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Originally Posted by CanAutM3
When I started working 20 years ago, I also made a salary equivalent to 60k in today's money. I bought a used VW GTI cash. I dreamt of M3s, but did not even consider buying one at the time. I could afford modifying and tracking the GTI though, learning a lot in the process. Lived with my parents for a couple of years until I piled enough cash for the downpayment on a rental 5 appartment building. This is when I moved out. By the time I was 29, I had piled enough cash to buy my first M3. At 35, me and my wife built a nice big house to start our family. Now that I am 42, my house is fully paid off and life is quite comfortable.
I am a believer in delayed gratification. It usually gets you farther ahead in life  . |
^this.
Think about this, is the M3 your end all car or do you eventually want something more, like an Aventador, MP-14, GTR, GT3, etc? To me the M3 wasn't my dream car so I began investing and continue to do so.
At $60k/year you could qualify for a descent real estate loan. Do your homework and buy a rental property in a market that makes sense. It will produce cash flow and eventually you can trade it up. And it also gives great tax shelter through depreciation and expense write-offs, which means you will keep more of that $60k/yr versus giving it to the government. When Im looking to buy a new toy, i first look at how i can use my money to make the money i need in order to purchase it. Before i bought my r8 i bought two more rental houses and now my tenants are paying off the houses and paying for my car and im still putting money in my pocket, can enjoy life and still have plenty of money in the bank for a rainy day. If you dont have a lot of money saved up for a down payment, the formula will still work in some markets however you'll just have to be patient and smart about moving properties etc, but you're young enough to be in a growing phase.
On the other hand if the M3 is your end all car in life then do it. If eventually you want something bigger, invest the money and one day you can have any car you want. I wish I had started doing what I'm doing now at your age, I'd probably be driving an Aventador. But instead in my mid 20's I leased a 335i and used all my money towards that and invested $0. Just food for thought.