Should I buy new or invest in current?

NYSpeed Automotive
1

Hey guys, I have E34 540I. Had the car for 3.5 years so far I love torque/power on it and like the look but I can afford to finance a much nicer car instead of fixing up few things on current vehicle.

What would make sense money wise for me:

  1. Dump E34 in current condition and finance a new 2003+ M3/M5 or Porsche.
  2. Spend $4000 on fixing rust/panels/re-spray/wheels/brakes/drop and have $3000 in emergency fund for engine/tranny failures.
  3. Drive current car until major (engine/tranny) failure occurs, junk it and then finance.

Ideal option is #3 but something in me wants to keep dumping money on brakes/springs/wheels/body.

Feedback (yes first car, yes mad $$$ dropped in it).

2

On left: http://content.imagesocket.com/thumbs/IMG_3518e9f.JPG

3

first

edit:momalwayssaidifidonthaveanythingnicetosaydontsayanything.

regardless. buy buy buy. I am going to try to get an e46 after new years. as much as I shouldnt, I am sick of lusting over them.

4

I’d say number 2 only because I’m mentally retarded and think your car is fucking sexy. Well, or 3 as well.

5

Walk.

6

Is that an e30 m3 next to yours? I like.

7

From reading your threads, dump the e34 and pick up a bus pass.

8

first of all… the reason why you can’t “afford” something is because you don’t have money…financing doesn’t mean you can “afford” it.

If you don’t have money, don’t tie it up into car payments. That’s just silly.

9

This.

Save your money.

10

aren’t you always whining about people hitting your car and asshole drivers? why bother buying new if this is paid for and running well?

11

I love new stuff, normally I’d say option 1, but think about how much ANGRIER you will be when some cabbie tags you…

12

invest in a car :lol:

13

Thank you.

For this threads sake, I am in the buy new category. I like having a new car that I don’t have to worry about, and should something happen I have warranty. You sound like you just need to lease a car

14

Keep what you have, build your finances

15

:word: One of the smartest things I’ve heard yet. I’ve had a car payment 1 time and I paid that loan off 3 years early. It’s much easier saving the money and buying cars out right. :tup:

Save the money and drive this car into the ground, then you have cash to buy something nice that is 2-3 years old :wink:

My 97 STS has been burning oil for awhile now, but instead of going out for new car right away and waste 5k in interest, I’ve been saving 400 a month, which is what I would spend on the car I want if I had gotten a loan. I already have 7k saved up, 1 1/2 more years and I’ll have 22-24k with refund money to use towards the car. Then I can use the 5k I’d waste in interest for mods and have an 11 second DD

16

My rules on financing is I will only finance 50% of the cars worth and if I have more then on car at a time I typically make sure the “toy” is something I can afford with no loan.

However some cars(like my E39 M5) you might think you want to never sell so I would dump more money into it before I sell. So some depends on how you feel about the car.

17

I thought you lived in beaterville. Doesn’t your car get dinged daily? A week ago you were planning on installing security cams to catch all the people that hit you.

Put your money into living somewhere that doesn’t suck. Don’t buy a nice car just to have the shit beat out of it because of where you live.