You can afford it, but as guarnibl pointed out, it’s quite unlikely that any bank will lend you a 70k if you don’t have any credit in the United States or a sizable down payment.
In This Article...
How much income is required to purchase the car of your dreams
Not only are cars expensive to buy outright, but you can also end up paying a significant portion of your yearly salary on your vehicle due to running costs, insurance, maintenance, and servicing loans (if you have your car on financing).
The average cost of owning and operating a vehicle in the US is $10,742 per year, according to the US Department of Labor. That’s a lot of money when you realize that the average wage in the United States is $56,310.
What about cars that are better than average, though? Vehicles that are fast, off-road, luxurious, or vintage… How much income do you need to have in order to buy the car of your dreams?
Using the new BMW M3 as an example, Humphrey Yang, a former Merrill Lynch financial advisor with over 2.6 million followers on TikTok, has broken it down employing the assumption that you’re obtaining the car on finance and using a cunning financial gimmick known as the “20/4/10 rule.” [Watch it here]
In case you missed it, here’s how the 20/4/10 rule operates:
- Deposit at least 20%
- No more than four years may be spent financing the car.
- Maintain a monthly car spending total under 10% of your gross income, including principle, interest, and insurance.
For a $69,900 automobile, $181,740 looks overly conservative – and challenging to reach – but it’s important to keep in mind that 1) the BMW M3 is a high-end performance car, they’re not designed to be cheap, and 2) the 20/4/10 rule’s entire purpose is to provide yourself contingencies (and ultimately save you money in the process).
Lifehacker says this: “Your ability to pay off the car sooner and with more manageable payments depends on having at least 20% saved up in advance. Short financing terms allow you to sooner cancel pricey comprehensive insurance coverage while limiting the amount of interest you spend.”
Last but not least, keeping your monthly spending under 10% of your income provides you a bit more flexibility if you get smacked with an unexpected payment or lose your job.
Yang’s video naturally assumes you don’t have any savings. If your annual income is $181,740, you can definitely afford to save aside some money and buy your ideal car outright after only a few years of saving, which is ultimately a less dangerous or challenging option.
There are alternative options to obtain your dream automobile if you don’t want to take out a loan or save for years, including a novated lease, but good luck trying to get one of those going with your boss for a Ferrari…
Which BMW M3 is the cheapest?
- It should come as no surprise that the cheapest BMW M vehicle on Autotrader is an automatic E36 M3.
- Another popular option for motorists looking for a real M3 on a budget is the E46 M3.
- For for $12,500, you can get a luxury sport car with 500 horsepower.
How much does a BMW M3 maintenance cost?
We looked at how frequently the vehicle required major unplanned repair over a three-year period to determine the frequency of major maintenance. This “serious” maintenance item is a costly system breakdown that needs to be repaired (often a part or component costing above $1,000).
It should be emphasized that even while we analyze this data by make and model, driving style, vehicle condition, and mileage undoubtedly affect outcomes. Different frequencies of maintenance are needed depending on the vehicle. While newer cars can go longer between services, older vehicles may require more frequent maintenance.
The frequency score can be used to determine how long a vehicle can go without maintenance. A frequency score reveals how frequently a certain vehicle needs major repair over a three-year period. If an automobile has a maintenance frequency score of 3, for instance, it needs major repairs every year because the score is calculated over a three-year period. The longer it can go without major maintenance services, the closer the frequency score is to 0.
The frequency score of a BMW M3 is 2.43. This indicates that the BMW M3 is significantly worse than average given that the industrial average is 1.3. The breakdown of all manufacturers and models is shown in the chart below.
It’s important to note that there are many trustworthy cars that could also need frequent, yet reasonably priced maintenance. For instance, many domestic brands have higher maintenance visits but lower overall costs (since labor and parts expense are typically cheaper for domestic brands). This doesn’t imply that cars break down less frequently, but it does show that when they do, the problems are usually fairly simple to remedy, which is perhaps even more significant.
A BMW M3’s dependability?
The BMW M3 is rated as having a 2.0 out of 5.0 reliability rating, placing it 29th out of 31 luxury midsize sedans. Poor ownership expenses are indicated by the $1,161 average yearly repair cost. You may anticipate more significant repairs for the M3 because repairs are more common and more likely to be severe than for the ordinary vehicle.
Are BMW M3 still worth anything?
The Dodge Charger still has some sway because it is the only muscle sedan available today. Dodge provides a variety of potent engine choices, and the SRT Hellcat super sedan is incredibly powerful both visually and sonically. Since the seventh-generation vehicle has been on the market for more than ten years, it is beginning to exhibit some indications of aging, especially in terms of the lack of driver assistance technologies and the underwhelming IIHS safety ratings. Despite this, the entire Charger lineup maintains a high level of value, even if V-6 models average only 54.3 percent less than the rest of the lineup. The desire for muscle is still present.
Why did BMW discontinue the M3?
Due to the F80 generation BMW M3’s inability to meet Europe’s stricter emissions regulations, BMW will cease production of the model in August.
