Realistic, or an idiot? - you decide

[SamPet]

Hi Everyone

I've fallen in love with the new M3 Convertible (unsurprisingly).

I have been searching around for the best deal, and it looks as if it'll be between £630 and £700 per month; unless you can point me towards a better deal.

My question is this. Over and above the monthly finance cost, should I budget for anything else (except for the obvious fuel, insurance, tyres). Shouldn't a brand new car be relatively cheap to run?

The reason being that I can afford the car, but not if there are unexpected costs.

Please excuse my ignorance, it'll be my first brand new/financed car.

Thanks

Sam

Edited by SamPet on Thursday 16th April 15:17

[S600VXR]

SamPet said:

Hi Everyone

I've fallen in love with the new M3 Convertible (not unsurprisingly).

I have been searching around for the best deal, and it looks as if it'll be between £630 and £700 per month; unless you can point me towards a better deal.

My question is this. Over and above the monthly finance cost, should I budget for anything else (except for the obvious fuel, insurance, tyres). Shouldn't a brand new car be relatively cheap to run?

The reason being that I can afford the car, but not if there are unexpected costs.

Please excuse my ignorance, it'll be my first brand new/financed car.

Thanks

Sam

If brand new then you should be fine due to the warrentee. How much you putting down out of interest?

[john_p]

PH MORALITY DISCLAIMER: Don't buy cars on finance. Don't buy expensive cars without saving up for house deposit, pay off debts, loans, save 8 years salary etc etc etc. Ask yourself if you'd rather just buy a snotter and drive that around rolling in surplus cash. /PH MORALITY

But yes, it's an M3 and of course you should buy it!

Finance - how much extra is it costing you, each year, to finance it. Just be aware so you don't get stitched up negotating the overall purchase deal.
Tax - £400pa (will no doubt go up in the budget)
Fuel - work out how far a full tank of super unleaded will get you each week!
Tyres - conservatively a pair per year (£400+)
Servicing - check costs and how it will fit with your mileage (inc. brake pads after say 20k)
Insurance - do they need tracker - if so, how much is that per year (and to fit)


Also I suspect you are a bit mad for buying a brand new one. I hope you are getting a STONKING deal over the cost of a pre-registered one which still has 2yrs+ of warranty remaining.

Edited by john_p on Thursday 16th April 15:24

[john_p]

Also Sam I don't know how old you are or what your life situation is but I really hope you are considering what else you can do with all that money. Back in 2003 I could have bought my first house or instead I was debating whether to buy a M3 Coupe, brand new, satnav, 19", SMG..

I really sat down and thought about it logically and the compared the depreciating, unnecessary M-car to a house or flat in a nice area that would surely go up in value and provide a home to live in..

...I hope the current owner of RJ03GNY is still enjoying the car

[SamPet]

Thanks both for replying so promptly.

John P...you've nailed it.

I'm 26, have no responsibilities and want to have fun while I'm young enough to appreciate it!

There's no chance I'll be buying a house within the next 3 years, I live in a beautiful flat which costs me next to nothing.... it seems everyone I speak to, says "Carpe Diem".

I just dont want to hang myself with a huge car finance agreement if any unexpected costs crop up. If the car just costs as much as the finance agreement, fine....otherwise it could spell trouble.

It'll be PCP'd as I could neither service a loan for £58k nor do I want to.

Hope all this make sense

Sam

[boobles]

If you can afford the car but possibly not any unexpected repair bills, i wouldnt buy the car.
You cannot run these things on a shoe string budget & hope that nothing goes wrong as they are M cars & can be expensive.

[SamPet]

Boobles....warranty?

I know what you're saying though. Having said that, I don't expect to run it on a shoe string, just wanted to know whether there are any unforeseen costs that could crop up

PS- Did you get the scratch on the Z3M sorted?

[pgilc1]

john_p said:

PH MORALITY DISCLAIMER: Don't buy cars on finance. Don't buy expensive cars without saving up for house deposit, pay off debts, loans, save 8 years salary etc etc etc. Ask yourself if you'd rather just buy a snotter and drive that around rolling in surplus cash. /PH MORALITY

Loving your work!

So true. Plus its the moralistic high ground these people take. "oh you cant really afford it because you couldnt buy it outright like i did with my 11 year old snotter, making me a better person that you" and "these people driving around in cars they cant afford"

[xr287]

My personal rule is that if you have to put it on finance for over 3 years then its probably too expensive but thats just my opinion. If you can realisticly keep up the payments without having to drasticly reduce your standard of living and you desperately want the car then why not you earnt your money and you can spend it however you please.

