Should I get my dream car e93 m3 at age 19

[michaelnguyen]

I make $1300 a month only pay for insurance $348 a month,going to community college. i always wanted an e92 or e93 m3 and i see a couple in the inventory going for 25k and under. i would put 5-10k down , idk if i make enough money to own one

[bvrider1]

Buy it

[NascaBmw16]

Don't buy it,you'll be broke in less than 6 months and you will regret it,don't do it.

[JPWEraser]

This would be the definition of "car poor".

[Redd]

Do a study of wear and tear parts. Getting a used car, just the first round of fixing up everything that needs to be fixed may bankrupt you.

[WagonR]

It seems like a not great idea (as others have mentioned), and it's not what I'd recommend, but you've got to make that decision for yourself. Here's what I'd say if you do go for it.

Spend a lot of time researching the items that need maintenance on these cars. A lot. Appreciate the fact it's going to be expensive to maintain.

Unless you need to put money down to qualify for financing, then I wouldn't. Why? Because maintenance and repairs on a the M3 are going to be spendy, and you really don't want to be in a place you don't have the cash to address things. If you have the restraint to really set that money aside and use it for repairs on the car, that will be better than using it on the down payment.

Financing should be relatively cheap, and these cars are on the lower end of the depreciation curve.

In your case, I'd look more toward higher mileage cars with a great maintenance history (rod bearings, throttle actuators, valve cover gaskets, ETC. done). On the other end of the $25K spectrum is going to be cars around 60,000 miles, with none of that done. Depending DIY vs. shop work, you're very likely to turn around and drop $5K on maintenance items pretty quickly after acquiring the lower mileage car.

And, as always, make sure to PPI.

[Cyberdemon]

There’s a saying in life, good, fast, cheap - pick two.

It’s fine to have a piece of shit while you’re in college. It’ll probably just get destroyed by other 20 year olds who don’t give a shit in a campus parking garage.

Buy something borderline reliable since you won’t be able to afford a major M3 melt down or a $2500 rod bearing service. I’ve owned my car for 2 weeks and already got quoted $1200 for new valve gaskets. Learn to fix and maintain a simpler car for a few years then when you get into the working age worry about your car more.

If you want something that looks nice consider something Japanese like a Lexus IS.

[digitalPULSE]

I think that OP answered their own question with the last phrase "idk if i make enough money to own one." If you have no idea if you could own a M3, I think you really need to do way more research into the costs of owning this particular car model, what your various financing/money options could be, and be realistic about your financial status and goals. There's a huge difference between being able to buy a car vs. being able to afford a car.

As many people have already noted, these cars have the potential to be money pits. Just the general yearly recommended maintenance at the dealership on these cars can be ~$500/yr between oil changes, coolant flushes, brake fluid flushes, microfilters, etc. These are maintenance services that should be done regardless if you drive 1,000 mi/yr or 15,000 mi/yr. You have to remember that while these cars may be getting "cheap" or more affordable that you're still dealing with what at one time was a $70k car brand new. That means parts/repairs are for a $70k car, not a ~$25k car. For example, my E92 has over 90k miles and I'm currently needing to replace the clutch (and flywheel cause manual 2008 model), engine valve covers, and brakes (rotors & pads). That's roughly $5k in parts alone, before you start looking at having a professional shop handle the installation which will be another few thousand dollars.

You also mention that you're currently paying ~$350/month for car insurance. That seems insanely high and there's probably more to that story than just your young age. I can't imagine how much more you'll pay by upgrading to a more expensive car.

As Cyberdemon pointed out, you'll have more than enough time after college to worry about getting your dream car. Finish up college, get a good, well-paying job, and then figure out what you want to do. In a few years you may even find that your priorities have shifted and you'll be happy that you didn't hamstring your financial future by having to have a cool car at 19.

[roastbeef]

No. This car will be devastating financially for you.

Read the book "rich dad, poor dad."

[Yvette]

buy it, learn the lesson, be inspired and make more money.
I worked hard in my 20's just to afford m3 and the rest is history.

[M4_GTS]

That's suicide...

