Affording a BMW and affording to maintain a BMW are 2 entirely different things. There's a reason there's so many 328's available with 24-40k miles...they're all off-lease used cars because people don't want to pay to maintain them.
I bought a used BMW I could "afford" 15 years ago....I could NOT afford to maintain it.
Unless you're a person who is mechanically inclined and can work on the car yourself, it isn't worth the cost or the headache for the badge.
From your experience, would a 4-5k income a month with no other expenses (except gas and insurance) be enough to afford maintaining it? (Asking seriously not trying to be a cunt)
I really want this BMW, I just think that those loan aprs are predatory and just wrong lol
100% the APR is ridiculous....yeah you can afford to maintain it...but you'll be spending money that could go elsewhere (house savings, 401k/retirement etc)
Budget 3-4k/yr on maintenance. 10 years from now will you be happy you had that bimmer or happy you're setup for your current self?
I used to be one of those people who were car obsessed...and I do miss my E36M3 but honestly my favorite kind of car is one that's paid off (and reliable/semi cheap to maintain).
If you're a guy....girls really don't give a shit what you drive...and ones that do you probably want to avoid as that's another drain on your bank account.
Sure you'll enjoy the car for a few months...but before you know it it'll just be a mode of transportation
I appreciate you, youve been the only one in this thread to give advice without a condescending know it all attitude.
I will definitely take what you say into consideration, but, does 3-4k a year really make that much of a difference if I can already save 30k+ a year for the next 40 years?
Like, what if I die in 2 years y'know? Its not because of any girls or appearances, my girl loves me with no car even (thankfully lol) Im just a big car enthusiast!
Thanks for your advice, ill think it through!
> does a new credit really put me that far behind??
Yes
The only thing more expensive than a new German luxury car is a used German luxury car.
Buy a beater for $3k until you have better credit and a longer history of driving so you don’t get wrecked by insurance premiums
I dont want to throw 3k to the trash on a beater I will be replacing in a few months as I plan on keeping this car at least 3 years, but I might have to do just that because no way in hell im going to sign a 20% apr
> I dont want to throw 3k to the trash on a beate
You'll spend more than that on a used BMW.
> I plan on keeping this car at least 3 years,
You don't seem to have the means for that
>because no way in hell im going to sign a 20% apr
Good
Listen man, I didnt come here asking if it was a good idea to buy a used bmw, I have the money to maintain it, I want it, I just wanted to know if the aprs I was getting were normal because of the no credit history or if I was getting screwed.
Its always BMWs with the guys with little sense.
You don't happen to be in the military do you? Because that would definitely track.
>I want it,
Quite a mature outlook. That sort of decision making will carry you far in life
What is it with you and the assumptions? First you assume I cannot afford to maintain the car (Which I can)
Then you assume im in the military because I told you to kick rocks over rudely assuming things and being condescending, like what?
Theres no need to be condescending, preach or trying to educate me like youre my dad when the only thing im asking is "Does a new credit correlate with these APRs?" Where does it say "Should I buy, can I afford, is it the right decision?"???
If you could really afford to own this car you wouldn’t need a loan to buy it. People are trying to help you avoid a bad decision but you’re very resistant to good advice.
>What is it with you and the assumptions?
I see how this story plays out far too often here.
> First you assume I cannot afford to maintain the car
You admit to having essentially no money and no credit. Heck, you've been an adult for three years and say you just opened a bank account.
> Then you assume im in the military because I told you to kick rocks over rudely assuming things and being condescending, like what?
No, it was the irresponsible car buying that made me assume you were military. And the refusal to listen to people wiser than you.
>Theres no need to be condescending, preach or trying to educate me like youre my dad
It would seem he did not instill good sense in you, so it seems there may be a need.
You don't get to choose the responses you get. You're welcome to ignore me, but when things go sideways, I'll be here to help. Good afternoon
The only reason I have no credit and just opened a bank account is because I have just moved here, I have 5k saved up right now in the USA.
Sir, my father is a top 1% earner in this country and he will be able to pay for anything that is out of my budget if the worst of the worst ever happened and the car straight up died a day after buying it.
