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      05-05-2010, 01:29 AM   #1
gurgen8or
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Financing A Used Car

Hi,
Some bad news...my 135i was totaled last year. I am now ready to buy a new car. I don't know what to get...I kind of still want the 135i but getting it the second time is wierd and idk if I will be able to afford it now. Anyway, I was looking into a porsche cayman s 2006 for like 34,000. I never bought a used car and was wondering how financing works and how I can get the best rate, credit is no problem. I was also thinking about leasing a 2010 328i Msport, but I want something more unique...135i will be missed.
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      05-05-2010, 01:30 AM   #2
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Any help would be appreciated! Thx
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      05-05-2010, 09:30 AM   #3
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Quote:
Originally Posted by gurgen8or View Post
Any help would be appreciated! Thx
Go to a local bank and take out an auto loan; find one w/ a good rate on used cars.

For me I would be going to San Diego Credit Union or Navy Federal since they offer low rates. I was contemplating selling my car and getting a used Cayman S about a month ago. A lot of BMWs are not fun to drive.
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      05-05-2010, 10:13 AM   #4
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Another difference from a new car is that the term length available is shorter. For instance some banks wont let you do 6 years on an 06.
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      05-05-2010, 10:36 AM   #5
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if you want a used car donate 20 bucks to [i forgot the charitys name on the site] on penfed loans and then after that you can qualify for a loan. they have the lowest loans at 3.99 percent. [if they're what they were a few months ago].
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      05-05-2010, 11:14 AM   #6
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Quote:
Originally Posted by gurgen8or View Post
Hi,
Some bad news...my 135i was totaled last year. I am now ready to buy a new car. I don't know what to get...I kind of still want the 135i but getting it the second time is wierd and idk if I will be able to afford it now. Anyway, I was looking into a porsche cayman s 2006 for like 34,000. I never bought a used car and was wondering how financing works and how I can get the best rate, credit is no problem. I was also thinking about leasing a 2010 328i Msport, but I want something more unique...135i will be missed.
Save your money, buy a used Civic, or Corolla, and invest it into a Northwestern Mutual retirement account.
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      05-05-2010, 02:20 PM   #7
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Thanks for the advice guys, im having second thoughts about it maybe ill just save my money and get a gti as a daily driver their lease is 279 a month. These are hard economic times...
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      05-05-2010, 02:22 PM   #8
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Save your money, buy a used Civic, or Corolla, and invest it into a Northwestern Mutual retirement account.
......You're like me I guess...not following the advice that you give out to people....I always say to my friends buy crap cars, buy real estate and invest but I end up doing the opposite and cutting in all the rest and buy nice cars.
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Its because a lot of BMW owners are housewives or business professionals and know little about cars other than BMW's are a status symbol in their own circles so that have to have one. But exotic car owners know cars, that's why they are willing to spend for a killer car and they know something different when they see one.
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      05-05-2010, 02:43 PM   #9
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......You're like me I guess...not following the advice that you give out to people....I always say to my friends buy crap cars, buy real estate and invest but I end up doing the opposite and cutting in all the rest and buy nice cars.
No, not at all. The OP and I are not in the same situation.

I think it's okay to buy nice cars, for some people it's a passion. However I think of cars as expensive toys. There is a time and place to purchase them.

When I was 20 years old, I had some money saved up, and at the time I really wanted to buy a 300zx. I was going to pull the trigger on one, but realized in time that it would be a very bad investment. I could of bought one, struggled to make the payment, and enjoyed the car. Instead I invested into my education, drove an old Taurus, and created a career for myself.

I'm not 20 years old anymore, and I have the economic freedom to be able to maintain my financial needs, my financial future, and that of my families. The total value of all the cars I own represents a fraction of a percentage of my assets.

Totally different situations.
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      05-05-2010, 02:44 PM   #10
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Thumbs up

Quote:
Originally Posted by gurgen8or View Post
Thanks for the advice guys, im having second thoughts about it maybe ill just save my money and get a gti as a daily driver their lease is 279 a month. These are hard economic times...
Good choice.
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      05-05-2010, 04:18 PM   #11
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Originally Posted by MediaArtist View Post
No, not at all. The OP and I are not in the same situation.

I think it's okay to buy nice cars, for some people it's a passion. However I think of cars as expensive toys. There is a time and place to purchase them.

When I was 20 years old, I had some money saved up, and at the time I really wanted to buy a 300zx. I was going to pull the trigger on one, but realized in time that it would be a very bad investment. I could of bought one, struggled to make the payment, and enjoyed the car. Instead I invested into my education, drove an old Taurus, and created a career for myself.

I'm not 20 years old anymore, and I have the economic freedom to be able to maintain my financial needs, my financial future, and that of my families. The total value of all the cars I own represents a fraction of a percentage of my assets.

Totally different situations.
Yep...a lot of guys should listen to you btw.........You did the right choice. I had to do the same...I'm not at your point yet but it will come.
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Originally Posted by corneredbeast
An engine from a Z06 Corvette. A differential from a Vespa. Damn

Quote:
Originally Posted by Severious View Post
Its because a lot of BMW owners are housewives or business professionals and know little about cars other than BMW's are a status symbol in their own circles so that have to have one. But exotic car owners know cars, that's why they are willing to spend for a killer car and they know something different when they see one.
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      05-05-2010, 04:45 PM   #12
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..... and that of my families......
Yep - those divorces are expensive!

Your advice is spot on!
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      05-05-2010, 04:58 PM   #13
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2008 135i  [3.00]
Get a clunker and save up for an M1 (assuming it ever appears). If it doesn't arrive by 2012, you'll have money in the bank and can rethink it.
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      05-05-2010, 05:07 PM   #14
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Quote:
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Yep - those divorces are expensive!
Did she leave you because you got the M3?
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      05-05-2010, 05:45 PM   #15
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Penfed

3.99% on used cars.
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