Soon to be (young) 128i owner!

[MrRoboto]

Originally Posted by fastbutcurious

So your saying i'm gonna race my ass off and kill myself?
Well you're completely WRONG

I appreciate all of your suggestions but seriously, I'm tired of everyone thinking I'm gonna wreck any car I drive. I don't like driving fast and I have no intentions of racing. Thus if i don't drive fast, I have the same chance of wrecking my car as any of you 20 or 30 year olds. Yeah I know it won't always be my fault when i get into an accident. But you guys all say it like there's someone waiting to ram into me at every intersection.

I'll only get the 128i if it will be easy for me to pay alone. Incase I lose my job I'll save up the extra money I'll make working fulltime in the summer, and use it while I look for a new job.

BTW My grandma said i could get my car when i'm 18. But she had no idea 16 year olds are allowed to get their license. If she didn't want to me to get a car, then and only then I would wait to buy my car. But there's no way in hell i'm buying a 1980 or even 1990 anything. I'll probably drive my civic for a while until i think I'm ready.

And if i could only just barely afford the 128i I decided on getting a new Accord Sedan. I know I'll easily be able to pay for it. Also I'm not really blowing all my money away. An Accord will be a car I will happily drive for more than 5 years. Until then when I'm out of high school I'll be working to get my own BMW. Oh and I'm not really into any BMW model older than 2004, besides M3s. But I'll feel much more satisfied buying a new car.

And I don't need the money for college. I already have a college savings account.

What does your father think of all this?

[JHZR2]

Originally Posted by jzhang

sometimes the inevitable can happen and would have NOT happened if you had MORE EXPERIENCE. I'm 21 and that's all I can tell you if it doesn't get through your head you really need a wake up call man. And I won't call you a KID cause I'm nice.

Kind of funny coming from a 21yo... (stated by a 28yo)

[JHZR2]

Originally Posted by fastbutcurious

So your saying i'm gonna race my ass off and kill myself?
Well you're completely WRONG

I appreciate all of your suggestions but seriously, I'm tired of everyone thinking I'm gonna wreck any car I drive. I don't like driving fast and I have no intentions of racing. Thus if i don't drive fast, I have the same chance of wrecking my car as any of you 20 or 30 year olds. Yeah I know it won't always be my fault when i get into an accident. But you guys all say it like there's someone waiting to ram into me at every intersection.

I'll only get the 128i if it will be easy for me to pay alone. Incase I lose my job I'll save up the extra money I'll make working fulltime in the summer, and use it while I look for a new job.

BTW My grandma said i could get my car when i'm 18. But she had no idea 16 year olds are allowed to get their license. If she didn't want to me to get a car, then and only then I would wait to buy my car. But there's no way in hell i'm buying a 1980 or even 1990 anything. I'll probably drive my civic for a while until i think I'm ready.

And if i could only just barely afford the 128i I decided on getting a new Accord Sedan. I know I'll easily be able to pay for it. Also I'm not really blowing all my money away. An Accord will be a car I will happily drive for more than 5 years. Until then when I'm out of high school I'll be working to get my own BMW. Oh and I'm not really into any BMW model older than 2004, besides M3s. But I'll feel much more satisfied buying a new car.

And I don't need the money for college. I already have a college savings account.

Well, read my post... I made no such claims. There may be smarter choices in another car, but I think that you can be responsible.

What others say about wrapping yourself around a pole is true for two reasons - one because youre young and may take risks, and two, because youre young and don't have as much experience. I agree that based upon pure physics, if your driving style is right, you have as little or as much chance as the next guy, but there is some experience and maturity factor, believe it or not... This is why insurance rates change depending upon age, marital status, credit, etc. I dont think it will happen, and I think you can be responsible. But their point is proven by loads and loads of data... and for every two people that say theyll be responsible and wont get into an accident... one and three-quarters do. So the odds arent in your favor, regardless of the faith held in you, and/or your level of maturity.

