[ZJP]

I'm 21, currently working part-time, still in college (finishing up). I make roughly around $2k/month and my car payment is $592. My gas expense is about $45-$55 weekly (give or take) since I commute 80 miles to work round trip.

Cell phone bill is $110/month and then my CC bills carry a balance anywhere from $300-$600 depending on what I buy.

My loan on my car is 60 months and I've had the car for two years exactly in May 2010. So that leaves me with another 3 years on my loan.

I feel that having a huge car payment is sinking me down and it could be going to my savings account instead. I basically work to pay for my car and I can't enjoy other things.

I was thinking of picking up a used e46 m3 for around $20-$25k and then just take out a small loan. Would like to keep payments around $250-$300 max.

[Kensta335]

Yes, go for the E46 M3.

[CollinsE90]

Originally Posted by ZJP

I'm 21, currently working part-time, still in college (finishing up). I make roughly around $2k/month and my car payment is $592. My gas expense is about $45-$55 weekly (give or take) since I commute 80 miles to work round trip.

Cell phone bill is $110/month and then my CC bills carry a balance anywhere from $300-$600 depending on what I buy.

My loan on my car is 60 months and I've had the car for two years exactly in May 2010. So that leaves me with another 3 years on my loan.

I feel that having a huge car payment is sinking me down and it could be going to my savings account instead. I basically work to pay for my car and I can't enjoy other things.

I was thinking of picking up a used e46 m3 for around $20-$25k and then just take out a small loan. Would like to keep payments around $250-$300 max.

used to be in the same situation without CC's...totaled my e90 and bought a 01 e46 330 for 10k(200 a month) and started saving until i CAN afford a 335

[BTM]

Depends on how much you like the car...but if it were me I would probably try and get into something with lower payments...it seems like you're less than comfortably affording the car, god forbid you have an emergency? I would be paying off the CC every month, ie carrying no balance forward, paying no interest, and then see how much you can realistically put towards a car.

With a 60mo loan you will still be making payments and will have an out of warranty car or pay for an extended warranty (trust me, they aren't cheap, I just got mine for 2015/100k for $3200 incentive price, list was $3700) so that is another cost you will incur one way or another (ie shell out for the warranty or shell out for the repairs...)

Just a few things to think about

[BTM]

FWIW...I doubt an E46 M3 in the 20-25k will qualify for a used car loan. Most must be no more than 5yrs old and a $20-25k example is gonna have higher mileage, which there are also often limitations on...

[CollinsE90]

Originally Posted by BTM

FWIW...I doubt an E46 M3 in the 20-25k will qualify for a used car loan. Most must be no more than 5yrs old and a $20-25k example is gonna have higher mileage, which there are also often limitations on...

and they payment will be just as expensive due to less months on the loan

[M3Alpine]

maybe get something that you dont have to make any payments on ?

[Kylekuu]

Originally Posted by M3Alpine

maybe get something that you dont have to make any payments on ?

+1

[JayKay335i]

Yeah.... Whos paying for college?

[jopa489]

Well, about $750 (more than 1/3) of your monthly net income is drained by your car payment, gas, and cell alone. That's ignoring the interest you're accruing on the credit cards, insurance, food, and the many other living expenses required.

If your car payment feels like a burden, it's smart of you to consider doing something about it. While it's easy to tell you to dump the expensive car and buy a shitbox for the time being, my best advice would be to look at the bigger picture. What are your plans post-college? Graduating and going on the job hunt? Huge student loans to pay off? If yes to either of those, you might want to sell the car.

If you're finishing up college, have a job lined up, and minimal student loans, you could probably afford to keep it. When you're working full-time the payments will be easier to make, and you probably won't have to keep a balance on the CCs. It all depends on your own situation.

[BTM]

Originally Posted by jopa489

If your car payment feels like a burden, it's smart of you to consider doing something about it. While it's easy to tell you to dump the expensive car and buy a shitbox for the time being, my best advice would be to look at the bigger picture. What are your plans post-college? Graduating and going on the job hunt? Huge student loans to pay off? If yes to either of those, you might want to sell the car.

If you're finishing up college, have a job lined up, and minimal student loans, you could probably afford to keep it. When you're working full-time the payments will be easier to make, and you probably won't have to keep a balance on the CCs. It all depends on your own situation.

Excellent point. I could've afforded the 335 (mind you I bought 2nd hand) in college, but not comfortably enough. Now that I've graduated and working full time (thanks Dad!) I can afford it pretty comfortably. Consider your midterm (5yr ish) goals, it may be worth holding onto, it may not be

[BMW F22]

Let's say you get an E46 M3 for $25k after all fees. Even at 60 months your payments would be around $400. IMO just cut down on your credit card expenses. After car payment you should have about $1400 left.

$1400- 110 for cell - $200 for gas= $1090 - $600 CC= $400 left over. If you could cut your CC balances down to about $300 then you'd have $700 left over. Maybe even cut down on your cell phone bill too. Or just add a line to your parents' family share plan or something. That saves you like $60-70 a month. I honestly don't think the car payment is that big of a problem. Unless you also have rent to pay, you could just trim down on those things I mentioned and live comfortably. Think about it, it's not like you're struggling to make the payment.

With your income, you are spending way too much on a car payment. True car enthusiast! Well done.

[FStop7]

$24k a year with a $600 a month car note

god damn

why would you want a used E46 M3? You do not make enough money to cover the cost of $300 dealer oil services or $1800 dealer valve adjustments.

[smmmurf]

I don't think you'd save enough by switching to an E46 M3.

If you are paying for college, sell the car. If your parents are paying, stick it out. Switching cars costs a lot of money in most states, and a $300 difference per month over 1 year is only $3600. That's marginal at best.

[Aija]

Basically what everyone else is saying...

If you cant comfortable afford to pay for the current bimmer, then get rid of it but buy a 10k car.

A E46 M3 is not going to be significantly much cheaper in monthly payments to make a difference. Lets not even get into the problems the M3 can potentially have.

[ArmyBimmerDude]

Get rid of the car and don't even think about getting an E46 M3. Out of warranty, parts are horrendously overpriced. Be realistic with yourself because you're living on the edge.

[mike87]

haahah you cannot afford

[Hawkeye]

If you were like me and saved $100 on a car payment... you would then just spend an extra $100 somewhere else.

Personally, if you have a job lined up after graduation I definitely would not sell it, you are only 3 years from having it paid off. If your after college life in uncertain then don't go for the M3 either, just get a really cheap college car and then save up the money you are saving for a really nice deposit on the car you want when you do land a nice job!

Oh, and ignore the "living on the edge" naysayers. I enjoy living on the edge myself. It is not for some people, but others enjoy it that way.

[kyleb350]

So it sounds like your monthly expenses are $1200 on average? That leaves roughly $800 to apply to misc. variable expenses.

Since you didn't mention rent or food, I'm guessing you still live at home?

Sounds a bit tight. Your fate shall be determined if you get a job lined up or not

[huyner328]

If you like the car, cut extra curricular expenses. Wait a few years, re-fi your car loan and get a lower monthly.

[lambtron]

Maybe you should consider not having a champagne taste on a beer budget or just stop using your CCs. You're spending 757 a month it looks like for gas, car and cell. That leaves you with a grand total of 1243 for other expenses. If you don't have to buy your own food or pay rent, then you're not doing so bad. You at least have the job you're working now, so if you graduate without a job lined up, you'll have 6 months before you have to pay off loans..unless mom and pop are taking care of that for you...in any case, 99% of college students would be pretty pumped if they drove an e92 335 and still had 1200 left over a month...