[SignumCrucis]

Sorry for the novel. First off some backstory of my history with BMW. My first car, which my parents bought for me, was a 05 325xi sedan with 130k. I learned to do the majority of the maintenance on that car myself. We still have it, my mother is currently driving it. Fast forward two years and I wanted something faster. I bought myself a 08 335xi with 90k. I love the car, but I have spent a great deal between necessary and preventative maintenance. In total I have spent $16,000 on repairs and minor upgrades over 5 years and 70,000 miles of ownership. The car is beautiful but it is old and I don't want to dump anymore money into this thing. Not to mention it still has wastegate rattle, which bugs me to no end. I would love to have a car with a worry free warranty, and which I knew I was the sole owner and maintainer of.

In case you are wondering, some things I have replaced on the 335:

Entire suspension overhaul (ST coilovers, bushings, etc)
Tial BoV
VSRF chargepipe
Injectors
Ignition coils
(2) Waterpumps
Thermostat
Radiator
Cooling hoses
Valve cover
DME repair
Transfer case replacement
Trans, dif fluid changes
Boost solenoids
DMTL pump
Vac lines

That's just off the top of my head, certainly there has been more than that.

Now for the financial situation: I will be receiving in 25 days a massive blessing from my late great aunt, who gratiously left my siblings, my cousins, and I each with $120, 000. I never knew the woman. At the same time I am now working for my father making about $45,000 a year. I live at home with my parents and have no expenses besides food, clothing, etc.

My major goal is to get a mortgage. I have excellent credit and now have the means to put down a down payment. Particularly now that interest rates are so low its practically free money. I intend to put $50,000 aside for a down payment. Looking to move out next year once I have a tax return from my new job with my father, to verify income for the loan. I plan to diversify another $50,000 into various financial instruments. $10,000 of this money I would like to save to put towards a down payment on a M240i next year. At the same time I plan to save another $10,000+ from working this year to put down atleast $20,000 on the car.

Plan is to get a 2021 model as I figure it would be the most reliability.

The question is what to do with the 335? Honestly if I got anything less then 8k I think I would just keep it for winter or to pass on to my nephew one day. I am not sure anyone would offer me that for such a old and high mileage 335.

If anyone took the time to read this please respond if you think this is a good or bad idea, and what to do with the 335.

I included some photos of the 335. I believe the second is before the coilovers.

[Sportstick]

There will be unexpected expenses with the new home you are planning to mortgage and the economy remains unstable, even working for your dad. At your income level, I suggest you take the 335 to a BMW dealer (unless you find the private sale market is good) and trade it for a CPO used 2 Series of no more than ~$20-$25K. I would want to see your income double to acquire a new vehicle in the $45K+ range. Also, your household emergency fund should be equal to approximately 6 months of income if you are single. I didn't see that in your math. Good luck!

[SignumCrucis]

Originally Posted by Sportstick

There will be unexpected expenses with the new home you are planning to mortgage and the economy remains unstable, even working for your dad. At your income level, I suggest you take the 335 to a BMW dealer (unless you find the private sale market is good) and trade it for a CPO used 2 Series of no more than ~$20-$25K. I would want to see your income double to acquire a new vehicle in the $45K+ range. Also, your household emergency fund should be equal to approximately 6 months of income if you are single. I didn't see that in your math. Good luck!

I was hoping to be in an echo chamber. You're not telling me what I want to hear Sportstick! Thank you for your suggestion and I have been pondering the pros/cons of buying used as well... As for job security it is essentially guaranteed regardless of what happens to the economy. I have a tad under $12,000 in a rainy day fund that I don't touch. Not quite 6 months provisions but I will be adding to that this year as well. What do you think I am gonna save $10,000 for the M240i and blow the other $35,000?

[Sportstick]

Originally Posted by SignumCrucis

I was hoping to be in an echo chamber. You're not telling me what I want to hear Sportstick! Thank you for your suggestion and I have been pondering the pros/cons of buying used as well... As for job security it is essentially guaranteed regardless of what happens to the economy. I have a tad under $12,000 in a rainy day fund that I don't touch. Not quite 6 months provisions but I will be adding to that this year as well. What do you think I am gonna save $10,000 for the M240i and blow the other $35,000?

