Younger enthusiast with questions buying first BMW

[JasonCSU]

Originally Posted by mtla4

Z4M+135...at least youll have a real M and still can enjoy the torque monster 135I

I keep thinking that would be the logical choice. The thought of doing Euro Delivery again is very alluring though, especially if I could time it with Oktoberfest. Aw well, I've got plenty of time to decide.

[Diver]

I am older than the parents of the typical college student. Apparently, the 135i and 1M are high on the list of favorite cars of trust funders. There is a job one can train for that provides lots of money and security at 23. It's called son of boss. The only problem is if one does not start training at birth, it is too late.

There is no way that a teen should be driving any car that is very powerful and fast. Teens lack judgment and experience. A lot of disasters happen this way. What really scares me is that any moron can afford a stripped down Mustang GT. Those cars are very fast and the rear end tends to break away too easily for a vehicle with the traction control turned on. Young hotshots turn off the traction control. What do they say around here, you are on your own, MF.

[BlackFlash]

Originally Posted by Diver

There is a job one can train for that provides lots of money and security at 23. It's called son of boss. The only problem is if one does not start training at birth, it is too late.

[BlackFlash]

Originally Posted by scorcherjf

I've been contemplating selling it and getting something cheaper. Rent, food, insurance, gas, etc... really taking a toll on the salary coming in.

I love cars, I really do. I obsess over them. But there are so many other things I love in life as well. Since I don't actually spend all that much time behind the wheel, you have to look at how large a percentage of earnings you want to invest in a vehicle.

For $60k I can get a 1M or mount an Everest expedition.

[dcho]

Originally Posted by Diver

There is a job one can train for that provides lots of money and security at 23.

depends on what you consider as lots of money and security.

[dcho]

Originally Posted by maxnix

Just in case you didn't earn an MBA or BBA in finance, let me impart some wisdom to you from my Dad that I did not heed originally. He said, "If you can't afford to pay cash, you can't afford to buy it."

I financed one car before I understood what he meant. Perhaps you will be wiser.

but affordability is also subjective too, right? if one can comfortably make the monthly payments + insurance without having to make compromises and still have extra left over for savings then why not?

but as someone pointed out earlier, it would be wise to have savings available incase things go to $hit

[SamS]

Originally Posted by maxnix

Just in case you didn't earn an MBA or BBA in finance, let me impart some wisdom to you from my Dad that I did not heed originally. He said, "If you can't afford to pay cash, you can't afford to buy it."

Generally good advice, but if your $50K in cash can earn more than the 1.9% that BMWNA FS offers to loan a car to you for, you're better off with the payments

[gatorfast]

Originally Posted by maxnix

Just in case you didn't earn an MBA or BBA in finance, let me impart some wisdom to you from my Dad that I did not heed originally. He said, "If you can't afford to pay cash, you can't afford to buy it."

I financed one car before I understood what he meant. Perhaps you will be wiser.

If that was the case then there would be few people who could afford to buy a home or car. Financing is great if you do so within your means. You could also pay off the loan at any time (if you have the funds) or sell the car if its too much for you.

[faffi]

Originally Posted by maxnix

Just in case you didn't earn an MBA or BBA in finance, let me impart some wisdom to you from my Dad that I did not heed originally. He said, "If you can't afford to pay cash, you can't afford to buy it."

I financed one car before I understood what he meant. Perhaps you will be wiser.

Both my parents are in finance :P I completely agree with you.

[ttam]

I love how everyone in here thinks the op is a child.

[Mr. Nice]

I'm 25 and I put my deposit down on this car back in July. For one, if you live with your parents right now move out first. If you live on your own and have experienced paying rent/ mortgage and utilities and taxes and are completely independent, like I am, and can still comfortably afford the car, then buy it. It's your life and it's your money it doesn't matter what anyone else thinks or says, just don't expect any sympathy if you end up realizing your in over your head after a few months.

[mosx]

I'm not sure who taught you guys finances, but paying cash for a car is the worst idea ever. Invest your cash, finance your cars. People that invest their liquid assets into depreciating assets like cars are losing huge amounts of money. They are consistently cashing out all or some of their savings every 3-7 years for new cars, in addition to dinging their savings every few years for car repairs once out of warranty.

For the OP, I say buy the car, finance it at 1.9%, drive the ever living piss out of it and ignore the haters here. Go to some track events, learn how to drive it fast and safely and love every minute of it.

[MrRoboto]

Originally Posted by mosx

I'm not sure who taught you guys finances.

Dave Ramsey

[M3 Adjuster]

Originally Posted by maxnix

Well, no traction control the first 25 years of my driving, unless you count positraction.

We really need to up the ante on driver education for our youth including real world car control.

Shameless plug for Safety

http://www.streetsurvival.org/

[EA51 LAY]

Originally Posted by alice

Im a girl, Im 20, I run my own business and I have a deposit down for the 1M.

I put my deposit down for the car and then went home to tell my dad.

Could you post have been further from the truth?!

@ faffi:
I put down a deposit as soon as I was able to.
The dealer suggested a price I put down for the deposit.
I dont know the final price of the car, but we have a ballpark figure of £39,990 in the UK as a base price.

I knew that this was the car I wanted, and I have a very good relationship with my dealer, so I wasnt worried about being screwed over.

I would suggest having a read around these forums and pick up bits of information as you go.

Let us know what you decide to do

Alice, if you live in the Channel Is - where are you going to enjoy it?

[faffi]

Originally Posted by mosx

I'm not sure who taught you guys finances, but paying cash for a car is the worst idea ever. Invest your cash, finance your cars. People that invest their liquid assets into depreciating assets like cars are losing huge amounts of money. They are consistently cashing out all or some of their savings every 3-7 years for new cars, in addition to dinging their savings every few years for car repairs once out of warranty.

