To Cancel M3 Order Or Not?

[snawaz]

How fortune alternates with the wind of change!

3 weeks ago I ordered my M3 Saloon (dream car) and this week I lose a contract that is worth almost half my monthly income (nightmare scenario). Bloody recession!!!

As you can imagine I have been stressing big time and what a time to have this happen.

For the last 2 days I have been looking at all my options and the M3 keeps coming up time and time again. I do not want to cancel this order as not only will I lose my £2000 deposit, but this car has been in the pipeline for a long time.

As the old chinese proverb goes, “When the winds of change blow, some people build walls and others build windmills.” I would like to hope that I can build a windmill but it's times like these that tough decisions have to be made and nerves start to kick in!

I only have 8 weeks remaining before taking delivery and if I don't replace this contract then I am afraid I may be left with no option but to cancel my M3 order!!!

What would you do?

[Hankdoll]

Sorry to hear, but I'd definately cancel if I lost half my income. However, in the US we get 100% of our deposits back, so no real repercussions for canceling.

[blueman2]

Ouch! Sorry to hear. But I would have to say cancel. The stress of having a big payment in uncertain times is just not worth it, IMHO. The joy of the M3 will just not be as sweet if you are worried about being able to afford it every day.

Come back to your dream in 6 months or a year. It will still be there!

Edit: but if you were talking about that great product in your avatar pic, I would DEFINITELY go into deep debt for that.

[MonteCarloM3]

cancel dude and plan a little better for next time so you don't have to make the stretch

[SlammedR8]

sorry to hear about that...I would probably have to agree and say the smarter thing would be to cancel. However, I also have the mentality which says, take the car and work harder and make up for what you lost, it will keep you motivated to work harder knowing you have to pay for that M3 every month and before you know it, you will re gain what you lost and some more on top...but I do think cancelling would be smarter, and keeping it would be risky but in the end it all works out, keep your head up!

[snawaz]

Originally Posted by slammedm3

sorry to hear about that...I would probably have to agree and say the smarter thing would be to cancel. However, I also have the mentality which says, take the car and work harder and make up for what you lost, it will keep you motivated to work harder knowing you have to pay for that M3 every month and before you know it, you will re gain what you lost and some more on top...but I do think cancelling would be smarter, and keeping it would be risky but in the end it all works out, keep your head up!

Thankyou for all of the above advises!

I have to say what slammedm3 has to say is what I did 3 years ago. I was in a financial predicament then and without having the finances I bought myself a brand new 335d msport with all the optinal extras. Like slammedm3 says this was to motivate me to go out and look for that work. It worked then and I would like to think it may work again, only thing is times are changed!!!

[ss134]

Originally Posted by snawaz

How fortune alternates with the wind of change!

3 weeks ago I ordered my M3 Saloon (dream car) and this week I lose a contract that is worth almost half my monthly income (nightmare scenario). Bloody recession!!!

As you can imagine I have been stressing big time and what a time to have this happen.

For the last 2 days I have been looking at all my options and the M3 keeps coming up time and time again. I do not want to cancel this order as not only will I lose my £2000 deposit, but this car has been in the pipeline for a long time.

As the old chinese proverb goes, “When the winds of change blow, some people build walls and others build windmills.” I would like to hope that I can build a windmill but it's times like these that tough decisions have to be made and nerves start to kick in!

I only have 8 weeks remaining before taking delivery and if I don't replace this contract then I am afraid I may be left with no option but to cancel my M3 order!!!

What would you do?

I also have an E90 M3 on order for delivery next month so i can sympathise with your situation 100%. I would be devastated if i had to cancel my delivery but if i genuinely could not afford it then i would do it without a second thought. You said that you are nervous - there is a reason for this, listen to your instincts!

The thrill of picking up a new M3 is on your mind and it is very difficult to change that mindset and see things objectively when you have been looking forward to something for so long, you try and convince yourself that you are making the right decision but deep down you will know if you are or not. It is a tough decision no doubt but if things pick up for you then you can re order the car without the worry and stress.

After the excitement of taking delivery and driving those first few hundred miles has gone the reality of paying for the car will set in and IMO the pressure of paying for a car that you are not sure if you can comfortably afford will detract massively from any enjoyment the car gives you.

Do you have a family? Would buying this car affect yours and their standard of living?

At the end of the day it is only a car and is not worth burdening yourself with the worry and pressure it may bring. Also if you are 8 weeks away from delivery then the car will not be in production or built yet so you should be able to get most of your deposit back minus an admin fee - the car doesn't exist at the moment so the dealer can cancel and not have to take the car into stock and try and sell it, which is the main reason for taking a deposit.

Alternatively why not speak to your dealer and see if they can source a low mileage mint year old car and transfer your deposit? This could save you 10K and may make things more comfortable and still get you your M3.

Only you know your financial situation but there are far more important things in life than a car, peace of mind for example is priceless.

Good luck and i hope things pick up for you soon.

