Soon to be (young) 128i owner!

[fastbutcurious]

Hi I just want your opinions and suggestions for what car i should get.
I'm 16 and will receive my license June 1st. So for my 15th birthday, my grandma who loves me very much, gave me $15,000 to buy a car. But I'm in no way spoiled. I get straight A's and am only gonna buy a car when i find a job, that I can completely pay for on my own (insurance, gas).

If i do get a job though, i want to put 15 grand down and buy a new car. My first choices were a 09 Honda Accord, 09 128i, or 09 328i sedan.

Now i narrowed it down to the 128i. I would love to get a 328i coupe but i don't think i could afford it with a part time job. And i chose the 128i over the 328i sedan because I am equipping my 128i with much more for around the same price, plus I like its looks more. On top of that its the perfect car for me because i'm very short (About 5'3)

Here's what I'll get it with:
Alpine White $0
Black Leatherette $0
Glacier Silver Aluminum Trim $0
M Sport Package $2,450
Navigation system $2,100
HD radio $0
iPod and USB adapter $400
Anti-theft alarm system $400
Park Distance Control (rear only) $350

Is there anything that seems a little too extra for me? I get lost easily and own an iphone.

Anyways wish me luck on finding a job!

[SixBanger]

get a beater and save your 15k.
Myles

[darkphantom]

Originally Posted by SixBanger

get a beater and save your 15k.
Myles

+1

OP I know you're excited and all, but trust us veterans, get a beater, learn to properly drive a car, and then once you've saved up a decent amount, and when you're say....17-18? get the car you wanted

p.s. 6MT FTW on the beater man

[Garduna]

Damn, 16 and already getting a car like that? A bit too soon don'tcha think? I'd suggest getting a beater as well for ur first real car. I'm sure you'll appreciate the finer stuff a couple of years later.

BUT if you really are eyeing on getting a new 128i no matter what, I say get rid of the park distance and ant theft system. the iphone is obvious for ya and so is the nav since u say u get lose easily. Ur memory should improve once u drive more tho. I don't know if you really need the sports package but I find it to be a complete luxury option in your situation. Really up to ya in the end.

Let us know what your final decision will be later on.

[fastbutcurious]

Yeah i know that i still need to learn much. But i really, really want this car.

I think your right about getting rid of the park distance Garduna. IDK though I'm just too paranoid to not have the alarm, even though I've never heard of a car jacking in Glendale, California. The M Sport package I admit is completely extra but it really makes the car look much nicer. And I can't resist an M steering wheel.

[Bimmer Nerd]

congrats man, i am 16 1/2 and still waiting on my license, i got 2 more months to go i think. i wish i had grandparents that would drop 15 Gs for my first car. drive safe and have fun.

[bdardashti]

I'm close to 20, so although I'm older than you, I can still understand your way of thinking

Couple of things I want to say:

1. Regardless of how good of a driver you naturally may be, you won't have the full experience required to completely enjoy the capability of a Bimmer over say a Honda Civic. Sure, you'll notice from day 1 that it drives A LOT better, but honestly you'll only notice 1/4 of the difference without much driving experience. So I'm trying to say you'd appreciate the car more after having something not quite as nice.

2. I think carrying a $25,000 finance (or whatever the total less your down payment comes out to) is a little high for a 16 year-old. It doesn't matter what job you have; your job can easily be lost, especially in this economy. People with less expertise and experience typically lose their jobs faster than those with a unique skill set. Since you're just starting out in the job market, you probably won't have much experience to drive you. I'm not saying this in a negative tone towards you specifically; just anyone who is just starting out. If your parents can, and don't mind supporting you financially, that's a whole different scenario. Even then, you'd enjoy the car more if you work hard for it yourself.

I don't know if my message is coming across the way I want it, but honestly at age 16, with a first job, I don't think its wise to own a brand new Bimmer (or a used one for that matter). Think about, at $25,000, you're monthly payments will be at least around $450 a month, plus gas, insurance (will be VERY high since its your first time driving), potential for maintenance (tires, etc), and other life expenses (eating out, entertainment, etc). You add everything up and you'll be at $1,000 a month in no time. I also don't think it's wise to live paycheck-to-paycheck, unless you really HAVE to, and in this case you don't.

I say wait a couple of years, at least 2, and in the mean time either drive a beater or a cheaper domestic/Japanese car and then commit to something more expensive. Just my 2 cents...

[darkphantom]

Just remember, that the wait is much more sweeter than the reward....in most cases. It'll be THAT much more satisfying when you get it later, than get it now.

Also, once you get a BMW, you will INSTANTLY GO BROKE....hence Broke My Wallet (BMW)

Mod bug catches you fast, just get a beater hommie We're not telling you NOT to get it, actually, do get it, just not now.