For the OP, I say buy the car, finance it at 1.9%, drive the ever living piss out of it and ignore the haters here. Go to some track events, learn how to drive it fast and safely and love every minute of it.

Thats the plan as it stands now

[EA51 LAY]

Originally Posted by faffi

Thats the plan as it stands now

Not wanting to burst the bubble - but 1M financing rates wont be anywhere near 1.9%

[sixburgh]

Really, it's winter time. Go get you a BMW. I lived in 22 states of the USA. BMW's are perfect, an excellent choice especially in metro areas. I've bought 6 BMW's and all through a dealer. They value your business. Get this, they want to sell you a car. BMW's became a disease with me when my beautiful mom bought got one because her tennis friends liked them. That was a 1973 2002. My dad was driving a Rover. I was hooked from then on. Just go to the dealer. Strike the deal. You can always trade-up your new BMW car, they have a plan for that... have you demo-ed this desired car? Get into the deal, now. Wot cha waiting 4? "when I was your age"...

[Taymaishu]

Originally Posted by faffi

I'm not in my teens. I'm in my lower 20's and got a good job right out of college. I highly doubt a spoiler teenager would be able to come up with logical questions on how to proceed buying a first car, thanks for your concern :P

Hey mate -

Great to hear you're doing well for yourself. I bought my 125 (128 in the USA) when I was 23.

Can I offer you some advice in terms of price? As previously posted (and as you've acknowledged), age will affect the final impact on your money flow. Mainly, insurance. For example, I could have afforded a 135i pretty comfortable, and could have afforded insurance on it. However, I couldn't justify the cost. I settled on the 125i that I wanted with the exact spec which just so happened to be sitting on a dealership floor 2 hours from where I live. I picked it up 3 days later, after a month or two of pricing, quotes etc etc on other vehicles.

I lost my job due to the GFC about 6 months after I got my car. I had lease protection insurance (which due to a legal fight took me 4 months to actually get any benefit). Having the 125i, and not a 135i, saved my bacon. The base lease cost, insurance costs, registration being lower with the 125i kept my head above water.

I don't regret not getting the 135i. I was absolutely ecstatic, and still am, with the 125i.

So, in summary, the best advice from my experience would be to really, really look hard at your finances and include EVERYTHING. Fuel, servicing, tyres, insurance, rego, base cost, detailing etc. Then, factor in if you were to lose your job and how long you could keep your car until you had to let it go. It will really suprise you. Unfortunately I didn't do this and when that situation rolled around, I was pretty stuck. Luckily I had protection and it came through.

BTW - don't listen to the idiots here about your age. I cop it all the time from my friends that i'm a 'young BMW driver' etc. The cars, when you drive them, speak for themselves. If anything, it's just out of jealousy that people in their 20's can enter the market - that's a combination of good BMW product management and an indication of early success for those people.

I've placed a deposit on a 1M. $2000 Aussie dollars, and it's refundable. I have the rights to the car, and the right to withdraw. Needless to say, there will be a lot of looking into my finances to factor in the worst situation this time around.

Don't get pulled by your heart - let your head pull your choice. You need to be smart, and i'm sure you are!

Cheers,

Tay

[sixburgh]

good points Tay.

[faffi]

Originally Posted by Taymaishu

Hey mate -

Great to hear you're doing well for yourself. I bought my 125 (128 in the USA) when I was 23.

Can I offer you some advice in terms of price? As previously posted (and as you've acknowledged), age will affect the final impact on your money flow. Mainly, insurance. For example, I could have afforded a 135i pretty comfortable, and could have afforded insurance on it. However, I couldn't justify the cost. I settled on the 125i that I wanted with the exact spec which just so happened to be sitting on a dealership floor 2 hours from where I live. I picked it up 3 days later, after a month or two of pricing, quotes etc etc on other vehicles.

I lost my job due to the GFC about 6 months after I got my car. I had lease protection insurance (which due to a legal fight took me 4 months to actually get any benefit). Having the 125i, and not a 135i, saved my bacon. The base lease cost, insurance costs, registration being lower with the 125i kept my head above water.

I don't regret not getting the 135i. I was absolutely ecstatic, and still am, with the 125i.

So, in summary, the best advice from my experience would be to really, really look hard at your finances and include EVERYTHING. Fuel, servicing, tyres, insurance, rego, base cost, detailing etc. Then, factor in if you were to lose your job and how long you could keep your car until you had to let it go. It will really suprise you. Unfortunately I didn't do this and when that situation rolled around, I was pretty stuck. Luckily I had protection and it came through.

BTW - don't listen to the idiots here about your age. I cop it all the time from my friends that i'm a 'young BMW driver' etc. The cars, when you drive them, speak for themselves. If anything, it's just out of jealousy that people in their 20's can enter the market - that's a combination of good BMW product management and an indication of early success for those people.

I've placed a deposit on a 1M. $2000 Aussie dollars, and it's refundable. I have the rights to the car, and the right to withdraw. Needless to say, there will be a lot of looking into my finances to factor in the worst situation this time around.

Don't get pulled by your heart - let your head pull your choice. You need to be smart, and i'm sure you are!

Cheers,

Tay

I've got my expenses down on paper and haven't forgotten to factor in anything you mentioned Having more than half of my immediate family working in the finance field is kind of paying off lol.

You did provide excellent insight on a lot of the things most people don't realize and only see one price, forgetting to factor in tax and registration and all the other crap. I'm still weary on insurance, talked to a couple of my friends who just bought new cars (328 and an STI) and i'm estimating my price would be the same or maybe a little higher.

You get to enjoy a 1M now, good things for lease protection.