Now, savings. It seems that youve thought it through and think it is easy. It may be, and it may not be. Say with the cash, some additional savings, perhaps your parents cosigning for it to get you a good rate, etc., you have a monthly payment of $350. Let's add onto that full coverage insurance, which is $1200/yr (for an easy estimation number, will likely be higher), or $100/month. So, youre on the hook for $450/month overall. Youve spent the $15k, and are on the hook with little to no savings.

To be financially smart, you should have six months in emergency savings. This means that out of the gates, you need to get $2700 saved and just sitting somewhere to not touch. Then you have to work... Say you live in the dorm, eat solely at the dining hall, and all of your work income goes to the car. Let's say that you have a part time job that pays $10/hr. That is really $7/hr after taxes. To earn that $450, you need to work 65 hours. So, you need to work roughly 15 hours per week. Say you work an 8-hour shift doing something on a Saturday or Sunday, you still need to work 2 hours per day, more or less, every weekday of every week, to pay for the car.

Youll be in college, trust me, you won't want to work both weekend days... Now, it seems that you are smart, and do well. I hope you enter into a challenging, worthwhile major. I did engineering. If I was an A&S major, I surely could have gotten a job. As an engineer, no dice... just no time. So, let's say that you do go for a challenging, worthwhile major, to maje good long-term choices, rather than taking an easy, dime a dozen route. You will not have time to work during the week for sure, and perhaps not on the weekend either, if you want a life.

So, let's say that you have only time to work 8 hours a week, or 32 hours per month. At $7/hr take home pay, that is $224/month. School is more or less 9 months out of the year, so youll have a $226/month shortfall, or in other words, will need to earn/save $2034 over the summer, in addition to the $1350 youll need to earn to make your normal payments. So that is $3384 that you have to earn over the summer. Say the summer is technically 3 months, but you take a week to start a summer job, and you go on vacation for two weeks. So, the summer work duration is really around 12 weeks. Say you have that same $7/hr take-home, then to earn that necessary $3384 it will require you to work 483 hours, and thus 40hrs/week. In other words a true full-time summer job.

That means less free time, more time executing, less fun, less time with friends. Youll have a car, but youll be a slave to the car, at a point in time when having that specific car will be (in hindsight at least), less important than having a car and some freedom, money and time to go do things that you wouldnt be able to do otherwise.

I can see that it could work, but youll be on the edge, overworked, and will not enjoy what should be the most enjoyable years of your life, as much...

I think you can make it happen, but without extra dollars upfront and continuously (e.g. parents cost-sharing or similar), it is not compelling.

Just my 2c.

[b2nvs2001]

Alright here is my advice. Choose to take it if you wish or don't: it won't make any difference to me, but it may save your money for a more needy cause or perhaps even your life!

First, you may be the best driver in the whole world and perhaps you are. But nothing can stop someone from piling into you. Tell me this, how would you react to that as a driver? What would you do? It is difficult to say, depending on the circumstances, but I promise that experience is the one intangible component which, when earned, could help you to answer this question much more easily, just for the simple fact that you have been through the same or similar situations before!

That is what the difference is between a high ranking engineer and an entry level engineer or a resident and an attending in medicine or any other field: experience. Sure, an attending or Senior engineer may have a couple of exams more under the belt that he or she will readily prepare for and then just as quickly forget but the main quality superior that he or she is, compared to their junior counterparts, is experience. Just drive a couple of years or more and I guarantee you will tell me I'm right.

Now you may ask, why can't you get your experience in a 128i as opposed to a Honda Accord or some other Japanese variant? The crucial difference is this: the BMW is rear wheel drive. Most Japanese cars and the like are front wheel drive, they move though rotation of the front wheels. This means that no matter how you drive, if you go too fast, take a corner to sharply etc., the car will do one thing almost 100% of the time: understeer. The only counter to this is lifting off the gas SLOWLY until the car regains control again. There is a caveat to his which is lift off oversteer (which I don't wish to go into at this stage) but hopefully this would be minimized if you do not life of the gas too quickly while going round a bend and also due to the fancy traction control systems in place on the cars you mentioned. This means in most situations that any car other than a BMW is safer! Honestly it is.

