Looking to buy a used M3, fiance and cpo questions.

[CharleyGFX]

Hey everyone,

So after months of researching and looking at prices drop, I have finally found someone to buy my 335i and is looking at getting an e92 M3. Pretty set on getting a 2011 Alpine White/Fox Red with navi/carbon bits, but I’m not sure what I should be paying for one since what I want to pay is close to $35k for one with around 40-60k miles on it. Every listing I see is for around $45k-50k and I think that’s way too high for a car with that kind of mileage.


I’m trying to get 12k for my 335i with 130k miles on it, the person is looking to get close to $9.5k without all my mods and wheels. So in the worst case scenario I want to use that money towards a down payment of 20%.

Let’s say the car is $38k x 20% = $7600. Looking to fiancé around $30,400/60 months, it would be around $500 for the payments. Currently I make about $3500 a month, I want to know if this is a good finical decision since I am 25 and have really no bills besides the car and insurance that will be on it.

There would be around $3k leftover from selling my 335i that I could either save as car payments just in case something happened and I can’t make the payments, or I could use that money towards a CPO? Please give any feedbacks that you might back, all is welcome.

[Seattle M3]

Stay in what you can afford. If you make $3,500/month why would you want a $500/month car payment and the possibility of something breaking? Buy something nice that is under warranty for $300/month or less. My $.02!

[EJT86]

I would look at the payment you have now for the 335 and look at the monthly difference for the M and decide if you can live without the difference

[ynotony]

If $3500 is your take home after all taxes and maxing out your retirement account(s), and your other monthly expenses are easily under $2000, and you have an emergency fund of at least 6 months, and you have no financial goals, then it's not that bad. Still not smart or very responsible, but not that bad. It won't ruin you, and you can always sell it.

But if you're living at home by choice and buying a $40k car, I'd think twice. That is incredibly embarrassing, in my personal opinion.

[CharleyGFX]

Originally Posted by Seattle M3

Stay in what you can afford. If you make $3,500/month why would you want a $500/month car payment and the possibility of something breaking? Buy something nice that is under warranty for $300/month or less. My $.02!

It looks like the FRS is the sound choice for me right now too then, because I've ran the numbers and that is pretty close to what I'll be paying. I'm just worried that it will be the biggest downgrade and bad decesion

Originally Posted by EJT86

I would look at the payment you have now for the 335 and look at the monthly difference for the M and decide if you can live without the difference

The car is paid off. Insurance would only be 300 more every 6 months for me, so it's not too crazy.

Originally Posted by ynotony

If $3500 is your take home after all taxes and maxing out your retirement account(s), and your other monthly expenses are easily under $2000, and you have an emergency fund of at least 6 months, and you have no financial goals, then it's not that bad. Still not smart or very responsible, but not that bad. It won't ruin you, and you can always sell it.

But if you're living at home by choice and buying a $40k car, I'd think twice. That is incredibly embarrassing, in my personal opinion.

There are M's out there right now around 28k-35k. But I do what you're saying though, I just don't wanna make an affordable choice but be sad for a couple of years.

A 27k BMW 135i is also an option but it would cost A LOT more to insure it for some reason. Going to be double of what I'm paying now

[gatorfast]

Unless you are marrying your car you will finance it and it won't be your fiancé.

And it is an absolutely horrible financial decision based on what you described. You have champaign taste but a beer budget.

[backhill]

Originally Posted by gatorfast

And it is an absolutely horrible financial decision based on what you described. You have champaign taste but a beer budget.

Agreed.

I don't even know where to begin. Do you live with your parents, rent, or are you currently paying a mortgage? Are you maxing your retirement accounts? Is 3.5k net after taxes and retirement account allocations?

[CharleyGFX]

Originally Posted by backhill

Agreed.

I don't even know where to begin. Do you live with your parents, rent, or are you currently paying a mortgage? Are you maxing your retirement accounts? Is 3.5k net after taxes and retirement account allocations?

Originally Posted by gatorfast

Unless you are marrying your car you will finance it and it won't be your fiancé.