Sometimes, it's hard to stop being a dad!

Let's see what others think...

[SignumCrucis]

I do suppose something like this would still get me going for significantly less. I really am longing for that Long Beach Blue though...

https://www.autolist.com/listings/WBA2G1C31HV665422

[chattanooga240]

Sounds like you keep cars forever, maybe you would be better off buying/leasing new.(Why put 10-20 grand down on a car when the interest rate will be the same no matter what, may as well keep your cash in hand) Again, it's almost free money at this point and car dealers are offering ridiculous deals to get new cars moved.

With what you make per year and your inheritance there is absolutely no reason you cannot afford a 500-600 per month car payment to get into the vehicle you truly want, and come out great financing a home right now as well.

As far as the 335 is concerned, your fears will be confirmed, that thing will be a beast to unload. Anywhere you trade it is going to send it straight to auction, I'd sell it to someone who can appreciate the maintenance you have put in it. (or make a little Nephew's dream come true as well)

I'm a Dad too, life is short, drive what makes you happy. (just make smart deals with interest rates on all the purchases in your life and you will be just fine)

[dradernh]

Originally Posted by SignumCrucis

I do suppose something like this would still get me going for significantly less. I really am longing for that Long Beach Blue though...

https://www.autolist.com/listings/WBA2G1C31HV665422

For a comparative data point, I paid $38,764 for my 2017 M240i. New.

Originally Posted by chattanooga240

As far as the 335 is concerned, your fears will be confirmed, that thing will be a beast to unload. Anywhere you trade it is going to send it straight to auction, I'd sell it to someone who can appreciate the maintenance you have put in it. (or make a little Nephew's dream come true as well)

Just to see what happens, OP might consider listing it in Roundel. At least it's enthusiasts who are going through the classifieds there.

[SignumCrucis]

Originally Posted by chattanooga240

Sounds like you keep cars forever, maybe you would be better off buying/leasing new.(Why put 10-20 grand down on a car when the interest rate will be the same no matter what, may as well keep your cash in hand) Again, it's almost free money at this point and car dealers are offering ridiculous deals to get new cars moved.

With what you make per year and your inheritance there is absolutely no reason you cannot afford a 500-600 per month car payment to get into the vehicle you truly want, and come out great financing a home right now as well.

As far as the 335 is concerned, your fears will be confirmed, that thing will be a beast to unload. Anywhere you trade it is going to send it straight to auction, I'd sell it to someone who can appreciate the maintenance you have put in it. (or make a little Nephew's dream come true as well)

I'm a Dad too, life is short, drive what makes you happy. (just make smart deals with interest rates on all the purchases in your life and you will be just fine)

Thanks for the input. I wanted to keep this 335 forever but it has become too expensive. If I bought the M240i new I would plan it keep it forever, depending upon the reliability. Being my first new car I would baby the hell out of it. Certainly would bring it in after 1,200 miles to change oil, trans, and dif fluids (Mike Miller would approve). Keep it until 100,000 miles or until I knock up some broad . Perhaps you are right about putting such a large chunk down when the money is nearly free. Might be better to leverage it elsewhere.

As for the 335 I think I may keep it, still a fun car. She still screws with the N54 and MHD stage 1. Great in the snow too. My family would begin to have an entire collection of bimmers! The nephew is about 10 years off from driving this baby. But hey it would nearly be an antique by then and he could finally go cat-less!

[SignumCrucis]

Originally Posted by dradernh

For a comparative data point, I paid $38,764 for my 2017 M240i. New.


Just to see what happens, OP might consider listing it in Roundel. At least it's enthusiasts who are going through the classifieds there.

It's definitely overpriced. The website alone says it is 18% over the average. My mom was considering buying the 335 but she doesn't like how low it rides. I tried to explain she can have the coils adjusted.

[SignumCrucis]

My next question is, if I pulled the trigger, what is considered a good deal buying one of these bad larries? From my brief search the consensus appears to be ask 12% off MSRP before incentives and anything 8%+ is a good deal.

I've got a buddy who works at BMW dealership who is friendly with the top salesman. I believe it a fairly high volume dealership. Seeing .9% APR on the site. What is the deal with that? Thanks for the help again.

