Quote:
Originally Posted by mpower95
I really appreciate everyone's input. I'm fully aware of the choice that I made. Agree it wasn't the BEST financial decision but the way I look at it I could be spending that money in worse ways.
Leasing was not an option for me. 1) I drive a lot 2) rates were horrible when I purchased. I'm talking $1200 LEASES. Those people who leased with those rates are the ones who should be asking themselves what they are doing with their money. (Unless you get the business benefit)
At the end of the day cars are my biggest hobby. I know I might not be thinking about the future when I say this but I don't care about having my own mortgage anytime soon. I'll cross that bridge when I get there. I can handle the monthly payments for now. Already almost a year in and owe 61K in another year it'll be 50k. Time flies and before I know it it'll be paid off. Worst case I'll refinance in a year or two to recuperate some monthly cash flow.
Doesn't make sense to sell the car now, get 55-60K for it and then buy a used car. I'd rather sacrifice the extra money for my own car knowing I've been the only owner and already invested time and a good amount of money into it.
I'm 23 and single so I've got my whole life to think about a house. If I wait until I get married/have kids no way I'd be thinking about a car like this. These cars were made to be enjoyed and I shouldn't have to wait until I'm older to enjoy it if I can pull it off now while I'm young.
Once again, I really appreciate everyone's input. Tons of family/friends advised against my decision told me to invest in multi family homes, finish student loan payments, etc. I took all of that into consideration before pulling the trigger on this car. I know what I got into myself into and I'm already in it and don't plan to back out (So long as I don't have any catastrophic life changes).
This thread is starting to get a bit off topic with everyone trying to lecture me (don't mean to be rude, but the thread isn't "did I make the right financial decision"...I know the answer is no lol )
Cheers!
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Man you really have the wrong mindset and it sounds like your friends/family were trying to give you sound advise which you ignored. There are soooo many cars way less expensive than a brand new M3 that would still be very nice at 23. And you don't need to go out and buy a house or investment property like so many people seem to say in these types of discussions. How about just find a nice safe place to rent so you are not living with your parents. The simple life skills of learning to take care of yourself are invaluable. Not to mention meeting a girlfriend is kind of hard when you don't have your own place. But to each their own.