E46 M3 for three months - a sensible idea?

[desmogolf]

Hey all,



I'm thinking of getting a E46 M3 sometime in summer after I finish school as I'll have a lot more time to drive the car. The thing is, insurance has been keeping me away from the car, I'm getting ridiculous quotes of 9-12k per annum for a comprehensive policy. I don't think I'm willing to pay that sort of money just for insurance.

So my idea is to own the car for three months instead, and pay something like 2-3k in insurance for that period which is a lot easier for me to swallow.

Just a few questions:

1) How much depreciation would you reckon I face in that 3 months if I were to get one for 9k?

2) Are there any leasing schemes out there which might make more sense/be cheaper? My total 'loss' in the 3 months is about 6k sterling I reckon, assuming that I don't get a lemon.

Thanks!

M

[Nedzilla]

£6k loss in 3 months to drive an M3.......trust me mate,it aint worth it!!

[iva cosworth]

desmogolf said:

Hey all,



I'm thinking of getting a E46 M3 sometime in summer after I finish school

Okeedokee

[Defcon5]

As above

[SMcP114]

Jesus Christ...

[desmogolf]

Nedzilla said:

£6k loss in 3 months to drive an M3.......trust me mate,it aint worth it!!

Well, I guess it's all a matter of perspective isn't it?

I come from this silly place called Singapore where I must pay 55k sterling for a 2005 M3 (and it isn't even CS or CSL, nor in manual guise which I want). No kidding: http://www.sgcarmart.com/used_cars/info.php?ID=249...

And that's excluding the certificate to own the car for ten years which needs to be bought every 10 years (currently goes for 40+k sterling).

So yes, in light of all that craziness, this is proportionately less crazy.

[thinfourth2]

If you are going to drop 6grand then to be honest an M3 is kind of has shall we say

Dull?

I would go far sillier

[desmogolf]

thinfourth2 said:

If you are going to drop 6grand then to be honest an M3 is kind of has shall we say

Dull?

I would go far sillier

Am open to ideas, but anything sillier might mean even more silly insurance and 6k is about as far as I'd go.

[Nedzilla]

If you are serious then in three months,if you are lucky,all it should cost you is your (hefty) insurance and fuel costs.The car is unlikely to depreciate in three months providing you dont pay over the odds for it in the first place and providing you buy a good car you can go for a couple of years without having to pay a thing on maintainance....if you are lucky.

I have owned one for the last five years so have a bit of experience with them.

[redgriff500]

Depends where and how you drive as to whether an M3 is dull.

If you're happy to drop £3k I'd approach a dealer as I know my Dad (who's a car dealer but not in M3's) would happily agree to sell a £9k car today and buy it back in 3 months for £2k less.

[sday12]

Terrible idea.

[desmogolf]

Nedzilla said:

If you are serious then in three months,if you are lucky,all it should cost you is your (hefty) insurance and fuel costs.The car is unlikely to depreciate in three months providing you dont pay over the odds for it in the first place and providing you buy a good car you can go for a couple of years without having to pay a thing on maintainance....if you are lucky.

I have owned one for the last five years so have a bit of experience with them.

Great, that's what I'm hoping. That means I'll have to be extra careful when picking one then. The ideal situation is of course losing all of it in insurance and fuel and that the car keeps its value. How much should I be looking to pay for a very good condition standard M3 with FSH? I guess 9k would be about right?

Just wished there's an alternative for insurance for myself! They really hit hard in the UK for under 25s even though we have a clean record.

[desmogolf]

sday12 said:

Terrible idea.

The crazy things we do for cars.

[chilistrucker]

3 month car hire maybe?

[slipstream 1985]

have you drivern anything quick before

[marcosgt]

slipstream 1985 said:

have you drivern (sic) anything quick before

What's that got to do with anything? Are you suggesting a Nissan Micra instead?

M

[desmogolf]

chilistrucker said:

3 month car hire maybe?

Thought about that but they usually rent out the E92 M3s and those are going for about 250-300 quid per day which might work out to be more than my idea actually.

[Babu 01]

marcosgt said:

What's that got to do with anything? Are you suggesting a Nissan Micra instead?

M

Personally I'm kind of glad I've waited until my thirties to get an M3.

The journey up from a 1275 Mini at 17 means I really appreciate what I have now.

Also, had I access to my current car at school leaving age I'd probably be typing this from beyond the grave...

[Major Fallout]

Are you talking SGD or GBP?

If SGD then it sounds ok, but GBP I would want something faster or madder.

[TROOPER88]

OP: If I had one/got one, I would be happy to sell it to you for 3 months and buy it back for £1500 less than what you paid me for it.

Would that interest you?