To Downgrade or to Upgrade? That is the Question

[newoldbeemer]

I just went through this. Ended up picking up a lightly used 370Z for 21K. And keeping my 328i that I had originally planned to tradein for something.

If you are going to drive stick, at your budget I'd suggest look at WRX, STI, 370Z, Miata, BRZ. I ruled out BRZ and Miata because I wanted more power, jumped on the 370Z because I loved it.

Don't buy an old M3. I would say 3 yr old CPO with low miles should be fine but thats like twice your budget. I test drove an M3 too and was hooked, but didn't work financially (even though my budget was 45K!).

With a BRZ / STI / 370Z you will be happy in the end. And sell it for decent money too when you're done with it.

Oh and when you say 1K per month what do you mean - is that your income? Or miles per month??

[newoldbeemer]

One more thing, don't just calculate how much your monthly payment will be. Calculate how much you lose in depreciation (based on projected KBB numbers), gas, insurance (Geico will give you quotes even before you buy a car) etc. For example look at the screenshot of my excel sheet to calculate actual costs of owning + running a car, what it would cost to keep my current car and what each upgrade would cost. Do that for all the models and then go out shopping.

Here's a screenshot (for example) of my calculation when I went in for the upgrade. As you can see, I could've easily afforded the monthly payments on the CPO M3, but I would lose a lot more over it than other options so my real cost of owning it is much more.

Do something like this before you decide you can afford a certain model at a certain price.



Do all these calculations and decide your limit. Within your limit, buy the car you enjoy driving. Don't buy something just because it makes financial sense if you don't enjoy driving it. If thats the case, keep your current car and save up. But only if BOTH financial and emotional aspects are satisfied. If you compromise on either one of those two, you will end up with regret.

In my case, I basically decided to blow 9K. That's 9K that I won't see again. Just gone. Be aware thats what you are doing - and that you can afford it - BEFORE you go out and buy something.

[Alfisti]

What a fucking nerd!




(I love it, i just love it)

[Nkc]

Originally Posted by newoldbeemer

One more thing, don't just calculate how much your monthly payment will be. Calculate how much you lose in depreciation (based on projected KBB numbers), gas, insurance (Geico will give you quotes even before you buy a car) etc. For example look at the screenshot of my excel sheet to calculate actual costs of owning + running a car, what it would cost to keep my current car and what each upgrade would cost. Do that for all the models and then go out shopping.

Here's a screenshot (for example) of my calculation when I went in for the upgrade. As you can see, I could've easily afforded the monthly payments on the CPO M3, but I would lose a lot more over it than other options so my real cost of owning it is much more.

Do something like this before you decide you can afford a certain model at a certain price.

Attachment 1273672

Do all these calculations and decide your limit. Within your limit, buy the car you enjoy driving. Don't buy something just because it makes financial sense if you don't enjoy driving it. If thats the case, keep your current car and save up. But only if BOTH financial and emotional aspects are satisfied. If you compromise on either one of those two, you will end up with regret.

In my case, I basically decided to blow 9K. That's 9K that I won't see again. Just gone. Be aware thats what you are doing - and that you can afford it - BEFORE you go out and buy something.

That's as hardcore as it gets.

[DocWeatherington]

That is awesome..

CPO BMW 335i, you get to stay in the family, can do mods if wanted and it has a 100k Warranty... Gas mileage is decent, parts are common.

Or G37

[DJKapeesh]

Originally Posted by newoldbeemer

I just went through this. Ended up picking up a lightly used 370Z for 21K. And keeping my 328i that I had originally planned to tradein for something.

If you are going to drive stick, at your budget I'd suggest look at WRX, STI, 370Z, Miata, BRZ. I ruled out BRZ and Miata because I wanted more power, jumped on the 370Z because I loved it.

Don't buy an old M3. I would say 3 yr old CPO with low miles should be fine but thats like twice your budget. I test drove an M3 too and was hooked, but didn't work financially (even though my budget was 45K!).

With a BRZ / STI / 370Z you will be happy in the end. And sell it for decent money too when you're done with it.

Oh and when you say 1K per month what do you mean - is that your income? Or miles per month??

1k in savings after bills and fun money.

Originally Posted by newoldbeemer

One more thing, don't just calculate how much your monthly payment will be. Calculate how much you lose in depreciation (based on projected KBB numbers), gas, insurance (Geico will give you quotes even before you buy a car) etc. For example look at the screenshot of my excel sheet to calculate actual costs of owning + running a car, what it would cost to keep my current car and what each upgrade would cost. Do that for all the models and then go out shopping.

Here's a screenshot (for example) of my calculation when I went in for the upgrade. As you can see, I could've easily afforded the monthly payments on the CPO M3, but I would lose a lot more over it than other options so my real cost of owning it is much more.

Do something like this before you decide you can afford a certain model at a certain price.

[ATTACH]1273672[ATTACH]

Do all these calculations and decide your limit. Within your limit, buy the car you enjoy driving. Don't buy something just because it makes financial sense if you don't enjoy driving it. If thats the case, keep your current car and save up. But only if BOTH financial and emotional aspects are satisfied. If you compromise on either one of those two, you will end up with regret.

In my case, I basically decided to blow 9K. That's 9K that I won't see again. Just gone. Be aware thats what you are doing - and that you can afford it - BEFORE you go out and buy something.

Wow to that calculator lol

U should send me that spreadsheet