[Chad20]

Originally Posted by ezmaass

Chad - it's not a fair comparison. Many of the people here, myself included, aren't 21 first of all. I'm also pretty well established in my career - I'm an executive at a software company, and I can buy multiple new F10's every year in cash if I wanted. I'm not saying that to brag but to make a point (which I've been trying to make with you for some time) - you need to be patient. Nice things follow success, not the other way around.

When I was your age (man I feel old using that phrase!) I would have been very happy with the 328. It's a NICE car for any 21 year old to be driving, first of all. Beyond that, it's a nice car period. It may not have all the bells and whistles of a 5-series, I hear you - but like I said above, be patient... and nice material things will follow success in life.

It's not bad that you desire a nicer car. What's bad is stretching yourself to buy one. Being able to pay for something (or make payments on it) isn't necessarily "affording" it as you'll come to find out. The credit crisis and housing collapse in 2008 (and what we're still recovering from) is evidence of it.

What's the rush? Keep the 328 (make sure it's paid off if it isn't) and drive it until it won't go any longer. It'll honestly last you as long as you wish if it's maintained. If you jump into an old e60 545i right now, you're going to experience a few unpleasant realities:

1. You'll eventually "get bored" of that car, too - but you'll have blown your cash on it.

2. You'll learn just how EXPENSIVE it is to repair and maintain an old German V8 luxury car. Most older "wealthy" people would still cringe at the idea of maintaining an e60 545. Instead of taking your hard-earned cash and using it for fun stuff like vacations, concerts, nights on the town, etc at 21 - you're going to be dumping money hand-over-fist into multi-thousand dollar surprise bills from your local BMW dealer. On the bright side, they'll love you.

3. You're going to be cheating yourself of an opportunity to get ahead in life. As I've said in previous posts, NOW is the time to set yourself up for a better financial future and instill some good practices (investing, savings, retirement, etc). You WILL (I promise) come to regret not doing this down the road.

So, again... what's the rush? There's just very little upside and lots of downside to any decision to buy an old 545 in your shoes. I think a lot of people have tried here to talk you out of it and save you lots of pain and grief. You can do what a lot of 21 year olds do and not listen to sage advice... and learn through your own experience. OR, you can learn from others' experience and be ahead of the game. Your choice, Chad!

If you like reading (honestly, even if you don't), pick up a book called "Rich Dad, Poor Dad." Read it carefully before making any decision.

Thanks for your response ezmaas you have very good advice. I've weighed my options . My payment on the 545i will be less than 200$ per month . Insurance 145$ a month , maintenance I'm gonna assume $150 a month (indy shop 75$an hr) , gas 200$ a month . 700$ total . I'm a car salesman . I know that doesn't mean very much just about anyone can do it . But I know what I can afford I'm good with financing and numbers I'm very frugal believe me . The only thing I'm bad about spending money on is cars I shouldn't . But I'm an enthusiast just like everyone else on here . I don't have time for hobbies i go to school full time and work 50 hours a week. I barely have time to breathe. Driving is a main part of my day so I might as well be driving something I enjoy . My 328i is a never ending nightmare i sware it's a lemon I've spent almost 4,000$ in 1 year of ownership and can afford to do so . Of course I don't want to and so am dumping the car for the best offer I can get . I've had experience close hand with the 5 series they are good cars if serviced by the dealership and are strictly one owners with low mileage , and frequent oil changes. A buddy of mine bought one low miles and had very minimal problems between 70k to 122k mileage until the transmission went out .

Bottom line is I work too hard to have no enjoyment in life . Im not 100% sure ill buy a 5 series but I do want one . I save a lot of money and will continue saving after I buy this car , and if I can't afford it for whatever reason and I realize how dumb of a mistake I made. I will sell it take a loss and buy a honda and drive it until I'm financially secure enough to buy one brand new with a warranty .

Oh I do like reading by the way lol

Also I decided the insurance auction is a no . Idk why I even considered it

[Bimmer5]

Ezmaass is giving you the best advice listen to him, keep your car enjoy it put some new wheels on it to freshen up the look or something. Read that book like he said, if you take one thing away from this it's invest your money you will be glad you did in a few years.
Don't waste your money on a 10 year old 5 series that's going to drain your bank account.

