05-15-2019, 07:31 PM | #1 |
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Can I afford to buy an F80 M3?
I recently sold my 335, and now i really want a F80 M3 soooo bad I know its a terrible financial decision and it makes no sense, but its the car ive always wanted since i was 13 years old. Not to mention i hate not having a "sports" car, ive always had something since 17 years old. The only thing holding me back is the giant price tag that comes with it... What do you guys think? Am i making really bad decision here?
My situation Income: 65k/year Own my daily (09 Camry) I own a duplex and i pay less than half my mortgage and i split that with my GF (hopefully soon to be wife) No other debt to my name. i have a solid 10k to put down and the M3 i want is $42,000 |
05-15-2019, 07:35 PM | #2 | |
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05-15-2019, 07:36 PM | #3 | |
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05-15-2019, 07:37 PM | #4 |
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I don't believe it was an F80 you wanted ever since you were 13yo though...
So get an e92
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05-15-2019, 07:44 PM | #5 |
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05-15-2019, 07:45 PM | #6 |
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Wait how old are you? Lusting after an F80 since you were 13?
Regardless. Doo eet. |
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05-15-2019, 07:47 PM | #7 |
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If affording the car cuts into a significant amount of money that you save every month then I would say don’t do it.
If you’re still stacking a healthy amount of money every month and aren’t living paycheck to paycheck or needing to tap into savings because of the car then I would say you can afford it.
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05-15-2019, 07:47 PM | #8 |
i'm just saying
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life is short to think too much and F80 is not the only M3..
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05-15-2019, 07:51 PM | #9 |
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It seems feasible on what you are describing. My only advice would be:
1) Make sure you quote out insurance. I could be wrong, but you strike me as someone that is younger so I wouldn't be surprised if you are talking a couple hundred bucks a month. 2) Make sure that you are't improperly prioritizing other, more important things. Invest ~15% towards your retirement. If you can check all those boxes and have enough to live off of then I say go for it. |
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05-15-2019, 07:53 PM | #10 |
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+1
And when someone asks what you paid, tell them: "I paid what it cost."
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05-15-2019, 07:54 PM | #11 |
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I was taught to always make sure the house is paid off as soon as possible. Until then, nothing else matters besides food and health insurance. The last thing you want to be is homeless from not being able to cover your mortgage and car payment.
The best things in life take time. Use that 10 grand to help pay off your mortgage, as well as the other 30+ you were going to spend on the car. Until your Camry is broken, you don't need a new car. Be patient. Get yourself into a financial situation where the house and car you own are actually yours, not the bank's. Nobody knows what tomorrow will bring, and a roof over your head is boring now, but a hell of a lot better than a reposessed m3 if ends can't be met later. |
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05-15-2019, 08:09 PM | #12 |
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You can generally afford a car as high as your annual salary if you aren’t leveraged on credit cards, other car loans etc.
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05-15-2019, 08:12 PM | #13 | |
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05-15-2019, 08:15 PM | #14 |
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E9X M3 had way better steering than the F80, pick up one of those instead.
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05-15-2019, 08:16 PM | #15 |
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I don't even have a full-time job and I purchased a CLS63 AMG... people overestimate expenses.
65 a year is more than enough. Not sure why you want one though, with the cheap popcorn headliner |
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05-15-2019, 08:17 PM | #16 | |
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05-15-2019, 08:19 PM | #17 |
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If you can afford $42k, you don't have enough money for an F80, and why would you want one anyway? $42k is a fantastic amount of money to spend on an E92.
You don't want an early model F80 with high miles when you could get a late model E92 with low miles for the same price. NOT EVEN A QUESTION!
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05-15-2019, 08:30 PM | #18 |
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Sounds like you are thinking of getting married soon. Having funds saved for emergencies and the future are far more important than a car. If you can’t easily pay for it while also saving a chunk of money each month, I’d say pass on it for the foreseeable future.
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05-15-2019, 08:30 PM | #19 | |
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yea, no. let's not listen to this guy. |
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05-15-2019, 08:31 PM | #20 |
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Sounds like you are thinking of getting married soon. Having funds saved for emergencies and the future are far more important than a car. If you can’t easily pay for it while also saving a chunk of money each month, I’d say pass on it for the foreseeable future.
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05-15-2019, 08:32 PM | #21 | |
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Sure, if you can pay cash or pay the house off quickly, it may make sense, but someone making $65k a year asking if he can take a car loan isn’t in that situation. Just simply look at your mortgage statement and see how much is actually going to principal. That’s what you’re saving. The rest is going out the window. Again, if you pay cash, sure it makes sense. And you may make a small profit if you have to sell which won’t be taxed if you lived in the house for at least 24 months. And what happens when you need to replace the roof, windows, or hvac? Trust me. I’m 53, been there done that. Switching to renting was the best thing I ever did and I’ve amassed several hundred thousand dollars over the period of time I started renting in less than ten years. YMMV of course. |
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05-15-2019, 08:32 PM | #22 |
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if you want F80 badly you can wait like 1-1.5 year and their price ll be much lower than now in States.. and stock market can help you to shorten that period or making it longer..
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