Can I afford this M3?

[ngs]

Hey everyone. M3 has been my dream car since way back in high school. I am now 25 and have a stable job my take home is around 3,900/month. I know I can't give you all the aspects of my situation for a definite answer, but here are the basics.

Found a 2008 E90 M3, 35,000 miles, private party asking 37,500, car is pretty much immaculate. I gotta say it's a pretty good price.

-Take home is $3,900
-I have 18,500 to put down from previous vehicle i sold and finance 19,000 at 2.49% APR so car payments would be $337.12 for 5 years/60 months.
-The only other debt I have is a student loan for approximate $3,000.
-Engaged and I have a 7 month old at home.
-I am currently saving up for a house while living at the in laws paying rent.
-Since I sold my previous car. Without a car payment I am saving about 1900/month now.

What do you guys think? Any opinion is appreciated!

[SchnellM3]

You are asking a car forum, engaged with a child, living with your in-laws. I think you should focus on getting your own house first then you'll have your own garage to put it in. Plus we really don't know (nor do we need to) what other expenses you have, you bring home 3.9 a month but what are you keeping out of that.

Not trying to be rude just pointing out some facts, that if I was in that position I would get in order before getting the car.

[robb7979]

On one hand, I'd say go for it. On the other, I'd say wait. Don't you and your missus want a place of your own? I guess you should decide what's right for you right now. I remember the day I decided I could finally afford a M3. It was a long journey. I don't have a little one to care for though. But that day was almost as amazing as the day I picked up miss Mary magdalene.

[1sikbmr]

Go for it lifes too short

[ngs]

yeah just getting opinions these are all valid. I am currently saving approximately 1900/month without a car payment.

[jahn_baakus]

if you asked Suze Orman, she'd say "denied" immediately. your opportunity cost to get this car is quite high - the $18,500 would go a long way towards getting out of your in-law's house and into your own place..

as fanatic as this audience is about M3's, saving up to buy (or even rent) a place of your own and putting away some savings to help support your future wife and child seem like the natural priority.

however, there are some missing factors in the equation - we have no idea how much you have in savings, we do not know your potential for career/income growth, we do not know how much your significant other pulls in every month, we do not know if you and your significant other love living with the in-laws, we don't know if you have a trust fund full of funds from your parents, etc etc..

all the best.. for me, i'd pass. you have tons of time in your life to get an M3 (there will always be a new model every few years anyways)

[DBH]

Can you afford it? Sure, but you'll be making payments for five years. However, I really think you have a few more important things to deal with first.

OBTW, TOO much (personal) information!

[ngs]

i thought we were all a family here..... lol. i appreciate all your responses.

[ES_TRADER]

No

[armyav8tor]

I voted for you to buy. Just be aware of the V8's thirst.

[mesropb23]

Originally Posted by 1sikbmr

Go for it lifes too short

Exactly this

[rye m3]

Forget the thirst. Can you really afford a car that needs $800 in rear tires every year? Or that would require $1000 for brakes or any other part that brakes? The reason these cars get cheaper is because they are out of warranty and repairs can be very expensive - not including routine maintenance. Seriously, you are better off with a car like a Lexus IS.

[Foodle]

Originally Posted by sndc5

-Engaged and I have a 7 month old at someone else's home.
-I am currently saving up for a house while living at the in laws paying rent.

Seriously? You have an infant and are living at your in-laws' and you are asking if you should get an M3?!?!

If I were your in-laws and you showed up with an M3 one day, the following things would happen (not necessarily in this order):
1) Rent would double (or immediate eviction)
2) Engagement would end
3) Shotgun would be acquired

[JulieDriving]

Sounds like you can afford it, but the real question may be.... is that what you want to spend your money on now? Not so much the monthly payment, that's small. But the $18,500 and the $1900 / month savings potential. e.g. Do you want to buy a house, etc.?

Also, it's good to have a safety net, of around 6 months living expenses, tucked away (available when you need it).

[Ottawarealtor]

You would be better owning your own home/condo.Real estate appreciates,cars depreciate.It's a no brainer

[Mr. ///M3 RD]

I think you can afford it, however, you should have a round the table discussion with your loved ones before you do.

I was off worse at your age and purchased a new VW Beatle at that time and made out okay, however, I was renting and married no child at that time and the cost of living was not what it it today. Also my job was quite secure not something that is the case in todays job market.