[mapster37]

its a very expensive car to maintain. i would look for something cheaper for now then find a nice one once you are established financially

[shimmy23]

OP, you are netting under $1k/mo after insurance? Add a car payment and car loan of $20k and you're closer to net $600mo. Seems like you'll really be stretching it driving a car with a window sticker of 60-70k.

What other expenses do you have? School tuition? Money left over for entertainment, trips with friends, dating? It's not much fun having a nice e9x m3 but really not being able to afford much else after gas and insurance.

I'd try to find something with less of shock value in maintenance costs. How about a mustang? What do you currently drive?

[Mpow-wow]

Buy a e46 6spd ZHP, fun car, reliable, and way cheaper to maintain.

I came from a ZHP to E92 M3, the "M" tax is real! 😂

[gio14]

Repairs are expensive, if you can't afford an extended warranty like maxcare, u'll be screwed after ur first repair bill.

[Cyberdemon]

Originally Posted by Yvette

buy it, learn the lesson, be inspired and make more money.
I worked hard in my 20's just to afford m3 and the rest is history.

I feel like this is a catch 22. Most of us worked hard - but like anything, the assumption when most people graduate college is:

-You have zero savings
-You have somewhere between $0-200,000 in college debt.
-Your expenses are probably low because you don't own a home, have a family, etc.
-You have limited or no proof of income.
-Your credit score is probably non-existent, or not great, which means qualifing for a loan is very difficult without a co-signer.
-Insurance is astronomically high (I paid $3k/yr for a Nissan Sentra @ 19)

The reality is having a sudden $1500-3000 repair bill just to get your car back on the road is a lot. I bought a new Acura TL-S out of college after I had landed a decent full time job. The car never broke down in 100,000 miles and I never had to do any thing on it other than oil changes, 1 set of brake pads, and a set of tires. My total maintenence costs for that car over 5 years was under $1,000.

I've owned my M3 for 2 weeks and even with a PPI was already quoted $1,200 to replace the Valve covers. Let alone the desire to eventually do Rod bearings, the high cost of brake parts (even if you DIY), spark plugs and coils, yadda yadda.

You can still drive a nice car and save for your dreams.

Plenty of people are financially irresponsible, and you can choose to make your own mistakes and learn from them. I invested a sizable amount of money in 2008 right before the market crashed, then pulled it all out and didn't ride the wave back up. I learned from that mistake for sure even if it seemed at the time like I was managing my risk to not lose the rest of my money.

You can't own one of these cars making $15k a year no matter what world you live in. Being poor, driving a high end used luxury car and eating ramen for dinner is literally the definition of terrible decision making.

[Shaung]

Don't

[br2wdc]

Just so I'm clear, you are asking us if you can spend $350/month insurance + car payment + gas + maintenance for an E9x, and your entire budget = $1300/month?

My initial answer is, sure, you can do whatever you want

But I would re-check your math; I am very skeptical of your ability to get full coverage insurance on a E9x M3 as a 19 year old male in the USA for only $350/month

If 30% of my budget went to insurance alone, that would literally drive the decision for me to not get the car, no matter what car it was.

Good luck with your decision

Originally Posted by michaelnguyen

I make $1300 a month only pay for insurance $348 a month,going to community college. i always wanted an e92 or e93 m3 and i see a couple in the inventory going for 25k and under. i would put 5-10k down , idk if i make enough money to own one

[michaelnguyen]

i had an e90 328i a couple years ago working a minimum wage job and now i work at a decent part time warehouse job. i’ll get the m3 later on after college. i might just go with an n55, i have a daily an 09 camry. i’m thankful for a car and appreciate what i have. only thing i’m paying is insurance and leftover fees after each term which is around $200-300

[TrAcK TRaP]

Get a N54 335. You'll have fun with it

[SAMM3Y]

When I was 19 I drove an '86 Merkur XR4ti... that too was the pinnacle of German engineering 😂 by the way of Ford Europe.. spoiler game was on point tho

[Munich S65]

When I was 21 I had a WRX STI and paid $675 a month for car payment + $300 a month in car insurance, barely afforded it but paid it off over time. If I had to do it over again I would've bought a cheap WRX and saved for a house down payment earlier.