[chattanooga240]

Originally Posted by SignumCrucis

Thanks for the input. I wanted to keep this 335 forever but it has become too expensive. If I bought the M240i new I would plan it keep it forever, depending upon the reliability. Being my first new car I would baby the hell out of it. Certainly would bring it in after 1,200 miles to change oil, trans, and dif fluids (Mike Miller would approve). Keep it until 100,000 miles or until I knock up some broad . Perhaps you are right about putting such a large chunk down when the money is nearly free. Might be better to leverage it elsewhere.

As for the 335 I think I may keep it, still a fun car. She still screws with the N54 and MHD stage 1. Great in the snow too. My family would begin to have an entire collection of bimmers! The nephew is about 10 years off from driving this baby. But hey it would nearly be an antique by then and he could finally go cat-less!

It's hard early on in life to not cut and run when it comes to a car, especially once you have invested so much time and money keeping it on the road. It's a life lesson just like anything else, sometimes you have to avoid sunk cost. (Don't ask me how I know)

At this point though I am right there with you, it is better to keep it than just give it away, not like it will bring a ton of money selling it either way. An enthusiast may be very interested in all the work you have done though, if you ever feel the need to list it, start with BMW guys first.

I'd lean toward new or very much newish with your car purchase, especially if you are planning on putting 100k on it. Try your best to knock the right broad up first, or that mistake will cost you a hell of a lot more than any BMW ever could.

Originally Posted by SignumCrucis

My next question is, if I pulled the trigger, what is considered a good deal buying one of these bad larries? From my brief search the consensus appears to be ask 12% off MSRP before incentives and anything 8%+ is a good deal.

I've got a buddy who works at BMW dealership who is friendly with the top salesman. I believe it a fairly high volume dealership. Seeing .9% APR on the site. What is the deal with that? Thanks for the help again.

Call every dealer in your area and get prices, then post them on here and we will help you narrow down the best deal.

[SignumCrucis]

Originally Posted by chattanooga240

It's hard early on in life to not cut and run when it comes to a car, especially once you have invested so much time and money keeping it on the road. It's a life lesson just like anything else, sometimes you have to avoid sunk cost. (Don't ask me how I know)

At this point though I am right there with you, it is better to keep it than just give it away, not like it will bring a ton of money selling it either way. An enthusiast may be very interested in all the work you have done though, if you ever feel the need to list it, start with BMW guys first.

I'd lean toward new or very much newish with your car purchase, especially if you are planning on putting 100k on it. Try your best to knock the right broad up first, or that mistake will cost you a hell of a lot more than any BMW ever could.


Call every dealer in your area and get prices, then post them on here and we will help you narrow down the best deal.

I used the web chat to ask the dealer if the incentives are available for the 2021 MY. She said they are unavailable yet. I still need some time to think things through regardless. You are the devil! You and the .9% APR...

[Lucky13]

There is no M240 inventory anywhere so why would a dealer want to give away something that hasn’t been sitting for 6 months. My local dealer usually has 110+ vehicles and has 41, HendricK 250+ and below 150 now. I don’t see anyone getting one below invoice currently.

[raddoc]

The great thing about CPO BMWs has been the length of the warranty -up to 5/6 yrs/100K depending on the in-service date. The downside of a CPO M240 is the unknown care the prior owner gave it. BMW checks out all of the major systems and we've never had an issue. The hard part is finding the vehicle you really want to drive. Not much inventory now. New cars are not an investment, just a rapidly depreciating asset. Plus new house, possibly a dependent or two all on a salary of $45K. Invest the inheritance, wait a year or two and see what turns up. Car poor is much worse than house poor. IMHO.

[harma24]

First, use the inheritance on a 20% minimum down-payment and furnishings for a house (if you're living with parents now, I'm guessing you have very little to fill a house with). Second, set aside the 6 month emergency fund that Stick mentioned. Then see what you have left after that. If you still have money left over and want to pay cash for the car (or at least put a big enough down payment on the car to keep the monthly payment in line with your income), go for it. What's left of the inheritance after the essentials will dictate your car budget.

As for the 335; do what you want with it, but $8k seems high.