Ro_Ja Boy

Here is my situation. As most of you know, I am selling my S2000. I am parting it out and have been planning on purchasing a 2004 M3. Some people have got me thinking about whether I should buy it or not. I am 20 years old and currently live with my parents. I have no rules, free meals waiting for me when I get out of school, and don't party anymore. My mom purchased a condo that my sister was selling to save it for me when I am ready to get my own place. I will have a good chunk of change that I am planning on putting down on the M3. Keep in mind, that I LOVE cars and anything I touch will be somewhat modded. Would you guys use the money that I was going to use for the down payment on the M3 or the condo? Should I get the car and then buy the condo a few years down the line, or vice versa? If you think condo, please give some insight on what kind of car would suit my needs (less than 25k, able to be dropped on rims and be done with, not too many repair costs, etc.). Thank you for your help!

Ryan

hpark

if you can, get a single family home. condo prices are way overpriced (at least where i live). if not nothing wrong with putting it in some mutual funds (taxable or non-taxable, either way).

Ro_Ja Boy

Well, the thing with the condo is, my mom owns it and will give it to me at what she bought it for and give me another $12k or so towards the down payment on the condo. Im depressed. I love the M3, but I think i know what the RIGHT decision is.

Ryan

6SpeedTA95

In your situation buying an M3 would be a piss poor financial decision. Insurance is going to be outrageous, the repair/maintenance will also be quite a shock. M3 = great car but its a whole new world in terms of cost of maintenance. If I were you I'd go back with an S2k. If you want a BMW get a 330ci or 330i. In your shoes I wouldn't touch an M3 with my own money.

6SpeedTA95

What'd your mom buy it for? What's it worth?

S2kracka

The condo is the "right" decision, but at the same time have fun with your money while you are young (nothing wrong with living at your parents at only 20). I voted M3, but it could go either way very easily. At the same time, owning your own place is very impressive. There are lots of options for cars under $25k (used G35 for one). I am 23 years old and have my own house that I plan on selling this spring once I graduate. I then plan on renting an apt for a year then purchasing a townhome.

DimaK321

hmmm...
i LOVE real estate, and think any car is a turd when compared to a place to live in
but in your situation...
if you can have that condo at a locked price later on, yet still get the M3 now... you may not miss out on anything... this actualy IS a decision

DooheeHowser

I couldnt have put it better myself.

And even though I too the M3, I believe it would be a foolish idea to put a car as a greater priority than your independence.

But then again...just my opinion.

DimaK321

MUST be a location upgrade

6SpeedTA95

So do you even have a job to pay for the condo payments? Are you in school? Are you making enough money to sustain yourself while also savign for retirement?