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      05-15-2019, 06:31 PM   #1
natedog7700
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Can I afford to buy an F80 M3?

I recently sold my 335, and now i really want a F80 M3 soooo bad I know its a terrible financial decision and it makes no sense, but its the car ive always wanted since i was 13 years old. Not to mention i hate not having a "sports" car, ive always had something since 17 years old. The only thing holding me back is the giant price tag that comes with it... What do you guys think? Am i making really bad decision here?

My situation

Income: 65k/year
Own my daily (09 Camry)
I own a duplex and i pay less than half my mortgage and i split that with my GF (hopefully soon to be wife) No other debt to my name.
i have a solid 10k to put down and the M3 i want is $42,000
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      05-15-2019, 06:35 PM   #2
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Quote:
Originally Posted by natedog7700 View Post
I recently sold my 335, and now i really want a F80 M3 soooo bad I know its a terrible financial decision and it makes no sense, but its the car ive always wanted since i was 13 years old. Not to mention i hate not having a "sports" car, ive always had something since 17 years old. The only thing holding me back is the giant price tag that comes with it... What do you guys think? Am i making really bad decision here?

My situation

Income: 65k/year
Own my daily (09 Camry)
I own a duplex and i pay less than half my mortgage and i split that with my GF (hopefully soon to be wife) No other debt to my name.
i have a solid 10k to put down and the M3 i want is $42,000
As long as you can afford it, get it. Tomorrow is not promised. Never put your dreams on hold.
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      05-15-2019, 06:36 PM   #3
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Quote:
Originally Posted by natedog7700 View Post
I recently sold my 335, and now i really want a F80 M3 soooo bad I know its a terrible financial decision and it makes no sense, but its the car ive always wanted since i was 13 years old. Not to mention i hate not having a "sports" car, ive always had something since 17 years old. The only thing holding me back is the giant price tag that comes with it... What do you guys think? Am i making really bad decision here?

My situation

Income: 65k/year
Own my daily (09 Camry)
I own a duplex and i pay less than half my mortgage and i split that with my GF (hopefully soon to be wife) No other debt to my name.
i have a solid 10k to put down and the M3 i want is $42,000
buying a car is different than maintaining a vehicle. Tires. Insurance. Wear and tear will be more

Edit: If you leave in California. Expect to pay a lot for registration
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      05-15-2019, 06:37 PM   #4
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I don't believe it was an F80 you wanted ever since you were 13yo though...

So get an e92
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      05-15-2019, 06:44 PM   #5
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If you've got to ask, you can't afford it
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      05-15-2019, 06:45 PM   #6
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Wait how old are you? Lusting after an F80 since you were 13?

Regardless. Doo eet.
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      05-15-2019, 06:47 PM   #7
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If affording the car cuts into a significant amount of money that you save every month then I would say don’t do it.

If you’re still stacking a healthy amount of money every month and aren’t living paycheck to paycheck or needing to tap into savings because of the car then I would say you can afford it.
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      05-15-2019, 06:47 PM   #8
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life is short to think too much and F80 is not the only M3..
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      05-15-2019, 06:51 PM   #9
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It seems feasible on what you are describing. My only advice would be:

1) Make sure you quote out insurance. I could be wrong, but you strike me as someone that is younger so I wouldn't be surprised if you are talking a couple hundred bucks a month.

2) Make sure that you are't improperly prioritizing other, more important things. Invest ~15% towards your retirement. If you can check all those boxes and have enough to live off of then I say go for it.
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      05-15-2019, 06:53 PM   #10
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Quote:
Originally Posted by HFW003 View Post
If you've got to ask, you can't afford it
+1

And when someone asks what you paid, tell them: "I paid what it cost."
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      05-15-2019, 06:54 PM   #11
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I was taught to always make sure the house is paid off as soon as possible. Until then, nothing else matters besides food and health insurance. The last thing you want to be is homeless from not being able to cover your mortgage and car payment.

The best things in life take time. Use that 10 grand to help pay off your mortgage, as well as the other 30+ you were going to spend on the car. Until your Camry is broken, you don't need a new car.

Be patient. Get yourself into a financial situation where the house and car you own are actually yours, not the bank's. Nobody knows what tomorrow will bring, and a roof over your head is boring now, but a hell of a lot better than a reposessed m3 if ends can't be met later.
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      05-15-2019, 07:09 PM   #12
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You can generally afford a car as high as your annual salary if you arenít leveraged on credit cards, other car loans etc.
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      05-15-2019, 07:12 PM   #13
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Quote:
Originally Posted by ntgarage44 View Post
I was taught to always make sure the house is paid off as soon as possible. Until then, nothing else matters besides food and health insurance. The last thing you want to be is homeless from not being able to cover your mortgage and car payment.

