Why shouldn't I buy one of these?

[Feersty]

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For those that don't want to click. Very reasonably priced M3s, 318is, 325is

[.RJ]

Well, all of them but the 318 are likely sold - I know the yellow one is. We've had the M3 discussion here before, you should know at this point the costs of ownership are.

Can you afford a $250-$300/mo payment on top of the maintenance (could be a lot up front, and $100/mo or more) and insurance (you're not 25 - its not going to be cheap) on a $30k salary?

[Feersty]

$250-$300 is definitely doable. I only have to pay $425 for rent plus medical insurance, and come february it is only $300 a month. But yeah I know insurance on a M3 is gonna be bad.

[.RJ]

Then there's gas, food, etc.... if you burden yourself with a hefty car expense, you wont have any expendible income.

[Mike]

300 = car payment
125 = car insurances
150 = gas (estimate absed on your commute)
425 = rent
100 = insurance
TOTAL = 1100 x 12 = 13200

that leaves 6800 to eat, play, unexpected repairs, etc... savings? forget about it.

i'd hold on to what you have or find a cheaper car until you can find a better job.

[Sijray21]

i have a $200/mo car payment and i'm broke, lol.

Food/Gas/Clothes/Social Expenses/car parts/insurance/phone/etc....


....this shit adds up a LOT quicker than i thought....budgeting is quite necessary

[.RJ]

Also, can you get a loan for $13-$14k?

Yes, living expenses add up fast. I probably spend $1000/mo between rent, utils, food, gas.

[Kaan]

between the phone, student loans, rent, etc i budget about $1300 a month just for the "bills." that doesnt count going out ever... fixing the pile... etc.

[Mike]

<--- spends 1000/mo on food and other bullshit i'm fucked when i move out

[Sijray21]

I just calculated it up:

Monthly Expenses
$200 - car payment
$272 - insurance --- read $272/mo for 4 months - 6 month insurance plan (this also includes 2 cars and a motorcycle.... :? )
$150 - Gas
$250 - Food -- ...i need to get grocceries and cook more
$50 - phone
$50 - Gold's Gym
$300 - Credit Card Bill (until it's paid off)
$14 - XM radio__________
$1286/mo

That's just the usual monthly expenses, lately i bought a bike ($1500), parts for the integra ($500+$160+$40), Tax/Tag/Title fees for the teg/vw/suzuki ($500+), Paid for my deductible b/c someone broke into the teg ($500), and random clothes ($350).....my credit card is hurting and this spending habit should be reduced. This also does not include the alcohol / going out....which has put a hurting on my finances.

You will stretch your self thin if you have an extensive car payment. I'm not even paying rent and utilities yet....I'll be paying that as soon as i move in to a new place in a couple weeks. Looks like i need to start curving my spending habits.

[BLINGMW]

rob, you SHOULD buy the 318. F*ck a car payment. For a few months payment on an expensive car, you OWN that thing. That's track time and drinkin $$. That's good mileage, good upgrades (M3 brakes! Those will last forever on that thing!), and a great price on a very reliable and fun car. :thumbup:

[Evan]

I dont remember the last time my monthly credit card bill was under $1200. *sigh* (and I pay it all off every month)

my spending habits suck

[ScottyB]

hold off on the M, Rob. not counting The Wife's income, i'm on a similar salary to yours....and i can tell you i have enough trouble just driving around and affording the maintainance on a 6 year old, 4 cyl. family car that is $700 a year to insure.

[Feersty]

I am good at saving fwiw.
My food is paid for.
Gas is killing me.
I haven't spent money on alcohol in like 2 1/2 weeks.
I find myself avoiding social situations cause I want to save. :\

While I drive my dad's truck I don't have to pay car insurance, but he wants me to get my own car. For some reason I haven't paid one cell phone bill and I have had my phone a year. I am on the family plan. I will probably have about $7000 saved up by December.

I currently have no debt and an IRA already.

[.RJ]

I am good at saving fwiw.

You cant save it when all your income is going to bills and expenses.

My food is paid for.

Lunch? You dont ever go out for dinner, drinks, etc?

I find myself avoiding social situations cause I want to save. :\

So what good is an M3 if you cant take it anywhere?

I will probably have about $7000 saved up by December.

If you really think you can do that...... then go for it. Then use the $5k of it as a down payment on an M3.

How are you going to save $7k in 2 months? Thats almost 4x more than you're making.

[Feersty]

I have money already and three months of work. Didn't specify late December.

[.RJ]

I have money already and three months of work. Didn't specify late December.

When are you starting? You wont get paid for 3 weeks after you start, so you'll get 2 paychecks..... after paying rent, gas, etc, it doesnt add up to much.

[Sijray21]

i say wait a couple months to see what the actual net income is after the living expenses and find out how much you can actually afford. I really thought i'd be able to save more than what i'm saving now, which really sucks.

example: In retrospect i should've stuck with the civic (bought the rest off my mom) and not have purchased the teg till later if at all. That car payment is kind of a pain, and the insurance is even more of a pain. If i didn't spend the money on that car i probalby would've have spent it on another car as a down payment or included it for monthly payments.

[Evan]

a car is not worth sacrificing your standard of living. its just a damn car, i dont car how pretty you think it is or how fast it is.

hell, i almost bought a damn 911 a year ago (used). sure i could have afforded it, but i would have had to give up a lot of things, and in the end it wasnt worth it. well, actually, it probably would have gotten me enough ass that it would have made up for the fact i wasnt going to the track anymore....but never mind that......what were we talking about?

[Feersty]

I have money already and three months of work. Didn't specify late December.

When are you starting? You wont get paid for 3 weeks after you start, so you'll get 2 paychecks..... after paying rent, gas, etc, it doesnt add up to much.

I started last monday.