[wrighty78]

Buy it.

In 10 years time you'll have baby seats and pushchairs to lug around.
In 20 years time you'll have school and university fees to pay.
In 30 years time there'll be no petrol left and we'll all be remembering the good old days of M-badges and horse power. And you'll either be able to look back and say "I had one of those" or you won't.

Buy it.

[croyde]

I agree, do it!

Back in 2005 I bought, for cash, a 987 for around £36K. 2 months before delivery, baby No3 was on his way so I took delivery, had a summer of fun and sold it for a £4K loss, no regrets.

The big mistake was getting the Family Car with the money which I have just had to sell for a £22K loss. Should have bought an old Scenic.

So if you reckon the payments ain't gonna cripple you, do it and use it. You only live once.

[Shatterstone]

Have you thought about leasing one rather than buying, the depriciation is similar to the total cost over the lease time, and the bonus is that you dont have additional finance costs/interest ect.

check this out

http://cgi.ebay.co.uk/BMW-2009-M3-Convertible-DCT-...

[M3RMS]

Check out mtorque.co.uk, there's a wealth of great M3 info on there.

There a great bargains to be had on pre-reg and used cars at the mo too - so depending on how desperately you want to spec your own, you could potentially save yourself a packet.

In terms of finance, make sure you shop around. Play the finance companies off each other and the rate will fall dramatically. 1 morning's worth of work knocked a good 4% off each of the companies initial quotes when I was buying. And make sure you play around with this tool first, so you can model the different scenarios
http://www.dynamic-webs.co.uk/information/car_loan...

Good luck!
Cheers
RS

[M3RMS]

..... and never underestimate the costs of servicing & consumables (specifically tyres). They can appear quite horrific if you've not done your homework first.

Cheers
RS

[130R]

Buy it, you are only young once and you could be hit by a bus tomorrow .. and in an M3 Convertible you are more likely to survive than if you were on foot.

[RatBoy M3CS]

M3RMS said:

..... and never underestimate the costs of servicing & consumables (specifically tyres). They can appear quite horrific if you've not done your homework first.

Cheers
RS

+1

No idea what your earning, but budget on running the car will cost you £1.00 per mile to run it..
I reckon on about £12,000 a year to own it inclusive of depreciation.

Car tax £400
Fuel £2500
Insurance £1000 for you £2000
Tracker Subscription £200
Servicing £400
Set of tyres £1200
1st year Deprecation £12000 on a new one... £8-10K year 2, £5K year 3...

If your making well £50k+ net p/a after your living costs perhaps...

I would strongly recommend having one.. for fun and a smile.. but lease it. don't own it unless you can cover the cost of ownership comfortably, and let someone else swallow the 1st £25K depreciation that it will get hit for in 24 months..and when you have to step out of it .. it wont hurt you too much, just give them the keys back at the end of the term 12/24/36.. it will be cheaper to do this over the term of the deal for sure..

Edited by RatBoy M3CS on Friday 17th April 17:41

[deano23]

Get a newer E46 convertible.

Much nicer if you ask me! And cheaper.

[Dr Jekyll]

RatBoy M3CS said:

If your making £50k+ p/a perhaps...

I was looking at those figures and thinking in terms of £150k p/a before I could run a newish M3!

[boobles]

SamPet said:

Boobles....warranty?

I know what you're saying though. Having said that, I don't expect to run it on a shoe string, just wanted to know whether there are any unforeseen costs that could crop up

PS- Did you get the scratch on the Z3M sorted?

Na hoping to get it repaired next week.
Recieved 1 quote today at £550 which i thought was rather cheap & as its an insurance job, i would rather get it done properly regardles of cost.

[Pork]

What do you drive now Sam?

I ask as if you're in a shed, why not go somewhere close but not qute M3? I.e. 335/330 Cab?

Or maybe a hard top? They were doing deals of £555+vat recently.

Or if you're in a bit of a snotter at the mo, why not go mid-ground and get, say, a late E46 (if you want a cab) or an early E90 if it has to be the latest shape?

I know what its like to be 26 and want the best car you can afford (can just about remember ), but if you over stretch youself, you wont enjoy the ownership experience and every time you use it, you'll be thinking of the cost or what if someone bangs it, what if you kerb a wheel etc and thats no fun.

If you do decie to take the plunge, I hope you enjoy every second of it!