Worth it? Tell me what you think!
I recently entered a thread about purchasing a 2010 M3. I would like to see if you guys think it's worth it, given my situation. I am thinking of purchasing a 10' M3 with 24k miles from a dealer here on the East coast. The vehicle is a grey coupe with a sunroof, 19" wheels, navi, and parking sensors among other things. It has the cold weather package and tech package. They are asking 48k but I would not pay this price, I would ideally like to get them around 44k.
OK here's my situation:
I am in my 2nd year of medical school. I'll be 24 next week. I have a 2011 Volvo S40 R-design. Great car, but not my dream car (M3). To get this M3 I will trade in my S40 and put down 5k downpayment. I can afford the vehicle, I am thinking I would have a payment of around $400, which is not much higher than the $230 I pay right now. The thing is, my volvo will be payed off in less than 2 years, while this new vehicle will take another 5 or 6 years (at 400 a month).
I am on a military scholarship, so tuition is payed for, no loans, and I make a stipend every month. I've got substantial savings and would still be able to save money with the new car. My dad is the only thing holding me back. He thinks I should wait until I graduate and am making a full salary. The decision is mine to make but he's pretty adamant on his stance.
My argument is that if I wait 2 years my car will have less trade in value and my monthly payment will be higher ( I still probably wouldn't want to put more than 5k down at that time). Also the parents pay my insurance so I don't have to calculate that into my expenses but if my insurance is ridiculous on an M3 I wouldn't get it. I'm also reasoning that if I can afford this payment now, when I graduate it would be even less of an issue.
So with that being said, what do you guys think?!?!?