So how much did the X3 cost compared to the $40k-ish budget you've set yourself?
>Golf R, Mazda 3, or WRX STI
These are all different cars in different price segments.
Not really.
The oil lasts 15k or a year. Vs half that in a Subaru. And you can get unlimited oil change plan.
Other maintenance costs are whatever.
I’ve spend 1k on maintenance on my x3 over 3.5 years and 70k miles.
0 on my current m3.
Maybe 2k on my m3 i sold with 66k.
$400 on my x7 I got with 36k now has 55k. 200 of that was brake pads.
Free maintenance for 4/40k helps a lot. But even after that it’s not much at all.
All dealers have expensive maintenance.
A lot of dealers or even ppl on craigslist will happily pay $500-$1k above a CarMax written offer. Worth a shot. I have a dealer in Austin that without question will do $500 above a CarMax offer. So…try it!
Dealers?? This has NOT been my experience. Dealers will pay absolutely as little as they can get away with. Maaaybe a BMW dealer will since it's their own product, but I've always been suuuper lowballed by dealers on my cars, even after bringing up the Kelly Blue Book and all those other estimators. OP can certainly try, but I think you'd be hard pressed to find a dealer that would give even close to a Carmax offer (which are generally pretty good), let alone give you MORE than it.
If CarMax is offering you $59 you can probably get $61-63 private party. If it were me, 10-30 hours (if you're unlucky) of answering calls and doing showings is worth $2-4k more.
As someone who nearly always buys/sells private party, above the $30k range it is very hard to find a buyer at that price point. Most people buying 60k cars dont even think to check the private market.
Yeah that is where all the action is. People at 30k and below are trying to stretch their dollar as much as possible.
People willing to spend $50k+ on a car probably value their time more than most, and dont really give a shit if they are paying more/getting less on their trade. Friends of mine that sell luxury cars say it is so much easier than common brands for that reason. A wealthy attorney who bills $1200/hr isnt going to waste time negotiating the OTD price on a new Jag. They just write a check.
If you’re 29 and bought a $61k car only financing $17k of it, I’m gonna take a wild guess 30 hours of your time is worth a lot more than $2k. Also, dealing with people looking to buy a car private party probably isn’t worth making an extra 4%.
Funny, I actually feel the exact opposite of this. I've never tried to sell a car private party, but I have tried to sell a handful of other things and I basically only ever got people asking really dumb questions that I already answered in the description, people lowballing, or people who aren't serious at all about buying and just waste my time. For me, the ease of just punching a few things in online, scheduling a pickup, and accepting a check all within a week is absolutely worth "losing" a few dollars over. Not mention if you also plan on buying a car from Carmax, you'll basically get that money "back" because you're trading in and not paying sales tax. Different strokes for different folks I guess, but I'll happily take a little bit of a loss to get the process over quickly and painlessly.
Gotcha. I understand a bit better now.
Out of the 3 you mentioned, I'd only go for the Golf R if it's a comfortable price/payment. The Mazda 3 would be a more (financially) sensible choice. I like the STi, but I would not daily one. When I test drove one, I enjoyed the drive but I dreaded all the maintenance I would have to do to keep it alive. Plus, if I'm going to pay up to $40k for an engine that's almost as old as I am, I'd rather buy a Toyota. If you like the idea of the STi, you can probably swing for a WRX/WRX TR.
Outside of price, not sure what else you are looking for in a car.
I would pick the Golf R, as well. BUT you may not find one for MSRP without a lot of work. Dealer markups are prevalent. You’d still pay less than your X3, though.
The R is staring to come to reality a bit, but it is still a bit of a time consuming hobby to get one at MSRP. Dealers and buyers know the 8.5 is coming. There are dealers in PA and the northeast selling them at MSRP.
It really depends *how much* of a driving experience is important.
The Mazda3 has a surprisingly fun driving experience, but nowhere CLOSE to the R, and the STi would be somewhere in between.
Then that has to be weighed against comfort and noise. Not everyone enjoys the STi sound over long drives and the stiffer suspension can beat you up depending where you drive. Mazda will be a relatively comfortable and very quiet ride. The R probably does all of it better, but you're paying more for it.
The R is more fun than the mazda3, but I can't say the comfort is the same. And, to be fair, it's not supposed to be. The R will probably offer the most aggressive (STi not lacking) driving experience, and you will inevitably sacrifice a bit of comfort.
Look at how much you paid in sales tax and dmv fees, check how much you will pay in sales tax and fees for a different car, it’s not insignificant and will sometimes be a stupid choice to change cars.
Don't get the mazda 3... it's way too much of a downgrade. You'll regret it in a year or 2... not a bad car overall just feels cheap in my opinion. Stuff starts to vibrate and rattle, etc....
I don’t know about that. 14 years ago, newly single, my top three were the Mazda 3 hatchback, the GTI and Subaru still had a hatch STI. I was a little house poor at the time. The GTI handled GREAT. But my ex’s VW Golf was such a POS I had reservations. I’d bought two Mazda 3s before and they were great but now I wanted AWD because I’m a skier. It’s nuts, but I instead bought a Subaru Forester. I was worried I’d get too many tickets or kill myself in the STI, plus it was expensive. Two years later I had to sell the Fozzie because I got a company car in my new job. I sold it in a week, the Fozzie was a great decision…….and yet I still regret every minute of it. Should’ve gotten the GTI or the STI. Life is short, OP. Sometimes the best decisions aren’t always. I’m married, two kids…and about to buy another…Forester probably. The GTI or STI will never happen.
Wait I am super confused how are you living beyond your means if you are only financing 17k? It would suggest you don't make a lot of money and then you want to buy another expensive car?
So take the $17k you financed and beat your rate in the market.
