Need some advice.
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From: Atlanta
Originally Posted by Ceenit' post='983448' date='Aug 20 2009, 01:01 PM
Tough decision as an e60 certainly gets you high style points in college. But if money is really tight and your balancing a car versus tuition costs, your education is by far more important and in the end will enable you to buy many many more cars.
I say sell it for a good price and buy something economical to get you through through school. Pocket the rest to pay for tuition.
If your thinking of trading your 5 for a 3 with lower miles, my sense is that your money isn't that tight.
I say sell it for a good price and buy something economical to get you through through school. Pocket the rest to pay for tuition.
If your thinking of trading your 5 for a 3 with lower miles, my sense is that your money isn't that tight.
As for a 3er with lower miles, i was thinking of getting something still in warranty.. If i was to get a cpo'd 3er lets say for 24k. I would have around 17/18k and i could take out a small loan of 8k and pay it off monthly. I make around 1k monthly and my mom sends me around $400 every month so thats $1,400. I can afford to pay $400 monthly and still have 1k left for insurance and other stuff. I dont pay rent so i dont have to worry about that. Regardless, this all depends on my financial aid going through. If not, im just going to sell the car and buy a 12k car and put the rest towards tuition. Im just in a really weird situation :S
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Originally Posted by augustrush42' post='983466' date='Aug 20 2009, 01:16 PM
I just got another offer of 16,500 cash.
As for a 3er with lower miles, i was thinking of getting something still in warranty.. If i was to get a cpo'd 3er lets say for 24k. I would have around 17/18k and i could take out a small loan of 8k and pay it off monthly. I make around 1k monthly and my mom sends me around $400 every month so thats $1,400. I can afford to pay $400 monthly and still have 1k left for insurance and other stuff. I dont pay rent so i dont have to worry about that. Regardless, this all depends on my financial aid going through. If not, im just going to sell the car and buy a 12k car and put the rest towards tuition. Im just in a really weird situation :S
As for a 3er with lower miles, i was thinking of getting something still in warranty.. If i was to get a cpo'd 3er lets say for 24k. I would have around 17/18k and i could take out a small loan of 8k and pay it off monthly. I make around 1k monthly and my mom sends me around $400 every month so thats $1,400. I can afford to pay $400 monthly and still have 1k left for insurance and other stuff. I dont pay rent so i dont have to worry about that. Regardless, this all depends on my financial aid going through. If not, im just going to sell the car and buy a 12k car and put the rest towards tuition. Im just in a really weird situation :S
Understood, and it's a great thing that your thinking through all your options before you make a decision. Most of us couldn't do that till after we graduated.
Just one more thought. For me, college was a time to 1) focus on studies and 2) an all new level of social life (sometimes I put #2 before #1). The lower you keep your overhead the easier it is to have time for #2 and the only real stress you'll have is making the grades for #1.
I've long since forgotten about the car I drove in college, but the socials and weekend events are etched in my memory forever.
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My Ride: 04 545i - Titanium Silver/Black, Sport pkg, Comfort Seats w/ Lumbar, Premium Sound, power rear sunshade, Adaptive Xenon Headlights, Steptronic, Park Distance Control, Fold down rear seats w/ski bag, Aux jack, 6-disk changer, puddle lamps...
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Originally Posted by augustrush42' post='983466' date='Aug 20 2009, 10:16 AM
I just got another offer of 16,500 cash.
As for a 3er with lower miles, i was thinking of getting something still in warranty.. If i was to get a cpo'd 3er lets say for 24k. I would have around 17/18k and i could take out a small loan of 8k and pay it off monthly. I make around 1k monthly and my mom sends me around $400 every month so thats $1,400. I can afford to pay $400 monthly and still have 1k left for insurance and other stuff. I dont pay rent so i dont have to worry about that. Regardless, this all depends on my financial aid going through. If not, im just going to sell the car and buy a 12k car and put the rest towards tuition. Im just in a really weird situation :S
As for a 3er with lower miles, i was thinking of getting something still in warranty.. If i was to get a cpo'd 3er lets say for 24k. I would have around 17/18k and i could take out a small loan of 8k and pay it off monthly. I make around 1k monthly and my mom sends me around $400 every month so thats $1,400. I can afford to pay $400 monthly and still have 1k left for insurance and other stuff. I dont pay rent so i dont have to worry about that. Regardless, this all depends on my financial aid going through. If not, im just going to sell the car and buy a 12k car and put the rest towards tuition. Im just in a really weird situation :S
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Originally Posted by DRANGED' post='981751' date='Aug 19 2009, 02:21 AM
Good thing he had his hand over his crotch or you'd be telling us the size of his weiner too. 
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Originally Posted by advancedlogic' post='983513' date='Aug 20 2009, 01:56 PM
You sound like a very wise young man. That you'd weigh these options proves such. Many your age would forgo thought for status. Rarely a wise decision when your financial future is at risk. It's sickening to see the depreciated value of these cars. I paid +$45k for mine as a used vehicle 3 years ago. The original owner paid $66 for it 2 years prior, according to the invoice found in the car. There is no way I would have dreamed that this car would be worth sub $20k this quickly. Try to advertise the car on Cars.com. $14k is ridiculous. $16k is almost as ridiculous for a private party sell. Hold out for as long as you can. Maybe a trusted family member with a nice, newer economy car of equivalent value may be willing to trade (as long as it's paid off, or they're willing to make payments to you to ensure parity)?
Im gonna hold out for a little bit more until i get news on my financial aid. It shouldnt be long. After that i'll weigh my options again. If any fanatics here are looking for a nice 545i and are willing to pay more than 17k.. Let me know 
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I just got another offer of 16,500 cash.
As for a 3er with lower miles, i was thinking of getting something still in warranty.. If i was to get a cpo'd 3er lets say for 24k. I would have around 17/18k and i could take out a small loan of 8k and pay it off monthly. I make around 1k monthly and my mom sends me around $400 every month so thats $1,400. I can afford to pay $400 monthly and still have 1k left for insurance and other stuff. I dont pay rent so i dont have to worry about that. Regardless, this all depends on my financial aid going through. If not, im just going to sell the car and buy a 12k car and put the rest towards tuition. Im just in a really weird situation :S
As for a 3er with lower miles, i was thinking of getting something still in warranty.. If i was to get a cpo'd 3er lets say for 24k. I would have around 17/18k and i could take out a small loan of 8k and pay it off monthly. I make around 1k monthly and my mom sends me around $400 every month so thats $1,400. I can afford to pay $400 monthly and still have 1k left for insurance and other stuff. I dont pay rent so i dont have to worry about that. Regardless, this all depends on my financial aid going through. If not, im just going to sell the car and buy a 12k car and put the rest towards tuition. Im just in a really weird situation :S
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You were smart to ask for advice here. If even we BMW maniacs are telling you to "trade down" and emphasize your education, you know there is something to it. You're learning to delay gratification, and that will pay off again and again in your life. Driving a beater in college is part of the fun; it makes that first new 5er all the more sweet. I was in my 50s before I got a BMW -- drove a 1949 Plymouth with no floor in HS and college and remember a lot of great times in that car.
Best of luck!!
Best of luck!!
