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personally, I would not do it yet. I would wait until you're in the $90k income range. It sounds like you're barely on the line of comfort level (rainy day issues)
Again, that's just me and my level of comfort with my finances. I was in a similar situation 2 years ago, old car worth about $13k, $700 in rent pro rated, post 401K and other savings. No debt. I did not feel comfortable picking up an M3 at 70k income.
I suggest getting a pre-owned one for around 46k if you MUST have one.
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