Advice from the elders regarding the purchase of an M3 E36
Advice from the elders regarding the purchase of an M3 E36
So, here's the deal;
I am currently studying at university and have a '99 VW Polo as a daily driver (I drive less than 6000 miles a year). A friend of mine is now selling his BMW M3 E36 coupe which is in absolutely friggin' pristine condition and has done only 70.000 miles and has had 4 owners since new, all BMW fanatics and mechanics. It has almost all the options except for Cruise control and electric popout windows. It still even has the original stereo. The only thing that has changed is that it's got a Super Sprint Race catback system.
The car in question is this: http://www.garaget.org/?car=276409
The thing is that I'm not sure if I should buy it or not. I can afford to have it on my "student salary" plus the salary I get from the car company I work at (the budget will be somewhat tight, but manageable). It just feels a bit stupid to take a loan of around £5000/$7800 just to buy myself a dream car. I will still have savings left to keep it running and can service and replace parts almost for free at work.
I really don't want to miss the opportunity to buy what is one of the lowest mileaged and most cherished, if not THE lowest mileaged M3 E36 Coupe, in Sweden.
What would you guys do in a situation like this?
Buy it, It is a classic car and that are very quick. But don't stretch yourself and i'm sure insurance/petrol will not be cheap.
One thing that i will mention is that RWD can and will bite, dont underestimate it. :)
4 Owners is extremely low for a 94 model here in Sweden. People change cars here pretty often. He has all the papers on the car since it was new. The first owner had it for ten years, the next for three, the one after that for two and my friend has only had it for about 7 months. He doesn't need to sell it but is looking into buying an apartment, which is why he wants to sell it.
Petrol is no big worry, I don't drive that much and when I do it's either for leisure, or for a visit to my folks. Insurance is not that bad. About £1200/$1800 a year on me with full coverage. Most M3's here in Sweden has had 10+ owners and around 150.000 miles+ on them and look like shite. This is a true minter, but will have a closer inspection of it before I buy it - If I do it that is..
Well, if you can afford it, buy it!
I´m almost in same situation as you, though the car ain´t that expensive/fast/cool...It´s a 4wd mk2 Golf...
Simply put, if I had the opportunity, that'd be in my drive already...ask Paparrazi...
To have your dream car at your age is a no brainer, life will sure change down the line, do it now and enjoy
It's definitely one of my dream cars, but it's still a lot of money when you're a student so I will have to think deep and long about it.. Have to see if my mother would be so kind and grant her only son a reasonable loan instead of loaning from the bank lol :P
i keep telling my mother thats what mammys are for
sounds like a nice example i would snap it up if i thought it was affordable
love the older BMWs
if you have the means to buy/maintain it go for it... like others said things change down the road... GFs/wifes/kids etc.
So buy it while you can and enjoy it
I would add one caveat, once you actually get your dream it soon becomes everyday, your going to be paying this off for a long time and a dream can soon turn into a millstone, so be sure it will still be worth the sacrifice a year or two down the line
That's true of any loan of size.
I abhor car loans, only loan I have atm is my Harley, and it's still worth it!
I think I'll skip it.. Had it been a year from now, and I was working full time again I wouldn't have hesitated a second to buy it. The thing is that I can't leave my cars alone. I know that I would buy wheels, coilovers, brakes, a carbon airbox and whatnot to make it like I want it..
Thanks for the advice guys, I'll let you know in a about a years time as to what I will/have bought
My car way back when that I'm glad I did get was a '67 RS Camaro. Drove her four years and sold her, still kicking myself in the ass...
That's sick oldschool. Would've been worth a fortune today!
Nah, cause I'd have drove the wheels off it. I don't buy 'em and park 'em, I like to drive 'em.
Cars like that and like the M3 are built to be driven and spanked. As long as you keep them in good condition the price will be pretty stable..
True, and it was easy to work on. One vacuum line, one fan belt. Simplicity...
Ah, even a spanner like me could service and repair that with ease :)
Now mind you, I built the motor from the main caps up...she sure was sweet...