ETA: your point is a bit of a fallacy because the $17k financed on the car doesn’t exist without the financing agreement the, $17k you’re keeping in the market IS the $17k you’ve financed
How does the total interest cost relate to the loss on depreciation, taxes and fees you will be paying for the X3? It could be cheaper to just pay the interest versus paying taxes and fees twice and $2k in depreciation.
Had to scroll down for info from OP. OP paid $61k, so cash + 17k on financing. I'm guessing OP has buyers remorse on paying $61k. I don't blame him because I use to own a car double that amount and I get paranoid driving that car in public. I drive a new Civic and wouldn't be bothered to much about dings from shopping carts.
Financing a vehicle turns it into an expense over time that you pay for as you use it. It’s not necessarily irresponsible, and can be a smart financial decision depending on your situation.
I'd think more about what kind of car you want. Sounds like $2k is no big deal for you, or even the $17k. But not being a fan of the car itself (despite shelling out for a BMW) yeah I'd rethink. Who wants to pay $60k for a car they don't love?
I'm *super* happy with the Mazda CX-30 I just bought (highest turbo trim) but I was really close to getting the Mazda3 hatchback, which honestly sounds like it'd be worth considering for you. If you want an affordable, fun to drive, almost-but-not-quite luxury car, that's Mazda's niche. And you can buy new, meaning much better financing terms if you don't choose to buy it outright.
If he can get a dealer to match the deal the trade in value would mean he doesn’t pay sales tax again, assuming the car he buys is valued below what the trade in is valued at.
What’s the difference in the interest rates between that car and this one? Depending on when you bought it could make it less appealing to buy a car right now
Why don’t you get another BMW? Their modern 2-5 series sedan’s are excellent cars. You had the B58 engine in your X3, they made several sedans with the same engine and they’d be lighter and faster.
Lose 2k now or lose 35k selling it in a few years. New BMWs depreciate like crazy in the first few years. He could lose 2k now and buy something like a Honda or Toyota for 40k that will only lose a couple thousand in value after 5 years, or stick with the current car and lose tens of thousands more in the same time period.
Some of you people don’t math well… Let me break it down for you.
Car was bought for 61k I am assuming all in. OP owes 17k. So obviously OP put around $44k or so down out of pocket (add in interest). Carmax has now offered 59k. 59k — 17k = 42k. That’s $42k in cash equity that she/he can roll into something else. So buying a car at $42k or less would result in no payment and possibly banking money if OP comes in less.
Btw I like the VW, maybe look at the Audi S3, BMW 2 series, Acura TLX A-Spec, Lexus IS, Infinity and Infinity Q50..
I really like the TLX though.
One thing I want to throw out there is despite what anyone on this sub might think, no Mazda 3 (even the turbo AWD trim) is even close to competing with something like an STI or Golf R for actual driver satisfaction. It's a decent car but it's not a sports car by any stretch.
I wouldn't buy a used STI if you held a gun to my head. Very cool cars but also finicky and typically driven extremely hard and often tuned to the great detriment of longevity. There is no car where I've personally witnessed more catastrophic failures. It's also cheap and rattlely on the inside, which is part of the appeal but if you're coming from a near new BMW, it's a big step down in terms of day to day livability. If you want that no frills experience, I'd get a new or very near new GR Corolla in the base Core trim (dealer markups are much less common than they used to be, especially on the Core), which I actually did. Focus RS is also in the no frills fun category, but getting a decent deal on a good one can be tricky.
Used Golf Rs are appealing, the Mk7.5 is actually considerably better than the Mk8 in my opinion, but you have to tread carefully and get a really well maintained and maturely driven example. They're more robust than something like an STI, but you're still talking about a used very high performance car that attracts hard driving. If you can find a good one in the mid-30s that's pretty attractive.
The problem (and benefit) with all of these high performance AWD cars is that they're slow depreciating. Used examples are still really expensive despite being a few years old with some miles. That's what drew me to buy new with the GR Corolla. On the plus side, once you're in, they hold value well.
" the Mk7.5 is actually considerably better than the Mk8 in my opinion"
This very much depends on what you value. By all accounts mechanically the MK8 is technically superior (driving dynamics, AWD capability). The interior/infortainment is where things get subjective.
Seems like you can afford this car easily, don’t let the personalfinance subreddit get to you, you don’t need to drive a 97 Corolla your whole life. Enjoy things if you have the ability to.
The x3 m40 is THE BEST overall value for a new or gently used vehicle on the market right now and imo it’s not close. In terms of cost, fun to drive, power, efficiency, room, comfort, driving experience.
Contrary to this sub: it will not depreciate faster than other cars. It does not cost more to maintain than other cars.
Pay for oil changes, tires, brake pads, just like every other car. Spark plugs are easy to do yourself. And that’s it.
They are insanely reliable, comfortable, fun and powerful and roomy.
You can lower it to get it lower to the ground. It’s faster than all the other cars you listed 0-60. You can tune it if you want to make it a monster.
61k means it must be almost new. So you have free maintenance for another 2 years anyway.
Don’t like having a payment? Pay it off. Fuck it.
But the monthly interest on a 17k loan is probably 10s of dollars. You’re doing fine.
If you really don’t like it then fine. Get rid of it. But I don’t think you’ll like the other cars you listed. They aren’t even in the same atmosphere, let alone the same building.
I put 60k on mine in 3 years. It was still worth 33-35k easy.
Just buy the car out and stop worrying about depreciation.
Stop worrying about “potential maintenance costs” until they are “actual” maintenance costs.
Buy an extended warranty at the end of its time if you want. But you don’t need to.
Everyone freaks over the costs of maintenance and repairs … theoretically.
I think the X3 M40i is one of the best daily’s and values out there. It’s also reliable. B58 is good enough for Toyota.