In a BMW, despite the fact there is an undoubtedly more sophisticated TC system than in the other cars you mentioned, there is almost nothing you can do with the ultimate physics of the situation. The car is setup to oversteer since the wheels driving are at the rear and if you lose traction, the car will pivot with the center of rotation being the front wheels. Hence, if someone hits you, no matter how good the TC system is, the car is very likely to oversteer.

Again, I am not saying you are a crazy driver or that you will crash or someone will crash into you. However, the probability of an incident occurring at least once in your life (significantly more so in your junior years of driving due to your slightly less level of experience) is almost 1.

I understand the urge for you to get a nice car. Hey you did earn it and you want to (at least on some level if you are a somewhat heterosexual guy) want to attract the opposite crowd etc. If you think I am lying or that this is not the case, you are fooling yourself. The truth is this, girls will come and go, and if your future or present female counterpart is worth being there for, she won't give a second thought to the car you drive.

The last point I wish to make for my argument is that it is nice to build up your car collection slowly. It feels good to go from an average (or above average car) to a good car to a very good car to an excellent car to an amazing car. Certainly the 128i is in the good to very good category. The reason for this is you will have lost out on the driving experience and what an average car feels like compared to a BMW. You would then naturally take what you have for granted (not saying that this is naturally part of your nature but humans, particularly guys always want something better). If your baseline becomes a BMW, then if one day you may have to move down to a lesser car, I guarantee you will feel like crap. Total crap each and every single day. Furthermore, you will not experience why a BMW may be better or worse than some other car. Say, for example, in the Honda accord, with its VTEC engine, you wont know the meaning of what low torque is and the characteristics that particular engine range has. Consequently, you wouldn't again understand and appreciate the virtual mountains of torque the BMW has.

All I am saying is (and trust me since I was your age not too long ago) life will guarantee you that one day, if you want, you can get whatever car you wish. But when that day comes, if you choose the path I am suggesting, you will love each and every second of the ownership experience rather than be bored after 6 months since you haven't been able to experience the difference between a BMW and any other car.

Trust me. I have been there adn done that.

Want my list of cars in chronological order:

Toyota Carina E Xi (bottom of the range)
Toyota Carina E Gti (Top of the Range)
BMW 328i M Sport
Renault 5 GT Turbo (see what I mean about feeling like crap, even though it was a fun car)
Audi A3 Sportback 1.8T chipped/ Volkswagen Polo GTI
Acura RSX Type S/ Honda Civic EX 1.6
BMW 135i

Now driving the 135i, I think I can tell what the good and bad points about this car is. This is through years of experiencing every single car to the maximum it could possibly offer.

Its up to you in the end. Have fun, whatever you decide.

[montreal red]

damn... how did this thread become a financial advisory/education planning thread??

[Jimmydean]

I agree with JHZR2 above. Well done by going into the details man.

Based on where this kid lives and what he is saying, I'm guessing his college is already paid for by mom & dad. Fair enough. Alot of kids get that these days.

And 'fastbutcurious', you already have a civic? I thought you weren't 16 yet? Why not just drive the civic through your high school years? I just don't see why you NEED (not want) a flashy car when EVERYONE knows you have a high school job and don't make squat! lol!
I agree that you shouldn't get a 1980 or 1990 anything, no need for that. There are 2000-2004 used clunkers that would work very well.

Just a hunch, but I get the feeling mom & dad will fund his bank account in college. Just a hunch.

Some of the best high school stories my friends and I share were was POS we drove back in the day. From a 1989 Taurus station wagon to a 1987 VW Jetta, our cars were all crap, but we drove them into the ground and had tons of fun in them, instead of worrying about trying to impress people by showing off cars our family bought for us. LOL.

I dunno, maybe you go to one of those beverly hills type high schools and it's an image thing. whatever.

[b2nvs2001]

Originally Posted by montreal red

damn... how did this thread become a financial advisory/education planning thread??

Come on, if you're going to reply in this thread, you have to at least write a minimum of one page!

