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01-18-2008, 09:03 PM | #1 |
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Anyone have their monthly price yet?
I'm wondering if anyone has put in an order to lease an M3 yet and whether you've gotten your monthly payment price. I was hoping mine would be $950/month, but fully loaded at an MSRP of $74K, I'm thinking it's going to be more like $1,200/month, or $1,100/month if I get a good deal.
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01-19-2008, 03:45 AM | #3 |
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01-19-2008, 12:25 PM | #4 |
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Fancy pants my ass!
Anyone here could join the military and go to Iraq for 7 months. It becomes rather difficult to spend more than ~$100/mo over there. When you get back there seems to be a rather large amt in the bank. Let that sit until BMW figures out how much to charge, and there you have it. I am not the wealthy kid you may think I am. Thanks. |
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01-19-2008, 07:16 PM | #5 | |
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01-19-2008, 08:11 PM | #6 |
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The military pay charts are available on the net. We typically get a "base pay" which is taxable, an allowance for housing (BAH) which is based upon your location and is not taxable, and then some cash for food ~200/month (untaxed). Some of us have been around for quite awhile and do make decent $$.
When you are sent to Iraq, much of your base pay is not taxed and you are given other special pays. In all I think the tour was an additional ?14K? over what I typically was paid. Of course, we are not in it for the cash. It is just nice when some of the "thanks" that goes with the job is extra $$. Personally, I was there to help take care of the Marines. Forget the money; being able to saving even one life was payment enough. Lets just say I was paid very well for my time! |
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01-20-2008, 11:48 AM | #7 |
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Thank you for your service NavNurs.
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01-20-2008, 12:16 PM | #8 | |
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There'll be lots of cheap stocks to buy after this volatility shakes out, so why not invest and earn the spread? That's what I'll be doing so I'm going to finance 75-80%. I too want to keep it to around $1k / mth.
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01-21-2008, 12:02 AM | #9 |
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i am hopig to keep it below $1,300/month finance
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01-22-2008, 08:29 PM | #10 |
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I think for 74K the payment with nothing out of pocket for a lease depending on money factor which will be bad. 1250 + tax = $1,280.00. If youre leasing dont give em a red dime. Financing different deal of couse. My guestimate.
Wow 74 for an M3.. |
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01-22-2008, 08:46 PM | #11 |
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I want to try to keep it to 1K or less with finance. My final spec comes out to $71,639. If i finance 31,000 (or about half) would less than 1K a month be achievable for either 48 or 54 months?
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01-23-2008, 01:01 AM | #12 | |
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If my monthly is more than $1,200/month, I might actually consider an M5 considering I could get one for about the same monthly. |
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01-23-2008, 01:34 AM | #13 | |
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01-23-2008, 02:06 PM | #14 |
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I'm hoping to keep my payments very light.
My m3 is spec'ed out to be $62,000 If i sell my car, i can put down roughly 37,500 including a hefty sum out of pocket. Edmunds car payment caluclator puts my around $600-$650/month. This includes tax, registration, my est. GG TAX of $2,000, and interest rate of 7.00% Anything im missing?
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01-23-2008, 02:33 PM | #15 | |
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but for some reason when i use the bmwusa.com calculator i get over 1K...and everytime i recalculate the monthly payment goes up, even when i increase my downpayment...
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01-23-2008, 02:38 PM | #16 |
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right behind ya...hoping for the same.
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01-23-2008, 05:08 PM | #17 | |
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01-23-2008, 05:26 PM | #18 |
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No lease for me. Finance over 5 years. I think if I put $38k down, i could lease two cars!
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01-23-2008, 08:02 PM | #19 |
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Best way to go, if you can, is a home equity line of credit (no cost, no closing fees). I am taking one for $62k of the $75k cost of the M3(total cost with tax, tags, gas guzz out the door).
The loan is interest only based stretched over 20 years at about 6.5% fixed APR... Meaning, my interest payments alone will be appx. $325/mo. I can apply as much or as little over the $325/mo toward the principle balance of $62k. So, if I make a $750/mo payment for 3 years, I am putting $425 toward principle (which actually increases slightly every month I pay down the principle a little more). In 3 years, I will have paid about $16,500 off of the $62k loan... Therefore, I need to only get about $45k for the car in 3 years to repay my remaining loan balance ($75k - $16,500 - $13,000 deposit = $45,500 OWED to bank). Since M3's are rated about #5 of the top 10 resale value for cars, and my research showing the car has about 28% max depreciation in 36 months time with 45k miles,,, a dealer should easily offer me $45-$48k for the car (having a $68k sticker). Factor in the $3,200 tax savings I get off a new BMW for the trade in---- makes buying this car a cost effective no brainer.... The interest paid on the loan for 3 years is also 100% tax deductible!!! Everyone follow my logic???? The M3 should cost me about the same as a 36 month lease on an 08 335xi with $6k on mods I was going to do.... Just some food for thought for those guys that don't wanna get stuck with a $1,200/mo car payment
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02-14-2008, 01:19 AM | #20 | |
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That sounds like a great option Ronno - but can you take out a home equity loan to buy a car? While I'm sure this is feasible, what will the IRS say when they see you buy a $75K car or your house value doesn't go up by any amount (which it would if you used the home equity loan to invest in a pool, house extension, etc.)? Have you done this before? Looks like you thought this through pretty well - I like your thinking, just not sure how I'd go through with it. Thanks! |
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02-14-2008, 12:09 PM | #21 | |
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Try playing around w/ this in Excel =pmt(rate/N,N,loan amt,0) where N = 48 .. or 54 rate should be % (ie .0675 etc) I think my pmt is going to be $1,100 - 1,200...
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02-14-2008, 12:22 PM | #22 |
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Shop around, I can get 4.99% currently for a new car loan from at least 2 places (USAA/Penfed). Both have military-related requirements though (thanks Dad!) but Penfed used to have a way for nonmilitary to join.
Last edited by Keto; 02-14-2008 at 12:24 PM.. Reason: EDIT: For shits & giggles I hit bankrate.com ... ugh. That 6-7% is all around... |
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