[Christeeezy]

I've been lurking here for a few weeks now after deciding that it's time to buy myself a new car. I have never financed a car or leased one before (I am 20, almost 21 years old), so I do have some questions. Hopefully my noobiness doesn't upset you guys.

First off, I just want to say that I'm financing this car with my own earned money, before anyone gets started on all that.

So, I was wondering if a used, financed 135i that's maybe around $28,000 could be paid for and maintained properly with $400 a month set aside specifically for the car. I was thinking it would be possible by putting down a 3-4k down payment and financing for 5 years, but would I be overwhelmed by maintenance costs over that period?

TIA

[rfx45]

$400 as a monthly payment?

$28k car, $4k down payment with 2.9% interest for 5 years is still ~$430 a month.

[Christeeezy]

Oh right, I forgot I did the numbers with a $20k 128i.

So $430 a month plus CA tax.

I guess all I need to know is how much to expect to pay for maintenance. I've just never financed before so IDK if I'm overlooking anything that might mess me up in the 5 year period

[E90 87ss]

Don't stretch yourself thin. If it's a CPO with a little bit of factory warranty left then there should be very little maintenance cost. Tires, brakes, wiper blades, and fluids...

I usually have at least a year of payments/insurance set aside in addition to the down payment in the event that something happens; bad month or job loss... I realize this may not feasible for many, but I like to err on the side of caution...

[rfx45]

Originally Posted by Christeeezy

Oh right, I forgot I did the numbers with a $20k 128i.

So $430 a month plus CA tax.

I guess all I need to know is how much to expect to pay for maintenance. I've just never financed before so IDK if I'm overlooking anything that might mess me up in the 5 year period

Your biggest hurdle will likely be qualifying for a finance. You're barely turning 21, w/o a co-sign, it'll be very difficult to get a $24k loan.

As for maintenance, depends on how many mileage the car has and how much driving you'll be doing. Average oil change is twice a year, that could cost $80-$150, cheaper if you do it yourself. As mentioned, other maintenance might be new tires, brakes, fluids, etc...

If you feel that you'd have to miss a meal or two just to pay for maintenance, then I would suggest against buying a car this expensive because when an unexpected problem arrives it'll be a huge headache. You're young, you'd have plenty of chances to own one eventually but don't give yourself problems right now since it is unnecessary.

[Christeeezy]

My mom will co-sign for me.

I guess I'll ask in a different way: Will having double the cost of the car set aside per month be enough to properly pay for and upkeep the car?

[bmw-nj]

Originally Posted by Christeeezy

My mom will co-sign for me.

I guess I'll ask in a different way: Will having double the cost of the car set aside per month be enough to properly pay for and upkeep the car?

Yes it should be.

[Bcube]

Why a used 135i? I leased a 2011 Mini Cooper Justa for my grand daughter in late 2010. My total payout (including the original drive-off) at the end of lease will ~$9700. In Kali, that buys a barely running POS. As I didn't want my weekends taken up with working on another broke car, the MINI maintenance plan was a prime consideration (my own out-of-warranty BMW keeps me busy enough).

I'm considering buying a new car for myself and a new turbo'd MINI is high on the list as I want a new(ish) car for under $30K.

Sure my E93 is a nice car, but driving the MINI is more fun.

[Christeeezy]

I'm going for the 135i because they've caught my eye whenever I saw one drove past me. Not to mention after doing research on the car, I was hooked when I saw how easy it is to make power. Every other person my age with money (self-earned or not) goes for a Mitsu Evolution or Suby STi. Those run about the same as a 135i, can make power just as easily as the 135i, and they have a lot of presence in my age group's car world. But I don't want something that everyone else my age has (or wants) just to make the younger kids drool. I want something classy, luxurious, sporty, not cheap feeling. Plus if I really wanted to go that route, the 135i can easily be modified to suit the tastes of the young generation car world. The Mini, or any other car in the price range, just doesn't do it for me.

[krnboy817]

BMW CPO APR is 4.9% IF qualified i think... but whatever the price and APR is i think the most important factor of buying any BMW is "can you afford to fix it?" the other hidden cost is the depreciation of the vehicle, its the ownership cost most people dont see but its one of the biggest
cost you "pay" to own a car.

hate to say this but i would never buy a BMW that is not a CPO or doesnt have at least 2 year warranty left in the car. dont know if 135i has the HPFP problems like 335i do, but if for example you were to have that fixed out of pocket, might as well get a new car. and no matter how good of a car or how well the built qualities are i would defiantly not buy a BMW over 25K ~ 30K miles.

plus i know some would disagree with this but, i dont think modifying a BMW is easy as you would think it is... specially comparing to sti and such. on top, you would have to deal with PITA dealerships and your modifications being factor to void warranty.

Every other person my age with money (self-earned or not) goes for a Mitsu Evolution or Suby STi.

IMHO, there is always one reason or another why you're seeing what you have said about every other person in your age.

[Redcapote]

If I were myself all over again at age 20, I'd forget about presence and prestige and buy something I can really easily afford. Paid in full would be best. I've bought a car paid in full and I've also financed a new vehicle. Wouldn't do the latter again unless I had really secure income. No reason to be buying a new luxury brand car at that age (and mom should know that). Guess what gas prices are going to do this summer in a big way? Between finance payments, fuel, insurance on a BMW, etc... you're working to pay a car for the next 5 years instead of having the freedom to be flexible during a time in life when flexibility is quite important. Hate to play devil's advocate, but as others have said and I agree, common sense would play this one differently and I'd hate to see you or your mom's credit get dinged up so early in the game.

If you and mom are more than able to afford it (and willing to take the depreciation hit), enjoy it and count your blessings... but at my 30 years of age, I've been there, done that, learned from experience, wouldn't repeat that mistake. It's sweet as hell to have a new ride, but it's sweeter to not have a bank breathing down your neck.

My $0.02