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General E46 Forum
This is the place to get answers, opinions and everything you need related to your E46 (sedan, coupe, convertible and wagon) BMW!

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Old 06-24-2002, 01:53 AM   #1
NeEd4SPEeDM3
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Unhappy BMW M3- Owners- check it out

When i turn 21 i'm planing on buying a 1st hand bmw m3 coupe. Only if i save enough. My family aint rich : ( .. So i'm worried that i'll never be able to afford this car. I do not wont to take a loan out on the car.. I wont to pay it fully. Thats why i wont to work and save untill i at least get 60,000 saved up. I live in new york and insurence is a lot of money, so I have it planned that i'll get the insurance under my fathers name ( he owned a car for many years, and has never got into an accident so his insurence is pretty low) I'll be making around $30,000 yearly from my job.. So if i do purchase this car I was wondering if it'll work out or not.
either or lol write what you think please thanks
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Old 06-24-2002, 01:58 AM   #2
chrisbbb
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Your plan seems very very very difficult but I wish you the best and hope you get the car......
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Old 06-24-2002, 02:03 AM   #3
Bimmer4Life
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Re: BMW M3- Owners- check it out

Quote:
Originally posted by NeEd4SPEeDM3
When i turn 21 i'm planing on buying a 1st hand bmw m3 coupe. Only if i save enough. My family aint rich : ( .. So i'm worried that i'll never be able to afford this car. I do not wont to take a loan out on the car.. I wont to pay it fully. Thats why i wont to work and save untill i at least get 60,000 saved up. I live in new york and insurence is a lot of money, so I have it planned that i'll get the insurance under my fathers name ( he owned a car for many years, and has never got into an accident so his insurence is pretty low) I'll be making around $30,000 yearly from my job.. So if i do purchase this car I was wondering if it'll work out or not.
either or lol write what you think please thanks
It depends on how old you are now. If you're only say, a year and half or so from turning 21, I would say you got your work cut out for you to be able to save that amount of money in that amount of time.

On the other hand, if you still have some ways to go before turning 21, then I would say that there is a strong possibility that you will be able to buy your dream car, especially if you still live with your folks and they don't make you pay rent.
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Old 06-24-2002, 02:08 AM   #4
blue_bimma
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if you were to make $30,000 a year, it would take AT LEAST 4 years to save up $60,000 (if not longer). but good luck in doing that. I wish I had that kind of mentality

you don't have to pay off your car right away. ever heard of financing or leasing??
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Old 06-24-2002, 02:15 AM   #5
NeEd4SPEeDM3
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No i hate the idea of paying monthly, i rather just get it over with.. And i got a few years untill i turn 21.. i guess i can if i just save up.. But i mean besides the insurence is owning a m3 have any expences i should know of..
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Old 06-24-2002, 02:19 AM   #6
CrazyBimmer
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learn to spell. You are worse than me!


But serious, how about finding a used M3? That way you can save on taxes and such. You dont want to be working just to pay for a car... you need money for gas, and such. Hell go out and have fun being 21, go hit the clubs, spend your loot at those places. No need for you working to the bone just to have an M3.

How old are you anyways? Just curious..


also, WONT=WANT
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Old 06-24-2002, 02:42 AM   #7
SrCsTc
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If you can save up enough money and can afford the insurance then go for it! Have your dad get an insurance quote ahead of time so you know what to expect.

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Old 06-24-2002, 03:46 AM   #8
i033Nai
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Re:

I was making around $65k when I bought my 2001 330i. I originally wanted an M3, but living in the Bay Area blocked that opportunity. I hear New York life is quite expensive, especially with housing. Since you seem to live with your parents and I assume you take no part in paying the mortgage, you might be able to get an M3 if your dad caughs up $40k in cash to help you out. Anyway, I'de save up to buy a house and think about getting an M3 later.

Good luck.
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Old 06-24-2002, 03:59 AM   #9
OneBigTree
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Think about a 330/325

I think your plan for buying an M3 by saving your pennies is very admirable. I shudder to think of the number of people on this forum who barrowed money from the First Bank of Mommy and Daddy to buy their cars (I confess, I got a low interest loan from them myself to help reduce my monthly payment... hehehe).

