Am I living in a fantasy land?

[alms211]

My advice would be to establish some independence and rent/own a place of your own first. Then look to purchase the M3.

As far as buying an M3 goes, in most normal times I'd say cash is king but when you can Borrower someone else's money at less than 2% interest, I do not see the point in using your cash to buy a depreciating asset. PenFed has car loans at 1.49%.....that is crazy

[kosmo69]

Originally Posted by dmk08

IMO move out and live your 20s. Living in your parents house past your early 20s is blah. Chicks dig guys with cribs and an RSX more than a guy in an M3 at his mammies

what?! Stay w/ Mom and Dad. Rent, food, utilities are expensive! Do you get free laundry service too? Its tough out there. Stay put!


But seriously the new m3 is around the bend and IMO fuel prices will continue to rise. I would wait about a year.

[dmk08]

Originally Posted by kosmo69

what?! Stay w/ Mom and Dad. Rent, food, utilities are expensive! Do you get free laundry service too? Its tough out there. Stay put!


But seriously the new m3 is around the bend and IMO fuel prices will continue to rise. I would wait about a year.

I hope you're joking

[nchan50]

Agree with what others have said. Also, another way to think about it (besides the additional insurance, gas, maintenance) - do you have an extra $2k - $5k in case something goes wrong? You'll probably be buying out of warranty at your price range and it seems like you're already on too tight of a budget.

[M Pulse]

I'll give you a different perspective to determine if this is the right move or not. Let's look at the hard facts. You mentioned you make $40k, is that pre-tax or post-tax income? Don't ever calculate if you can afford something based on your pre-tax income. So I say figure out how much your take-home pay is and start from there. Next calculate how much the M3 will cost you yearly... and in order to do this you have to take EVERYTHING into consideration from loan payments, insurance, gas, maintenance, tires, car washes, mods (if you plan to do any) etc... I think you get my drift.

All of these things make a car more expensive than people initially think. Don't forget that you'll probably need a couple of new sets of tires before your loan is paid off and even more if you need a second set of rims/tires for the winter. So can you afford a $1000 tire bill in the same month as your loan payment along with your other obligations?

Now comes the important part, after you add all this up see what percentage of your annual take-home pay goes towards the M3. If you're spending more than 30% on the car than it's not the right time in my opinion. A car should never ever be the biggest piece of the pie of your monthly expenses. It sounds like with the M3 you're going down this path in my opinion.

And lastly if you get a M3 at 23 what happens at 26...30...35? You're setting yourself up for really expensive cars down the line in your 20s, 30s and beyond. Let's be frank, we always want a better car than our last, otherwise you wouldn't be looking to replace your RSX with a M3. So what will you want to replace the M3 with in a few years?

If you love bimmers and specifically the M3 why not start with a 3 series now and make the M3 your subsequent purchase? Any E9x 3 series is definitely a step up from the RSX and likely a lot more affordable than the M3.

You do sound like you've got your head on your shoulders so take the emotion out of the equation at this point and deal with the hard facts & numbers.

Good luck.

[nchan50]

Originally Posted by aelahi

I'll give you a different perspective to determine if this is the right move or not. Let's look at the hard facts. You mentioned you make $40k, is that pre-tax or post-tax income? Don't ever calculate if you can afford something based on your pre-tax income. So I say figure out how much your take-home pay is and start from there. Next calculate how much the M3 will cost you yearly... and in order to do this you have to take EVERYTHING into consideration from loan payments, insurance, gas, maintenance, tires, car washes, mods (if you plan to do any) etc... I think you get my drift.

All of these things make a car more expensive than people initially think. Don't forget that you'll probably need a couple of new sets of tires before your loan is paid off and even more if you need a second set of rims/tires for the winter. So can you afford a $1000 tire bill in the same month as your loan payment along with your other obligations?

Now comes the important part, after you add all this up see what percentage of your annual take-home pay goes towards the M3. If you're spending more than 30% on the car than it's not the right time in my opinion. A car should never ever be the biggest piece of the pie of your monthly expenses. It sounds like with the M3 you're going down this path in my opinion.

And lastly if you get a M3 at 23 what happens at 26...30...35? You're setting yourself up for really expensive cars down the line in your 20s, 30s and beyond. Let's be frank, we always want a better car than our last, otherwise you wouldn't be looking to replace your RSX with a M3. So what will you want to replace the M3 with in a few years?

