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Go Back   Bimmerfest - BMW Forums > BMW Model Discussions > M Series > E90/E92/E93 M3 (2008 - 2014)

E90/E92/E93 M3 (2008 - 2014)
4th generation E90 M3 sedan, E92 M3 coupe and E93 M3 convertible. The last of the naturally aspirated M3s, powered by a 4.0 liter V8 making 414hp and 295 lb-ft of torque.

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  #1  
Old 12-29-2012, 01:15 PM
cjohnvmi11 cjohnvmi11 is offline
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Location: Virginia
 
Join Date: Dec 2012
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Mein Auto: 11' Volvo S40 R-Design
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?!?!?
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  #2  
Old 12-29-2012, 02:52 PM
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Chuck W. Chuck W. is offline
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Location: Agoura Hills (LA) CA
 
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Mein Auto: 12 BMW 535I MS Alpine Wht
I am with Dad on this one. Graduate, get a job then special order a new M car. Good luck, you sound like you are on the right track in life.
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Mods - Quad Exhaust Tips, HID Fog Lights, Clear Front Reflectors, M5 Spoiler, Calipers Painted Black, 12.5 mm Rear Wheel Spacers, Tint - 5% Rear, 35% Front & 50% Windshield - BlackVue DR500GW Dash Cam, Blendmount for Valentine One

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  #3  
Old 12-29-2012, 03:02 PM
Akshun Akshun is offline
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Your focus should be on graduating, not an M. Celebrate your new job (once you get one) with an M.
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  #4  
Old 12-29-2012, 04:47 PM
nhman nhman is offline
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Mein Auto: 2013 M3 coupe ZCP DCT
Quote:
Originally Posted by Chuck W. View Post
I am with Dad on this one. Graduate, get a job then special order a new M car. Good luck, you sound like you are on the right track in life.
+1

You'll have plenty of time to obtain and enjoy a nice vehicle (like an M3). If everything works out, plan for ED.
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  #5  
Old 12-29-2012, 10:36 PM
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TGray5 TGray5 is offline
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Location: So. Calif.
 
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Mein Auto: '13 F10 550i; '13 R1200GS
I think insurance is going to be pretty high for someone your age...price that out and it might make the decision more clear. But have to say I agree with the others, wait...get the new car as a graduation present to yourself....but if you can't get it out of your mind, it is a great car.
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  #6  
Old 12-30-2012, 07:05 AM
XXX555 XXX555 is offline
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Mein Auto: 2012 M3 cab
Sorry to burst your bubble but, as a dad and a physician, I must agree with the above. Wait for the 2015 or 16 M3 for a graduation gift to yourself!
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  #7  
Old 12-30-2012, 07:58 AM
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thekurgan thekurgan is offline
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How are you getting $400/month with a $39k car (with your $5k down from $44k) financed I'm assuming over 60 months at ~ 5% interrest? I come up with ~$800/month (assuming ~8% tax). Does the Volvo have that much positive equity?
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  #8  
Old 12-30-2012, 09:00 AM
FlyingLow78 FlyingLow78 is offline
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Location: North Carolina
 
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Mein Auto: 2015 M3
Also, you need to factor insurance costs. I bet the Volvo is a lot cheaper... It would be wiser to wait on an M3 purchase.
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  #9  
Old 12-30-2012, 09:24 AM
BertStevens BertStevens is offline
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Location: Nashville, TN
 
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Mein Auto: 323i
+1 on waiting.

Finish school, begin full time employment, put 3-6 month's expenses into savings, and THEN get the car.

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Last edited by BertStevens; 12-30-2012 at 09:35 AM.
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  #10  
Old 01-01-2013, 05:59 PM
cjohnvmi11 cjohnvmi11 is offline
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Location: Virginia
 
Join Date: Dec 2012
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Mein Auto: 11' Volvo S40 R-Design
Thanks for the input. I agree with you all and will wait it out. I'll just have to keep dreaming about it until then. Also honestly my traffic record isn't too good so I'm thinking the insurance would be a lot more at this point. and @thekurgan I don't owe less than 5k on my Volvo so it has a good amount of positive equity
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