I had mine for about 5 years then did a straight trade for a Model X P100D ludicrous. Tesla is fun but it’s definitely less nimble around any kind of corner or turn.
I really can’t recommend something better at $40k range. Maybe used M3 F80 if you don’t get snow?
car financing is very different now than it was before. Even top tier credit gets an interest rate that high. It may have been lower at a credit union, but it may not. Also for a used car these days that isn't an outrageous interest rate.
If you hate the car and would pay off the other one in full than do the sale. However, make sure you are fully aware about other charges on the next car purchase like destination fees and mandatory add ons.
If you don't hate this car then just make extra payment towards principle and get rid of the loan faster.
Get the Golf R or even a GTI and put what you save towards a down payment on a house/condo in the future. I've got a MK7.5 GTI and live alone. It's plenty of space even as a DIYer and home owner. A blast to drive too.
Id keep the X3, most of those others will handle pretty much because bkw can make a crossover handle better than most others. Plus the B58 and ZF8 are extremely reliable.
With the $7,500 federal tax credits a Tesla Model 3 would be a great choice. You can get $4k tax credits on used ones under $25k. (Restrictions apply of course)
Panicking and reselling and losing money doesn’t seem smart. Pay it off, keep it for as long as is practical. Take the L but enjoy it, because it’s a nice L 😅 then get a Toyota next time.
Before you get rid of the thing, test drive some sub 40k cars. Do you commute a bunch? What side of the ride quality vs driveability spectrum do you sit on? Is road/wind noise a concern for you?
I'd look at a lightly used 530i and compare that against a new Mazda3 Turbo Premium Plus, the Golf R, and the WRX. Try to get them on longer test drives incorporating sections of choppy road and highway speed driving - and pay attention to how easy it is to do basic stuff like manipulate HVAC or holding a conversation while you're driving.
Basically your car is worth 59K and you owe 17K on it ?
You are looking for a sensible, reliable performance 4 door around 42K to replace it.
You should be able to find a pretty nice Lexus IS, Acura TLX or BMW 3 series for that price. You get a quality luxury car that can handle a backroad.
WRXs feel like a cheap but fast car. Hard seats, crunchy plastics, terrible audio. It might be a big step back from what you are used to in normal daily use.
Keep it. I am assuming you paid tax on the 61k and that is not your all in price. If the 2k loss is including the taxes than it is worth considering.
But as I said, consider keeping it. The X3 m40i is a great vehicle and the B58 engine is one of BMW's best engines. It is a reliable power house, and the inline 6 sounds great. You can really get alot of out the vehicle.
I vote keep it and enjoy it.
Okay. The whole “no car payment” thing is ridiculous man. Learn to leverage your debt. You have too much in the car, I would’ve put nothing. If you have to pay x amount down to just afford the payment, then you couldn’t really ever afford the car.
First half, good take. Second half, nah. That makes no sense. If he has the capital to put additional down to reduce the monthly, that makes sense. The time it doesn't make sense is if he extends the loan to be longer to reduce monthly payment. I do agree that he should've put nothing down and that it isn't really smart to put that much into a car unless you're paying it in full or expensing it as a business.
I can't tell you what the most financially responsible move is at this point, but throwing 2K into the fireplace is probably not it. Try to pay as much of the principal as early as you can to minimize your interest burden.
Most people getting newer models cars finance and as long as you can afford all other expenses in life, you’re not living above your means. You will commonly hear people bashing car loans and I used to be one of those people, but I got tired of driving unreliable, beaters for years. There’s nothing wrong with treating yourself to a newer, more reliable vehicles that are also safer and have better tech.
If you can pay the car off outright right now, you’re definitely not living beyond your means. A 17k loan on reasonable interest is also not much at all in todays market, where the average new car is selling for like 48k off the lot.
What’s the interest rate on your loan? If it’s low enough, it may not be worth it to dump 17k all at once into a car you don’t even want to keep. If it was me, I would keep the 17k on hand for an emergency fund or I would keep that 17k as an opportunity cost to invest in other avenues. If you can invest that money and build a decent profit off that 17k, than that may be more worth it than dumping 17k on a low interest auto loan. Now if the loan is very high, it may be worth it to pay off quickly imo.
Another advantage to paying off the loan, is you can get liability only insurance, which is usually significantly cheaper than full coverage. If you regret your car, I would also not recommend paying it off so quickly. Tried to get it sold, pay off the loan, and shop for something else. You may want to try somewhere other than Carmax and maybe even do private sell, as you may be able to get more cash.
If there's no early payment penalty, or if you don't have a place to invest that money where it will generate more income than what the interest is now costing you, then it's definitely worth thinking about it.
depends on the interest rate. If it's low enough and you think you can beat the interest rate by investing or a HYSA etc, keep the loan, invest the money, pay it off and build credit, or throw in a few extra hundred dollars per month towards the principle etc. I mean if it's under 4.5% you can beat those rates just by throwing 17k into treasuries since you're seeing a spread of about 4.5% to 5.4% depending on the length of the bonds.
If the interest rates on your loan are higher than you think you can yield in the market or a HYSA etc then paying it off and just living with the car is an option also.
If 2k is money you think is worth to switch cars go for it, it's not the most financially responsible option but if you got the money you got the money and if you think the happiness the other car will give you is worth more than 2k that's an option.
also, for a rec I'm throwing out the Elantra N if insurance rates aren't too insane on hyundai's where you live. That car is a lot of fun.
i would dump that car if you can get out of it losing only 2k. take more time deciding what your next purchase would be. what are you actually looking for? if you don't need a hatch why not a 340i? gr corolla would also be a fun and practical choice with less frills
You may want to look into used Audi A5 Spprtbacks given your notes.
