Can I afford this?

[SteveO882]

Hello all! I've been an avid BMW fan for quite a while. I had a 1997 528i several years ago before eventually having to give it up as it became a money pit and I unfortunately lost my job and didn't have the funds to repair it any longer. I'm looking for some information and hopefully some advice so any input is greatly appreciated. I will be going to school in January and will be in need of a car for transportation. I have my eyes on a BMW e46. I've always been very fond of the body style of this generation of 3-series and have driven a few and fell in love with the way it feels. I have a part-time job and take home between $550-$700 per month. I'm living at home so I don't have any other expenses and will be purchasing the car outright, so no monthly payments. Can I comfortably afford this type of car or am I getting in over my head. I've read about some of the problems that can arise with this model and would love to get more info and any feedback. Thanks in advance!

[curry]

If you have to ask then probably not. They're great cars, but they need a lot of maintenance. It all depends on whether or not you can do the work yourself.

[charter21p5]

No

[jc1kz]

Well, a student usually doesn't have a bimmer unless the student comes from upper middle class family....but hay if you want the car, you have a job and can do the repairs you're in....buy the car and enjoy the ride.....just my two cents....

[magnetchief]

If your parents are covering all the expenses like insurance and maintenance then yes.
If not no.
Get through school get a real job and then buy the BMW of your dreams.



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[MIKYZZ4]

Stick with the Toyota you have, until you graduate and have the dream job,
Then you can purchase the BMW of your dreams!
Seriously, unless you have the knowledge and tools to perform all required maintenance yourself,
along with the required diagnostic equipment, a student cannot comfortably own and maintain a used BMW.

[BidNo]

I love these cars but agree not a good choice for life situation/stage. These demand time and money. Would instead recommend something cheap and reliable as wiser choice atm.

[Jackson42]

The E46 cars have a lot of electronic content that will get more and more flaky as time marches on. Unless you're majoring in electrical engineering, I recommend you avoid them. Reliability is not their strong suit. I am finding more and more E46 cars in salvage yards that are not there because of a collision - they simply don't run any more. It's really sad and it would be unfortunate for one of those otherwise undamaged cars to be yours.

[pikachukiat]

I guess what are your end goals and experience with motors and electronics?
I've seen people dump more money into cars than they're worth (let's be real, we're all guilty here) and if you're already on a budget, you'll unlikely be able to recoup that. Go buy a Miata, beat the life out of it, enjoy it, learn how to fix it (everything is cheap on it) and move on after you get bored.
Don't be that kid living pay check to pay check to fund a car you can't afford.