[The X Men]

Originally Posted by Chad20

Thanks for your response ezmaas you have very good advice. I've weighed my options . My payment on the 545i will be less than 200$ per month . Insurance 145$ a month , maintenance I'm gonna assume $150 a month (indy shop 75$an hr) , gas 200$ a month . 700$ total . I'm a car salesman . I know that doesn't mean very much just about anyone can do it . But I know what I can afford I'm good with financing and numbers I'm very frugal believe me . The only thing I'm bad about spending money on is cars I shouldn't . But I'm an enthusiast just like everyone else on here . I don't have time for hobbies i go to school full time and work 50 hours a week. I barely have time to breathe. Driving is a main part of my day so I might as well be driving something I enjoy . My 328i is a never ending nightmare i sware it's a lemon I've spent almost 4,000$ in 1 year of ownership and can afford to do so . Of course I don't want to and so am dumping the car for the best offer I can get . I've had experience close hand with the 5 series they are good cars if serviced by the dealership and are strictly one owners with low mileage , and frequent oil changes. A buddy of mine bought one low miles and had very minimal problems between 70k to 122k mileage until the transmission went out .

Bottom line is I work too hard to have no enjoyment in life . Im not 100% sure ill buy a 5 series but I do want one . I save a lot of money and will continue saving after I buy this car , and if I can't afford it for whatever reason and I realize how dumb of a mistake I made. I will sell it take a loss and buy a honda and drive it until I'm financially secure enough to buy one brand new with a warranty .

Oh I do like reading by the way lol

Also I decided the insurance auction is a no . Idk why I even considered it

I hear you brother, not everyone like to die with a pile of cash under their mattress Live life to the fullest everyday because you never know what tomorrow might bring. Some people like to spend their hard earned money on expensive vacations, some like expensive watches, some people spend it partying and some people like to spend it on cars. Practical people will say save your money and buy a house or start a business, I believe one can do both, life is all about balance. With that said, there are a lot of risk involve in buying a 10 year old German car. Take you time shopping and do your homework, if you are lucky, there are some bargains to be had.

[BigK]

Originally Posted by ezmaass

Chad - it's not a fair comparison. Many of the people here, myself included, aren't 21 first of all. I'm also pretty well established in my career - I'm an executive at a software company, and I can buy multiple new F10's every year in cash if I wanted. I'm not saying that to brag but to make a point (which I've been trying to make with you for some time) - you need to be patient. Nice things follow success, not the other way around.

When I was your age (man I feel old using that phrase!) I would have been very happy with the 328. It's a NICE car for any 21 year old to be driving, first of all. Beyond that, it's a nice car period. It may not have all the bells and whistles of a 5-series, I hear you - but like I said above, be patient... and nice material things will follow success in life.

It's not bad that you desire a nicer car. What's bad is stretching yourself to buy one. Being able to pay for something (or make payments on it) isn't necessarily "affording" it as you'll come to find out. The credit crisis and housing collapse in 2008 (and what we're still recovering from) is evidence of it.

What's the rush? Keep the 328 (make sure it's paid off if it isn't) and drive it until it won't go any longer. It'll honestly last you as long as you wish if it's maintained. If you jump into an old e60 545i right now, you're going to experience a few unpleasant realities:

1. You'll eventually "get bored" of that car, too - but you'll have blown your cash on it.

2. You'll learn just how EXPENSIVE it is to repair and maintain an old German V8 luxury car. Most older "wealthy" people would still cringe at the idea of maintaining an e60 545. Instead of taking your hard-earned cash and using it for fun stuff like vacations, concerts, nights on the town, etc at 21 - you're going to be dumping money hand-over-fist into multi-thousand dollar surprise bills from your local BMW dealer. On the bright side, they'll love you.

3. You're going to be cheating yourself of an opportunity to get ahead in life. As I've said in previous posts, NOW is the time to set yourself up for a better financial future and instill some good practices (investing, savings, retirement, etc). You WILL (I promise) come to regret not doing this down the road.

So, again... what's the rush? There's just very little upside and lots of downside to any decision to buy an old 545 in your shoes. I think a lot of people have tried here to talk you out of it and save you lots of pain and grief. You can do what a lot of 21 year olds do and not listen to sage advice... and learn through your own experience. OR, you can learn from others' experience and be ahead of the game. Your choice, Chad!

If you like reading (honestly, even if you don't), pick up a book called "Rich Dad, Poor Dad." Read it carefully before making any decision.

Learning something everyday! "Nice things follow success, not the other way around." So true... Thanks ezmaass, you're very insightful.

That being said, everyone is entitled to do what makes them happy and happiness comes from different places for different ppl. I've seen ppl blow that much money on some action figures, I would never understand but hey if it makes them happy then why not? I understand ppl need to be reasonable and practical, but if buying something that doesn't make you happy, I don't care how much sense it makes, it's not money well spent.

Chad, go with your heart, if you really like the car get it. Think hard before you make the purchase, but once you do don't look back. I wish you will enjoy this car for years to come.