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Old 09-12-2013, 02:59 PM   #26
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I will also strongly suggest against going 60K into debt for this car. If I'm judging your financial situation incorrectly, forgive me. But financing an 80K car right out of school is one of the worst, most damaging things you can do right out of college.

That car, and any new high-end (>$100K MSRP) BMW/MB is going to depreciate at 10-15K PER YEAR.

This means that your entire downpayment will be lost in 1.5 years deprecation, and from then on, it's possibly that you will owe more on the car than it's worth.

Either way, I really hope you go with a cheaper car, there are still plenty of fun cars in the 20-40K range..
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Old 09-12-2013, 04:22 PM   #27
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This car was actually a demo clearance and driven by the VP of the dealership.
If it was a LADY VP , even better !

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Old 09-12-2013, 05:15 PM   #28
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dont buy it.
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Old 09-12-2013, 05:22 PM   #29
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Why waste that much money on a car if you can't actually afford it? Tbh, unless you're using this car for business purposes such as real estate(driving clientele), I honestly see no need unless you're loaded, or am sure that you are comfortable with selling the car for 20k in a few years.

Tl;dr: financing a depreciating asset is dumb.
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Old 09-12-2013, 05:33 PM   #30
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Who says he can't afford it? If he's buying an 80k car, he or his family is probably doing fine financially. He's putting %25 down which is more than most people.

OP, only you know your financial situation..if you're stretching yourself thin to afford the car then you may want to think carefully about the decision. If you can easily afford it, then consider the info offered in previous posts regarding salt corrosion, etc... I would suggest to also consider a low km model of older years (2008-2010) as they would have already depreciated a fair bit.

Let us know what you decide and show us some pics if you end up getting it!
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Old 09-12-2013, 05:48 PM   #31
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Who says he can't afford it? If he's buying an 80k car, he or his family is probably doing fine financially. He's putting %25 down which is more than most people.

OP, only you know your financial situation..if you're stretching yourself thin to afford the car then you may want to think carefully about the decision. If you can easily afford it, then consider the info offered in previous posts regarding salt corrosion, etc... I would suggest to also consider a low km model of older years (2008-2010) as they would have already depreciated a fair bit.

Let us know what you decide and show us some pics if you end up getting it!
he can't afford it because he has go into debt for a depreciation asset esp a 80k bmw which will lose half of its value in 5 yrs.
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Old 09-12-2013, 05:57 PM   #32
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he can't afford it because he has go into debt for a depreciation asset esp a 80k bmw which will lose half of its value in 5 yrs.
more like 2.5-3 years for a car like that
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Old 09-12-2013, 06:03 PM   #33
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yea you are right 35-40% depreciation within the first 2 year for a car like that is not unusual.
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Old 09-12-2013, 07:17 PM   #34
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how about an e63 bmw m6? they're around 10-20k lower in price


and DAT V10 sound
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Old 09-12-2013, 07:34 PM   #35
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how about an e63 bmw m6? they're around 10-20k lower in price
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Old 09-12-2013, 08:38 PM   #36
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how about an e63 bmw m6? they're around 10-20k lower in price


and DAT V10 sound

There's no warranty on older M cars or other high spec BMW's so that's why you see these cars having such a big drops and the same could be said for other luxury cars and exotics. And even if you find a used BMW with a extended warranty, you still have to pay a deductible which can range from $100-$200 per repair.
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Old 09-12-2013, 08:45 PM   #37
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Seeing as payments on an 80k bimmer with... you said 25% down?... @ 4.99% would:

$80,000-25%
$60,000+12% tax
$67,200 @4.99%/60 months
=$1,270/month.

Wait 2 years, putting the cost of payment away per month would mean you have $31,000+25% orig down payment, so $51,000. You'll be able to buy this exact car and have money left.
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Old 09-12-2013, 09:14 PM   #38
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just a thought
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Old 09-12-2013, 10:26 PM   #39
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Quote:
Originally Posted by dared3vil0 View Post
Seeing as payments on an 80k bimmer with... you said 25% down?... @ 4.99% would:

$80,000-25%
$60,000+12% tax
$67,200 @4.99%/60 months
=$1,270/month.

