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18yr old with inheritance

yrnyrn Member Posts: 2
edited July 2015 in BMW
I recently inherited some money from my grandparents, around 6 figures and I was looking to buy a new car. I currently have a 2006 MINI Cooper which will go for about 6k trade in or private party. I've always been a fan BMW and now I have the money to buy one. I've done research and I'm not sure if I want to deal with the insurance, maintenance and other issues that come with a owning a BMW. Is a BMW 3 series a good choice for someone in my position or should I opt for something more reliable.

I'm also a humble person and in no way trying to brag or boast. I am just inexperienced looking for some advice. Thank you, comments, questions, concerns or suggestions are appreciated.
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Comments

  • corvettecorvette Member Posts: 11,090
    Keep the MINI, its a nice car. Get yourself through college and see where you land after that. If you still have funds left, you can use them for a down payment on a house. 
  • texasestexases Member Posts: 11,045
    Yes, hate to be a downer, but the car comes after getting college funding established. Graduating with huge debts is crippling many recent college grads. If that's not an issue, I'd still hold off. I got my 'neat' car shortly after my degree, was great timing.
  • roadburnerroadburner Member Posts: 18,119
    I'd suggest a CPO 3 Series. The newer ones(F3x) are a bit dull to drive. The 2009-2011 E9x cars are very nice. I think that the pick of the litter would be a 335is. If you aren't wanting a lot of horsepower a 328i is still a good choice. It's a bit underwhelming, but still more fun than most any of the Fx cars.
    Me, I'd go with a CPO 135i, but then I'm a track geek.

    Mine: 1995 318ti Club Sport-2020 C43-1996 Speed Triple Challenge Cup Replica
    Wife's: 2021 Sahara 4xe
    Son's: 2018 330i xDrive

  • Mr_ShiftrightMr_Shiftright Member Posts: 64,481
    The Mini Cooper is essentially a BMW product and costs the same to repair and maintain, and has about the same reliability record, so your move is "sideways" in my opinion. Of course a BMW sedan or coupe gives you a bigger, smoother more powerful and comfortable car.

    I'm with Roadburner 100%---the 135i has a lot going for it. For one thing, it's a pretty old platform, so a lotta bugs have been worked out. It's not your "upscale" BMW, but if you like driving more than you like plush, gizmos and "softer" dynamics, this is your baby. This is old school BMW, not the Bavarian New World Order that Roadburner and I sniff at.
  • qbrozenqbrozen Member Posts: 33,642
    I gotta say "no" to a CPO bimmer. Its fine while its under warranty, but when that runs out, you gotta dump it and replace, or suffer the consequences. Ask me how I know. That won't even get you through 4 years of college in most cases.

    Personally, I'd probably be looking for something new for $25k or less to get me through the next 5 years with as little trouble as possible till I graduate and establish myself in the real-world, and hold onto the rest to actually GET established in the real-world. If you can find a CPO vehicle with 5 years of warranty on it, great, but I think those aren't so common.

    So, fun car for $25k? Well, a base BRZ comes in at $25,360 per truecar. Minus your trade-in and add tax and tags and you are well under budget. Mustang, WRX, Mazda3 ... there are plenty of choices.

    '11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S

  • steverstever Guest Posts: 52,454
    edited July 2015
    Do you have a career path in mind? Maybe you should check out being a BMW tech if you have good electrical and computer skills. Unfortunately you'd have to occasionally get dirty messing around with old school parts, like batteries and injectors.

    I dunno, I'd rather take a year off and go traveling. You can get a car easy, but creating those lifetime memories takes time and money, and often you only have one or the other when you're young. If nothing else, go see North America in your Bimmer and create lifetime travel and car memories. (Or even better, just hop in your MINI and go).
  • cmhj2000cmhj2000 Member Posts: 381
    Easy come, easy go.
  • thebeanthebean Member Posts: 1,259
    I vote for what @qbrozen said.  Sound advice IMHO.
    2015 Honda Accord EX, 2019 Honda HR-V EX
  • Mr_ShiftrightMr_Shiftright Member Posts: 64,481
    Well if protecting his windfall becomes the priority, then he might as well just stick with what he has---the Mini is bought and paid for. Trading one used car out of warranty for another used car out of warranty isn't a guarantee of anything.
  • saratogastevesaratogasteve Member Posts: 186
    edited July 2015
    yrn said:

    I recently inherited some money from my grandparents, around 6 figures and I was looking to buy a new car. I currently have a 2006 MINI Cooper which will go for about 6k trade in or private party. I've always been a fan BMW and now I have the money to buy one. I've done research and I'm not sure if I want to deal with the insurance, maintenance and other issues that come with a owning a BMW. Is a BMW 3 series a good choice for someone in my position or should I opt for something more reliable.

    I'm also a humble person and in no way trying to brag or boast. I am just inexperienced looking for some advice. Thank you, comments, questions, concerns or suggestions are appreciated.

    When I was 18, I too inherited money from Grandpa - close to the same amount as you adjusted for inflation.
    My eyes lit up with all the cool cars I could of purchased, but I ended up traveling the world instead. Later in life when I had a good income I once went crazy buying all cash BMW's and a MBZ for the wife. I can look back and tell you the travel was a great investment while the cars were a terrible investment - just a vanity purchase. Please at your age do not buy a new BMW with your grand father's money - that car, imo, is not for you. Your Mimi sounds great to me. I love cars and don't want to knock BMW, but at 18 you're better off saving or spending elsewhere.
    I might add that I left some money for college and got my degree, but college was allot less expensive back then.
  • qbrozenqbrozen Member Posts: 33,642
    Mr_Shiftright said:

    Trading one used car out of warranty for another used car out of warranty isn't a guarantee of anything.

    Agree. Which is why I say get new with good warranty.

    '11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S

  • rhinestonefuserhinestonefuse Member Posts: 76
    edited February 2016
    I suggest you visit local BMW dealership with your Mini.

    Tell the salesperson you are looking to purchase a new three series which you plan to own for at least six years. Ask to test drve the 320, the 330 and the M3.

    Buy the 320. Tell the salesman you expect at least 5% off sticker and you really don't want to waste time by having to deal with two or three other dealerships and you don't want to look at Audi, Cadillac or any other competng brands. Look him in the eye when you say this. He will come back with better than 5% and you will both be happy.

    Do NOT pay cash, instead get a 2 percent or better loan from credit union or BMW financial, if avail. Paying $40K out of pocket for a car in this economy is irresponsible and ignorant.

    Invest the balance of your inheritance in a 401k, this is incredibly simple to do. Just call Fidelity and it will be done in a day.

    Avoid college. A 3 series is worth more than any college education I can think of.



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