New M3 + 35k a year = bad idea?
Discussion
I've had a few BMW's in the past as company cars. I'm now looking to opt out of the company scheme and go for the allowance. I was looking at a Z4 as the prices on these are looking very tempting at the moment and back seats etc are not important to me.
BUT, and this is a massive J-Lo sized but. I took a new M3 out today for a test drive (on my own) I think I have fallen in love. It was unbelievable quite tame when pootling in traffic but when you put your foot down, the noise, the acceleration was stupefying.
With prices now at the 35k-ish mark would this be a good or bad idea? Would maintenance be a major issue with the above annual mileage?
BUT, and this is a massive J-Lo sized but. I took a new M3 out today for a test drive (on my own) I think I have fallen in love. It was unbelievable quite tame when pootling in traffic but when you put your foot down, the noise, the acceleration was stupefying.
With prices now at the 35k-ish mark would this be a good or bad idea? Would maintenance be a major issue with the above annual mileage?
Charmless man said:
I've had a few BMW's in the past as company cars. I'm now looking to opt out of the company scheme and go for the allowance. I was looking at a Z4 as the prices on these are looking very tempting at the moment and back seats etc are not important to me.
BUT, and this is a massive J-Lo sized but. I took a new M3 out today for a test drive (on my own) I think I have fallen in love. It was unbelievable quite tame when pootling in traffic but when you put your foot down, the noise, the acceleration was stupefying.
With prices now at the 35k-ish mark would this be a good or bad idea? Would maintenance be a major issue with the above annual mileage?
Depreciation will hit a high miles m3 hard. Running costs - they're never cheap. Whos paying for the fuel?BUT, and this is a massive J-Lo sized but. I took a new M3 out today for a test drive (on my own) I think I have fallen in love. It was unbelievable quite tame when pootling in traffic but when you put your foot down, the noise, the acceleration was stupefying.
With prices now at the 35k-ish mark would this be a good or bad idea? Would maintenance be a major issue with the above annual mileage?
pgilc1 said:
Charmless man said:
stuff
Depreciation will hit a high miles m3 hard. Running costs - they're never cheap. Whos paying for the fuel?I know in my head it's a stupid idea, I guess the Z4 should be cheaper to maintain.
anonymous said:
[redacted]
Hmmm... i love the optimistic view in a recession.Buying an m3 at £35K and putting starship miles on it will have a massive impact on its resale value, and thats on a car that still has a long way to drop. If you plan of financing it you will be in a (very) negative equity situation for most of the duration of the loan. This may not be a problem in your current role but difficult if your current situation / job role changes - which must be a factor in pretty much any company given the bleak outlook. I bought a new x5 last november and although the finance was high, i got the train to work so fuel costs were and overall i didnt mind. Six months later, i got a job promotion, but it meant i drove to work. Even though the job role paid a lot more, the combo of the high finance and the £500 a month fuel bill soon made the car unpalatable for me.
I would suspect finance would work out at around £700 a month, plus 35K miles will add approx £665 each month to that (assuming 18 miles to the gallon), plus insurance, so that £1400+ a month. Irrespective of whos subsidising those costs, paying out that month in month out could wear very thin very quickly.
Even if you are buying for cash, add 70K miles to it in two years and your £35K car will be worth maybe £20K if you're really lucky (probably £15K to the trade), so you're looking at £650 a month in depreciation.
Edited by pgilc1 on Wednesday 24th December 08:58
Charmless man said:
I've had a few BMW's in the past as company cars. I'm now looking to opt out of the company scheme and go for the allowance. I was looking at a Z4 as the prices on these are looking very tempting at the moment and back seats etc are not important to me.
Just saw your z4 reference - we've a z4 3.0Si coupe. Lovely thing to drive - 0-60 in 5.7seconds, creamy straight six, still pulls 30mpg, turns heads no matter where it goes ....pgilc1 said:
Charmless man said:
I've had a few BMW's in the past as company cars. I'm now looking to opt out of the company scheme and go for the allowance. I was looking at a Z4 as the prices on these are looking very tempting at the moment and back seats etc are not important to me.
Just saw your z4 reference - we've a z4 3.0Si coupe. Lovely thing to drive - 0-60 in 5.7seconds, creamy straight six, still pulls 30mpg, turns heads no matter where it goes ....If the OP likes the look of the Z4, the 3.0Si would be the 'sensible' choice I think
Dave
Am I right in thinking BMW no longer allow you to extend the warranty once you're over 100k? If so this would need to be considered... depending on how long you intend to keep it for. I know nothing about the reliability of current M3's but I'd be nervous about any M car without a decent warranty, after seeing my old boss's face when the Vanos let go on his E39 M5.
