Buying cars in yo 20's
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I'm not saying this to be rude, but if you can't afford $300+ a month for insurance you can't afford to properly maintain an e46 m3/s54.
This guys speaks the truth especially on a high mileage one like that
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This guys speaks the truth especially on a high mileage one like that\
maybe if I was trying to daily drive it LOL. But I have a garage and a spare shop for a reason. Storage for 10+ cars! If something breaks, you wait until you can afford to fix it. I mean, isn't that with everything?
I just need to justify the cost lol. I need a newer bmw. Its between this and a 135i I believe.
sk8 or die
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haha I can afford it. But who wants to piss away 300+ a month on insurance? It just sucks. I currently pay almost that much for my wrx and e30.
I would have the m3 for weekends and such. Something I would heavily modify and keep as a sunny day street car.
Live within your means until you can afford a nice weekend car. You'll be better off in the long run.
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Live within your means until you can afford a nice weekend car. You'll be better off in the long run.
I'm simply asking how I can justify to insure it
I have the means to buy it with cash, and I have the means to maintain it, I just don't want to piss away money. Id rather put that extra insurance money into paying off my house in the next year or so. Or maybe Ill just buy the 135i because it might be a better idea? I want to drive the car not just fix it all the time. Oh man I don't know. I do believe I need at least one newer bmw though ha.
sk8 or die
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I'm just saying you should use your money now to pay off your house or whatever else you can so that you can enjoy not having to do so later on. Even saving the money and investing it is a better idea since it grows and will be worth more down the road.
only thing I currently have to pay for is my house, I have no other debt. Which is pretty cool to say at 20. But not only that, but I make more money a year that I owe on my house(20K left on it LOL) so I should have no problem with that.
More or less, the woman graduated from school, and now makes more than I do, and she has no debt either, so we believe we deserve a nice car, and honestly a sub 10k car is very cheap for most people, even if maintenance is high.
of all people I thought I could come here and you guys would encourage me do to anything to buy the car of my dreams haha.
But I definitely appreciate you guys bringing some knowledge my way. Of all people I need help too haha.
sk8 or die
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only thing I currently have to pay for is my house, I have no other debt. Which is pretty cool to say at 20. But not only that, but I make more money a year that I owe on my house(20K left on it LOL) so I should have no problem with that.
More or less, the woman graduated from school, and now makes more than I do, and she has no debt either, so we believe we deserve a nice car, and honestly a sub 10k car is very cheap for most people, even if maintenance is high.
of all people I thought I could come here and you guys would encourage me do to anything to buy the car of my dreams haha.
But I definitely appreciate you guys bringing some knowledge my way. Of all people I need help too haha.
Have a older family member "buy the car" and insure with them.
Buy the car and only carry liability.....risky but shouldn't be $300 a month
Have you looked into collecter car/specialty insurance? Haggerty I believe is one
Insurance up to age 25 just stinks period. We all went thru it
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Have a older family member "buy the car" and insure with them.
Buy the car and only carry liability.....risky but shouldn't be $300 a month
Have you looked into collecter car/specialty insurance? Haggerty I believe is one
Insurance up to age 25 just stinks period. We all went thru it
Could this be my father who lives in colorado? Honestly probably the only family member I would put the title in his name.
This i believe is the only hope of me owning the car. my rates have dropped in half since I bought my house and my record has become clean, but still very expensive.
sk8 or die
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Could this be my father who lives in colorado? Honestly probably the only family member I would put the title in his name.
This i believe is the only hope of me owning the car. my rates have dropped in half since I bought my house and my record has become clean, but still very expensive.
Now you're thinking!!!
All you gotta do is call insurance company and ask.
Can't see why it would be a problem.
If outta state is an issue.....how about your OGs parents?
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Nobody is shaming you, just being constructive. I told my self that I'd have my student loans paid off at the end of last year but instead spent it on car parts.
Read this article on Mark Cuban earlier today about living cheaply in your 20's. http://www.businessinsider.com/mark-cuban-on-living-cheaply-in-20s-2015-5
I'm in a similar position as you, making a decent income for 22 with no degree. Pay off the house, invest stocks (any railroad or bigger trucking company are great investmants) and then buy your dream cars. There will always be car deals.
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Nobody is shaming you, just being constructive. I told my self that I'd have my student loans paid off at the end of last year but instead spent it on car parts.
Read this article on Mark Cuban earlier today about living cheaply in your 20's. http://www.businessinsider.com/mark-cuban-on-living-cheaply-in-20s-2015-5
I'm in a similar position as you, making a decent income for 22 with no degree. Pay off the house, invest stocks (any railroad or bigger trucking company are great investmants) and then buy your dream cars. There will always be car deals.
I definitely have living cheaply on lock haha. When I bought my house I was making 12$ an hour I believe. I didn't know my woman was planning on attending school and NOT WORKING AT ALL so I definitely bit off more than i could chew, but I chewed like hell and I made it without a single credit card HA. But man I didn't buy a single piece of clothing in the last two years, I only had 2 pairs of sperry(all i wear, even to work) we didn't even have a dinner table or barely any furniture, and I've been driving shit tastic vehicles.
