I need some help with my situation.
I am 21M and working part time job. Currently, I drive a minivan 😂 but I am looking at getting a used 2018 BMW x3M40i with 83k miles. I have between 25-30K saved and the car is 20K. I make about 10-12K a year. I’m in college with one more year left. My apartment is paid off until the end of the year. My Roth IRA is maxed out for the year. Is this a dumb decision because I’m young and want a cooler car? What should I do?
Edit: My tuition is paid off for this academic year and i do not know my tuition cost for my last year. If my aid remains the same, i am fully covered. I would just have to worry about my apartment for 6 months to cover the rest of my lease but that bill won’t come until Feb 2027.
Any input helps I just want to see the consensus because i think the right decision and the decision my brain wants to make are two different things right now
If I bought the car and had 10k still in savings afterwards would that be okay? or still no buy
20k car at 21 with my situation?
byu/No_Log_3445 inpersonalfinance
Posted by No_Log_3445
3 Comments
The car is double your current annual salary. Do you not pay for your college tuition or living expenses lile food and utilities? Either way, not a good purchase generally and not with your current situation – sorry
dumb. save up cash buy an older x3 with the n55. youll have plenty of fun without debt.
– a guy who’s had 7 bmws
This sounds like a terrible idea. Luxury vehicles are expensive to own, and not just because of the purchase price. It’s the maintenance that fucks people’s budgets up. But hey, you’re 21 years old and based on your comments you’re going to buy it regardless so good luck!