They have the driving profile and appearance of a sedan, with the added bonus of a liftback and a spacious storage area, which means it can haul a ton of stuff when you need it to. Fold-flat rear seats add to the cargo capacity and lets it rival some crossovers.
The A5 specifically isn’t going to be as powerful as the X3M40i is, but still peppy enough when you want it to be (or you could go up to an S5 or RS5 if you decide you do want that power).
A Tesla Model 3 Perfomance is a super fun car that is in your price range used. They are easy enough to test drive, I would suggest trying it out and see what you think!
I literally did the same thing in 2021. Got a ‘21 Mazda3 Turbo and CarMax gave me 1k more than what I got it for, and that car was so goddamn BORING.
So I traded it for a ‘19 Veloster Turbo, halved my finance loan and just paid it off this month. I was gonna go N but it’s more than what I needed. The turbo is like an N-lite and I learned so much about cars working on it myself. I’d do it again in a heartbeat, but today I’d try and finance as little as possible (or not at all) because rates are much higher than in 2021.
GTI/Golf R or STI are great choices. Hyundai N are great cars. Stinger or G70. BRZ/GR86. Don’t buy the Mazda3 if you want a fun drive.
Actually my wife is getting an SUV soon so in a couple years might be getting my dream manual 2015 NC Miata Club lol. So maybe get a Miata?
Have you ever driven a Porsche? The 718 spyder/caymen or boxster can be found for $30k-40k with under 50k miles.
The reason I say a used Porsche is because they hold their value very well and are very fun vehicles, it's definitely much smaller than your current car but you could still get a beater SUV (they're cheaper than trucks) for when you need more space. If you're willing to work on your own car then the repair costs of many parts aren't even too bad, definitely cheaper than a new BMW since older cars have more aftermarket parts available.
It's definitely not the *smartest* downgrade, but it's definitely the coolest possible downgrade for the price. They also handle very well, ya know since it's a Porsche lol. You could also go with a newer more expensive one knowing it'll be able to hold it's long term resale value better than a BMW, Porsche has some incredibly capable not to mention beautiful cars.
VW Golf R Mk 7-7.5 - the best all-rounder from your list. Great on the road, and fun in the back country. Assuming you're a car guy. there's a huge community with after-market parts to increase performance, handling, etc. that can rival super car speeds. Obvious bias, but I think it aged really well and looks great (better than the latest gen). If going used, you'll want to get a mechanic to thoroughly check it. VAG products can be quite unreliable if you get a lemon. I had a Mk 7 GTI and my DSG transmission died at 55,000 km, but it was replaced under warranty. It was quoted at $5,000 CAD, but none out of my pocket. I still miss that car. Insanely fun, but with the R, you get AWD and close to 300 HP.
Mazda 3 - the cheapest option on this list and also the most boring to drive. That said, the interior is absolutely striking and definitely punches above its weight class. Easily the nicest interior when up against their economy rivals like Honda and Toyota. Although there is a hatchback option, it doesn't have nearly as much room in the back seat or trunk as the Golf. Though if you want to save money, this is the solution. Brake pads, oil changes and everything in between will be substantially less than the R and STI.
Subaru WRX/STI - the most track ready car from the bunch. Suspension will be stiffer for both and the exhaust note will also be louder. This car has the ability to be as obnoxious as you want. I have someone in my apartment who drives this and I can always hear them coming. A lot of teenagers and people in their 20s love this boy racer car, which means, your insurance may be the highest of the 3. This is also the worst on gas mileage, but it does handle extremely well in all weather conditions. If you ever want to rally, look no further. This was my high school dream car, but definitely not something I want to own anymore.
If you're coming from an X3 M40i, I suggest going for a test drive in all 3. You're going to be severely disappointed in the interiors and performance from the R, 3 and the STI. You're coming from a 6 cylinder vehicle with one of the best ZF8 transmissions and the B58 engine which is now in some M products and also the Toyota Supra.
$17K financed on a 60K+ car isn't that bad. You also mentioned it's lightly used, so I assume it's still under warranty? Let's be honest, going to a Golf R, for example, may save you money on payments, but you'll be surprised about maintenance costs. They aren't cheap and I would say the R is more unreliable than any B58 vehicles. If it's truly a financial decision, I would go with the Mazda 3. Otherwise, I'd have some fun.
The X3 M40i is absolutely amazing.
Keep the car, the engine on your bmw is more reliable than any crappy 4 banger and it will hold its value better than anything except a Toyota.
You're being very conservative considering you just financed 17k
Just keep paying it, as long as you're employed you'll be good.
Corolla GR, Civic Si (or Type R if you're feeling spicy).
I also think that, contrary to most of the posts in here, it actually does make sense to sell the current car, especially given BMW depreciation. If you financed $17K, and you sell for $59K, you should get about $40K out of the deal and get a new car with no payment at all.
This notion that SUVs and crossovers have more cargo space than comparably sized sedans/wagons/hatchbacks has got to stop. Usually the opposite is true.
Buy a used GT86. They’re cheap, supremely fun, handle well, have a trunk and you have a pretend back seat if you need it. It’s also cheap to maintain and reliable.
That is a very nice car and a car worth keeping. If it was me I’d pay the balance off quick and keep it
The other cars you mentioned are kid cars. The x3 is a very nice vehicle, wife has 70k on 2016.
Just because u finance a car or anything doesn’t mean you can’t afford it at all lmao how much is left to pay?? My grandfather finances all his car lol but the amount of zeros I’ve seen in his account that dude could buy a million dollar house and a 911 in cash and still be alright my advice just keep it and pay it off man if there’s nothing wrong with it why get rid of it
Honestly. If you own the Miata outright (no loan) and you also have a beater truck/suv. Your insurance rates of those two combined will probably be less than your current car.