The best things in life take time. Use that 10 grand to help pay off your mortgage, as well as the other 30+ you were going to spend on the car. Until your Camry is broken, you don't need a new car.

Be patient. Get yourself into a financial situation where the house and car you own are actually yours, not the bank's. Nobody knows what tomorrow will bring, and a roof over your head is boring now, but a hell of a lot better than a reposessed m3 if ends can't be met later.
Real estate really isn’t as good an investment compared to the stock market. The market, without really trying will consistently beat a house purchase. Plus the days of buying a home, expecting to live in it the rest of your days, making owning a home in retirement, a much less likely scenario. It’s better to rent since you aren’t straddled with house repairs and other expenses each month. What you pay is what you pay and you aren’t concerned with the value of the home fluctuating.
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      05-15-2019, 07:15 PM   #14
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E9X M3 had way better steering than the F80, pick up one of those instead.
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      05-15-2019, 07:16 PM   #15
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I don't even have a full-time job and I purchased a CLS63 AMG... people overestimate expenses.

65 a year is more than enough. Not sure why you want one though, with the cheap popcorn headliner
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      05-15-2019, 07:17 PM   #16
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Quote:
Originally Posted by c1pher View Post
Real estate really isnít as good an investment compared to the stock market. The market, without really trying will consistently beat a house purchase. Plus the days of buying a home, expecting to live in it the rest of your days, making owning a home in retirement, a much less likely scenario. Itís better to rent since you arenít straddled with house repairs and other expenses each month. What you pay is what you pay and you arenít concerned with the value of the home fluctuating.
It's better to rent if you're only going to live some place temporarily, but renting long-term is good way to never grow wealth.
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      05-15-2019, 07:19 PM   #17
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If you can afford $42k, you don't have enough money for an F80, and why would you want one anyway? $42k is a fantastic amount of money to spend on an E92.

You don't want an early model F80 with high miles when you could get a late model E92 with low miles for the same price.

NOT EVEN A QUESTION!
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      05-15-2019, 07:30 PM   #18
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Sounds like you are thinking of getting married soon. Having funds saved for emergencies and the future are far more important than a car. If you can’t easily pay for it while also saving a chunk of money each month, I’d say pass on it for the foreseeable future.
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      05-15-2019, 07:30 PM   #19
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Quote:
Originally Posted by c1pher View Post
Real estate really isnít as good an investment compared to the stock market. The market, without really trying will consistently beat a house purchase. Plus the days of buying a home, expecting to live in it the rest of your days, making owning a home in retirement, a much less likely scenario. Itís better to rent since you arenít straddled with house repairs and other expenses each month. What you pay is what you pay and you arenít concerned with the value of the home fluctuating.



yea, no. let's not listen to this guy.
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      05-15-2019, 07:31 PM   #20
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Sounds like you are thinking of getting married soon. Having funds saved for emergencies and the future are far more important than a car. If you canít easily pay for it while also saving a chunk of money each month, Iíd say pass on it for the foreseeable future.
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      05-15-2019, 07:32 PM   #21
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Quote:
Originally Posted by Germanauto View Post
It's better to rent if you're only going to live some place temporarily, but renting long-term is good way to never grow wealth.
Well, I wonít do the whole cost benefit analysis here, but unless youíre buying in a rural area or paying cash, you rarely are putting all your money into the house. Youíre paying interest of course, property tax, home owner insurance, maybe flood insurance, HOA fees and dues etc. I can look at two homes side by side and the rental is typically cheaper with the owner paying the extras. Thatís not the case all the time so it does pay to shop. And when you ďbuyĒ a home, with interest, you are paying 3-4x the original purchase price over the course of a typical 30 year.

Sure, if you can pay cash or pay the house off quickly, it may make sense, but someone making $65k a year asking if he can take a car loan isnít in that situation.

Just simply look at your mortgage statement and see how much is actually going to principal. Thatís what youíre saving. The rest is going out the window. Again, if you pay cash, sure it makes sense. And you may make a small profit if you have to sell which wonít be taxed if you lived in the house for at least 24 months. And what happens when you need to replace the roof, windows, or hvac?

Trust me. Iím 53, been there done that. Switching to renting was the best thing I ever did and Iíve amassed several hundred thousand dollars over the period of time I started renting in less than ten years. YMMV of course.
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      05-15-2019, 07:32 PM   #22
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if you want F80 badly you can wait like 1-1.5 year and their price ll be much lower than now in States.. and stock market can help you to shorten that period or making it longer..
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