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Am I crazy for wanting to lease a top-of-the-line 3-series out of college? - Page 2

post #16 of 228
I wouldn't drive a car worth more than 30% or so of my annual disposable income. Owning things too expensive to accidentally scratch just makes you neurotic.
post #17 of 228
Check it out: you were lucky enough to find a job in the worst economy since the Great Depression. However, many indicators show that we are headed for a second dip.

If that happens, and your company needs to do some belt tightening...

Your ass is out the door.

Fact is, you're low man on the totem pole. You're a new grad and therefore a more or less fungible commodity. They can get another new grad with zero experience in a heartbeat when the company's fortunes bounce back.

So don't live the douche cliche of the early 20's kid with his first job buying a Bimmer and thinking he's all that. You're a young man who is old enough to make responsible decisions. If you need a car -- repeat: need - there are plenty of lease-return Infinitis that offer 90% of the Bimmer's performance and 200% of the reliability at half the cost.
post #18 of 228
You're going to regret it. You'll do everything you can to convince yourself otherwise, but you will regret it. It's a silly thing to do. Give it a year and then reconsider. Then give it another year and reconsider. Have you considered costs associated with owning the car? Maint, insurance, gas, etc?
post #19 of 228
Not to be rude, but I cannot believe you got such a great job and yet have no common sense. You're still young and likely not even close to your full earning potential. Go with a nice used car for now that will do the job while saving you some money in the short term. Focus all that excitement on your career for now. Good luck kiddo.
post #20 of 228
I wouldnt lease a car for anything. No way in hell. but something to get you by for right now...save the money you would be paying for hte lease payment. after a few years youll have plenty to put down as a down payment on a CPO BMW....with low payments...and youll be owning it.

15K can get you something decent and fun to drive.
post #21 of 228
Buy an older M3 for $20k or so. Your monthly payment should be reasonable, and you will still have money for the more repairs. I think it's worth it to get a used nicer car as long as you leave yourself room for repairs.

I was just looking at a 2005 328ci and it was around $7,000!
post #22 of 228
Some questions for you:
1. Do you have a car already?
2. How long have you been financially independent?
3. Do you already have a place to live?
post #23 of 228
Thread Starter 
Yeah a good night's sleep and some third party opinions definitely helped. I felt on top of the world yesterday and thought I could do whatever the f**k I wanted! lol But now that I thought about it, definitely a stupid idea. Not worth the money. ^ 1. Yes, I have a car already. It's an automatic shit box that I hate. 2. Financially independent? About 19 days 3. Currently living with my parents until I find a permanent place of residence. I might live here for a couple of months just to save some money. I guess I'll stick to my original plan and buy a used E46 330Ci for around $15K.
post #24 of 228
living with your parents does not = financially independent.
post #25 of 228
Not to jack this thread, but I am finding myself in a very similar situation. I think if you want a BMW then go for it, but a new 335 is shooting high. I am graduating and in need of a reliable daily and I’ve had my eye on a cheaper, but similarly classed 06’ 330i. Again I am young and need advice in negotiating and exactly what I’m about to get into, but I am finding them for 16-22k with only 50hp less than the 335, better on gas and no turbos to replace in the future. I’d consider myself an enthusiast and personally hold onto vehicles for long periods of time therefore I like to heavily think out my buying decisions. I have made solid purchases on my track car and motorcycle which are still with me and I don’t plan on selling them anytime soon. Basically I want something reliable and fun I can afford but I won’t outgrow in a year or two( For example, I looked at the e36 4-door M3’s but I couldn’t live with the interiors). I think for the money you can find a BMW that you enjoy but for (easily) half the cost of that new 335. But it’s your money and choice, do what you want to do! If anyone has financial advice to save some money on buying a used BMW (2006, 330i) I could use it.
post #26 of 228
Thread Starter 
Quote:
Originally Posted by gomestar View Post
living with your parents does not = financially independent.

I actually did live on my own for about a month while I interviewed with firms. But now that I have offers and am done with interviewing, I thought it was a huge waste of money to continue living there and spending so much money on food. Plus, my friend desperately needed a place so I thought it was a good opportunity to give him mine so I could move back home for about a month until I find a permanent place.

And I literally just moved back in with my parents yesterday, but I won't be here too long anyway.

Btw, I graduated from college last month, so cut me some slack! I haven't had much time to be financially independent anyway.
post #27 of 228
Yes. I try and keep my nut non-existent on my whip. So I drive a shitty car. I travel as time allows, have a motorcycle, nice trinkets, etc. But I'm not sacarificing my 401k (maxing) or ROTH IRA (maxing). And saving some money for other expenses.

Bimmers are expensive, putting > 15% of your income toward a car you won't own (this is my guess) of your income to a car is a tonne of money. If you compound the $5-10k of forgone growth over your lifetime it's a significant amount of wealth you'll squander. Save for a house, save for retirement, save for a trip to South America you'll never forget. Keep money in the bank for a rainy day. Do not waste your income on a Bimmer.
post #28 of 228
Quote:
Originally Posted by Rambo View Post
Oh give me a break. I can have just as much fun zipping around town in a Civic Si, Mustang, or a Mini as a 335i or an M3.
Haha what? Are you on drugs? A Civic Si or a Mini vs a 335i or an M3? Yeah, because that hand me down 2.0L I4 from the dog slow TSX is as fun as a 300hp/300tq twin turbo or a 414hp V8 that revs to 8400rpm. Nice cars in their own right but really not comparable if you have ever driven them. Maybe a new 2011 Mustang GT might be as 'fun', or at least equally as quick, but the beauty of the 335i or the M3 is that they are quiet and easy around town when need be. This is where the Mustang falls down. Go price a 2011 Mustang GT. See how much it will cost, TCO via lease, with Ford's rates. Think you'd be surprised how close the price gets to the 335i or the M3. People are like "ooh, it's a 60K BMW. It must be so expensive!" Look at how much the car actually costs in total. BMWFS rates are some of the best in the industry = lowest monthly payments. BMW will sell cars at or slightly over invoice due to the economy. BMW covers all maintenance for the warranty period. A 335i can be had for about 500-550/mo. No other expenses will be incurred except the $600 for new tires at the end of the lease. No oil changes, no services, no nothing. Or you could buy a decent used car and pay $500-600/mo for it + plus oil changes + fixing all the shit that breaks. Then when you go to sell it realize it's worth less than you owe on it and then find out frame damage popped up on CarFax a month ago that wasn't there when you bought the car. Hmm.. now it's worth nothing. Granted, I am assuming OP is making at least 80K as his starting salary and is planning to max out his 401K (and/or invest the equivalent elsewhere) and keep at least 6 mos. of expenses for a rainy day.
post #29 of 228
Quote:
Originally Posted by sonomadrifter View Post

If anyone has financial advice to save some money on buying a used BMW (2006, 330i) I could use it.

I have an 06 325i that I got used (BMW certified) about a year ago. The car is fantastic, and I have not had any issues at all. I imagine the 330i would be the same great reliability with an added kick. I would have got a 330i myself but there weren't any available from a BMW dealer at the time.
post #30 of 228
Quote:
Originally Posted by HgaleK View Post
You're going to regret it. You'll do everything you can to convince yourself otherwise, but you will regret it. It's a silly thing to do. Give it a year and then reconsider. Then give it another year and reconsider. Have you considered costs associated with owning the car? Maint, insurance, gas, etc?

This is good advice. Think about it, then think about it again.
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