That being said, you might consider getting a 330 or 325 for a number of reasons. First and foremost, the fact of the matter is, there is no place in the US where you are going to be able to drive the hell out of an M3 on public roads, and on a strapped budget, I wouldn't take an M3 to the race track. Taking a BMW on a track is like smoking crack. It is a highly addictive, expensive hobby that has a well known reputation for ruining men of far greater means then $30K a year.

If you get a 325/330, you'll be able to acquire it much faster, you will probably have just as much fun, your friends will still swoon and you will have nothing to apologize for in the 'Cool Car' catagory. The only drawback is a slight longing feeling you get when you see an M3 on the road.
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Old 06-24-2002, 06:36 AM   #10
emi323i
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dude.. invest the money ... buy a house or something... i make a lot more than you do, and I think spending 60k on a car is crazy... just imagine the moment you write the check.... 6 .. 0 .. 0 .. 0 .. 0

that's a lot of money... I think one should spend no more than half the yearly salary on a car. so if you were making 100k... you can easily spend 50k on a car. if you can save up some money, and really want an M3, buy an E36 M3.
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Old 06-24-2002, 06:41 AM   #11
Karl
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Some expenses you might want to consider:
- Oil: the 0W60 that the S54 is supposed to run costs around $7 a quart, and you'll need 7 or 8 quarts per oil change, provided that you don't trust their service interval (which I personally don't).
- Gas: this is an expense with any car, but seeing as you'll be running premium in any BMW, it might become a significant cost. I get around 21mpg average in my 330xi and spend about $1100 annually on gasoline. The M3 has a few less mpg, so bump that figure up a few notches for your gas price.
-Tires: although roughly the same cost as a BMW with sports package, if you're considering the M3 vs. a car with all-season tires, remember that performance tires cost about 1.5 times as much and last 1/2 as long.
-Gas guzzler tax: I don't know exactly how much, but it is something along the lines of $1000 at time of purchase. I believe this also only applies to new cars.

Other than that... insurance might be a big factor. You said you're going to put it on your dad's insurance, does this mean that you will or will not be insured? I had a friend who was driving his mom's car when he was blindsided by someone running a red light, it turned into a huge fiasco (resulting in lost money) when it was discovered that he, as a driver, was not insured (but the car was). Better to avoid the hassle and pay the extra money, which in the case of an M3 plus a young driver, is significant (for me, it would cost me about 150% of what I'm paying now, to insure an M3). I can assure you that any 330 (i, Ci, xi) will be enough car for 99.9% of street driving. The M3 is more of a track beast/status symbol (in some areas), and unless you can afford to track it a lot, it's not worth it to shell the extra cash out for an M3 (I've never liked status symbols anyway ).

All in all, your decision, but with the couple grand you can save by choosing a 330 (and on top of that, a few grand more by buying a used one), there are better (non-depreciating value) assets to invest in, to ensure your financial future.
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Old 06-24-2002, 10:40 AM   #12
Imola Ed
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Amazingly, and probably because I do a lot of highway driving, my M3 gets 21.something MPG according to the computer. My 325 got 26! I also put a lot of miles on per week, but I only refuel once a week, so that's about 26-30 bucks a week for gas depending on how much I get screwed at the pump (and not in a good way).

Personally, at 21 I would recommend a different car. An M3 is a huge expense at that age.
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Old 06-24-2002, 11:01 AM   #13
blue_bimma
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Quote:
Originally posted by emi323i
dude.. invest the money ... buy a house or something... i make a lot more than you do, and I think spending 60k on a car is crazy... just imagine the moment you write the check.... 6 .. 0 .. 0 .. 0 .. 0

that's a lot of money... I think one should spend no more than half the yearly salary on a car. so if you were making 100k... you can easily spend 50k on a car. if you can save up some money, and really want an M3, buy an E36 M3.
if I had 60k, thats what i would do. I'd buy a freakin' house. Or use it as a downpayment for a Porsche 911 Turbo
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Old 06-24-2002, 11:11 AM   #14
vinnymac
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Hmm...

it's going to take a long time for you to save up $60k in cash if you're earning $30k a year before taxes. Keep in mind you're going to have living expenses the entire time you're saving your money.

Also, don't forget it's going to cost money to operate and maintain your car. A new M3 may be a bit of a stretch on a $30k/yr income.

Good Luck!
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