LOL

[fastbutcurious]

Originally Posted by JHZR2

Well, read my post... I made no such claims. There may be smarter choices in another car, but I think that you can be responsible.

What others say about wrapping yourself around a pole is true for two reasons - one because youre young and may take risks, and two, because youre young and don't have as much experience. I agree that based upon pure physics, if your driving style is right, you have as little or as much chance as the next guy, but there is some experience and maturity factor, believe it or not... This is why insurance rates change depending upon age, marital status, credit, etc. I dont think it will happen, and I think you can be responsible. But their point is proven by loads and loads of data... and for every two people that say theyll be responsible and wont get into an accident... one and three-quarters do. So the odds arent in your favor, regardless of the faith held in you, and/or your level of maturity.

Now, savings. It seems that youve thought it through and think it is easy. It may be, and it may not be. Say with the cash, some additional savings, perhaps your parents cosigning for it to get you a good rate, etc., you have a monthly payment of $350. Let's add onto that full coverage insurance, which is $1200/yr (for an easy estimation number, will likely be higher), or $100/month. So, youre on the hook for $450/month overall. Youve spent the $15k, and are on the hook with little to no savings.

To be financially smart, you should have six months in emergency savings. This means that out of the gates, you need to get $2700 saved and just sitting somewhere to not touch. Then you have to work... Say you live in the dorm, eat solely at the dining hall, and all of your work income goes to the car. Let's say that you have a part time job that pays $10/hr. That is really $7/hr after taxes. To earn that $450, you need to work 65 hours. So, you need to work roughly 15 hours per week. Say you work an 8-hour shift doing something on a Saturday or Sunday, you still need to work 2 hours per day, more or less, every weekday of every week, to pay for the car.

Youll be in college, trust me, you won't want to work both weekend days... Now, it seems that you are smart, and do well. I hope you enter into a challenging, worthwhile major. I did engineering. If I was an A&S major, I surely could have gotten a job. As an engineer, no dice... just no time. So, let's say that you do go for a challenging, worthwhile major, to maje good long-term choices, rather than taking an easy, dime a dozen route. You will not have time to work during the week for sure, and perhaps not on the weekend either, if you want a life.

So, let's say that you have only time to work 8 hours a week, or 32 hours per month. At $7/hr take home pay, that is $224/month. School is more or less 9 months out of the year, so youll have a $226/month shortfall, or in other words, will need to earn/save $2034 over the summer, in addition to the $1350 youll need to earn to make your normal payments. So that is $3384 that you have to earn over the summer. Say the summer is technically 3 months, but you take a week to start a summer job, and you go on vacation for two weeks. So, the summer work duration is really around 12 weeks. Say you have that same $7/hr take-home, then to earn that necessary $3384 it will require you to work 483 hours, and thus 40hrs/week. In other words a true full-time summer job.

That means less free time, more time executing, less fun, less time with friends. Youll have a car, but youll be a slave to the car, at a point in time when having that specific car will be (in hindsight at least), less important than having a car and some freedom, money and time to go do things that you wouldnt be able to do otherwise.

I can see that it could work, but youll be on the edge, overworked, and will not enjoy what should be the most enjoyable years of your life, as much...

I think you can make it happen, but without extra dollars upfront and continuously (e.g. parents cost-sharing or similar), it is not compelling.

Just my 2c.

This was the most helpful/least annoying post. Thank you for that complete breakdown of what I'll be paying. I don't exactly know what career I want to get into but it might be computer/game programming.

8 hours a week is very little though i think I'll be working more than that. Even in high school i wouldn't have a problem working full time( Not that i will). I start my homework at around 9pm everyday and finish at 12am-1am. But at least i finish it all.

And you said exactly what i was planning to do. I'm going to work maybe half a year plus save the money i make working full time in the summer for emergencies. I don't think i'll be able to afford the 128i. And that's why I'll probably get a new Accord or Altima.

[gtaday51]

Originally Posted by fastbutcurious

But there's no way in hell i'm buying a 1980 or even 1990 anything. I'll probably drive my civic for a while until i think I'm ready.