But what did I get from it? Man I appreciate everything I have. Everything I've worked for. My budget is down PAT and I have very very limited bills. I learned how to live with nothing, and somehow maintained my happiness.
But where did I learn this? My parents. They definitely have made good money in there life, but were ALWAYS overcome by bills. Bills they didn't even need. My dad was paying OVER 50,000$ a year in interest for almost 10 years straight on his properties!
What I learned is that I don't need to make much money if you don't have much to pay for ha.
I'm a very simple man and I don't buy much of anything fancy and don't spend money on much of anything, besides tools and cars, but I believe that will pay off in the future.
I definitely plan to build many cars for customers in my future, but I will never make more money than i will doing tool and die, so its more of a hobby plan than anything. I absolutely enjoy tool and die and I plan to stay here. I don't want to ruin my love for cars!
But really guys. Is it really that financially Irresponsible to buy ONE 10-20K newer car in my 20's? Chances are I will keep it for a long time. Sometimes it would be nice to just hop in a car that is basically stock, and fun as hell, and just drive.
I definitely understand investing and that is what I'm putting the majority of my money into, but man I just want 1 newer car. I sure love the 80's and I will drive e30's as long as I can, but there has always been an itch for me to buy an m3.
sk8 or die
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What threw a red flag for me is your concern over $300/month for insurance. It's not financially irresponsible to buy one if you can afford to own it but there is a difference between having the money to buy one and being able to afford owning it. Unfortunately cost of ownership includes insurance as well as maintenance, fuel, etc. I have read estimates for cost of ownership on an e46 M3 to be about $800 year plus insurance and fuel.
You also mention you want a basically stock car but earlier you say you want to heavily modify the car. Once again, the cost to do so is a lot greater on the e46 M3 than on some other cars that may be cheaper to own.
I'm not trying to discourage you from buying one. It's not my money and whatever you do has zero impact on my life... just don't fuck up a perfectly good e46 M3 if you get one, there's enough idiots doing that already lol.
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800$ a year for maintenance compared to what on normal vehicles? I don't think I've ever had a vehicle where I spent less than that per year, but sometimes you upgrade while doing maintenance.
What I'm saying is it could be something very fun out of the package for a while, but I tend to keep my vehicles, so I would eventually modify it.
There was a million made, its not like I would be screwing up an e30 m3 or any other collector.
If I could afford the e30 m3 right now I probably would. Second option being e46 m3.
but man, That is one hell of a vehicle for less than 10k!!
sk8 or die
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It is quite obvious that you could buy the vehicle. You seem to understand the possible maintenance and have good understanding on what you'll do if something major breaks (park it until you can afford to fix it).
You are mostly concerned about the insurance rates. I would go so far to say you could probably afford the $300 a month, but don't want to because it's insane.
Unfortunately M3's are boy racer cars. boy racers, buy them and smash them, thus the high insurance rates. You should call around to see what sort of package deals you can get for your house, and multiple cars.....both those things get you discounts. You may find that by paying a different insurance company $10 more per month for home insurance, your M3 insurance would go down $100 per month.....I've seen it happen.
There really isn't a magic option though. Call around. Also, you could justify by taking insurance off the car in winter months. Many people do this in WI and pay a storage insurance for winter months when you aren't driving it.
Look for the right care and have fun with it.
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It is quite obvious that you could buy the vehicle. You seem to understand the possible maintenance and have good understanding on what you'll do if something major breaks (park it until you can afford to fix it).
You are mostly concerned about the insurance rates. I would go so far to say you could probably afford the $300 a month, but don't want to because it's insane.
Unfortunately M3's are boy racer cars. boy racers, buy them and smash them, thus the high insurance rates. You should call around to see what sort of package deals you can get for your house, and multiple cars.....both those things get you discounts. You may find that by paying a different insurance company $10 more per month for home insurance, your M3 insurance would go down $100 per month.....I've seen it happen.
There really isn't a magic option though. Call around. Also, you could justify by taking insurance off the car in winter months. Many people do this in WI and pay a storage insurance for winter months when you aren't driving it.
Look for the right care and have fun with it.
Thanks for the advice!!
Is there any way to quote multiple companies at once?
And is it insane to have just liability on an m3? its about 1/2 the cost.
My other option I'm thinking about is the 135/335, which are about 1/2 the price of insurance.
I just CANNOT justify paying 300+ a month to drive it...
sk8 or die
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It is not insane to have just liability. Just understand that if you hit someone, you are out the car.
If you call brokers you can have them quote multiple companies and get back to you with the best deal. R&R is who I use. Keener Insurance is another, northbrook insurance. Google insurance brokers in your area and see who is local, then do some searching for reviews. Even asking your FB friends who they use is a good way to go (if you are a FB dude).
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