Hello all,
Followed this subreddit for awhile. I'm looking for a brutal reason why, in my current situation, I shouldn't buy a CPO BMW, even after accepting all of the risks.
Disclaimer: 1st time prospective Euro car owner. I understand the risks, the unreliability of BMWs, the expensive maintenance, and depreciation problems with these cars. This is about buying a toy and whether or not it might fuck me.
Specs:
- 27, m
- Live in a medium sized midwest city.
- Sr. IT/Systems Engineer, 9 years, coming up on 10 in the field.
- $95k gross annual salary (about 55.2k take-home)
- I rent. $824 monthly, gas/trash/sewage included. Yes I am aware that I am earning no equity.
- FICO 696 - not a ton of total credit or credit history. 2 credit cards, 3k limit each. Only one has a revolving balance of about $1500 m2m.
- No college loans, or loans of any kind.
- Currently drive a 2004 Ford Ranger with 167k miles on it. It was broken into last week, ransacked and radio was stolen. $800 quote to fix, I don't want to put any more money into that rattletrap.
- I don't drive much but when I do, I want to enjoy it. Looking for a toy, more or less.
- I'm trying to push my credit score up, to plan on buying a house in the next 3-5 years.
The long and short of it is, I want to try to more or less get a CPO luxury car financed for the price that one might buy a recent model used Civic for.
My friend at the dealership found me a 2016 BMW 328xi, less than 30k miles, more or less loaded that he'd get me into for $24k even, before taxes and fees (the lowest price I've found this make/model, mileage, features and a CPO).
I plan on putting $10k in cash down, financing the taxes/fees/registration in. Total expected loan: 15.9k
My financing options are a bit grim.
5.9% / 60 months
6.79% / 72 months
Trying a credit union next, ideally I'd like a 48 month term and pay the higher monthly to race the depreciation.
If I can get a better interest rate on the loan for 48 months, given the information I've provided above, and knowing I'm looking for a toy I might drive only 5-6k miles a year or less, am I making an astronomically stupid decision? Even accepting/fully understanding what owning a Euro car entails?
tl;dr roast me.
Any input would be greatly appreciated.
Thanks!
Submitted March 22, 2019 at 10:41PM by gr33ngiant112 https://ift.tt/2YhVCjp
