Oppo I need some advice

"E90M3" (e90m3)
05/26/2016 at 14:46 • Filed to: None

I recently lost my well paying oil job because you know it’s not 2014 anymore; I know you might have hated $4/gal gas, I did too until I saw the paychecks. Because I used to make good money and I might have a slight obsession with BMW, I have 2. I’ve got a 2011 M3 sedan (yes it’s a 6 speed) and a 2012 128i, because I’m an adult and if I want to spend money on cars that’s my choice. Now I don’t need 2 cars any more, thankfully I don’t have 2 car payments, the M3 is paid for, so I need to decide what I should do. I kind of want to ditch the 1, but I’m not sure if I should. Money isn’t an issue, I’ve got enough to survive for probably a year (if you make a lot of money, you should also save a lot of money, that’s actual advice). But I’m not sure if I should sell the 1, I still owe about 13k on it. I went to carmax to have it appraised, they offered me 12.5k, which is less than I owe. I don’t really want to pay for 2 cars, nor do I need 2. So what should I do oppo, should I sell it or should I just keep it? (also if you’re in Texas and want a 1 series, we can talk)

Edit: I’m not selling the M3 unless someone wants to give me way too much money for it (I always wanted a white one on some black style 359s)

DISCUSSION (51)

For Sweden > E90M3
05/26/2016 at 14:48

Keep the paid-for car every time.

FSI - alcohol enthusiast with a car problem > E90M3
05/26/2016 at 14:49

1.) Sell the 1, keep the M3

-or-

2.) Sell both of them, get an M2

E90M3 > For Sweden
05/26/2016 at 14:50

Probably should have said, I love my M3, there is almost no reason for me to get rid of it, nor do I have any plans to get rid of it.

Supreme Chancellor and Glorious Leader SaveTheIntegras > E90M3
05/26/2016 at 14:51

Ditch the 1, try and break even

sm70- why not Duesenberg? > E90M3
05/26/2016 at 14:52

I’d sell the 1 Series, you can always get something else down the road.

DipodomysDeserti > E90M3
05/26/2016 at 14:53

Definitely keep the M3, and if you’re going to sell, definitely don’t sell it to CarMax. People who know what they’re doing with cars don’t sell to CarMax.

bob and john > E90M3
05/26/2016 at 14:55

list the one on CL for 14K. get ‘talked down’ to 13k.

DutchieDC2R > E90M3
05/26/2016 at 14:56

I’d keep the M3 for as long as you can. N/A 8cyl 4door M3? I’m pretty sure you’ll cash in at the end of the ride....

Tripper > E90M3
05/26/2016 at 14:57

I had an E90M3 and an E46M3.

E46 was/is paid for, and I had a loan for the E90. Unfortunately, I think that I bought an E90 that had been beat on, poorly maintained, or both. I loved it but I could not justify making payments and taking money out of pocket for maintenance at the same time.

So I traded the E90. I miss it every once in a blue, but I don’t miss adding a $15 quart of oil every 3-4 fillups, nor do I miss the “surprise limp mode” moments.

You have a fantastic car that is paid for and a really good car that is not. Keep em both unless the $ becomes a burden, then ditch the car you’re making payments on.

RallyWrench > E90M3
05/26/2016 at 15:00

It helps that it’s paid for, but keep the M3 and stay on top of its needs. It’s the last of the NA M cars, and as such is likely to hold its value much better than the 1, which will just depreciate into nothingness.

E90M3 > bob and john
05/26/2016 at 15:03

I was thinking autotrader, I don’t want to deal with people on CL that lack even the most basic of language skills, and I’d start at like 15 or 16, it’d still pretty much the best deal out there

E90M3 > sm70- why not Duesenberg?
05/26/2016 at 15:04

That’s what I was thinking, kind of want something different, thinking something like a Civic Si or a C250 because hood ornament

Decay buys too many beaters > E90M3
05/26/2016 at 15:05

I’ll echo everyone else here and say sell the 1, privately if you are willing to put up with some BS.

E90M3 > FSI - alcohol enthusiast with a car problem
05/26/2016 at 15:05

I like saloons more, I’d rather get a new M3

Sneaky Pete > bob and john
05/26/2016 at 15:05

List for 14k on CL, get offers for 8k.

