the way to go though and half the fun of buying one of these things is looking for the right one.

Good luck (and btw....our Metro's here are booming, great places to shop at. Sounds like you'll be at your company for the long haul if your quality stays as good as it is!!)

[SUB-ZERO]

Originally Posted by richardbb85

why is it better to write off a lease and not finance?

I may be wrong but the way I have it understood, you can write off the entire lease payment for business purposes but only the interest on a financed vehicle.

-SZ

[1cleanm6]

just wait,

good things come to those who wait.

[bmw13]

Originally Posted by Mark's M

Well 'ya know.....you're going to get one, that's a given. You sound like me....when I get fixated on something, it'll happen.

Take everything that everyone's said into consideration but go with your heart. If your heart can stand a little less money in your pocket for awhile (well a few years actually) and it's something you can afford somehow, some way, then go ahead. If it's honestly going to create financial difficulty (i.e. way too much stress), then it might not be worth it. A great pre-owned sounds like the way to go though and half the fun of buying one of these things is looking for the right one.

Good luck (and btw....our Metro's here are booming, great places to shop at. Sounds like you'll be at your company for the long haul if your quality stays as good as it is!!)

thank you my friend, love the optimism. And a positive post like this i can not only help but look to as an omen. haha I will be patient and wait for that dream car to come along, and when i feel it is the one, i will pluck it from the bunch. I guess its just gives me some more time to me decide my which color-way thanks you all for the wisdom you have shared, your advice will not be overlooked nor taken for granted. Will keep you all posted on my next move whether it is a e92 m or "m1". BMW FTW

[richardbb85]

Originally Posted by SUB-ZERO

I may be wrong but the way I have it understood, you can write off the entire lease payment for business purposes but only the interest on a financed vehicle.

-SZ

can someone else confirm this?

Originally Posted by bmw13

thank you my friend, love the optimism. And a positive post like this i can not only help but look to as an omen. haha I will be patient and wait for that dream car to come along, and when i feel it is the one, i will pluck it from the bunch. I guess its just gives me some more time to me decide my which color-way thanks you all for the wisdom you have shared, your advice will not be overlooked nor taken for granted. Will keep you all posted on my next move whether it is a e92 m or "m1". BMW FTW

good luck man, just keep up the hard work and it will pay off in the end