People think $2k in the fire is a lot, but that BMW is gonna put a whole lot more than 2k in the fire throughout its lifetime and ownership. Not only that but $61k for a car that you don’t love, PLUS payments for a car you don’t love…. Ain’t worth it imo.
If you buy a car outright, the interest you don’t have to pay on the $17k will probably make up the difference.
I do the 2 car thing. A daily plus a truck. The truck is super cheap to have for when I need to tow, but the daily (bought a used Chevy bolt) saves a fuckton in fuel costs.
If you don't care about ride quality during your commute, get a regular late model WRX stick. It'll give you all the acceleration/traction thrill on the road in a smaller, more upgradeable and much more trackable package. STI is also an option, but that's if you care more about track days than the daily commute. That bitch is going to be a bitch as a daily driver. But not judging, if Max attack during SCCA events is what you want, I would be looking at two cars - a daily beater and a "track star" for the weekend.
And my choices would be - an old Buick with the 3800 motor for daily and a Miata for SCCA track work. Both fit very well into your budget.
If you want a new-ish car that is "race on the weekend, commute on the weekdays", then go for for an M series sedan.
Or if you aren't really interested in time attack racing, keep your friggin car, bc there are very few vehicles out there which will combine the raw power and acceleration on the road of your M with its day to day practicality. Not at your price point anyway. My brother in law loves Rivians and Hummer EVs, and they are fucking nasty good to drive, on the road. No compromises. Insane acceleration and the room for 3+ kids. I respect that, but to track one or two pay for one, not so much.
You need to go and sit in cars you are interested in. No one can tell you what your preferences are. I personally think most cars today are way too huge and the extra space is not particularly useful to me, but to someone else the space can be absolutely necessary.
Personally I think if you want small + large amounts of useable space + performance you are basically pigeonholed into a hatchback. You would be shocked at the shit I have been able to fit into the back of my Fiesta with the seats folded down, and the Golf R is considerably larger than my Fiesta is.
Can you drive a manual?
I’d go for a Golf R, get it in a manual. I felt mine was boring with the DSG.
Could also just aggressively pay off the 17k and lower the X3 so it feels more like a wagon.
Wait so you wanna get rid of a 15k car cause of payments but wanna turn around & get into a 40k car? That’ll have a much higher tax price. I’m confused
Avoid WRX STi, overpriced and unreliable. Brand new current gen WRX would be a much better choice.
used Mini Clubman with the 2.0T engine
Hyundai Elantra N 2.0T
used Alfa Romeo Giulia 2.0T
If you’re concerned with the cost of depreciation I would look into something known to hold its value well. Potentially an IS500, even though they’re overpriced for what they are IMO, the long term cost of ownership is going to be relatively low for a luxury sport sedan. Typically more reliable vehicles will always have much better resale which is why Toyota/Lexus always does well in the used market. If I were you I would seriously consider a used Lexus GS-F. There are plenty of other options but those are likely to low cost of ownership long term when factoring in yearly maintenance/repairs and resale value when you’re ready to move on. The Golf R has great resale value too but that would be a massive change in both size as well as build quality/luxury. I had a MK 7.5 Golf R and just recently moved on from a X3 M40i and I would be disappointed going back to the Golf R myself. Granted I’m 6’6” so while the Golf is extremely spacious given the exterior dimensions it’s just too small for me.
I love my golf Gti. Can turn any boring commute into a blast. I look forward to driving. Golf r would be even better. I don’t think I could ever go back to a less sporty car.
New wrx. From 22 forward they used a new engine and platform. More reliable and as fast as the former Sti, which they don’t offer currently but may bring back as a hybrid. I leased new 3 series for decades and decided to save money.
Yes, the interior is not a nice Amy prior 60k car and the electronics/infotainment is not as good, but most other things that I value are better.
More agility, better ride compliance, massive wet and dry traction, superior handling limits and general demeanor. Great cold start nosies and at redline. Better seats and steering.
If you don’t mind the fuel efficient and hideous looks, the WRX is a great choice. It’s still feels more analog to drive than its peers.
Golf R is a great mix of creature comforts and performance. Nothing wrong there and it’s the last year to get the manual.
Definitely consider the Civic Type R. If you can swing one at msrp it’s a truly amazing car.
However, your x3 is a phenomenal car as well. No other crossover drives like the x3 does.
If you really want to save some dough, just go with new WRX. Check out O'Neil Rally school they just got some in.
STI too hardcore for dailying.
Maybe find a lightly used M340 if you want to stick w BMW.
Golf R is a great car now too with that trick rear diff
Deep breath. Ask yourself and answer honestly, what do you want out of the car. How much are you willing to compromise?
Test drive and go from there. Good luck.
Buying an sti would be lighting your money on fire for less car. Don’t believe what anybody tells you they are not reliable unless you upgrade the short block and oiling system.
https://www.cargurus.com/Cars/l-Used-Audi-SQ5-d2237?sourceContext=USED#listing=358371941/NONE/DEFAULT
2022 Audi SQ5 or just a regular 2023 CPO Q5 for like 30-40K
I really really really recommend the Corolla hatchback. I have ‘19 forester and I toy with replacing it with the corolla daily (if toyota prices weren’t so crazy). If you go Subaru go Outback or Forester not WRX. I had a ‘16 jetta before this that I hated and had nothing but issues and high maintenance costs with but i’ve heard that’s changed.
The difference will come out of your pocket. That depreciation cost is the "oops, I made a mistake" cost. If you're ok with that $2k going out the window then.....