[1013mm]

Originally Posted by SixBanger

get a beater and save your 15k.
Myles

+123123123123213123

I'm 21, got a hand me down beater (Honda Accord 1987) when i started driving at age 17. I slowly upgraded to the 135i I have now. I WAS GETTING A's to before then, and that DOESNT REALLY MATTER when it comes to driving skills/abilities. It depends on experience. How would you you feel if you were driving a brand new car that you bought yourself and scraped the bumper or hit someone?? It sure sucks more than scraping a old beater! Any gas and insurance arent all that simple man... it adds up...

Gas: at least $125 a month (for me)
Insurance: at your age i can safely assume at least 1200$ SEMI-ANNUALLY (its a coupe and youre a new driver)

I'm sorry but you should save up your money like me working two jobs throughout highschool and college to buy the car you want once you have EXPERIENCE AND MONEY. thats what I did and I'm happy now it was like a BIG REWARD.

IF YOU DONT LISTEN AND STILL GET THE CAR

you dont need BMW navi, buy a 150$ gps its the same. and you dont need the alarm cause most people with bmws dont have it anyway

[Heinzftw]

Your insurance will be 3k+ a year.
Gas $100+/month
If you can afford it go for it I guess. I had been driving since I was 14. Got my license the day I turned 16. Almost 3 years later I know I don't yet deserve such a car. Get through high-school and atleast some college then think about it. Besides, for 30k I would by a damn E39 M5.

[fastbutcurious]

You guys are right about me getting a beater car first. I don't know what I'm going to do. The most I'm willing to wait though is one year.

When i do get the car the total will be around $34-36G. How much would it add up to with taxes? And i could lower the price like $4G at the dealer right?
To lower my insurance, I'm going to put my name under my 01 Civic for my family insurance, and put my dad's under the BMW.

So around how much would the insurance be for a 16 year old male with the student discount, who's father owns a home, on a 2001 Honda Civic LX Coupe?

I'm basically getting what i can afford. If the 128i turns out to be too much I'll get a new Accord.

[scorcherjf]

I'd go with a beater like most say. Still, at 17 when you're dying for the car, the dealer will sense it and try and take you for a ride, so be ready for that.

I got a car when I was 18, which I kind of regret. I mean if you get your 128 now, you'll drive it for about 2 years, then if you head off to college far away, you most likely won't be able to bring it. So you won't be able to drive it for 4 or so years (maybe summers if you come back).

[jeremydgreat]

Why does everyone say you should get a beater? $15k is certainly enough do get a decent 1-2 year old car like a civic or a used camry or something.

fastbutcurious- here's what I want to say: you have an incredible opportunity here. Grab life by the reigns and seize the day. Be free of a monthly car payment. Do NOT get this car- I'm telling you you'll almost certainly regret that $15-$20k loan in a few years. Monthly car payments, when you're 16 and you're hunting for jobs are a huge stress factor because it's such a large chunk of your monthly income. You're young. Now's the time to work a bunch of different jobs, go to school (or learn a trade), travel a bit, and not be worried about paying hundreds of dollars a month for some car. In a few years you're going to have a better job and some sort of career or business you're into- then you can skip the 128i and go right to a 135i.

I know you have the "bug" and it feels like $15k is a huge head start. And it is. But you're going to be paying more than that amount over the next 5 years if you get it now. And that's a lot of money each month man.

So, I'm not telling you to wait because "you won't appreciate it as much" or because "you're just a kid and you don't deserve it" or something. I'm saying that when I was 18 (I'm 28 now) I was in the same boat as you. I had saved like $14k and bought a little civic for $18k. My payments were like $100/month and I paid it off really fast. I haven't had a car payment in like 8 years. In that time, I've lived in some cool places, worked a bunch of different jobs, started a business, sold it, and visited 13 countries while backpacking Europe for 4 months. I would have been a lot less free to do all this if I had this nagging $400-$500/month car payment.

So there you go. In my mind, if you're 16 and just starting to look for work, the choice is really this: is the joy of driving a 128i worth the pain of a monthly car payment for years to come? Only you can really try and answer that. For myself, I don't regret the decision to buy a cheaper car my first time around. And I have other friends who used to gripe about their car payments and be envious of me because I was financially free (well, besides rent, food, etc).

Hope that helps man.

[MrRoboto]

My advice is buy a cheap car and invest the rest. Take it from the older folks on the board. I wish I had 15k to invest when I was 16.

PS. Anyway you slice it a 16 year old driving a BMW is spoiled. You will be driving a better car then your boss is at your McDonalds job. The problems with kids today is they feel that want=deserve. Most of us were happy to have the poster of our dream car.

