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Old 02-25-2014, 11:22 AM   #16
bro2boss007
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Guys, so I have finally decided on a 2008 BMW M3 Coupe. My budget is anywhere between 30-35K which is the market value of the car. Someone has quoted me 36.5 for a white BMW M3 coupe 2008. Any thoughts?
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Old 02-25-2014, 11:27 AM   #17
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I would stay away from first year E90/92/93 models...I also heard that 2008-2009 M models had rod bearing issues...I cannot confirm this because I did not read up on it since I'm not in the market, but just "hear-say"...
How many KM does the M have that you got a quote for? Are you looking at manual or DCT?
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Old 02-25-2014, 11:31 AM   #18
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I'm looking for a DCT. But this one that I got the quote for is a manual. It has 10000 clicks on it. He's including 19 inch deep dish rims with it along with the stock wheels. He says there is another $3000 dina performance exhaust upgrade in the car.
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Old 02-25-2014, 11:32 AM   #19
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The car is a 2008 M3 with 10 000 km or 100 000 km? You wrote 10 000 km...I would definitely get a PPI on it...
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Old 02-25-2014, 11:34 AM   #20
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My bad it's 100,000 kms. What's a PPI? There is another one for 35 K; it's a DCT and has 140,000 clicks. What do you think? Should I even consider that?
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Old 02-25-2014, 11:39 AM   #21
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PPI is a Pre-Purchase Inspection...I would recommend that you use one of the sponsors on Max for it...do your basic due dilligence, ie. PPI, car proof, service records, etc...
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Old 02-25-2014, 01:17 PM   #22
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Makes sense! Anymore input guys?
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Old 02-25-2014, 03:16 PM   #23
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M3 ....sweet!!!!
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Old 02-26-2014, 01:17 PM   #24
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I was researching the interest rates with TD and they told me that if I bought a 2008, the interest rate would be 11.5 and on the other hand, the 2009 would only be 6.5. The monthly payment, if I paid nothing down comes up to $834 for the 2009. I have decided that I am going to save up and put some decent chunk of money down. Considering that I'm just starting to save, that might take me 6 months to get to like $8000 or may be a little over that. Let's see. How would you guys go about this?
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Old 02-26-2014, 03:55 PM   #25
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Currently lending rates are 5.9% I believe. So 6.5 is not bad.

As for what would I do? Buy a car that I won't owe long term payments on. Have you considered a clean E46 M3? Those would be almost half the cost of even the lower priced E92s.
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Old 02-26-2014, 06:29 PM   #26
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Ouch... Any chance you own a house or condo? The lender for that should be able to get a better rate with a line of credit. Just be disciplined about it!
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Old 02-26-2014, 08:55 PM   #27
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Quote:
Originally Posted by bro2boss007 View Post
I was researching the interest rates with TD and they told me that if I bought a 2008, the interest rate would be 11.5 and on the other hand, the 2009 would only be 6.5. The monthly payment, if I paid nothing down comes up to $834 for the 2009. I have decided that I am going to save up and put some decent chunk of money down. Considering that I'm just starting to save, that might take me 6 months to get to like $8000 or may be a little over that. Let's see. How would you guys go about this?

Buy a car for $7000 at that time and owe nothing and spend the $1000 to fix and maintain it or keep it as a reserve fund. The car should be fun and not become a huge debt in your life. Imagine paying for repairs on a 2008/9 that you are making monthly payments on with huge interest and you just put down $8000. I wouldn't be happy no matter what vehicle it was.
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Old 02-27-2014, 03:51 PM   #28
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Quote:
Originally Posted by bro2boss007 View Post
I was researching the interest rates with TD and they told me that if I bought a 2008, the interest rate would be 11.5 and on the other hand, the 2009 would only be 6.5. The monthly payment, if I paid nothing down comes up to $834 for the 2009. I have decided that I am going to save up and put some decent chunk of money down. Considering that I'm just starting to save, that might take me 6 months to get to like $8000 or may be a little over that. Let's see. How would you guys go about this?
Suze Orman will say you do not qualify..

$834 per month with no money down is a big sum to pay for a car and you are paying for at least 5 years?

Save your money and keep driving your Accord; that don't cost you a arm and a leg and you have not factor in maintenance cost and insurance ...
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Old 02-27-2014, 04:38 PM   #29
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Well, what you've definitely done right is to look at the math. If you're buying from a dealer, they might have better rates. Then there's leasing too. I'm not saying you should do that, it's just an option. I think leasing is OK as long as you do the math and fully understand what you're committing to pay and are OK with it.
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Old 02-27-2014, 08:00 PM   #30
bro2boss007
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@Distinct and @damameke - Could you guys please tell me if we're still talking BMWs???? :O I'm sorry I'm calling you guys out on this but $7000 and $8000 and we're in the BMW discussion form????

Windwagen, thanks for a more realistic comment, I greatly appreciate it! I will look into leasing options too, although I'm not sure if I can get a lease on a 2008-2009. But there are a lot more numbers that I will be working on before jumping into anything..haha
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