Sometimes a car isn't a financial investment. Heck, a car is NEVER a financial investment although some people drone on like it is.
If you can afford it, and are happy to accept the fact that you will lose over £20,000 in return for 2-3 years of doing 60-90k in a new M3, then go for it. Extravegances are not cheap.
People don't cry that the £5k holiday they went on last year was worth £0 2 weeks later do they?
If you can afford it, and are happy to accept the fact that you will lose over £20,000 in return for 2-3 years of doing 60-90k in a new M3, then go for it. Extravegances are not cheap.
People don't cry that the £5k holiday they went on last year was worth £0 2 weeks later do they?
Fox- said:
Sometimes a car isn't a financial investment. Heck, a car is NEVER a financial investment although some people drone on like it is.
If you can afford it, and are happy to accept the fact that you will lose over £20,000 in return for 2-3 years of doing 60-90k in a new M3, then go for it. Extravegances are not cheap.
People don't cry that the £5k holiday they went on last year was worth £0 2 weeks later do they?
what he said...If you can afford it, and are happy to accept the fact that you will lose over £20,000 in return for 2-3 years of doing 60-90k in a new M3, then go for it. Extravegances are not cheap.
People don't cry that the £5k holiday they went on last year was worth £0 2 weeks later do they?
cars will never be an investment (unless you buy a rare classic and keep it locked up) - what they are is a very fun way of spending money..
look at it like gambling - you spend what you can afford to lose and anything you get back is a bonus
Thank you all for your replies, very helpful. After reading them all the balance seams to be along the lines of what’s going on in my head.
I.e.
Having a car I would really like and enjoy and after 2+ years I would not lose much, if anything on it.
OR having a car I would love, in fact worship! Whilst enjoy driving it every day but knowing full well it is probably beyond my means and I wont be going on quite so many holidays, if any for the next two years.
Thank you all once again for your posts. Hope you all have a fantastic Christmas Eve, Christmas and New Year!
I.e.
Having a car I would really like and enjoy and after 2+ years I would not lose much, if anything on it.
OR having a car I would love, in fact worship! Whilst enjoy driving it every day but knowing full well it is probably beyond my means and I wont be going on quite so many holidays, if any for the next two years.
Thank you all once again for your posts. Hope you all have a fantastic Christmas Eve, Christmas and New Year!
pgilc1 said:
Charmless man said:
I've had a few BMW's in the past as company cars. I'm now looking to opt out of the company scheme and go for the allowance. I was looking at a Z4 as the prices on these are looking very tempting at the moment and back seats etc are not important to me.
Just saw your z4 reference - we've a z4 3.0Si coupe. Lovely thing to drive - 0-60 in 5.7seconds, creamy straight six, still pulls 30mpg, turns heads no matter where it goes ....Fox- said:
Sometimes a car isn't a financial investment. Heck, a car is NEVER a financial investment although some people drone on like it is.
If you can afford it, and are happy to accept the fact that you will lose over £20,000 in return for 2-3 years of doing 60-90k in a new M3, then go for it. Extravegances are not cheap.
People don't cry that the £5k holiday they went on last year was worth £0 2 weeks later do they?
I very nearly got burnt because of a job role change and an x5 that ended up costing me £1100 a month to run. Loved the car and *could* afford it but its some wack of money. Fortunately i got out (!) after six months with *only* £6K of a loss (on a car with a £51.5K list price i thought that was quite good) but spending potentially circa £1500 a month on a car is a lot. Assuming 40% tax band, £30,000 of your gross salary each year would be taken up just on a car.If you can afford it, and are happy to accept the fact that you will lose over £20,000 in return for 2-3 years of doing 60-90k in a new M3, then go for it. Extravegances are not cheap.
People don't cry that the £5k holiday they went on last year was worth £0 2 weeks later do they?
When the car is nice and shiney and you're standing there in that showroom its tempting, but a year or two years or three years down the line when you're looking at a 100K+ mile car and its STILL costing you the same every month....
fluffnik said:
Fox- said:
People don't cry that the £5k holiday they went on last year was worth £0 2 weeks later do they?
Not saying the O/P cant afford it, but its a massive outlay every month for what is basically a very nice three series.
Fox- said:
pgilc1 said:
fluffnik said:
Fox- said:
People don't cry that the £5k holiday they went on last year was worth £0 2 weeks later do they?
If you *think* you *might* not be able to afford to run it, then i'd strongly advise against it. Its easy to get stary eyed
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