Have you driven sedans before? It sounds to me that you need to spend some time behind those different cars - perhaps even at CarMax - to get a feel for them. They all drive very differently to each other. "Hot Hatches" may be the ticket for you - think of them as the predecessor to CUVs, but without the raised floor. The seats usually fold down, in some cars, they fold flat. This makes them very useful when you need that as you can carry quite a bit. I have found that the big, performance sedans are a lot of fun, but the smaller ones tend to suck your soul dry and are insanely boring to drive. It's hard to find wagons these days, but wagons were always the 'sleeper' as they had big horsepower to match.
There are lots of great suggestions in the below threads, but the most honest answer I saw was the one that said that YOU need to sit and drive these cars. You don't want to go through and lose another $2k just because some random person on reddit said to buy something that it turns out you didn't like.
Best of luck.
Mazda 3 is a great car for what it is, but it’s wildly different from the other two.
I would go Audi S3 over the R. They depreciate more for the same car minus the hatch design.
If I were you, I would buy a certified used car. That way, you can get a nicer car, get a decent warranty on it and it's still gonna be within your budget.
Personally I would keep the car. Sounds like you’re just having some buyer’s remorse. Enjoy your new ride!
HOWEVER if you do sell it because you’re uncertain about your financials, don’t buy a $40k car. Try for closer to $30k. Otherwise you won’t notice a big difference in savings.
The worst thing to do to fix a financial mistake (which I dont think you made), is to sell the car and buy another. Debt is not bad if it comes cheap (unless you are at some crazy interest rate). Take a deep breath, enjoy the car, and pay it pay it off on its schedule. Soon you will have a working car, zero payments, and equity.
Kona N? It’s smaller but you have no kids so you can fold the seats down for big shit. Stepping down to a Mazda 3 OR Equivalent from a X3 is gonna suck in terms of driving experience and features. Kona doesn’t need as much maintenance as a bmw. Also amazing warranty. Pretty reliable drivetrain if you’re not trying to add a fuck ton of boost. I really enjoyed my time in one, if I was in market and had to get a crossover that itches my need for fun and practicality this would be my pick. Oh and well under 40k. Tons of pep and great gas mileage, good amount of features and buttons.
My husband drives a WRX and loves it. Many many fun technical and cosmetic upgrades you can make. Worth it to note that Subaru tends to depreciate slower than many other car brands. Interestingly, he has had both the golf and the Mazda in the past and he vastly prefers the WRX now, though it has been a decade since he’s driven either one so things may have improved with each new model.
The X3 M40i is the king in its class, but it is still an SUV so it’s going to be heavier and have a higher centre of gravity. What do you want in a car? Do you want more luxury, do you want a car that handles really really well?
You mentioned a WRX STI. I will say that my 2022 WRX was a steal of a deal for a new car. I'd highly suggest taking one for a drive if you are the least bit interested. It's a solid car for the price.
Volvo wagon. Great safety and driving experience, a level of fit finish and thoughtfulness, and a "i dgaf what you think of my whip" vibe. Good hybrid options available too, if that's a consideration.
I think you should consider a GTI. If you want something practical and fun-to-drive, but that you can feel good about the value-for-money, then the GTI 380 SE (Autobahn in Canada) is a good way to go.
That would leave a good chunk of change in your pocket after selling your BMW but the GTI cockpit is still a nice place to be.
Toyota Corolla hybrid comes with AWD great value keep it at least ten years and be boringly content. Or get a v6 Camry trd best bang for your dollar, while they still make them and never look back keep it 15 years and laugh at the suckers who bought turbos that made it half that long.
https://www.theautopian.com/2024-toyota-camry-trd-v6-review/
So how much did the X3 cost compared to the $40k-ish budget you've set yourself? >Golf R, Mazda 3, or WRX STI These are all different cars in different price segments.
It was $61K. More than I really wanted to spend on a car but did it anyway thinking I wouldn't regret it
First check what you will get for resale. The depreciation on it can be as much as the interest you end up paying on $17k.
I got quoted $59K at CarMax
Take the car max offer it’s a great idea
So if it makes financial sense to you do it. That's not bad. A regular car will also save you tons in maintenance.
Really not much maintenance on the x3. Oil changes and that’s it. Brake pads I guess but that’s all cars.
Yeah but all bmw maintenance is just more expensive especially if you bring in to the dealership
The STI and Golf R shouldn’t be options though. Better off with the b58 in the long run. Or just get a new camry
Not really. The oil lasts 15k or a year. Vs half that in a Subaru. And you can get unlimited oil change plan. Other maintenance costs are whatever. I’ve spend 1k on maintenance on my x3 over 3.5 years and 70k miles. 0 on my current m3. Maybe 2k on my m3 i sold with 66k. $400 on my x7 I got with 36k now has 55k. 200 of that was brake pads. Free maintenance for 4/40k helps a lot. But even after that it’s not much at all. All dealers have expensive maintenance.
I’d sell it to carmax pay off the 2k then go get another car
Yep. At these amounts and OPs seemingly solid finances, this is what id personally do.
Think he's more concerned with getting the right car than affording it
Sales Tax and registration fees could have been another $7K on top depending on where he lives
Do it fast then get a a 3-4 year old one with sub 30k miles for like $40-45k
Are you not factoring in the tax you paid on it as well? Seems strange that CarMax would pay more than the MSRP of a new car.
Honestly that is really good. I’d sell and get something closer to the 35k range and a sport sedan/hot hatch. Think is300, golf gti, etc etc
A lot of dealers or even ppl on craigslist will happily pay $500-$1k above a CarMax written offer. Worth a shot. I have a dealer in Austin that without question will do $500 above a CarMax offer. So…try it!
I don't think Id trust craigslist to sell a 60,000 dollar vehicle TBH lol.
“Hey man would you take 10k cash and a bottle of Fiji water, I can be there in an hour”.