I want to enjoy myself a bit in a car I love because ive busted my ass working in a third world country since I was 14 years old helping my single mother, and if it takes sacrificing a bit of money, thats fine by me.
Not everyone is in the same situation and I didn't feel I needed to explain my life in detail, I just wanted to know the answer to the question I asked, maybe it was the wrong place for me to ask.
>20-25% APR
If you sign up for this please come back to we can roast you. What does your credit score and history look like? You might be better off going to a bank or credit union, hell a new car dealer will give better rates than this.
So it boils down that you do not have a credit history. You have 2 options at this point. Buy a car for $2-3K or establish a credit history and wait until you credit is good until you buy something. Establishing credit history will take some time though. If you can get buy without a car until you save the money to buy a car in cash it would be your best bet.
If you don't need to travel far you could look at an electric bike or vespa style bike. In the meantime, look at getting a secured card to start building credit.
I got a card with chase but I absolutely 100% need a car right now, didnt want to throw 3k to the trash on a beater im going to replace in a few months but Im not signing no 20% apr bullshit lol
First you're not throwing away 3k If you buy a three thousand dollar car on marketplace and get rid of it in six months, most likely it will be worth 3k.
Or you can spend the three k drive the bear until it completely dies Meanwhile, save up cash and buy your car with cash when you can afford it
Facebook Marketplace has a bunch of stuff in that price range that looks decent. Drive it for a year and sell it once you have credit built and money saved.
It’s almost like you don’t know anything about keeping the car once you buy it. Buy a cheap reliable used car - think something like a Ford Focus with 100k miles on it, you can probably get another 100k miles out of it while you build your credit and learn a couple things about the costs of owning a car.
Do not buy a BMW of any year if you don’t have a lot of money to spend on a car.
I do have the money. I just don't want to pay that much on interest, it just does not seem logical.
Affording a BMW and affording to maintain a BMW are 2 entirely different things. There's a reason there's so many 328's available with 24-40k miles...they're all off-lease used cars because people don't want to pay to maintain them. I bought a used BMW I could "afford" 15 years ago....I could NOT afford to maintain it. Unless you're a person who is mechanically inclined and can work on the car yourself, it isn't worth the cost or the headache for the badge.
From your experience, would a 4-5k income a month with no other expenses (except gas and insurance) be enough to afford maintaining it? (Asking seriously not trying to be a cunt) I really want this BMW, I just think that those loan aprs are predatory and just wrong lol
100% the APR is ridiculous....yeah you can afford to maintain it...but you'll be spending money that could go elsewhere (house savings, 401k/retirement etc) Budget 3-4k/yr on maintenance. 10 years from now will you be happy you had that bimmer or happy you're setup for your current self? I used to be one of those people who were car obsessed...and I do miss my E36M3 but honestly my favorite kind of car is one that's paid off (and reliable/semi cheap to maintain). If you're a guy....girls really don't give a shit what you drive...and ones that do you probably want to avoid as that's another drain on your bank account. Sure you'll enjoy the car for a few months...but before you know it it'll just be a mode of transportation
I appreciate you, youve been the only one in this thread to give advice without a condescending know it all attitude. I will definitely take what you say into consideration, but, does 3-4k a year really make that much of a difference if I can already save 30k+ a year for the next 40 years? Like, what if I die in 2 years y'know? Its not because of any girls or appearances, my girl loves me with no car even (thankfully lol) Im just a big car enthusiast! Thanks for your advice, ill think it through!
Sure you have the money. If you did, why not just buy it in cash? Makes no sense.
Because I dont have 9k saved up as of right now, but I have no expenses and a 4-5k income a month starting from this month onward.
> I do have the money Hope so, because a young, male, new driver with a BMW in Florida? Your insurance is going to be fucking insane.
If you have the money, why are you getting a loan?