Dru > E90M3
05/26/2016 at 15:06

Yeah definitely keep the m3. The value will go up one day. If you’re ready to be done with the 1 then I totally empathize. Not having a car payment would be nice in your current circumstances.

E90M3 > DutchieDC2R
05/26/2016 at 15:08

My plan is to keep the car for as long as I can, it was hard enough to find it in the first place and I really enjoy driving it.

E90M3 > DipodomysDeserti
05/26/2016 at 15:09

I figured I’d see what they’d offer, there was a chance that I’d take it since I got such a good deal on the 1.

bob and john > E90M3
05/26/2016 at 15:10

or that

Milky > E90M3
05/26/2016 at 15:11

Yea like others have said sell the 1. Not having a car payment and paying less for insurance should help in the meantime. If they offered you $12.5k it should be worth at least 14k.

Danger > E90M3
05/26/2016 at 15:12

“I’m an adult and if I want to spend money on cars that’s my choice”

“if you make a lot of money, you should also save a lot of money”

Dude make up your mind, I don’t know what to do.

E90M3 > Danger
05/26/2016 at 15:14

Well, maybe that was a bit ambiguous, but I guess make sure you save plenty of money and don’t overspend yourself. That’s probably what I was trying to say, I paid off my M3 in a year and still saved money.

Sam > DipodomysDeserti
05/26/2016 at 15:18

Also people who just want to dump a car with no effort at all sell to CarMax. Trust me, selling a niche car is a bitch and a half.

RyanFrew > E90M3
05/26/2016 at 15:25

Sell the 1er, but do it by owner or maybe at a BMW dealership, who can get extra margin by certifying it. Usually, the benefit of selling to a place like Carmax, is that you’re really trading it in and saving on sales tax. In your case, the move would be to sell the car online for more than you owe.

Also, having enough saved for a year isn’t a strong defense for keeping the car if you’re anything like me. Once you become used to meaningfully growing your net worth each month, it really stings to watch it slide. So, ditch that car payment even if it’s just for the mental benefit of less stress/guilt.

E90M3 > RyanFrew
05/26/2016 at 15:28

Yeah, the whole money thing is it’s not like I need to get rid of it this second, the good news is that the payment is half of what the M3's was, but then I guess it was also half the amount I financed on the M3.

yamahog > Danger
05/26/2016 at 15:29

There exists an income level where it’s possible to do both.

FSI - alcohol enthusiast with a car problem > E90M3
05/26/2016 at 15:31

Keep the M3 as long as you can then.

E90M3 > Tripper
05/26/2016 at 15:32

I drive mine kinda hard, but I keep it well maintained, even out of warranty. I told myself when I got that car, if it needed something it was going it. Well I drove on tires that needed to be replaced cause it likes to spin them through 3rd at times, it’s got a set of nice michilens with about 5k on them now

yamahog > Sam
05/26/2016 at 15:32

Yup. If I wanted to sell my 1LE, the right person might be willing to pay more than I did for it. But the dealer would be like “lol ain’t care, fifth gen"

Tripper > E90M3
05/26/2016 at 15:36

That is how I took/take care of my E46 which is the main reason that I kept it instead of the E90. I just couldn’t see myself doing that all over again with the E90. I know what you mean about tires on the E90, I only owned my for 18 months, was on rear set #3 of Michelin PSS lol

E90M3 > Tripper
05/26/2016 at 15:40

It squealed the tires the other day, and I didn’t even dump the clutch and floor it, I was just “normally” accelerating.

Sam > yamahog
05/26/2016 at 15:58

Yeah, though you may get a bit more than a standard SS or something, since the KBB will likely be higher.

RyanFrew > E90M3
05/26/2016 at 15:58

Right. It’s less about “Oh my god! I can’t make my car payment!” And more about “I can get rid of this car payment without getting ripped off due to desperation, and it will save me the stress of an unnecessary financial burden.” Just healthy to button up a little bit while unemployed. Not a terribly rare car, so you can always replace it or get something different once you’re happily employed again.

Emphasis: This is just how I would see things. I don’t think you’d be crazy to keep the 1 or anything.

