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02-14-2013, 06:55 PM | #1 |
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Early twenties, looking at an M3
I'm 22 and I'm currently employed making $60k/yr. I have no debt.
I have no desire to move out yet, so I've got the next 3 or so years to get the ball rolling on my own place. The M3 is a splurge I may not deserve at this point, but given my particular situation, is it doable? I have a deep love for cars and I feel like owning an M3, especially this particular generation, would be something I would look back on in a few decades with a huge smile. What do you think? |
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02-14-2013, 06:58 PM | #3 | |
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02-14-2013, 07:03 PM | #4 |
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Save money and buy used, then use the saved money on all the girls you'll be getting in the M (Sorry I mean dudes because the M3 is a total dick magnet).
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02-14-2013, 07:04 PM | #5 |
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I did it when I was making 60k. I leased mine at first as I didnt drive much and the 840 payment wasnt a big deal with 5k coming in.
Now I make way more and bought one so your call essentially. Oh im almost 23. |
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02-14-2013, 07:37 PM | #10 |
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if you have no pmt on house/rent or food, it's perfectly doable. like a few said, buy used, no difference between 2011 and 2013. save you money and still get you the dream car
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02-14-2013, 07:40 PM | #11 |
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02-14-2013, 07:46 PM | #12 |
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The best is to get a 1-2 yrs old mint condition used M3, so you get both of the worlds.
Everyone is different, and some people may regret not getting the M sooner, but others may regret not saving enough money. Bottom line is, although life is short, but it is never about how much you make but how much you save. The older you get the clearer you will see how beneficial it becomes when you add up those little savings from skipping a Starbucks or dining at home or not going to the movie theater. And, being less relevant, you may love your M but I doubt you will love BMW's dealership services... Trust me, BMW's service does not live up to its price tag. So you may get buyers remorse not from paying a brand new M but the crappy brand equity that comes with the car, lol.... Get a used one and be familiar to BMW as a brand so you can accurately set your expectation and minimize your buyers remorse. |
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02-14-2013, 07:48 PM | #13 | |
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Why did I wait? Because spending all my money on a car and therefore being unable to do things with my friends, buy nice clothes or otherwise enjoy seemed like a poor decision. People these days base their decision on "do I make enough to pay for this" rather than "Do I make enough to comfortably do this without sacrificing other things in life that I may want/need". It's up to you. I guess I just don't understand the purpose of posts like this. None of us are your personal finance advisors. Only you know your current financial situation. Can you afford 550 a month on. A 60k salary? How would I know. For all I know you have a 2500 rent bill, were injured in a car accident and have medical bills up your ass. Only you can decide what's right for you. No one on this board can for sure. So why post? |
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02-14-2013, 07:49 PM | #14 |
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I'd look into a CPO M3, or even a non CPO'd pre-owned 2011.5+ with a few years on the warranty left.
Try to see if you can find one within your price range, that's clean with fairly decent mileage (I'd say < 20-25K). With any vehicle purchase, initial buying price isn't the only thing you need to keep in mind... it's the miscellaneous maintenance fees that will add up in the long run (engine/brakes/tires/oil changes, the list goes on). |
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02-14-2013, 07:53 PM | #15 | |
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When I was 22, I drove an Olds Cutlass, and I don't look at that as some badge of honor. It was a boat. I've always loved cars, and back then I was wanting a Mustang or Camaro and I seriously doubt that today I'd be looking back with any regret if I had gotten one back then. If you do get a used E9x M3, be sure you can afford the risk when the car's out of warranty. It's a complex car and quite suddenly you could easily have a $2k+ repair bill. If you love the M3 and aren't sure about the E9x, I don't think you'd be going wrong with an E46 or E36, either. Get a car you love. |
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02-14-2013, 07:56 PM | #16 |
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it's up to you man. a guy can argue this from both sides as there are many reasons to do it, and not to.
i could afford a new one, but elected to get an '08 because i couldn't justify it in my head. deprecation is a significant factor on all these german cars, i felt it was better to let someone else take the beating, and i'm ok paying what i did with a car a few years older. it's all what you want to do. to the guy in canada making 131k, how much do you pay in taxes up dere? |
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02-14-2013, 07:59 PM | #17 |
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02-14-2013, 08:03 PM | #18 |
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I had to learn my lesson with modding my car, although it was very fun. Modded cars break more and you lose money in the resale. If I was you I would get a WRX or G37 and mod it, have fun and learn my lesson. Then when it breaks down or you sell it, get a next generation M3 and keep it stock. The more I think about it, the more sure I am that the next gen M3 will be awesome. Every car BMW makes seems to be better than the last. In 4 years you can get a next gen low mileage used M3 at a good price.
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02-14-2013, 08:19 PM | #19 |
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Start with something like a used 3 to 5 year old three series or even an American car ,,, save your money at this time then later in life when you purchase something like a M3 you feel much better about it.
Since you asked ... that is my opinion ...
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02-14-2013, 08:24 PM | #20 |
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Don't know the rest of your situation, but I can't see how this is a good idea... when you're making double that later on in your career, you can pick up a CPO M3.
When I was at your stage of my career (no debts), I had an old air-cooled 911 that I got for around $18k... but to get a car for double that (or more), bad move. Max your 401k now, the M3 will come in time. Indeed, as had been said: "Life is too Short"... to spend it in debt. |
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02-14-2013, 08:29 PM | #21 |
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If your parents don't mind supporting you while you blow lots of cash on an expensive luxury car, go for it. With no responsibilities and a reasonable income, it is easy to buy the M3. You should probably talk to your parents about your idea, though. They might agree that you deserve the M3 given how hard you have been working for all these years or they might think you should be supporting yourself if you have that kind of money to spend on a car. Each family is different. Where would you go from here -- driving a $60k car in your early 20s, what will you expect when you are in your mid 40s?
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02-14-2013, 08:40 PM | #22 |
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Nope. Esp living at home w/ the parents still.
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