It’s good that you’re asking for opinions on this. That’s a sign of responsibility.
As others have said, this is not the right choice for you at this time. If a car like that is your dream, then you need to work hard, drive inexpensive used cars, and save money for the next ten years or so. Then you can treat yourself to a car like that, knowing that you earned it. I know that this is not the mindset that most of your friends will have, but that doesn’t change the fact that it’s the correct one.
I think it is more of a stab in the dark hoping someone would say ( Yes, getting a used BMW is a great idea ) so they present it to their parents who have already said No.
Agree! My daughter dated a guy years ago who had only a part time job and bought a used 5 Series BMW. He lived at home, but it still kept him broke. He sold it for parts when the first major repair occurred.
I have owned my own cars since age 19 and my first one in college was a 10 year old Chevy which I nursed along for 5 years. Many posters here have similar experiences while growing up.
Well, at least the OP is thinking about it, and he did not ask about a Corvette, which is what I wanted when I was 18.
I was 50 years old when I bought my first BMW. It was preceded by three Chevys, a Toyota, and a couple of 2-series Volvos.
When I came back from the Peace Corps and started college, I paid $6000 for a brand new Toyota Starlett in 1981. It was such a base model that there was a plastic cover in the dash where the radio should go. No A/C of course. EPA rated at 50 mpg. It was a death trap but it was the greatest car I ever owned. Looked great and ran like a swiss watch when I sold it at 275k miles.
I hate to break it to you, but the young fella’s insurance IS relevant to his question.
Son, I urge you to check with your insurance before making any decisions. The cost of the insurance on the car you want might cause you to look elsewhere all by itself. In addition to being penalized for your youth, you’ll probably be penalized for driving the BMW too.
It would be wise to look primarily at reliability and cost to own and operate in picking a car unless you have very deep pockets. Just one relatively minor breakdown could cost you several hundred just for the wrecker and transportation home. Will you have $2,000 available for breakdowns in the bank after buying the car, buying a tag, paying the taxes and getting it insured? If not you could be a broke pedestrian a few weeks after the purchase.
My next door neighbor is in a similar, although unique, situation. He’s 17 years old and for his first car his father gave him his old 1993 Datsun 240SX. I don’t know how the deal came about, but he somehow ran across a guy who had a similar SX which he raced, and wanted to get another one for his girlfriend so they could race together. My neighbor made an even swap: his 1993 240SX for a 2004 BMW 325i. He’s a senior in high school and has a part time job; we’ll see how this all works out.
The 323i wasn’t offered in the US that year. For the 325i the labor for water pump replacement is 2.6 hours, for the Corolla, 1.9 hours. Not a big enough difference for some people to choose a lesser vehicle.
I compared the cost of insurance for a teenager in my area between a 2001 BMW 325i and my sons Grand Am, the BMW premium is $17.70 more per month. Insurance is a consideration but probably not enough to discourage one brand of vehicle over another.
A friend has owned a number of 5-series Bimmers, and he would disagree, at least for adults with well paying jobs. While they start out with some reliability issues, he cures them with a shrewd replacement strategy. An example is the water pump. The OE pump is plastic and has to be replaced at about five years before it fails. He replaces it with an all metal racing water pump. It is more expensive than the plastic one, but he never has to replace it again. He keeps his cars at lest ten years.
It would be great if BMW used the metal water pump, but even luxury car builders are cost conscious. He is also a mature adult with no other long term expenses, and he loves his Bimmers enough to spend his earnings on them.
As for cost of ownership, Edmunds.com has a feature called True Cost to Own. You can check the cost to keep any car for five year. I think they do it for cars up to seven years old. The data is good for comparisons, even if not accurate for DIYers.
Thank you for the link, JT. It shows the five year differences as such:
2017 Corolla sedan,
base cost $16,452
Total cost over five years $22,926
Cost of ownership above purchase $6,474
2017 BMW 3 sedan
base cost $48,502
Total cost over five years $57,172
Cost of ownership above purchase $9,000
Total cost for the BMW is $34,246 above the Corolla
Cost of ownership of the BMW over five years not including purchase cost is $2,526 (39%) greater than that of the Corolla.
My guess is that as the cars age, and things begin to need repair, difference in the cost of ownership will grow.
It’s great that your friend likes 5-series BMWs and can afford them. But the subject of the thread is an intelligent purchase for an 18 year old buying his first car.
At a $200/week wage, I’m wondering if the OP is in the financial position to operate/own ANY car
I mean that as no disrespect to any of the regulars who DID buy and successfully maintain their own cars at that age
It can be done, but I would suspect some 18 years olds are not in a position to do so
If OP can drive dad’s car for a little while longer, or use public transportation to/from work/school, that would theoretically allow him to save some money for future needs
I agree not only with your comment, but also with your recommendation. As important as a car is to growing up… and the dating process… it’s always better if a young person can get by without.
When I was young my first car was a used '61 Beetle (it was the late '60s). It was dirt-cheap. It afforded me the full growing up experience (including the dating) at a cost I could afford.
It is when you’re in college. I didn’t have a car for most of college because I happened to be on a campus where I could get everywhere I needed to go on foot or on a bike. I only got a car my senior year because I was getting into off-campus assignments and internships that required transportation.
I didn’t even drink in college because I didn’t start enjoying the taste until I got older and more financially viable and could afford booze that is actually good (turns out college students apparently don’t know that Natty Ice and Jagermeister suck! Who knew! ) , but I was constantly broke because I was trying to get through college the old-fashioned way, where work takes a back seat to studying. $50-100 meant the difference between eating Ramen for a month or having something less likely to make me want to shove a fork through my eye.
And this was back in the days when a year at a state college did not cost as much as a new car. I frankly don’t know how kids who have to pay 22 grand a year for a freaking state school pull it off.
And then you have to factor in the expenditure frequency. An extra .7 hours doesn’t sound like a big deal, unless you take into account that the BMW is likely to make you go to the mechanic more often than the Corolla which will further deplete your finances.
) , but I was constantly broke because I was trying to get through college the old-fashioned way, where work takes a back seat to studying. $50-100 meant the difference between eating Ramen for a month or having something less likely to make me want to shove a fork through my eye.