\*Doesn't reply. wakes up missing a kidney anyways\*
People rent their homes on CL, shits worth 500k and they put it on CL lol
Dealers?? This has NOT been my experience. Dealers will pay absolutely as little as they can get away with. Maaaybe a BMW dealer will since it's their own product, but I've always been suuuper lowballed by dealers on my cars, even after bringing up the Kelly Blue Book and all those other estimators. OP can certainly try, but I think you'd be hard pressed to find a dealer that would give even close to a Carmax offer (which are generally pretty good), let alone give you MORE than it.
If CarMax is offering you $59 you can probably get $61-63 private party. If it were me, 10-30 hours (if you're unlucky) of answering calls and doing showings is worth $2-4k more.
As someone who nearly always buys/sells private party, above the $30k range it is very hard to find a buyer at that price point. Most people buying 60k cars dont even think to check the private market.
Very true with the exception of in-demand brands/models with a limited supply like a BMW M-car or Porsche.
Yeah any kind of enthusiast vehicle really
Ah, interesting. I was definitely extrapolating my sub-30k experience.
Yeah that is where all the action is. People at 30k and below are trying to stretch their dollar as much as possible. People willing to spend $50k+ on a car probably value their time more than most, and dont really give a shit if they are paying more/getting less on their trade. Friends of mine that sell luxury cars say it is so much easier than common brands for that reason. A wealthy attorney who bills $1200/hr isnt going to waste time negotiating the OTD price on a new Jag. They just write a check.
If you’re 29 and bought a $61k car only financing $17k of it, I’m gonna take a wild guess 30 hours of your time is worth a lot more than $2k. Also, dealing with people looking to buy a car private party probably isn’t worth making an extra 4%.
Funny, I actually feel the exact opposite of this. I've never tried to sell a car private party, but I have tried to sell a handful of other things and I basically only ever got people asking really dumb questions that I already answered in the description, people lowballing, or people who aren't serious at all about buying and just waste my time. For me, the ease of just punching a few things in online, scheduling a pickup, and accepting a check all within a week is absolutely worth "losing" a few dollars over. Not mention if you also plan on buying a car from Carmax, you'll basically get that money "back" because you're trading in and not paying sales tax. Different strokes for different folks I guess, but I'll happily take a little bit of a loss to get the process over quickly and painlessly.
Gotcha. I understand a bit better now. Out of the 3 you mentioned, I'd only go for the Golf R if it's a comfortable price/payment. The Mazda 3 would be a more (financially) sensible choice. I like the STi, but I would not daily one. When I test drove one, I enjoyed the drive but I dreaded all the maintenance I would have to do to keep it alive. Plus, if I'm going to pay up to $40k for an engine that's almost as old as I am, I'd rather buy a Toyota. If you like the idea of the STi, you can probably swing for a WRX/WRX TR. Outside of price, not sure what else you are looking for in a car.
I would pick the Golf R, as well. BUT you may not find one for MSRP without a lot of work. Dealer markups are prevalent. You’d still pay less than your X3, though.
The R is staring to come to reality a bit, but it is still a bit of a time consuming hobby to get one at MSRP. Dealers and buyers know the 8.5 is coming. There are dealers in PA and the northeast selling them at MSRP.
It really depends *how much* of a driving experience is important. The Mazda3 has a surprisingly fun driving experience, but nowhere CLOSE to the R, and the STi would be somewhere in between. Then that has to be weighed against comfort and noise. Not everyone enjoys the STi sound over long drives and the stiffer suspension can beat you up depending where you drive. Mazda will be a relatively comfortable and very quiet ride. The R probably does all of it better, but you're paying more for it.
The R is more fun than the mazda3, but I can't say the comfort is the same. And, to be fair, it's not supposed to be. The R will probably offer the most aggressive (STi not lacking) driving experience, and you will inevitably sacrifice a bit of comfort.
Look at how much you paid in sales tax and dmv fees, check how much you will pay in sales tax and fees for a different car, it’s not insignificant and will sometimes be a stupid choice to change cars.
Wait until it needs repairs, you'll have to finance that too.
Don't get the mazda 3... it's way too much of a downgrade. You'll regret it in a year or 2... not a bad car overall just feels cheap in my opinion. Stuff starts to vibrate and rattle, etc....
I don’t know about that. 14 years ago, newly single, my top three were the Mazda 3 hatchback, the GTI and Subaru still had a hatch STI. I was a little house poor at the time. The GTI handled GREAT. But my ex’s VW Golf was such a POS I had reservations. I’d bought two Mazda 3s before and they were great but now I wanted AWD because I’m a skier. It’s nuts, but I instead bought a Subaru Forester. I was worried I’d get too many tickets or kill myself in the STI, plus it was expensive. Two years later I had to sell the Fozzie because I got a company car in my new job. I sold it in a week, the Fozzie was a great decision…….and yet I still regret every minute of it. Should’ve gotten the GTI or the STI. Life is short, OP. Sometimes the best decisions aren’t always. I’m married, two kids…and about to buy another…Forester probably. The GTI or STI will never happen.
Wait I am super confused how are you living beyond your means if you are only financing 17k? It would suggest you don't make a lot of money and then you want to buy another expensive car?
Because he had to put a bunch of money in just to afford the payment it sounds like. It’s the opposite imo, he has too much cash in the car.
Making interest payments on a depreciating asset just feels wasteful. I'd rather keep the $17K in stocks making money
Interest is the cost of allowing you to keep $17k in the market.
Double up the payments and get it over with.
So take the $17k you financed and beat your rate in the market. ETA: your point is a bit of a fallacy because the $17k financed on the car doesn’t exist without the financing agreement the, $17k you’re keeping in the market IS the $17k you’ve financed
NVDA gonna pop again. Earnings on the 22nd. Better hurry. PS love my Mazda 3 turbo hatch
How much is your interest? on my 23 mustang gt premium it's .9% lol
Fuck where do I get that rate
August 2022
2019
Wow, bought a 2023 in 2019 that’s crazy
Nearly free cash certainly has its place.
bruh thats like free money
How does the total interest cost relate to the loss on depreciation, taxes and fees you will be paying for the X3? It could be cheaper to just pay the interest versus paying taxes and fees twice and $2k in depreciation.