And it is an absolutely horrible financial decision based on what you described. You have champaign taste but a beer budget.

I live with my parents, for asian people.. this is normal for us to move back home after college and live with parents.



I am in talks with a dealership RIGHT NOW for a 2008 with every option you can have on an 08, for $32,500 @ 55,619 Miles on it. A Scion FRS cost $28k out the door, are you guys all saying that 4k difference is not worth it to get an M3?

[EJT86]

It is if you've gotta spend another 20k for a new engine...you should read up on rod bearing issues and be cautious when shopping

[apollo322]

Originally Posted by CharleyGFX

I live with my parents, for asian people.. this is normal for us to move back home after college and live with parents.



I am in talks with a dealership RIGHT NOW for a 2008 with every option you can have on an 08, for $32,500 @ 55,619 Miles on it. A Scion FRS cost $28k out the door, are you guys all saying that 4k difference is not worth it to get an M3?

No it's clearly a better deal in terms of car for the money and resale, but a MUCH WORSE car for you if anything breaks over the next five years ( and it will). The first time you ever have to make a $4,000 repair while you still have thirty $509 car payments left you'll wish you got the FR-s.

[hk401]

Originally Posted by CharleyGFX

I live with my parents, for asian people.. this is normal for us to move back home after college and live with parents.



I am in talks with a dealership RIGHT NOW for a 2008 with every option you can have on an 08, for $32,500 @ 55,619 Miles on it. A Scion FRS cost $28k out the door, are you guys all saying that 4k difference is not worth it to get an M3?

this car is 7 years old, resale value and no factory warranty. If you get the bad one(the BMW M car is expensive to repair). BMW M3 2011-2013 prices are getting lower each year. So just wait save your money.....M2, M4, new stuff coming out each year that will make the e92 cheaper.

[X5-User]

Originally Posted by CharleyGFX

I live with my parents, for asian people.. this is normal for us to move back home after college and live with parents.



I am in talks with a dealership RIGHT NOW for a 2008 with every option you can have on an 08, for $32,500 @ 55,619 Miles on it. A Scion FRS cost $28k out the door, are you guys all saying that 4k difference is not worth it to get an M3?

Thats not the correct way of thinking about...it is not only 4k difference..

M3 you are considering is 7 years old with 55k miles ... alot of things can go wrong for 7 year old car and M3 as every one said is very expensive to repair.

FRS in the other hand is brand "new" which you wont have a problem at least in the beginning and IF something goes wrong it is still cheap to maintain and repair

I would suggest you to think twice before buying an M3 if you have limited budget.

[thecurryman]

I guess Ill be the only one here telling OP to buy the car... lol

OP, you live with your parents and as an asian myself I understand why you live with your parents. Its cool, Ill probably do the same. But it means that you don't have to pay for rent/utilities which saves you a lot of money. If you take home $3500 after taxes and really don't have any expenses other than food or small purchases then Id totally take the car. You're young why not live it up while you can before its too late? Take half your money and invest it or save it, buy the car but make sure you get an aftermarket warranty (ideally an exclusionary policy one) and you should be fine. Make sure the dealer has the car all up to date on maintenance.

[BOOstJunkee]

Seems like you really want the M3... I say get it. Yes, there are probably a few better options for you to check out. But you're the one that has to live with the purchase. The only thing I would advise, is you purchase yourself a nice aftermarket warranty. That should save you some headaches and allow you to enjoy your car a little more. Good luck.

[AI32]

You only live once. You'll love it when you're driving it, and hate it when it breaks, but you'll be in the car you want. I had a Subaru Legacy GT when I was 25. The turbo blew, and I had to dig my way out of a ton of debt after getting it back on the road. I wouldn't change a thing - i loved that car. That was five years ago. The experience was worth way more than the money to me. Besides, at 25, you've got the time to figure out how to make much more.

[Bavarian Beast]

Well, you live with your parents so you may need that to attract the ladies..joking...

Get it. If you can afford it and it is what you want then why not?