You say your not spoiled and yet you have this pompus thing against cars from the 80s and the 90s.

Honestly we are all just trying to give you sounds advice. And don't say you don't have intentions about driving fast. I was in your situation, except I was driving an SUV that could barley hit 65. I told myself I wouldnt go any faster. But you get confident and you get cocky...I did.

And thats why I got a speeding ticket at 17. The best thing for you to do is to get a beeter for a while. And trust me. You dont want to be "that guy" who drives his new BMW to his high school. I can tell you that it is a bad experience.

[Chriskot]

Hey, registered just to give my input.

I'm sure you are all the things you say you are (responsible, good driver). I don't know you so I don't know how much you will value the car vs. how much you would value the extra time/money you would have by not having to pay 600+ for payments/insurance, but I'm going to let you know how I feel about it.

I don't know why you would want to commit that much money to anything when your life is in a stage that is going to be changing rapidly in the next 5 years or so. The way I look at it is, by not having the responsibility of paying off a car at your age you would be allowed to do so many other things. I don't know what your plans for college are, but not having to have a job to pay off a loan will give you much more joy for all the free time you will have to experience college/hs. Maybe you are a budding car enthusiast and its worth working 60+ hours a month (just estimating 10 bucks an hour) extra just to pay off a car, but for me personally it was much more worthwhile getting to experience college without having to think about financial responsibilities.

Maybe you are thinking how baller it would make you look to be 16 with a BMW, or maybe it truly is just for you. But don't underestimate how much joy free time will actually give you, and if you are doing it for outward appearances, (we all do somewhat) that feeling will not last very long. If you are spoiled/rich, go ahead and buy the car and have your parents pay for it (I know you said they wouldn't) thats fine, there is nothing wrong with being born privileged. I'm looking at it just from a stand point of the joy it will bring you.

And just for the people who say "you only live once, go for it". You should give a little more thought to your post, that makes no sense for someone in his position, he isn't contemplating saving up money for retirement vs. buying a new car.

[gtaday51]

Originally Posted by e82mon

bro stop stop / dont listen to any of these haters telling you to not get what you want... if you have the opportunity - take it and enjoy it and never forget that you are blessed! people who are telling you to get a beater have no idea what there saying... why get a crappy beater thats gonna end up breaking down on you and you'll just end up having to pay to fix it and it will become a money pit. remember this : "theres no pockets in a coffin" get what you want and enjoy it! forget about all these haters theyre just sipping on hater-ade

just my .02

Im saying get a beater because there are a lot of negative aspects to owning a BMW at 16,17,18 whatever.

And I have a new BMW that has been broken down for a week and a half.
The beater is best.

If you get the bimmer I would say congrats. But also be prepared for the hate that comes with it.

[e82mon]

Originally Posted by gtaday51

Im saying get a beater because there are a lot of negative aspects to owning a BMW at 16,17,18 whatever.

And I have a new BMW that has been broken down for a week and a half.
The beater is best.

If you get the bimmer I would say congrats. But also be prepared for the hate that comes with it.

this is highly debatable bro, but the post wasnt directed at u it was at everyone just saying get a beater

he has the opportunity, why not take it

[Jimmydean]

Originally Posted by gtaday51

You say your not spoiled and yet you have this pompus thing against cars from the 80s and the 90s.

And trust me. You dont want to be "that guy" who drives his new BMW to his high school. I can tell you that it is a bad experience.

AMEN!!! Everyone looks at "that guy" and says - "wow, his family must be rich, but he's obviously a douchebag."

[MrRoboto]

These are some of the reasons why the economies are in the state they are in. I want that expensive house and car and I can make the monthly payments so I can afford it. Monthly payments do not equal affordability.

[gtaday51]

Originally Posted by e82mon

this is highly debatable bro, but the post wasnt directed at u it was at everyone just saying get a beater

he has the opportunity, why not take it

Because I had that same opportunity (I bought my 135i at 17) and I have recieved so much hate over it. It gets old after a while, it really does.

