Trying to justify future M3 purchase

[Lanceoa]

Turning 40 in another year or so.... was thinking of treating myself.
Currently in a E90 2011 335i sedan AW, 62k miles - bone stock & bored with her.
Wife has '13 Mini Cooper S and ' MDX Advance (twin 11 month old girls).
Will try and sell 335i to carmax, throwing in more cash and financing maybe half of a 2017/18 F80 M3 possibly in MW, interior undecided.

My take home is about $4.2k/month, 15 yr mortgage $2.6k/mo - no other debt. I stock away quite a bit pre-tax for retirement. Is $35 - $40k a comfortable amount to finance. I feel like I will barely be able to afford an M. I believe from all that I am hearing here about the F80 that it will fulfill the void in my life and I would likely want to keep her longer than 5 yrs.

Love leaving work WOT, nothing finer - especially when I have a crappy day at the office. Stunning looks, BMW driving dynamics. Never driven an M, but I think I'm missing out and need to be part of the clan!

Did the M purchase change your life? Are you a more disciplined driver or did you already use up your driving school allowance!
Wife/GF/SO think your hair looks better in the M?
Do your co-workers hate on you or dig it when you offer to drive to lunch?
Do co-workers joke with the "Must Be Nice" (Don't you Have Bills?) catch all phrase?
Did the M help you get a new promotion at work?
Do you garner more respect at the dealership when getting service?
Does front row parking conveniently appear as if the lot knows an M is gracing it's blacktop?

If you would be so kind, please divulge any experiences you might have. Much appreciated!

[two+2]

Originally Posted by Lanceoa

Did the M purchase change your life?
Are you a more disciplined driver or did you already use up your driving school allowance!
Wife/GF/SO think your hair looks better in the M?
Do your co-workers hate on you or dig it when you offer to drive to lunch?
Do co-workers joke with the "Must Be Nice" (Don't you Have Bills?) catch all phrase?
Did the M help you get a new promotion at work?
Do you garner more respect at the dealership when getting service?
Does front row parking conveniently appear as if the lot knows an M is gracing it's blacktop?

If you would be so kind, please divulge any experiences you might have. Much appreciated!

I'm in the same boat, if not the sister ship - mid-life quandary.
335i -> E92 M3 -> TBD F80 M3

The E92 brought a huge smile everyday I drove it.

I used up driving school money for mods... this time I will try the opposite.

Yes to better hair, if you call freshly delta bravo'd swooshed sideways hair good. - best compliment came from my 6 year old: 'your car sounds like a race car' - you bet your Owen Wilson lightening mcqueen ass it does!

My colleagues have all been gracious, but lets face it, a free ride anywhere is cool no matter what the whip.

I did get a promotion during my M ownership period but it was probably due to the hair than the M.

Define better respect at the dealership? - I do get free coffee if that counts.

No, unfortunately unless your M came with 'GTS' or 'clearen' behind it... you're probably looking for the spot that's at the back of the lot with at least 3 spaces between the next closest car.

Go for what you want, life is too short to hold back on living your dreams.

[Vooj]

Can't figure out if you are trolling or joking but my interwebz sense is tingling...

There are plenty of financing calculators, but based on your numbers with a $2600 mortgage and a max Roth contribution of $458 a month, you won't be buying too many lunches. $500 for food and a family of 4 is reasonable, which puts you at $3558. Factor insurance for 3 cars in Cali ($160+), gas ($200), and your $500 at 72 months for $35k, and you are sitting at (-)$200 a month. It is your money but on the scale of things you shouldn't do with you expenses, it is on the end of run like the wind and do something else.

To answer your other questions:
Depreciating assets only change your life by making you have less money.
A good stylist is better for your hair than a car, unless it is a vert.
Never drive to lunch. Your M deserves corners, not bad conversation.
See above about bad conversation.
M cars always help you get promoted. It is science.
My dealer respects me so much harder now that I have moar M cars.
Parking in the front means you get dinged up and you will get fat or remain that way, slowing your car around corners.

[Lanceoa]

Originally Posted by two+2

I'm in the same boat, if not the sister ship - mid-life quandary.
335i -> E92 M3 -> TBD F80 M3

The E92 brought a huge smile everyday I drove it.

Past tense.. what are you working with now?

[Lanceoa]

Originally Posted by two+2

Go for what you want, life is too short to hold back on living your dreams.

My wife loves YOLO, she always tells me she's not into purses and jewelry - just cars!

[Lanceoa]

Originally Posted by Vooj

and a max Roth contribution of $458 a month, you won't be buying too many lunches.

Depreciating assets only change your life by making you have less money.

Pre-tax putting away $1200, and trying to meet Roth limit at tax time. Wife hasn't worked in a year due to twins, but we are confident she will bring a paycheck by my reward date. Also, considering selling our rental home for the quick appreciation and maybe jumping back in during the next bust.

I know all about depreciable assets, my twins are a result of IVF, went from high cotton to knee deep in diapers and couponing formula.

I guess what I'm saying is, logically an M is not really a financial decision, but more of a lifestyle choice. So I guess my real question is Any regrets? Or the benefits definitely outweigh any cons...