Niquemarshall > E90M3
05/26/2016 at 16:00

Ditch the 1 series. If you really need a second car, find something cheap on Craigslist

E90M3 > RyanFrew
05/26/2016 at 16:03

I really like your thinking, I’ll be honest I’m not stressed about it, but it’d be nice to have 0 debt. Plus I think I want to get something different once I do find a job, so that’d be a good excuse to ditch it.

Danger > yamahog
05/26/2016 at 16:04

Yeah I was just kidding. As an Oil and Gas employee who does not have to worry about the price cycle, I am in that boat.

PatBateman > E90M3
05/26/2016 at 16:05

No comment on which one you should sell (you wouldn't like my answer), but don't forget about your 401k.

E90M3 > PatBateman
05/26/2016 at 16:11

The money in there is indpenent of my savings, but I get what you’re saying

Manwich - now Keto-Friendly > E90M3
05/26/2016 at 16:19

Well the M3 is a 4 door and the 128 is a 2 door.

If you have need of at least one 4 door car, then keep the M3 and sell the 128 for as much as you can get and then get rid of the debt that is tied to it.

If you don’t need a 4 door, then I would be inclined to sell the M3 (which I’m guessing is worth more than the 128 and probably costs more to operate) and then use the proceeds to pay off the 128 car debt.

Another option is to keep both cars, but only drive one. Store the other one in your garage and take off the insurance.

Now if you wanted to be really fiscally conservative, sell both, replace with a cheap/simple/reliable car like a Corolla or Camry and then just sit on the cash as an additional cushion.

And if you wanted to be ULTRA Fiscally conservative, sell both, replace them with a bicycle... and use the bicycle in tandem with using public/mass transit.

:-)

E90M3 > Manwich - now Keto-Friendly
05/26/2016 at 16:27

The extra operating costs are far outweighed by the joy I get from driving the M3. I’m not too concerned with being really fiscally conservative, if I was I’d bought a Civic LX and been done, but no I like cars, but you have made some valid points.

E92M3 > E90M3
05/26/2016 at 18:43

Keep the M3, sell the 128 yourself. You have time on your side to sell at the real market value. If Carmax offered you $12.5, it’s probably worth $16k private party. Once you’re gainfully employed again pickup a M235i to daily?

E90M3 > E92M3
05/26/2016 at 19:35

I paid 16k so hopefully it’s still worth that. I could DD an M235i in the future

E92M3 > E90M3
05/26/2016 at 19:48

Even a gently used 228i manual with the track package would be fun.

FTTOHG Has Moved to https://opposite-lock.com > E90M3
05/27/2016 at 01:31

Hey boss, are you still considering looking for a job in SA, or you just finishing the lease and moving out at this point? I never did find a way to send you that job posting, but if you are interested we can figure it out.

E90M3 > FTTOHG Has Moved to https://opposite-lock.com
05/27/2016 at 01:36

I appreciate it. I was in Georgia for a month and realized that it is home. Even if my mom nags on me at time, I want to be within driving distance of my parents, I’ve though about it and I really want to be near home. For me to stay here I’d need a salary starting with a 2 followed by 5 zeros, I chased paper and I hated myself, now I’m gonna chase happiness.

FTTOHG Has Moved to https://opposite-lock.com > E90M3
05/27/2016 at 01:38

Sounds like the right thing to do. When are you heading out? Have a lease to finish?

E90M3 > FTTOHG Has Moved to https://opposite-lock.com
05/27/2016 at 01:40

My lease ends in October, but I’m trying to be out of here before then.

FTTOHG Has Moved to https://opposite-lock.com > E90M3
05/27/2016 at 02:03

No, leaving just before the weather gets better! But it’s best to just get out when you’ve made a decision to move. If you are here this summer, we’re gonna be having a party at some point. Just got the pool fixed and need to get the chemicals balanced again then I can figure out when. I’ll drop you a line if you’re interested.

E90M3 > FTTOHG Has Moved to https://opposite-lock.com
05/27/2016 at 02:08

I was gonna say we should get lunch at some point, so that sounds pretty good. I’ve got an email address I never use that we can use to make initial contact.

FTTOHG Has Moved to https://opposite-lock.com > E90M3
05/28/2016 at 17:05

Yeah lemme see if my buddy with the turbo SC300 with green wheels is free sometime this week and we can all grab lunch.

E90M3 > FTTOHG Has Moved to https://opposite-lock.com
05/28/2016 at 17:07

Sounds good to me