If you love bimmers and specifically the M3 why not start with a 3 series now and make the M3 your subsequent purchase? Any E9x 3 series is definitely a step up from the RSX and likely a lot more affordable than the M3.

You do sound like you've got your head on your shoulders so take the emotion out of the equation at this point and deal with the hard facts & numbers.

Good luck.

Agreed - I was just too lazy to type all of this

[Siciliano611]

You make 40k and want to buy an M3....thats all you had to say, yes you live in a fantasy world

[M Pulse]

Originally Posted by nchan50

Agreed - I was just too lazy to type all of this

Yeah, I felt bad for the kid with some of the other members and their harsh words/comments. My intention wasn't to judge him as others have but to provide some real world facts about car ownership.

At the end of the day I'm sure he'll make the right decision for himself.

[Wasteland]

hey i had an RSX type-S





anyways, now im on an M3!

[duk]

you should be focusing on moving out and getting your own place not an M3

but if you HAVE to get one, get an E46 M3 or 335i

[M Pulse]

Originally Posted by aelahi

...

If you love bimmers and specifically the M3 why not start with a 3 series now and make the M3 your subsequent purchase? Any E9x 3 series is definitely a step up from the RSX and likely a lot more affordable than the M3.

....

I should have also mentioned the 1 series... OP, if I were you I wouldn't rule this out either as a means to get behind the wheel of your first BMW. It's a good looking car and definitely fits your age. Small, sporty, great handling, affordable and a chick magnet

[Maloney]

Originally Posted by Team Plutonium

Too much red bull again? Anyway, funny thing is... you keep using the terms "new money" and "old money" when you should be focusing on the fact that you have "no money".

Now go and clean your room.

LOL!

My advice to you e92desired is this:

Your bi-weekly paychecks after taxes is $1,076.92 or $2153 monthly.
Gas is $100 a week, the range on this car is pretty bad.
Insurance for you will be $250 a month at your age and at proper coverage.
If you want a used 08 e92 with 40-50K miles, you're looking at a price tag of 39,000.
Sales Tax in PA is 6%; which is $2,340 (more than a months wage)

If you take out a five year loan of $25,000 (with $14K down) for a $39,000 M3 at 6% interest; your monthly payment would be $483.32

If you take out a five year loan of $20,000 (with 19K down) for a $39,000 M3 at 6% interest; your monthly payment would be $386.66

Car Payment - $483.32
Gas Per Month - $400.00
Insurance per Month - $250.00
Miscellaneous Expenses - ????

MINIMUM monthly expense for $25,000 loan and expenses = $1,133.32 per month. Cash needed to buy car is $14,000 + $2,340 = $16,340 + loan.

53% of your take home pay would be for a car - That's Crazy!!!!

MINIMUM monthly expense for $20,000 loan and expenses = $1,036.32 per month. Cash needed to buy car is $19,000 + $2,340 = $21,340 + loan.

48% of your take home pay would be for a car - That's Crazy!!!!

Do not be car broke my friend - case closed, numbers don't make sense.

[Mahzari]

Originally Posted by Maloney

LOL!

My advice to you e92desired is this:

Your bi-weekly paychecks after taxes is $1,076.92 or $2153 monthly.
Gas is $100 a week, the range on this car is pretty bad.
Insurance for you will be $250 a month at your age and at proper coverage.
If you want a used 08 e92 with 40-50K miles, you're looking at a price tag of 39,000.
Sales Tax in PA is 6%; which is $2,340 (more than a months wage)

If you take out a five year loan of $25,000 (with $14K down) for a $39,000 M3 at 6% interest; your monthly payment would be $483.32

If you take out a five year loan of $20,000 (with 19K down) for a $39,000 M3 at 6% interest; your monthly payment would be $386.66

Car Payment - $483.32
Gas Per Month - $400.00
Insurance per Month - $250.00
Miscellaneous Expenses - ????

MINIMUM monthly expense for $25,000 loan and expenses = $1,133.32 per month. Cash needed to buy car is $14,000 + $2,340 = $16,340 + loan.

53% of your take home pay would be for a car - That's Crazy!!!!

MINIMUM monthly expense for $20,000 loan and expenses = $1,036.32 per month. Cash needed to buy car is $19,000 + $2,340 = $21,340 + loan.

48% of your take home pay would be for a car - That's Crazy!!!!

Do not be car broke my friend - case closed, numbers don't make sense.

Finally, somebody who's using math to answer this question

I agree completely. Save up and buy one when you're older, once you already have a place, 401k, small savings, etc. It'll only be a few more years, but E92 M3s will only drop in price.