[G1n Mast3r]

My view is obviously going to be skewed because of the following reasons:

1. I'm only 26 about to be 27 in two weeks.
2. I don't have a lot of expenses.

But regardless of these factors I still put a lot of my paycheck towards retirement and taxes.... I hate taxes....but who doesn't. Hopefully this years will pay for a lot more mods :P But on to answer your questions

Did the M purchase change your life? Are you a more disciplined driver or did you already use up your driving school allowance!
I should post this one in the M3/M4 confessions lol but I still drive it like a Grandma, I open her up a decent amount of time but I spend a majority of the time driving like a slow person. lol I spent all the money on mods :P

Wife/GF/SO think your hair looks better in the M?
I don't have one currently. Although I'm sure she'd agree that my hair looks even more stunning while driving the M3.

Do your co-workers hate on you or dig it when you offer to drive to lunch?
Used to, however moved to nights where parking is way less of an issue and I don't see anyone lol

Do co-workers joke with the "Must Be Nice" (Don't you Have Bills?) catch all phrase?
Absolutely. It gets old after a while, and annoying sometimes. Being young and owning a car like this one gets all kinds of reactions mostly good however there are those that give you the "eye" of disapproval and disgust Personally I like those the best and I smile and wave :P.

Did the M help you get a new promotion at work?
Definitely not. Would be nice though. Hopefully I'll be moving to another team where I'll be making more money for more mods :P

Do you garner more respect at the dealership when getting service?
Nope. Although you will get looks of approval from the CA's and potentially the SA's. They do love M's lol, I do find they do garter a lot of attention from the staff. which is pretty cool. No special treatment though.

Does front row parking conveniently appear as if the lot knows an M is gracing it's blacktop?
Nope. You definitely find yourself getting more exercise as parking on the other side of the lot from where you're trying to go becomes routine. Have to prevent any types of shopping carts and would be hooligans opening their doors all willy nilly and putting a nice large dent in the door is not the business.


I think as others have said it really depends on the situation. Check out a financial calculator to see if it actually something that's doable. It might seem like it in your head but as others have said it would suck for something to happen and it go belly up. I'm by no means a person you should take financial advice from I bought a 70K depreciating asset at 26 lol. But that being said Life is short and you should do the things you love.

I'd say go for it :P but I'm a really really bad influence lol.

[RickFLM4]

Originally Posted by Lanceoa

My take home is about $4.2k/month, 15 yr mortgage $2.6k/mo - no other debt. I stock away quite a bit pre-tax for retirement. Is $35 - $40k a comfortable amount to finance. I feel like I will barely be able to afford an M.

As noted above, it's your money but I wouldn't use a a portion of savings towards down payment and then 30% - 40% of take home remaining after mortgage for a car.

Originally Posted by Lanceoa

I believe from all that I am hearing here about the F80 that it will fulfill the void in my life and I would likely want to keep her longer than 5 yrs.

I also would try to avoid financially justifying a decision to buy a car by heavily factoring in an expectation you will want to keep it for a long time. I did the same thing once and regretted it. It's a great car but shit happens and there will always be something new and shiny to steal out attention.

[M5essex]

Originally Posted by Lanceoa

My wife loves YOLO, she always tells me she's not into purses and jewelry - just cars!

i'm all for YOLO and live by it. go for it, but why blow your savings by buying half of it. finance most of it or lease it and keep your savings intact.

oh, make sure you warm up that engine before going WOT from your work carpark

[Vigilant]

I hate to be the Debbie downer...

On initial glance of your income numbers and financial commitments, you may be stretching your budget. How will you manage a financial setback with an emergency health related expenditure, etc.?

I would not leverage all of your worth into a depreciating asset.

Maybe save for an additional year to your F8x fund and reassess if it is feasible then.

Twins...God bless you...I have two young ones myself, and they cost a bundle.

I enjoy my F80, but it does not define my self worth or fill a void...

I wish you clarity in your decision.

[KevinGS]

Originally Posted by Lanceoa

I feel like I will barely be able to afford an M. I believe from all that I am hearing here about the F80 that it will fulfill the void in my life and I would likely want to keep her longer than 5 yrs.

Don't do it, Lance. Not right now.

I love my M, but it's not a life-changing event like having twins. It's not going to "fill the void". Fun doesn't fill a true void in your life.

You said you "feel like you'll barely be able to afford it". Then enjoy your twins, and don't waste your money trying to find fun in a car.

All your other questions you asked are moot if you feel you can't afford it.

And if I had twins, I'd wait until they're in college before I'd splurge...if money is an issue (and it sounds like it is).

For now, just enjoy your wife's Mini Cooper S, it's fun "enough".

[Gibson6594]

Based on what you wrote, my advice is that, while the F80 is a tremendously vehicle, not only will it fail to fill the void in your life, it will create a larger one.

[quattr0]

Please dont do it. You will hate yourself later and will end up losing more $ if you will sell the F8x later.

The n54 is the most amazing engine and you r bored? If you dont track often, please dont buy a M car. I know there are folks will disagree but thats my experience.