And im still freaking out because I wont be able to take my car to college with me freshman year.

[1013mm]

who says all beaters are horrible to start/drive? there are beaters with carfax reports and whatnot yes no? dude I was driving beater after beater before i got my 1. 1987 honda accord, 1994 toyota previa, 2002 toyota camry, and 2006 bmw 325i. YOu see, you need to slowly climb up the rank ladder..... im trying to think of something metaphorical to say but.... yea...

[MrRoboto]

^^^Agreed. No one said he has to buy a piece of crap. You can get a decent starter car for 5k Im sure. It is a good learner car for a child driver.

[Jimmydean]

My last 2 cents before I sign off for the night.

Computer game programmer huh? I think 30% of all males at 16 want to do that. Good luck.

Ever hear about "delayed gratification"? I am a big proponent. Having tens of thousands in the bank and bringing PB&J to work (me) helps you save so you can afford to buy the nice things (BMW 1-series) you want when you are financially ready. Buying a BMW now is living beyond your means before you are even an adult.

"Deferred gratification or delayed gratification is the ability to wait in order to obtain something that one wants. This ability is usually considered to be a personality trait which is important for life success. Daniel Goleman has suggested that it is an important component of emotional intelligence. People who lack this trait are said to need instant gratification and may suffer from poor impulse control." - wikipedia, so it has to be true.

[1013mm]

Originally Posted by Jimmydean

My last 2 cents before I sign off for the night.

Computer game programmer huh? I think 30% of all males at 16 want to do that. Good luck.

Ever hear about "delayed gratification"? I am a big proponent. Having tens of thousands in the bank and bringing PB&J to work (me) helps you save so you can afford to buy the nice things (BMW 1-series) you want when you are financially ready. Buying a BMW now is living beyond your means before you are even an adult.

"Deferred gratification or delayed gratification is the ability to wait in order to obtain something that one wants. This ability is usually considered to be a personality trait which is important for life success. Daniel Goleman has suggested that it is an important component of emotional intelligence. People who lack this trait are said to need instant gratification and may suffer from poor impulse control." - wikipedia, so it has to be true.

wikipedia is a dictionary now? wow.

[Juicer]

Assuming your parents are able to help you out with college and such then I think you should enjoy your 128i. If you are a responsible person, there's no reason why you would go out and crash your new car. Take pride in it and enjoy it. I've been driving for 16 yrs and no tickets no accidents. I'm no better a driver now than i was 16 years ago, just lucky, and cautious. Just make sure you go to college (more fun than any car BTW) and don't EVER drink and drive or ride in a car with an idiot who does.

[fastbutcurious]

Okay, okay i feel like a dumbass little kid just ignoring what you guys are trying to tell me.

But I promise you guys. If I don't have atleast $100 left over each month I won't get it.

Oh and the Civic isn't mine. Used to be my dad's now it's my brothers. My dad owns a 08 Accord now. My sister has had a leased Mini Cooper for three years now. She's 23 now. It was the first car I drove.

The $15000 is a secret though. Only my mom, dad, friends, and you guys know about it.

Lol and I've also driven my uncle's 2001 Jaguar XKR. That's a 370hp car right? It was really fast. But i didn't actually try to get fast with it.

And i feel like sharing why i want to get a car (Most of you got it)
1. My friends and i won't be so damn bored everyday. In the summer if i get my car we're gonna go on camping trips and go to the beach every weekend.
2. Girls. The girls at my school expect so much. (It's not even a rich neighborhood)

Why I want to get a new car
1. New Car Smell
2. More Satisfying

Do you think buying a new Altima or Accord is a bad decision?

[1013mm]

Originally Posted by fastbutcurious

Why I want to get a new car
1. New Car Smell
2. More Satisfying

wow.... sigh... I'm speechless.....

1. the new car smell is the glue they use which can kill you or mess with your head.

2. you wont be satisfied. if your number 1 reason is 1.

go for the accord but i would keep the civic if I were you and just save the money.