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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!

View Poll Results: Stay with E46? or trade for 2010 or 11 WRX
Yes 38 59.38%
No 21 32.81%
Maybe 5 7.81%
Voters: 64. You may not vote on this poll

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Old 10-06-2010, 01:17 PM   #21
jr81
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I's personally keep the BMW. I had a 2006 Subaru Impreza Rs and hated it. The interior was cheap and plastic, the body work was tinny and picked up dents left, right and center , gas milage sucked due to the 4 wheel drive system. The worst thing about it was when the exhaust split open at the center section at only 3.5 years old you could only get a replacement from Subaru at $900 plus labor.
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Old 10-06-2010, 01:26 PM   #22
Riverbmr3
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why don't you just pay it off first before moving to the next...
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Old 10-06-2010, 01:42 PM   #23
Eliott's-BMW
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Fuc k car debt,
I own an e46 and a jeep wrangler, both paid in cash 3 yrs ago on the jeep and 2 yrs ago on the bimmer (all you have to do is save your $$ for 1-2 yrs) you always get a much better deal when you pay cash and for 3 yrs I've been using my extra $ on mods other toys and minor repairs (maybe under $1000 worth of repairs on both cars). The only good debt (maybe) is getting a loan for college and a house, everything else if you cannot afford it, go ahead and buy it in payments and make someone else rich...
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Old 10-06-2010, 02:09 PM   #24
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Your car debt will go from $7 k to something north of $30 k. The car dealer will move whatever you are upside down on the E46 into the Subaru loan. The Subaru dealer will have the power to determine the E46 upside down amount as well. What's the best price on the Subaru? What will be total new balance be? If it moves above $30 k, the loan payments will increase and the interest rate might bump up as well. Better to stick with the BMW.
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Old 10-06-2010, 02:20 PM   #25
howie
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With a new car interest rate depends on credit score, nothing else

If they pay his car off he has 0 payments 0 to add

So let's say a 5 year loan on $25000+tax/tag, title, dealer fees he's at $27,500

that's $480 w/ 0 down

DO IT
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Old 10-06-2010, 03:51 PM   #26
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If you are using a strict definition of the phrase "have to" in conjunction with 100% financing, then I agree, but if you are offering a blanket statement then I disagree because financing is perfectly reasonable under certain circumstances.

Your overall point about people foolishly going into debt is, of course, correct.
I agree. If your goal is to keep a large cash cushion (6-12 months living expenses) financing a large purchase can be a good idea.

On the other hand if the monthly payment prevents you from saving money, financing is a bad idea.

Back to the OP:

I'd ask yourself how you came to owe more than trade in value, and if you can prevent that from happening again when you buy a brand new car that will depreciate like crazy for the first 2 years. If you go with a standard 5 yr loan, plan on putting at least 20% down just to stay even with depreciation. Owing more than trade in value (and having little cash on hand) is never a good move because it severly limits your options if you run into financial trouble.
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Old 10-06-2010, 04:06 PM   #27
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Keep the BMW.
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Old 10-06-2010, 04:18 PM   #28
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I agree with most of the above voices - either keep the BMW or sell it and get something you can afford to drive. The only good thing about financing a car is that you're helping make some bankers rich.

If you take the money you would have been plowing into that depreciating Subaru and put it in the bank (or better investment), and then buy something nice a few years down the road, you're going to be WAY ahead. Keep doing this (saving instead of making car payments), and for the same amount of money, you'll be driving a nicer car FOR THE REST OF YOUR LIFE (or, you'll be driving an equally nice car for a lot less money). Either way you're way ahead.

I know the culture screams "BUT YOU HAVE TO HAVE IT NOW!!!!!!". You don't, really. Don't make the same mistake twice in a row (you know the old saw... "fool me once...").
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Old 10-06-2010, 04:23 PM   #29
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subarus are crap. fast perhaps, but absolutely terrible otherwise.
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Old 10-06-2010, 07:00 PM   #30
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lol @ going from $7,000 in debt to $25,000+.
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Old 10-06-2010, 07:38 PM   #31
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Feels good having a e46 paid off... but IMO, i would go for the 335i
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Old 10-06-2010, 08:23 PM   #32
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Keep the BMW.
Quote:
Keep the BMW.
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Keep the BMW.
Quote:
Keep the BMW.
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Keep the BMW.
Quote:
Keep the BMW.

.....
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Old 10-06-2010, 09:42 PM   #33
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Feels good having a e46 paid off... but IMO, i would go for the 335i
Agree on the vehicle being better however used car finance rates are much higher so I wouldn't recommend it
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Old 10-06-2010, 10:58 PM   #34
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Paid off is a great feeling when you get there ....
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Old 10-06-2010, 11:08 PM   #35
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Paid off is a great feeling when you get there ....
Paying cash is even better, instant gratification
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Old 10-07-2010, 04:43 AM   #36
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Paying cash is even better, instant gratification
+1
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Old 10-07-2010, 05:30 AM   #37
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honestly, you're not going to get too much more than 7k for an 01 325... unless it's stacked on options and ultra-clean. In which case you might get 8
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Old 10-07-2010, 05:37 AM   #38
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but srsly, keep your car, pay it off, and then look at something new. Unless you're in need of a new car right now. In which case, look at something you can really afford.
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Old 10-07-2010, 07:09 AM   #39
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but srsly, keep your car, pay it off, and then look at something new.
or keep your car, pay it off, then save the $ you would have been paying the bank so you can pay cash in a few years when your current car needs replacing.

Calculate how much $ you pay in interest and it gets depressing really fast. Personally I try to never borrow any money on anything.
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Old 10-07-2010, 07:48 AM   #40
BmwMan325
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Also take into consideration what the increase in property taxes and auto insurance will be if you went from the 7K car to the 30K car....
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