If you still want to buy M car, my manual f82 garage queen is available ;-)

[///M-er-gized]

Sorry, but based on the numbers you provided, I don't need a financial calculator to tell you that you can't afford it.

Twin daughters, $2.6k monthly mortgage, and only taking in $4.2k a month? Are you kidding me?

Also, you're not really serious about those questions, are you?

[2000Z3M]

Originally Posted by Lanceoa

Pre-tax putting away $1200, and trying to meet Roth limit at tax time. Wife hasn't worked in a year due to twins, but we are confident she will bring a paycheck by my reward date. Also, considering selling our rental home for the quick appreciation and maybe jumping back in during the next bust.

I know all about depreciable assets, my twins are a result of IVF, went from high cotton to knee deep in diapers and couponing formula.

I guess what I'm saying is, logically an M is not really a financial decision, but more of a lifestyle choice. So I guess my real question is Any regrets? Or the benefits definitely outweigh any cons...

IVF best 13k i ever spent.

[sandwi54]

Agree withe above posters. Not sure if you are being serious asking these questions. I don't see how a family of four can even live on 1.6k cash per month, let alone any car payments. If your rental income gives you another 2.5k, then I'd say it's a different story. As it stands right now, I don't see how you can afford any car!

[JDE92M3]

Why don't you looking into a nice used E92/E90 M3. It will give you a lot of thrills at a fraction of the cost. Or you can get a F80/82 used, but that market hasn't really plunged in price yet. Also, you would need to factor new vs used finance rates. I would hate to tell someone that we only live once, so live foolish. But I also know you have to try and experience, and do as many things as you love. Because your happiness is paramount!

JD

[clutchdj]

Originally Posted by Lanceoa

Turning 40 in another year or so.... was thinking of treating myself.
Currently in a E90 2011 335i sedan AW, 62k miles - bone stock & bored with her.
Wife has '13 Mini Cooper S and ' MDX Advance (twin 11 month old girls).
Will try and sell 335i to carmax, throwing in more cash and financing maybe half of a 2017/18 F80 M3 possibly in MW, interior undecided.

My take home is about $4.2k/month, 15 yr mortgage $2.6k/mo - no other debt. I stock away quite a bit pre-tax for retirement. Is $35 - $40k a comfortable amount to finance. I feel like I will barely be able to afford an M. I believe from all that I am hearing here about the F80 that it will fulfill the void in my life and I would likely want to keep her longer than 5 yrs.

Love leaving work WOT, nothing finer - especially when I have a crappy day at the office. Stunning looks, BMW driving dynamics. Never driven an M, but I think I'm missing out and need to be part of the clan!

Did the M purchase change your life? Are you a more disciplined driver or did you already use up your driving school allowance!
Wife/GF/SO think your hair looks better in the M?
Do your co-workers hate on you or dig it when you offer to drive to lunch?
Do co-workers joke with the "Must Be Nice" (Don't you Have Bills?) catch all phrase?
Did the M help you get a new promotion at work?
Do you garner more respect at the dealership when getting service?
Does front row parking conveniently appear as if the lot knows an M is gracing it's blacktop?

If you would be so kind, please divulge any experiences you might have. Much appreciated!

Did the M purchase change your life?

No.

Are you a more disciplined driver or did you already use up your driving school allowance!

About the same.

Wife/GF/SO think your hair looks better in the M?

What?

Do your co-workers hate on you or dig it when you offer to drive to lunch?

I don't drive my ///M to work.

Do co-workers joke with the "Must Be Nice" (Don't you Have Bills?) catch all phrase?

N/A

Did the M help you get a new promotion at work?

N/A

Do you garner more respect at the dealership when getting service?

Not that i've noticed.

Does front row parking conveniently appear as if the lot knows an M is gracing it's blacktop?

haha

Have you considered leasing? Just a thought. plus you have other cars. The residuals are very good and its less of a lump up front with more options in the end. either-way get the car. Not a flawless machine, but you'd be hard pressed to find a better all round package out of the box. my 0.02

[s2k750]

I personally dont spend more than 5% of my take home on two car payments, insurance, gas etc. I couldn't imagine working 2-3 months of the year going just to pay for cars.

[Lanceoa]

Originally Posted by Gibson6594

Based on what you wrote, my advice is that, while the F80 is a tremendously vehicle, not only will it fail to fill the void in your life, it will create a larger one.

Based on this forum, the larger void would be the realization that while I might be able to make payments on an F80, I wouldn't have much additional $$ for mods that follows sucheck a purchase.

[Lanceoa]

Originally Posted by s2k750

I personally dont spend more than 5% of my take home on two car payments, insurance, gas etc. I couldn't imagine working 2-3 months of the year going just to pay for cars.

You are probably the best Dave Ramsey saver or in a different class altogether.

[Lanceoa]

Originally Posted by clutchdj

Have you considered leasing? Just a thought. plus you have other cars. The residuals are very good and its less of a lump up front with more options in the end. either-way get the car. Not a flawless machine, but you'd be hard pressed to find a better all round package out of the box. my 0.02

Have not considered leasing based on keeping our 335 for 6 yrs now, I would imagine being satisfied for at least that same time frame. The for .02!