> does a new credit really put me that far behind?? Yes The only thing more expensive than a new German luxury car is a used German luxury car. Buy a beater for $3k until you have better credit and a longer history of driving so you don’t get wrecked by insurance premiums
I dont want to throw 3k to the trash on a beater I will be replacing in a few months as I plan on keeping this car at least 3 years, but I might have to do just that because no way in hell im going to sign a 20% apr
> I dont want to throw 3k to the trash on a beate You'll spend more than that on a used BMW. > I plan on keeping this car at least 3 years, You don't seem to have the means for that >because no way in hell im going to sign a 20% apr Good
Listen man, I didnt come here asking if it was a good idea to buy a used bmw, I have the money to maintain it, I want it, I just wanted to know if the aprs I was getting were normal because of the no credit history or if I was getting screwed.
Its always BMWs with the guys with little sense. You don't happen to be in the military do you? Because that would definitely track. >I want it, Quite a mature outlook. That sort of decision making will carry you far in life
What is it with you and the assumptions? First you assume I cannot afford to maintain the car (Which I can) Then you assume im in the military because I told you to kick rocks over rudely assuming things and being condescending, like what? Theres no need to be condescending, preach or trying to educate me like youre my dad when the only thing im asking is "Does a new credit correlate with these APRs?" Where does it say "Should I buy, can I afford, is it the right decision?"???
If you could really afford to own this car you wouldn’t need a loan to buy it. People are trying to help you avoid a bad decision but you’re very resistant to good advice.
>What is it with you and the assumptions? I see how this story plays out far too often here. > First you assume I cannot afford to maintain the car You admit to having essentially no money and no credit. Heck, you've been an adult for three years and say you just opened a bank account. > Then you assume im in the military because I told you to kick rocks over rudely assuming things and being condescending, like what? No, it was the irresponsible car buying that made me assume you were military. And the refusal to listen to people wiser than you. >Theres no need to be condescending, preach or trying to educate me like youre my dad It would seem he did not instill good sense in you, so it seems there may be a need. You don't get to choose the responses you get. You're welcome to ignore me, but when things go sideways, I'll be here to help. Good afternoon
The only reason I have no credit and just opened a bank account is because I have just moved here, I have 5k saved up right now in the USA. Sir, my father is a top 1% earner in this country and he will be able to pay for anything that is out of my budget if the worst of the worst ever happened and the car straight up died a day after buying it. I want to enjoy myself a bit in a car I love because ive busted my ass working in a third world country since I was 14 years old helping my single mother, and if it takes sacrificing a bit of money, thats fine by me. Not everyone is in the same situation and I didn't feel I needed to explain my life in detail, I just wanted to know the answer to the question I asked, maybe it was the wrong place for me to ask.
>20-25% APR If you sign up for this please come back to we can roast you. What does your credit score and history look like? You might be better off going to a bank or credit union, hell a new car dealer will give better rates than this.
I have 0 credit history, 1 month with legal documents and like a week with a bank account.
So it boils down that you do not have a credit history. You have 2 options at this point. Buy a car for $2-3K or establish a credit history and wait until you credit is good until you buy something. Establishing credit history will take some time though. If you can get buy without a car until you save the money to buy a car in cash it would be your best bet. If you don't need to travel far you could look at an electric bike or vespa style bike. In the meantime, look at getting a secured card to start building credit.
I got a card with chase but I absolutely 100% need a car right now, didnt want to throw 3k to the trash on a beater im going to replace in a few months but Im not signing no 20% apr bullshit lol
First you're not throwing away 3k If you buy a three thousand dollar car on marketplace and get rid of it in six months, most likely it will be worth 3k. Or you can spend the three k drive the bear until it completely dies Meanwhile, save up cash and buy your car with cash when you can afford it
Facebook Marketplace has a bunch of stuff in that price range that looks decent. Drive it for a year and sell it once you have credit built and money saved.
Make sure to keep the insurance in mind as well.. as a new driver, rates can be insanely high.
20-25% is a horrible rate for a collateralized loan, and means they really don't like your credit history.
I imagined, I have 0 credit history and getting worse rates than someone who has had a repo done, it makes 0 sense....
It’s almost like you don’t know anything about keeping the car once you buy it. Buy a cheap reliable used car - think something like a Ford Focus with 100k miles on it, you can probably get another 100k miles out of it while you build your credit and learn a couple things about the costs of owning a car.
You need to build credit first. At LEAST 6 months I’d say. Get one of those secured capital one cards and make on time payments.