[JZBE92]

A house holds better value than a car. That's my 2 cents.

Also, for some reason (hahaha) having a house as a young man gets more women that the M3 in my garage. They never ask to see the garage. Trust me. Get a house. Cause only you'll be able to appreciate the ///M

[dmk08]

You're not even supposed to spend 50% of your income on a mortgage payment much less a car payment. My suggestion would be if you want a BMW get a 335 or something less expensive. If you're looking for something with some balls go buy a new or slightly used 5.0 Stang and have at it. Watch the top gear e9x vs 5.0. Pretty impressive.

Er it was motortrend not top gear.

[Lorde]

You're making low 40s. Keep the RSX. There's no reason you should be buying a car worth what you're making annually.

Yes, an M3 will get you laid, but then you'll have to ask your parents to leave the house.

Focus your money on a non-depreciating asset first... like a house. You don't want to be BMW bankrupt.

[Talk2meg00se]

a couple of additional thoughts:

1. an E92 M3 will not get you laid. 9 out of 10 women identify it as just another standard issue 3 series. In that regard, it's not remarkable. what will get you laid: moving out of your parents' house.

2. i'm not really sure how this is even a viable discussion. at a tick south of $200k, a new E92 was beyond my means. instead, the responsible decision had me going the used route, and I found a nice one with 7k miles for $45k out the door. you make $40k year - why are we discussing this? who exactly is going to lend you the money to make this purchase? you are the prototypical definition of high risk: young, no credit, and on an entry level salary - which bank is going to loan you 70k up front so that you can purchase a 414hp sports car that you will probably crash? unless you have a daddy warbucks floating around somewhere in this equation and/or your parents are willing to backstop the loan, you simply are not going to get the money.

3. also: i'm not belittling you for making 40k - you're making more at 23 than i was at that age. but i also drove a 4-banger 5MT jetta that I leased for ~180.00 a month - and you know what, i was really content with that car. the engine was decently responsive; the stereo was nice. one step at a time right?

4. if you absolutely *must* get an M3 - and i get that some people have certain compulsions - you really should be looking at the E46. It's a great car. No, it doesn't have the straight line grunt of the E92 but it's light and nimble and can be a hell of a lot of fun to drive. if not too far, AZ is a great place to buy used cars. No sales tax on used car purchases + dry, salt-free environment. There are a lot of deals to be had. Took me 30 sec to pull this one up (merely just using it as an example) - 58,000 mi, '02 E46 for ~$16,000 - you could probably offer him $15k. at $15k, i think that we may for once be having a realistic conversation ...

http://www.autotrader.com/cars-for-s...25850665&Log=0

anyway, good luck!

[Siciliano611]

since when is a 1 series a chick magnet, some of you have crazy perceptions

Originally Posted by aelahi

I should have also mentioned the 1 series... OP, if I were you I wouldn't rule this out either as a means to get behind the wheel of your first BMW. It's a good looking car and definitely fits your age. Small, sporty, great handling, affordable and a chick magnet

[kosmo69]

Originally Posted by Snig

You're making low 40s. Keep the RSX. There's no reason you should be buying a car worth what you're making annually.

Yes, an M3 will get you laid, but then you'll have to ask your parents to leave the house.

Focus your money on a non-depreciating asset first... like a house. You don't want to be BMW bankrupt.

"ask the parent to leave THEIR house"!

[tibra1]

Originally Posted by Team Plutonium

Too much red bull again? Anyway, funny thing is... you keep using the terms "new money" and "old money" when you should be focusing on the fact that you have "no money".

Now go and clean your room.

OP after reading this post ^

[mpower4life]

Everyone here is talking from their own personal experience.... You do not know that he is in the same boat as any event can drastically alter a situation. Sounds like a lot of bitter people as well. There are so many factors that can play out here so its not really fair to say you know whats best for him.

[M Pulse]

Originally Posted by Siciliano611

since when is a 1 series a chick magnet, some of you have crazy perceptions

In the context of a 23 yr old guy in a 1 series vert I can totally see it as a chick magnet for him. Substitute the 23 yr old with a fat 50 yr old man then it probably won't be much of a chick magnet.

Don't underestimate the chick magnet'ism of the BMW badge in any series, specially one with the top down!!!

If I were in the OP shoes I'd totally get a vert 1 series. 135i still appeals to BMW enthusiasts and if it attracts the opposite sex then it's icing on the cake.