So take all this into consideration and think about your immediate loved ones and there needs. You do need a car eventually I guess. You can always sell that car if it does not work out. In your decision include the cost of gas, insurance and upkeep.

If you purchase the car make sure it is inspected by BMW from top to bottom (mention to them you like to get the extended warranty - even if you don't intend to get it, BMW will make sure they inspect this car good). The inspection will give you a good road map in the final selling price.

Case in point ... my e46 before I sold it was inspected one spring was found broken and some other minor stuff. Total cost of repair some $1300- dollars that were paid by me then I got my asking price.

Good Luck.

[Ateam]

Don't be a joke and own an m3 while living in your parents house! You are getting the bare bones cheapest m3 you can find and still living in your parents house. With 3900 and a family you would be hard pressed to pay for the gas.

Get into a house bro. Don't be the bloke who is a joke

[ngs]

yeah definitely doable, but is it the right decision is what it's comin down to

[Ateam]

Forgot-don't forget insurance, maintence, tires, (brakes alone will be a grand), anything that goes wrong could be thousands unless you buy an extended warranty which will be 4-5k.

Why did you sell your car and have no car?

If you are the only income, 3900 is really not an income you drive an m3 with when you are supporting a wife and kid. That is what 50k a year? Not m3 salary bro

[Foodle]

Originally Posted by sndc5

yeah definitely doable,

If your definition of "doable" is "won't run out of money immediately," then yes.

Sorry, but this sounds so financially irresponsible it's ludicrous.

but is it the right decision is what it's comin down to

Are you seriously unclear on what the "right" decision is? In your first post, you mentioned saving up for a home. Saving for a home usually doesn't include buying a luxury sports car in the process.

[Mr. ///M3 RD]

Originally Posted by JulieDriving

Sounds like you can afford it, but the real question may be.... is that what you want to spend your money on now? Not so much the monthly payment, that's small. But the $18,500 and the $1900 / month savings potential. e.g. Do you want to buy a house, etc.?

Also, it's good to have a safety net, of around 6 months living expenses, tucked away (available when you need it).

Good advise Julie

Originally Posted by Foodle

Seriously? You have an infant and are living at your in-laws' and you are asking if you should get an M3?!?!

If I were your in-laws and you showed up with an M3 one day, the following things would happen (not necessarily in this order):
1) Rent would double (or immediate eviction)
2) Engagement would end
3) Shotgun would be acquired

Originally Posted by rye m3

Forget the thirst. Can you really afford a car that needs $800 in rear tires every year? Or that would require $1000 for brakes or any other part that brakes? The reason these cars get cheaper is because they are out of warranty and repairs can be very expensive - not including routine maintenance. Seriously, you are better off with a car like a Lexus IS.

Originally Posted by Ateam

Forgot-don't forget insurance, maintence, tires, (brakes alone will be a grand), anything that goes wrong could be thousands unless you buy an extended warranty which will be 4-5k.

Why did you sell your car and have no car?

If you are the only income, 3900 is really not an income you drive an m3 with when you are supporting a wife and kid. That is what 50k a year? Not m3 salary bro

Guys don't be so hard on the fellow, he is asking for opinions here. The way you address him do you really think he will take you fellows seriously?

He told us he has 3,900- at hand and after he is looking after his responsibilities he has a clear 1,900- left.

He needs to make a monthly / budget and write down in black and white what his other monthly expenditures will be.

Then make out a list of pros and cons if he should go for the car. On top of this list he needs to state how urgently he needs a car and how many miles the car will have to take him. This will tell him the upkeep cost of the car as far as gas is concerned. Maintenance wise is up in the air it depends on the bill of health that BMW will give him after the inspection. When he needs new rear tires depends on how he will drive the car and how far. so in the end the pro and con list will point the way for him.

If after that he feels fairly certain that he can do it he will have a round the table discussion with his family. So give him some slack fellows, he is a man after all and not a child.

Remember ===> Threat others like you expect to be treated

[ngs]

i was saying, "is it the right decision?" not it is the right decision. i am a car enthusiast. before the baby i had a 2009 sti sema car and then the flat red sti on the cover of import tuner. so of course i would really love the car BUT im posting to get other people to give me other points of view