I went to a BMW dealer by my house, and they said they would give me 23K for my car. I owe 9K......which means I would have 13K down payment. All total, I could muster up 15k on a 53k car. They said they could try to do a search for one that is already made, so it could be sooner than the 6-8 months. The only thing is my payments would be like 800 per month. I don't konw if I want to be that in debt over a car. I still have 9 months left of school, so I might wait until then My payment now is only 250..........I don't know what to do

 

I do, M3 all the way.

 

I am thinking the same thing except I owe a lot more on my car. Of course, then reality hits me and I remember having $800+ car payments and no thanks, I don't want to do that again. Plus, now that I'm married, my wife would kill me so no M3 for me

Imagine if you could save $800 a month for 5 years... That's $48,000! Oh the possibilities!

I'm the biggest car nut but I'd say pass on this one... Put the money towards retirement and retire 5 or 10 years earlier.

Good luck!

-Ash

 

You might find that you want to buy a house after you get out of school, and all that debt can be a problem to lenders... not to mention a house payment on top of your car payment.

Just something to consider...

 

I feel like a cartoon chatacter with the angel on one side, and the devil on the other. I think 800 per month is too much. I have a very nice car for 250 per month now........THE GRASS IS ALWAYS GREENER ON THE OTHER SIDE. I don't need a debt "snowball".

 

Well a M3 will also hold tremendous value, I say get out your car while u can get a good amount of $$$ for it.

 

dude, dont forget how high your insurance will be!!!!
Plus im just jealous.

 

You on crack? 23k is not a good amount of $$ for him. Thats losing about 10k for about a year!!

 

Dont even think about it, unless you are going to pull in about 100k once you get out of school. 800 a month is a fucking crazy payment, not worth it on a depreciating asset. M3 is an awesome vehicle, but it will be a huge payment and insurance will be nuts for you since you are under 25.

 

800 bucks a month for car payments? PLUS insurance. You crazy boy. Just plain crazy.

I'd be the first one to tell you to buy an M3 (my dream car) but it's not worth been stuck with such huge payments. That is like a small mortgage!!!

 

Werd! I considered it for about a week. I talked to M3Sins who has ordered a new M3. He threw some numbers my way and there is just no way i'm paying that much money for a car. I make good money but shit i'd have to make 2-3x what i make now to feel comfortable enough to purhcase a sports coupe that costs 50k. I could see buying a sedan but not a sports coupe. You won't get any resale on that what so ever.

Having said that, if you can do it, then go for it man! Life should be enjoyed.

 

my friend just bought a 2002 M3 w/navi (3500 miles) for $52k...let me tell you, it is worth every cent...that is one powerful car...

 

..too expensive car to buy brand new..i will want to buy a used E36 m3..as used car price are good and cheap..and it is still a m3.u can upgrade it with a dinan sc...the complete mod (will have same or higher hp than the E46 M3)wiill cost less less money than u buy a brand new m3...besides when the time comes to sell your E46 m3 (if u buy brand new)..u will be cry to know how terrible depreciation bmw cars are

 

Frankly, an M3 is only a second ( or third ) car that needs to be a garaged in a nice house.

I feel dump if I buy a 2002 M3 and live in a rented appartment.

Moreover, I hate to drive the M3 as day to day beater....

Do you like to have a dent or two

 

I was contemplating the same thing you are now...I figured I would have spent near $55K for one car so instead I went and bought a $30,000 truck and kept my car ...Now I have a nice car and a nice truck to pull my boat So, I have more fun since I have more options in my vehicular choices..

 

Its quite simple, save for the car sell yours and pay cash for it. That way you can negotiate a better price:ie3% over invoice. When I bought my ClS I walked into the dealer and told him what I was paying for the car. Dont let a saleshole f*(k with you, there is always a dealer down the road who will be more that willing to work with you...IMO.
D


:pfawk:

 

Don't do it..... $800+ at least $200 insurance(M3 is in top 10 most expensive cars to insure)+ $80 gas a month for the next five years. That is $1080 a month not to mention the fact that you will have to pay interest on the car, say you get a low 4.9apr, (doubt it on a BMW) that is $2,500 a year for the 5 years. Basically you pay $60,000+ for a $48,000 car. And dents, dings, and scratches from it being a daily driver. Not to mention your other bills, such as rent $500+ a month, and food, plus if you have or get a gf(expensive). Unless you are making at least $40,000, you can't afford it. Unless you are making $60,000+, you can't afford it comfortably. But hey, its your life do what you wanna do.

 

I'm going to keep my CL for a year, then I'll see what happens!

 

Here is a dilemma.
Say you buy a M3 as a third car for summer driving. Well, this would be the car to take for going out for the evening. You go to a nice restaurant. Where do you park it?????
Do you:
a) give it to the valet person?
b) park it in the lot and worry all night?
c) park it in the lot and don't worry because you have insurance?
d) park it in the lot, take off a wheel, and cover it?
e) eat only at mcdonalds drive through?

What if you take it to the beach? Once again where do you park it? Or would you just drive up and down the street then go home after a few hours of this?

How about dinner and a movie. Will you be worried the whole time during the movie?

Its a very nice car, but I think to own one means you would not mind parting with it and being able to buy another one without crying

 

Coming from a $250 to an $800 payment is a bit extreme. If I was in your situation, I would hold on to your CL-S, and just hold for right now. You have a nice car already with 19s, and all. Dont kill yourself with an $800 payment.

 

9 months from now, u'll say "damn I shudda waited for the next M3".

Don't kill your self just to have a HOT car now.

My coworker just ordered an M3 convertible (4week delivery), but he's got jack "and JILL." He one of those ppl who don't have to work.

 

24-25 years old. You should be looking at buying a house and saving for things like a ring, wedding, child education and retirement. Not investing in a lump of metal that loses 10 bucks the 1st year and 5 bucks every year after. Before you know it, you'll be 30 years old with an old used M3 trying to scrape a 5% down payment on a house. (ok, maybe not, but still why chance it... you could have a 30% down instead).

Pay off your car and just stash $10,000 (800/month) a year. By 30, that should be over $60,000 with conservative investing. Don't want it to sound bad, but doing otherwise is just DUMB.

 

is that $800/month a lease or finance quote? if a finance ok, if lease, not ok, get a porsche!!

 

1. First, grow up. Someone who's in school shouldn't even really be driving a $30K car let alone a $53K car. Get your priorities straight. That's just my opinion, being the "jerk" I am as per the opinion of my 19 year old college student son.

2. Low blue book on the '01 CL-S is $27,100 so please sell me your car for $23,000. I would love to make an instant $4,000. I will be happy to drop you off at the BMW dealer on my way to the bank.

3. Have you ever talked to someone who drives a high-end car and found out what it costs to own it? Although basic maintenance is covered, wait until you need to do something like regular wear-and-tear maintenance (brake job for $1000+). I've owned 2 Mercedes...very nice cars, but they consume your life. Nothing else will matter because you can't afford anything else!

 

$800 PER MONTH IS TO BUY, BUT FOR THE NEXT 9 MONTHS I CAN ONLY WORK PART-TIME DUE TO SCHOOL. I MAKE ABOUT $1000-1200 PER MONTH NOW, SO IT WOULD BE REDICULOUS FOR THE NEXT 9 MONTHS OF MY LIFE. AFTER I GRADUATE, I'LL SEE WHAT I CAN AFFORD, WHICH WILL BE A LOT MORE THAN I CAN AFFORD NOW.

 

i was just reading the motor trend magazine, the SLK 32 amg and Z3m both beat the m3 by like a sec. y dont u just get that, they cost a little less also.