Steve

[freshwhite335]

Originally Posted by slammedm3

sorry to hear about that...I would probably have to agree and say the smarter thing would be to cancel. However, I also have the mentality which says, take the car and work harder and make up for what you lost, it will keep you motivated to work harder knowing you have to pay for that M3 every month and before you know it, you will re gain what you lost and some more on top...but I do think cancelling would be smarter, and keeping it would be risky but in the end it all works out, keep your head up!

i never work harder than when i want something. sure, the "smart" thing would be to cancel the order. but if u can swing it without the possibility of a repo than take the car. u may end up motivating to the point of making more money than u would before the contract was canceled.

[saeedg48]

don't do it..

[JCtx]

If losing that contract is more than an inconvenience, you obviously can't afford to buy a car like that now. It'd be stupid to buy it IMO, even if you lose you deposit (live and learn), but you could always try to get some back, or ask dealer to 'transfer' your car so you can have it all back (seems unethical to keep all that money without a real loss; it's a freaking BMW, not a Bugatti Veyron). Get something affordable, save all you can, and pay for it cash when you can. At least is what you're supposed to do in uncertain times, but unfortunately, the 'instant gratification' way of living here (and apparently in the UK too), is too much temptation for most folks. Good luck in whatever you decide.

[SalM]

Really sorry to hear that man.... But I would personally cancel my order if I lost more than half of my monthly income!

[PunjabiM3]

I would cancel and try to see if the dealership will give you the deposit back out of good will (they probably won't though). Why not buy a slightly used e90 M3? If you must have an M3 saloon now then that would be a much better options because the car will lose 25% of its value after the first year. Good luck!

[///V\3Dude]

Cancel it would probably be the smart choice. Losing 2000Euros is far less worst then have the bank RePo your Dream car, it can wait.

[Crazy Bimmer]

Another option is maybe that dealer can put that deposit towards a used M3 so you can save $10k+ from buying new...

[330CIZHP]

Get the deposit back, if you can.

With 50% of your income gone, your priority should be family and necessities such as home, groceries etc. above everything. Even if you have to drive a beater, M3 should be the last thing to think of if your left over monthly income barely makes for the payment of an M3. In the midst of tough financial times, M3 is an extreme luxury and you should not even be thinking about it until you have all the finances and your monthly cash flow in order.

[rominl]

of course cancel it, you shouldn't even have to think about it

[serge]

Cancel it, keep driving your 335d, which btw is a superb car, and wait until things go back to normal.

[chumpion]

Cancel it. And get the dealer to keep the deposit in escrow or have them give you some type of credit for it. Rather than having the car in the driveway as motivation, us the idea of the car as motivation to land another contract...and when you do, run in and use the 2,000 credit to order an M3 as a reward.

[Mark's M]

Originally Posted by chumpion

Cancel it. And get the dealer to keep the deposit in escrow or have them give you some type of credit for it. Rather than having the car in the driveway as motivation, us the idea of the car as motivation to land another contract...and when you do, run in and use the 2,000 credit to order an M3 as a reward.

Exactly my thoughts. And your dealer might just go for this one....if they have any semblance of compassion for you.

Good luck with this!!!

[kcdude24]

Do you really need to ask?

Cancel it. Consider the $2k gone paid as stupid tax and consider it a life lesson dude....it is not the dealer's problem unless they are just flush with profits and willing to give it back just to be nice (whatever). Also sell the 335 and anything else needed to manage your debt load. Then get your priorities straight to accomodate worst case scenarios with your income fluctuations....pay off your debts, stack up some cash reserves and pay cash for the next one....then you won't be asking these types of questions. Driving a BMW is great but not being able to eat or support your family just sucks.

[ss134]

Originally Posted by kcdude24

Do you really need to ask?

Cancel it. Consider the $2k gone paid as stupid tax and consider it a life lesson dude....it is not the dealer's problem unless they are just flush with profits and willing to give it back just to be nice (whatever). Also sell the 335 and anything else needed to manage your debt load. Then get your priorities straight to accomodate worst case scenarios with your income fluctuations....pay off your debts, stack up some cash reserves and pay cash for the next one....then you won't be asking these types of questions. Driving a BMW is great but not being able to eat or support your family just sucks.

Are you for real? He never said he had debts, he never said he could not afford to eat or support his family - all he said was if he didnt replace the order he lost he may not be able to afford a new M3 - we dont know his financial situation at all - your post is patronising to say the least.

[Finnegan]

For what it's worth, I don't think you'd be asking us if it were not already worrying you. Assuming you're not paying cash for it, even with the deposit, you'll be underwater the minute you drive it off the lot. So you'll be looking at even more of a loss than £2000 if you have to sell it (or risk damaging your credit if it's repo'd).

The 335d is no POS, and is a very nice and reasonably capable car. An M? No. But pretty darn nice and I might say more economical all the way around. See what you can work on the £2000. You might want to suggest that you haven't bailed on the idea of the car, just on it "now". In other words, you're a future customer/buyer, and how they treat you now will impact whether you buy there in the future.

Ultimately your choice of course, but again, if you're asking, it's worrying you, and do you want that on top of other worries right now? I wouldn't, but that's me.