[derin11]

Hey guys, I am 19 years old, I currently own a 07 335i and wanted to trade it in or sell it to get a 08 e90 m3. I got a job last week that pays $2500 a month plus commission from a company called axiom memory. My question is, how exactly should I go about getting the m3 I've always wanted.

I have no debt, I have a credit card that's payed off and I have no bills( live with my parents)

[Hi-Life]

Do you have a co-signer if you need one? From my experience a credit card isn't enough credit history to give you a loan for that much. That is in this economy anyway. In all honesty since you dont have any bills, and credit card is payed off. The best thing you can do is to keep driving the good car you have now and save up. Everyone would love to have had a m3 at 19, but having a house at 21 is even better. I know its not what you wanna hear. I'm just trying to give you some good advice, that was passed on to me. I unfortunatly didn't listen and now realize I should have. Its not to late for me now at 24, but it would have been better starting from 21. So consider it or not your choice.

[Blake]

you need to slow down killer. you don't make nearly enough money to afford those kind of toys. not trying to sound condescending, but you're going to wayyy over extend yourself.

[biz77]

Do you own the 335 outright? No payments?

Your $30K a year base pay is not the pay grade to support an M3 payment, even if you factor in a $20K - $25K down payment in the form of trade-in, you're still looking at a $700+ per month payment with low interest rate and five-year term. Based on your base salary, that is consuming more than 30% of you post-tax income, which is just not financially responsible, even if you are approved for the loan.

So next you have to ask yourself what is the commission structure and how likely are you to make significantly more than your base pay. Do you have a proven track record for executing on this type of job or is it your first "real" job? What happens if it doesn't work out so well? What do you have to fall back on?

It's nice to live with the parents, as it saves you serious living expense coin. Do you want to live with them for another five years while burdened with a hefty car payment?

I think your best bet is to get a feel for the new job and how that is going to pan out, what your actual pay will be like etc, then see if a M3 is a reasonable purchase, keeping in mind the initial purchase is only part of the equation. Have you checked insurance on one? You realize they eat tires like candy and not the cheap grocery store candy, the expensive imported stuff.

[hks786]

Originally Posted by biz77

Do you own the 335 outright? No payments?

Your $30K a year base pay is not the pay grade to support an M3 payment, even if you factor in a $20K - $25K down payment in the form of trade-in, you're still looking at a $700+ per month payment with low interest rate and five-year term. Based on your base salary, that is consuming more than 30% of you post-tax income, which is just not financially responsible, even if you are approved for the loan.

So next you have to ask yourself what is the commission structure and how likely are you to make significantly more than your base pay. Do you have a proven track record for executing on this type of job or is it your first "real" job? What happens if it doesn't work out so well? What do you have to fall back on?

It's nice to live with the parents, as it saves you serious living expense coin. Do you want to live with them for another five years while burdened with a hefty car payment?

I think your best bet is to get a feel for the new job and how that is going to pan out, what your actual pay will be like etc, then see if a M3 is a reasonable purchase, keeping in mind the initial purchase is only part of the equation. Have you checked insurance on one? You realize they eat tires like candy and not the cheap grocery store candy, the expensive imported stuff.

+1234567890

Couldnt have said it better. Noone wants to sound harsh but take it as friendly advice. For a young guy you're in a very good position and dont need to rush to get an M3.

[DarkRider23]

Like the others said, think before you take that huge plunge. That's $70k in debt (EDIT - Reread it... 2008 M3 so it's what, $50k in debt? Still pretty big) and it's not pretty. It's 2 years of working your ass off to pay that car off. Is it really worth it? You're car is pretty good already for your age. Think about insurance as well. Car insurance for an M3 is not going to be pretty. Ms don't get good gas mileage either, so put that into your equation. ~22 mpg for a 335 versus ~15 for a M3?

[radix]

Originally Posted by Blake

you need to slow down killer. you don't make nearly enough money to afford those kind of toys. not trying to sound condescending, but you're going to wayyy over extend yourself.

+1

Invest the money instead.

[lopealle]

just say no to the m3. thats alot of car to handle (payment,insurance and maintenance)

if you car is paid for don't get rid of it, save your money.

i forgot to add if you going to get a loan your best bet is to have your parents get it for you or try opening an account through a credit union. from my experience they always have the best intrests rates.

good luck and let us know how everything turns out

[esqu1re]

Your insurance will be insane at your age, unless you have it in your parent's name. Anyway, you asked for how to get the loan, not advice on why or why not:

Either have your parents co-sign the loan, or have them take out the loan completely. You essentially pay for the car, but go through your parents just so you can get the loan.

