[TTexan]

I'd give you the loan, 30% interest.

[duyh]

Originally Posted by radix

The difference is there's a good chance the value of his hypothetical house will go up over the long term, recovering some or all of his initial investment. Indeed, over the long haul, his home might even appreciate beyond the initial purchase price, housing market crash notwithstanding. The same really can't be said for the M3. Purchasing a car has never, in the general case, been an investment, and a late model M3 is no exception. Various rare, vintage, or otherwise highly sought after collectible automobiles are, of course, the exception to the general case.

You forgot how high interest rates were back in 2007, even if you had enough for a downpayment for a 200k loan you at 7 percent you would be paying 1500 in interest alone each month. In this economy it would be better to buy a car than a house because if you lose your job you can still trade in your car or sell it fairly quickly without it affecting your credit as much, a house on the other hand if you aren't able to sell it would either go into a short sale or a foreclosure damaging your interest for 2-7 years. On another note with banks being so tough on approving loans the only way you could prove yourself credit wise would be to have a car loan. I say you buy a used one, finance it to build credit, and sell it to get a cheaper car if needed so you can enough money for a downpayment once your credit is up to par. Depreciation wouldnt be too bad on a used one. Plus at your age if you dont spend money on car payments youll probably spend it all going out with your friends.

[duyh]

Originally Posted by Hi-Life

I wasn't saying I could have bought a house then. I was saying I should have started saving at 21. Instead of being a dumb 21 yr old bringing in good money and partying, and buying dumb stuff. Now I'm older I realize that and have been saving up money towards a house.

I know what you mean by being able to buy a house if you saved up money sooner. Its just with the current market alot of people are starting to say cars are better investments than houses. It just depends on how you usually spend your money i guess. In my case if i wasnt stuck on car payments i would blow all my money on food and going out with friends anyways.

[Hi-Life]

Originally Posted by duyh

I know what you mean by being able to buy a house if you saved up money sooner. Its just with the current market alot of people are starting to say cars are better investments than houses. It just depends on how you usually spend your money i guess. In my case if i wasnt stuck on car payments i would blow all my money on food and going out with friends anyways.

I hear you, the current housing market is only a buyers market. Other then that its scary. My point was trying to give the kid something bigger and better to look forward to. If he wants to blow his money on an m3 and someone will co-sign or what ever, so be it. Maybe everyone's priorities are different, I would rather have a house to park my nice car. Instead of living at my parents house with a nice car.

[Dackz]

Originally Posted by Hi-Life

I hear you, the current housing market is only a buyers market. Other then that its scary. My point was trying to give the kid something bigger and better to look forward to. If he wants to blow his money on an m3 and someone will co-sign or what ever, so be it. Maybe everyone's priorities are different, I would rather have a house to park my nice car. Instead of living at my parents house with a nice car.

+1. Save the money and use it wiser down the road.

If you want your M3 that bad...mod the 335 a bit and you'll have everything but the exhaust note and some decals essentially.

You could even save $$ for another year towards a down payment if you wanted.

[SchlauCow]

Derrin,
Have you thought about going to college? Or, perhaps you're in school now?

In any case, I would recommend you take the advice on this thread and stick with your 335.

Then again, if you want to feel what many Americans feel like due to indebtedness and poor financial planning, then get the M3 and satiate your short-term desires.

[fatjoez]

EPIC thread / responses

From biz77 to GarbageDudes bible quotes

[BayMoWe335]

I'm going to be as nice and as blunt as I can possibly be given the cirumstances.

You're a complete moron.

[bmwmthree]

Originally Posted by BayMoWe335

I'm going to be as nice and as blunt as I can possibly be given the cirumstances.

You're a complete moron.

+1
just be thankful for what you have.

[FStop7]

$2500 a month net or gross isn't nearly enough to afford a newer M3.

[koreez88]

Originally Posted by FStop7

$2500 a month net or gross isn't nearly enough to afford a newer M3.

That's not even enough to afford a Hyundai Genesis Coupe.

[fwmcb]

It's hard to advise you on a course of action without knowing your full benefit structure, but I would be inclined to wait and see what the full benefits package worked out to in real dollars, predictions are nice but they are just predictions. Because in any type of sales situation you have the opportunity to do very well for yourself if you put the time in.

There is something to be said for being fiscally prudent bro, but if you can swing it, with a significant downpayment, I'd go for it since you're only young once and this is your dream afterall... I'm tempted to make the same purchase soon... Also wait and have a look at the 1M it might be very interesting and cheaper than an M3! good luck bud.

[BayMoWe335]

This stuff about "if it's your dream, just do it" is just stupid.

1) That will get you in trouble very quickly and it's a long road out.

2) It takes mere minutes to spend $50,000 but years to pay it back if you're not careful.

3) If your "dream" is the buy an M3, have bigger dreams.

4) You're too young and don't make enough money.

[335iMIAMI]

I would have to agree with all these post here. And guess what Im blessed with the same situation as you , Im 19 and drive a 08 e90 355 that I pay for. Sure 2500 a month plus commision is good at 19 , but not good the older you get and more expenses that come with it. Everyone here is giving good advice , take it and listen to it there no point to get so in debt at this age over a car. Just to impress the girls? not wort it just mod your 335.