[Notion-Za]

Dude if you've got your heart set on the 128i go for it! but PLEASE go for driving lessons or something in a beater car so you dont abuse the beemers clutch etc. Thats what i did. Im 18, remember in SA you can only get your license at 18.

I havent looked back at all! love the car and I have no problems driving it! already learnt how to heel n toe in the car and the hill hold function in the car is amazing!!

oh! and the whole thing about being spoilt.. I would have been more than happy in a polo 1.4 or what ever! but some are more fortunate than others. Would you say no if your father offered to help you finance a car you love?

[andrew9223]

Why don't you help your parents pay for your college with that 15k.

Maybe it's the fact that I'm an old man but if my mother gave my kid 15k he would be using it to help pay for his college. He would get a rude awakening if he thought about buying a BMW so he can finger bang a cheerleader in highschool.

[MrRoboto]

Originally Posted by andrew9223

Why don't you help your parents pay for your college with that 15k.

Maybe it's the fact that I'm an old man but if my mother gave my kid 15k he would be using it to help pay for his college. He would get a rude awakening if he thought about buying a BMW so he can finger bang a cheerleader in highschool.

+1 School would be the best investment. Plenty of time for cars.

What parent would allow this?

[Monterra]

I'd spend about 1/3 of that $ on a used honda that will be reliable and you can learn how to drive, not have a payment, not worry so much about crashing it, etc. You'll appreciate the nice car more when you can truly afford it. Patience is a virtue, brains are too be smart youngin...

[cagekicker]

hey kid, get a beater and put your money away in your savings. at 16, you'll just wreck the thing, seriously. besides enjoy your youth instead. you'll be working just to pay a no carnote most working adults can't afford. i was there once.

[hlmiii]

"To lower my insurance, I'm going to put my name under my 01 Civic for my family insurance, and put my dad's under the BMW."
Are your sure? Have you spoken to your (potential) agent? All companies of which I have had experience with (I have had two teenage boys for 2+ years) will not allow this - they know that the young driver will at some point be driving the most expensive car, putting it at as high a risk as the least expensive car, and will not allow the obvious manipulation. Basically - if there are several drivers and several cars, the companies will base the premium and require payment for the most risk possible. The companies have been playing with these concepts and the way drivers game them WAY more than we could ...

"you have an incredible opportunity here. Grab life by the reigns and seize the day. Be free of a monthly car payment. Do NOT get this car- I'm telling you you'll almost certainly regret that $15-$20k loan in a few years."

This is the best statement you could possibly listen to and FOLLOW right now. It is not what you want to hear, but part of growing up is listening to and doing what is best for yourself, not what is immediately fun.
The excitement of the car will wear off long before the payments, insurance, gas, and maintenance.

The reason you are repeatedly receiving this advice is that we have all been there, with many of us making the mistake that you are contemplating. I'd be willing to bet that virtually all of us who have been in that situation wish we could be given the same situation again so that we could have made the choice differently - in the manner that is being suggested to you.

"The problems with kids today is they feel that want=deserve."
Other than adding "many" before "kids" ... this is also invaluable insight.

What you decide now will set a pattern for your future. Good luck.

[Guildenstern]

I agree with jeremydgreat, you do not want a car payment right now. Wait untill you are established in a trade or graduated university and HAVE A JOB. The last thing you want is to HAVE to have a job. Especialy if as a Straight A student you go to a good school, it's funny how good schools have insanely huge class projects and Tests that actualy matter. You will not want to be burdened by a Job to pay your car payment and skyhigh insurance, plus living expenses in school, or when you are just getting out of highschool.

Especialy at the end of school you need to be flexible and ready to move across the country if the right oportunity comes up, You do not want to be chained to your job because you NEED to pay your blls. That's what the rest of your life is for.

Unless of course you actualy are spoiled and those car payments and Insurance will be paied by the magical daddy-fairy if you feel too "overwhelemed" to work and go to school. In that case get the car and go to a teen driving event at your closest Racetrack. Matter of fact do the teen driving event nomatter what.

[instantexpert]

I"m going to be blunt. An awful lot of 16 year olds wreck their first car. The faster that first car, the more likely it is to be wrecked. If not by you, then by one of your friends who you let take it for a spin.

This is the time to get one of those cool, impractical cars that it'll be a long time before you can afford one again. An old Triumph TR6 (I mention it here because I always wanted one), MG, Miata, etc. Something unique, quick, and cool. Yes, it'll require more maintenance but for far less than 15K, you can have a car that is a blast to drive, will teach you driving skills and is not going to chew up your finances and put you in the hole.

You're in California and there are lots of cool older cars out there because you don't have the rust problems we northerners do. Take advantage of ready cash to buy a car you could never get a loan on and get something really cool but affordable and ask your grandma to put the leftover cash in "repair escrow" and keep it in place for emergencies or for the eventual purpose of the BMW.