Anyway, do factor in insurance, potential mods, and gas and really decide if its worth it. You already have a 335i. If it's speed you're after, why not mod it?

[JayKay335i]

Try an e46 m3

[NYCGarbagePrince]

You are making less money than the guys who drive my garbage trucks. Do you see any garbage men driving M3s?

I am probably the worst catholic on the face of the earth, but, I have always thought this was a great piece of writing:

Corinthians 13:11 "When I was a child, I spake as a child, I understood as a child, I thought as a child: but when I became a man, I put away childish things."

Think about what that means to you.. Then think about the fact that you are about to spend your own money on an M3 when you still live at home with your parents. How about finding a place to live first? Or like Radix mentioned, don't take this opportunity for granted and invest for a while and if you do the right thing that m3 will be yours soon enough.

[Hawkeye]

Wow, with only 1 month on the job and little credit history you will never get a decent loan for that amount. Questionable with a cosigner unless they have good credit history.

I would wait a bit on that M3 myself. Being in car debt is no fun (trust me, I learned first hand)

[chungdae]

You're a baby and you have a 335. Be grateful and save your money.

[mtla4]

Depends sometimes its better to take the plunge earlier since you never know what will happen...When I bought my first property well I had to keep the same car....I was looking to downgrade but I was upside down big time......so....you're call if you can do it now why not...having a car that you want when youre young is a totally different experience from if you get it a bit later in your life...Right now give me any car and Im not really that excited....nothing really thrills me. Im driving appliance cars for now and still dont know what to buy since I dont really care for cars right now.

[double_j]

Keep in mind that none of us are judging you, we're just speaking from experience. Trust me, you do not want to tie up that much of your monthly income on a car.

I make a lot more than what you listed and I still think that the M3 is on the high side of what I'd want to pay for a car at my current income (even used). As much as I love my car, I always try to hold myself to a couple of guidelines: 1.) if getting a loan, put down enough of a down payment so that I will never be underwater on the car and 2.) monthly payments should be no more than 13% of take home income (i.e., after retirement savings & taxes, etc.).

Granted, I'm relatively conservative but still, $1000+ per month for the M3, insurance, etc. is way to heavy on that salary, even if your commission were to double your pay.

[Hawkeye]

Yeah, 13% is SUPER conservative.

Just know buying this car is almost surely going to give you no choice but to live with your parents for the next 5 years (unless you are planning on upping your salary a lot within that time).

[Feyd]

double j brings up a good point....

Have you even thought about insurance yet?

yikes.

[duyh]

Originally Posted by Hi-Life

Do you have a co-signer if you need one? From my experience a credit card isn't enough credit history to give you a loan for that much. That is in this economy anyway. In all honesty since you dont have any bills, and credit card is payed off. The best thing you can do is to keep driving the good car you have now and save up. Everyone would love to have had a m3 at 19, but having a house at 21 is even better. I know its not what you wanna hear. I'm just trying to give you some good advice, that was passed on to me. I unfortunatly didn't listen and now realize I should have. Its not to late for me now at 24, but it would have been better starting from 21. So consider it or not your choice.

In your case buying a m3 at 21 probably would be a better investment than buying a house considering that in 2007 houses were at an all time high and if you were to buy you would have lost way more money than the depreciation on an m3.

I say you trade your car in get a pre owned m3 for like 50, which means youd be financing 25k. That should run you about 300-400 a month, considering that you live at home if youre not a lavish spender food and gas should cost you 200-300, cell phone 100, insurance 500 so youd still have a little over a grand left over every month. i mean you only live once! who knows the world might end in 2012 then you would never have the chance to drive an m3.

[radix]

Originally Posted by duyh

In your case buying a m3 at 21 probably would be a better investment than buying a house considering that in 2007 houses were at an all time high and if you were to buy you would have lost way more money than the depreciation on an m3.

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.

[fun ticket]

Like the others have said, save your money. There is nothing wrong with a 335. You are in a great position right now. Great starting job, ability to save money (living w parents). There will be time later for pricey toys. Good luck to you in your career.

[double_j]

Since no matter what you do, it's probably a good idea to give yourself some time to see if you'll want to stay in this job for more than a year, or stay in your parents house for the long term, etc. you can afford to give yourself a trial run.

Figure out what it would cost for the M3 and insurance, etc. See if you have any problems socking at least that much away for a couple of months. While I do think you'll find that it's harder than you think it will be, the added benefit is that should you decide to move forward with the M, you'll have at least a couple of payments already put away.

[Hi-Life]

Originally Posted by duyh

In your case buying a m3 at 21 probably would be a better investment than buying a house considering that in 2007 houses were at an all time high and if you were to buy you would have lost way more money than the depreciation on an m3.

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.