Wait 2 years, putting the cost of payment away per month would mean you have $31,000+25% orig down payment, so $51,000. You'll be able to buy this exact car and have money left.
It's actually
$80,000+15% tax (luxury surcharge 3%)
$92,000-$20,000
$72,000 @4.99%/60 months
=$1359/month


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Old 09-12-2013, 11:28 PM   #40
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It's actually
$80,000+15% tax (luxury surcharge 3%)
$92,000-$20,000
$72,000 @4.99%/60 months
=$1359/month


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I did the math in my head, but forgot to add tax+luxury surcharge BEFORE deducting down payment.
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Old 09-13-2013, 12:09 AM   #41
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dont buy it.
yea, don't buy it
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Old 09-13-2013, 09:40 AM   #42
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I would like to try life where I lived at home for free as long as I wanted, for free and had people pay for my university, so I can walk out of school debt free and drop 20k on a BMW.

Like, what's that fucking like?
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Old 09-13-2013, 10:14 AM   #43
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I will also strongly suggest against going 60K into debt for this car. If I'm judging your financial situation incorrectly, forgive me. But financing an 80K car right out of school is one of the worst, most damaging things you can do right out of college.

That car, and any new high-end (>$100K MSRP) BMW/MB is going to depreciate at 10-15K PER YEAR.

This means that your entire downpayment will be lost in 1.5 years deprecation, and from then on, it's possibly that you will owe more on the car than it's worth.

Either way, I really hope you go with a cheaper car, there are still plenty of fun cars in the 20-40K range..
I think 10-15k is a very conservative estimate. For example, the higher end MB models (i.e. CLS AMG) depreciate as much as 20-25k a year.
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Old 09-13-2013, 10:52 AM   #44
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I want to know what the kid graduated from - graduate from university, best hope is $50k a year, which comes out to about $1800?? Every pay cheque... And you want to spend $1200 or so of your $3600 on a car.

Car rich, cash poor, house none existent (ie lives with parents), and life dumb.

Sums up 90% of 22 year olds in Vancouver
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Old 09-13-2013, 11:04 AM   #45
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I would like to try life where I lived at home for free as long as I wanted, for free and had people pay for my university, so I can walk out of school debt free and drop 20k on a BMW.

Like, what's that fucking like?
How are you so sure?? You don't even know this guy. For all we know he could have worked and paid off his own tuition. Don't just judge people esp. when you don't know jack shit. Great contribution to the thread.

I'm sure OP isn't an idiot and has taken various considerations before financing a car. For some, having that dream car is worth it. Like others have already said, salt corrosion is a big issue when purchasing cars from the east coast, especially when you aren't there to physically check out the vehicle. Hope you can find something decent closer by!
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Old 09-13-2013, 11:21 AM   #46
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How are you so sure?? You don't even know this guy. For all we know he could have worked and paid off his own tuition. Don't just judge people esp. when you don't know jack shit.
The average joe who went that route would usually have a better sense of money management. Now if he said, I'm a fresh grad that just got a job offer by a Fortune 500 company with a guaranteed 6-figure salary. That would be a different story.
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Old 09-13-2013, 11:42 AM   #47
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he can't afford it because he has go into debt for a depreciation asset esp a 80k bmw which will lose half of its value in 5 yrs.
Thats kind of a stupid assesment. Most people buy a new or newish car at some time and go into debt to do so and those cars regardless of make or model loose at least that much depreciation in the same time frame.
I still think he should find another local one
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Old 09-13-2013, 11:44 AM   #48
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I should add I do plenty of pre purchase inspections on plenty of cars and never suggest someone buy an out of province car regardless of mileage current condition model or warranty. Its a mistake.
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Old 09-13-2013, 12:35 PM   #49
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How are you so sure?? You don't even know this guy. For all we know he could have worked and paid off his own tuition. Don't just judge people esp. when you don't know jack shit. Great contribution to the thread.

I'm sure OP isn't an idiot and has taken various considerations before financing a car. For some, having that dream car is worth it. Like others have already said, salt corrosion is a big issue when purchasing cars from the east coast, especially when you aren't there to physically check out the vehicle. Hope you can find something decent closer by!
Survey says? I'm at least about 80% right.

I'm not saying it to be a dick, but of course in classic rs style, we need everything to be a fight.

It WOULD be fucking nice.

My family split up and sold the family home when I was 18. We lived 1 1/2 hours away from a college or university, so in 1997 when I went I was good for 11k a year..in Nova Scotia.

Yeah, I'd love to stay at home and go to school, and have a job that contributes to tuition. It wasn't an option. My BMW was food and rent. My school was "fuck, I don't actually want to be 50k in debt for a bachelors degree in business"
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Old 09-13-2013, 12:57 PM   #50
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Who cares about fiscal responsibilities let him do whatever he wants and enjoy short-term happiness!

Besides he's helping out lots of Canadians!
Commission for salesperson
Profit from interest for the bank
Profit for dealer
Profit for the shipping company
15% tax for BC to enjoy

Strongly recommend you purchase the car OP.
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