A few bits (house, m3, insurance!)

Spuderoony

Spuderoony

Spuderoony

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Joined
15 Jan 2004
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Doncaster
Hello everyone! I've just had an offer accepted on a house and will be moving out in the early summer (hooray! :D)

However, I've got someone at work interested in being a lodger to help me out financially.

With this in mind, my mind, as ever, returns to the subject of cars. And I have been looking at E46 M3s. I hadn't realised that you can now get them from about 9 grand or so. I realise most of the sub 10k ones are going to be a bag of spanners, but does anyone know how much you should expect to pay for an honest (but likely fairly old/high mileage) M3? Nick? Anyone else?

I'll be turning 24 just as I move into my house. And the difference between 24 + 3 years NCB and 25 and 4 years NCB (if I were to wait a year) is absolutely mindblowing. I've added parents etc., but most companies want well over £2,400 if I were to buy one this summer at 24+3.

That's do-able, at some point, but not until a while after I've moved in.

MPG wouldn't be much of an issue or anything as my commute will drop from 17 miles each way to 2 with the house move.
 
I wouldn't go buying something like an M3 if you're just moving in to your first house, both can throw up unexpected bills that could stuff your plans with the other
 
Yeah, I don't think I could do it straight away, but with a bit of lodger money behind me helping out (I'd already budgeted the move around me affording it on my own, y'see), that's what has set my mind a-wondering for the weeks/months that come after the move...

Oh, and the house is 4 years old and still under guarantee, etc. So the bills thing, aside from what I've already budgeted for when moving in, should be minimal.
 
I'd probably be wanting to wait a year, there's always some unexpected cost when you move in to your first house :p
 
I keep looking tentatively at these as well and then scaring myself with the potential for epic bills. Also the fact that there seems to be very few sub £15k M3's for sale by nice rich people or reputable dealers, they are all parked in industrial estates or being sold by 'Birmingham Trade Centre Cars Limited'.
 
I suspect your plan will change some what :D I had 20k away for a car after I purchased my home last June. I was looking at new Z4's. However since moving in, most of my car fund has been spent on the house, making it into what I want and adding value. You will find your priorities change quite dramatically.

I will have to wait another 8 - 12 months before I purchase my next decent car :(
 
I'm also 24, bought my first place in October last year. I am running a BMW E39 pretty comfortably but I couldn't afford anything more than that for about another two years whilst I sort out my finances again after the raping my bank account has received in both paying for the place, monthly mortgage and more importantly start up costs of redecorating and all brand new appliances and stuff.

However, this is totally dependant on your disposable income. My advice though would be stay away from an M3 until you are settled unless you are financially very comfortable as paying for your roof over your head is more important than the wheels underneath you.
 
[TW]Fox;15994825 said:
NEED MOAR DETAILZ
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It's not exciting mate and not a great example either. Just picked up pretty cheap after my CLK was written off whilst in the process of moving, so it's just good enough to tide me over for a few years as it's rather low spec.
 
Spuderoony said:
Managed to get a quote down to £1,900 by having a giant excess.

Aieee! :D
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Unless you've got the cash to pay the excess which, having just moved house and being concerned over insurance costs, it doesn't sound like you will have this is a seriously bad idea
 
An M3 shouldn't be MUCH more to run than your current Z4. Tyres will be similar. Servicing will be about £100 more for an Inspection I and £150 more Inspection II. Fuel will be a bit more. Brakes will be a bit more. But unfortunately insurance will be much more :(

I reckon it'd be less than £500 a year more to run an M car than a 3.0 BMW.

Anyone want to shoot me down?

EDIT: However, i would NOT do this when i was about to/had just moved into a first house.
 
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Nathan said:
I suspect your plan will change some what :D I had 20k away for a car after I purchased my home last June. I was looking at new Z4's. However since moving in, most of my car fund has been spent on the house, making it into what I want and adding value. You will find your priorities change quite dramatically.

I will have to wait another 8 - 12 months before I purchase my next decent car :(
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what kind of job do you do where you can have 20K away and buy your first house (at 25) ***** it away and have another large wedge in 8-12 months, im interested:eek:
 
My mileage is currently big for a petrol (I've done just short of 10,000 miles since getting the Z4 at the end of July), but a good chunk of that is down to the commute.

I've been running some numbers and, although I'll need a grace period between moving in and doing the car to build up some funds (and to allow for potential problems, as people have indicated), I think it's do-able. :)
 
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