The rehomologation procedure that would follow such a change would preclude the upgraded M3 from being on sale before to the October debut of the next-generation 3 Series. As a result, BMW decided against continuing to produce the vehicle longer than it did with its predecessors and to stop manufacturing of it concurrently with the rest of the 3 Series lineup.
What alternatives are there to an M3?
- Via 9tro, one Mercedes-Benz C-Class 63 AMG.
- Through The Detroit Bureau, 2 Ford Shelby GT500.
- Through Motor1, three Mercedes-AMG GT 63 S.
- Top Speed. 4 Dodge Charger Hellcat.
- Dodge Challenger Redeye, number 5. through AutoNXT.
- via The Car Magazine, a 6 Jaguar F-Type SVR.
- Nissan GT-R seven
- Eight 718 Cayman T Porsche
What does BMW M3 mean?
The internal motorsport subsidiary of BMW, BMW M GmbH, created the BMW M3 as a high-performance variant of the BMW 3 Series. Since the 1986 debut of the E30 M3, M3 variants have been made for every iteration of the 3 Series.
A convertible body style was quickly added after the coupe body style was initially offered for the car. The E36 (1994–1999) and E90 (2008–2012) models both had M3 sedans. Due to the coupe and convertible variants’ rebranding as the 4 Series range and the high-performance model becoming the M4, the M3 has only been manufactured in the sedan body style since 2014.
Engines, handling, brakes, aerodynamics, lightweight materials, and many interior improvements are all improved over the standard 3 Series versions. The M3’s limited-slip differential, which statistically maximizes torque and grip without sacrificing handling, is BMW’s most significant contribution to driver safety and the performance sector. The E36 M3’s installation of the SMG-I gearbox in 1992 marked the M3’s most important technological advancement. The SMG-II gearbox was installed in the E46 M3 to give it the distinction of being the world’s quickest shifting gearbox. For the E46 M3 CSL, a carbon fiber air box was designed. It functioned by generating an air vortex that could continuously maintain the maximum air induction pressure to maximize throttle response.
How durable is the BMW M3?
If previous M3’s are any indicator, the engine and transmission should easily reach 200,000 km unless you mistreat the car or neglect to maintain it properly. Both E36s and E46s with 150k+ and 100k+ mileage are in good condition.
Which BMW M3 features a v8 engine?
The V-8 engine was added to the M3 in its fourth generation. The 4.0-liter V-8, which was especially made for the M3, has a redline of 8400 rpm and 414 horsepower. The sound of this M3 is possibly the greatest ever produced.
That unique V-8 pulled and thundered in a way that its forerunners couldn’t duplicate. The E90 generation is heavier than the E80 generation, despite the V-8 weighing 33 pounds less than the previous inline-six. Despite lacking a sunroof and having a carbon fiber roof panel, the coupe coupe weighed roughly 200 pounds heavier than previously. Even with the additional weight, the redesigned chassis maintained the track-ready power while enhancing the ride.
Similar to the E36, the price of the E90 has dropped to alluringly low levels. It’s simple to find one with higher miles for less money than a brand-new Miata. You need still be mindful of a few things, though.
- The V-8 engine is dependable and strong. Mostly. Watch out for any signs of main bearing or connecting rod wear. Additionally, keep an eye out for any issues with the two throttle actuators that can cause the main ECU to enter limp-home mode. For this unique engine, parts are exceedingly expensive.
- If something does go wrong, don’t anticipate it to be simple to fix. This M3 has far more processors and electrical systems than any of its predecessors since it is thoroughly more modern.
- Oil will be burned. If you frequently engage the car’s upper rev range, there is a lot of it. It also uses pricey 10W-60 weight. Make sure to keep some in the trunk in case you run out at any time.
- Avoiding and avoiding buying vehicles with iDrive-controlled infotainment systems is a good idea. The system is generally dependable, but you should obviously avoid the outdated menus, displays, and user interface if at all possible. Additionally, the display won’t be under a large, unsightly hump on the instrument panel.
How may one obtain an M3?
You need a formula that connects a container’s dimensions and volume in order to determine its volume. Here are some of the more typical ones:
- length, width, and height of a rectangle
- Box-shaped: 3 length
- Container spherical: 4p x radius 3
- Container that is cylindrical: 4p length x 2p radius
- p/3 length x radius2 for a conical container.
If you measure distances in meters, you can calculate volume in m3 easily. It is simple to convert measurements made in centimeters to meters. To convert each measurement to meters, simply multiply it by 0.01. The volume will then be given in m3 when you apply the cubic meter formula.
Which BMW is the most dependable?
When it comes to the creation of sport sedans, BMW has established the benchmark for premium vehicles with the E90 330i that Acura and Volvo aspire to match. The BMW E90 330i is your best option if you’re looking for a sedan that provides the ideal balance of functionality and performance without sacrificing stability and comfort.
The BMW E90 330i is one of the most popular luxury vehicles in the United States and is not only the best-selling model in the 3 Series. It also sold over 336,232 units. Even in the mid-size luxury automobile category, the BMW 3 Series received the Top Safety Pick designation in 2006. The best car options in terms of driver injury prevention and driver restraint features are highlighted by this award.