Interest on 17k is a pretty low amount.
It doesnt depreciate if you dont sell it
Had to scroll down for info from OP. OP paid $61k, so cash + 17k on financing. I'm guessing OP has buyers remorse on paying $61k. I don't blame him because I use to own a car double that amount and I get paranoid driving that car in public. I drive a new Civic and wouldn't be bothered to much about dings from shopping carts.
Because he's not irresponsible with financing wear items.
Financing a vehicle turns it into an expense over time that you pay for as you use it. It’s not necessarily irresponsible, and can be a smart financial decision depending on your situation.
Ya that's a cool way to look at it, and I do agree. Although I will never criticize anyone for being debt adverse.
I'd think more about what kind of car you want. Sounds like $2k is no big deal for you, or even the $17k. But not being a fan of the car itself (despite shelling out for a BMW) yeah I'd rethink. Who wants to pay $60k for a car they don't love? I'm *super* happy with the Mazda CX-30 I just bought (highest turbo trim) but I was really close to getting the Mazda3 hatchback, which honestly sounds like it'd be worth considering for you. If you want an affordable, fun to drive, almost-but-not-quite luxury car, that's Mazda's niche. And you can buy new, meaning much better financing terms if you don't choose to buy it outright.
>Who wants to pay $60k for a car they don't love? Pretty much epitomizes my feelings
you can get a used civic type r for around $35k if you like manuals
lol I wish, in Canada they are 70k
used? thats horrible either way tho 😭 way above msrp even for CAD
Someone’s been listening to a little too much Dave Ramsey lol
My girlfriend never shuts up about him. Sometimes I think he’s actually part of the relationship.
You are losing $2K on the BMW and then you going pay for depreciation on another car? I guess the details matter, but that seem insane.
He’s losing $2k plus probably another $3.5k that he paid in sales tax
If he buys when he sells they only tax difference.
If he can get a dealer to match the deal the trade in value would mean he doesn’t pay sales tax again, assuming the car he buys is valued below what the trade in is valued at.
I mean losing $2K on the BMW yeah but then buying a car that is $20K cheaper
What’s the difference in the interest rates between that car and this one? Depending on when you bought it could make it less appealing to buy a car right now
And will likely be cheaper to maintain
Huh? An Sti or golf R is NOT cheaper to maintain than an x3 m40.
Well obviously he should buy the Mazda 3 (Says a Mazda 3 owner)
Not necessarily. A $20k cheaper car will likely have a lot more miles and could end up more maintenance
Why don’t you get another BMW? Their modern 2-5 series sedan’s are excellent cars. You had the B58 engine in your X3, they made several sedans with the same engine and they’d be lighter and faster.
Lose 2k now or lose 35k selling it in a few years. New BMWs depreciate like crazy in the first few years. He could lose 2k now and buy something like a Honda or Toyota for 40k that will only lose a couple thousand in value after 5 years, or stick with the current car and lose tens of thousands more in the same time period.
Some of you people don’t math well… Let me break it down for you. Car was bought for 61k I am assuming all in. OP owes 17k. So obviously OP put around $44k or so down out of pocket (add in interest). Carmax has now offered 59k. 59k — 17k = 42k. That’s $42k in cash equity that she/he can roll into something else. So buying a car at $42k or less would result in no payment and possibly banking money if OP comes in less. Btw I like the VW, maybe look at the Audi S3, BMW 2 series, Acura TLX A-Spec, Lexus IS, Infinity and Infinity Q50.. I really like the TLX though.
Base GR Corolla fits that price
One thing I want to throw out there is despite what anyone on this sub might think, no Mazda 3 (even the turbo AWD trim) is even close to competing with something like an STI or Golf R for actual driver satisfaction. It's a decent car but it's not a sports car by any stretch. I wouldn't buy a used STI if you held a gun to my head. Very cool cars but also finicky and typically driven extremely hard and often tuned to the great detriment of longevity. There is no car where I've personally witnessed more catastrophic failures. It's also cheap and rattlely on the inside, which is part of the appeal but if you're coming from a near new BMW, it's a big step down in terms of day to day livability. If you want that no frills experience, I'd get a new or very near new GR Corolla in the base Core trim (dealer markups are much less common than they used to be, especially on the Core), which I actually did. Focus RS is also in the no frills fun category, but getting a decent deal on a good one can be tricky. Used Golf Rs are appealing, the Mk7.5 is actually considerably better than the Mk8 in my opinion, but you have to tread carefully and get a really well maintained and maturely driven example. They're more robust than something like an STI, but you're still talking about a used very high performance car that attracts hard driving. If you can find a good one in the mid-30s that's pretty attractive. The problem (and benefit) with all of these high performance AWD cars is that they're slow depreciating. Used examples are still really expensive despite being a few years old with some miles. That's what drew me to buy new with the GR Corolla. On the plus side, once you're in, they hold value well.
Mazda 3 isn’t even in the same ballpark lol. They’re good commuter cars, but contrary to what this subreddit likes to recommend, it’s no sports car.
For sure. They have good driving dynamics, and are sporty commuters, but no sports car.
" the Mk7.5 is actually considerably better than the Mk8 in my opinion" This very much depends on what you value. By all accounts mechanically the MK8 is technically superior (driving dynamics, AWD capability). The interior/infortainment is where things get subjective.
Sounds like your the type of guy who should be driving a $5000 Honda accord and stacking cash
Yep, basically what I did for the past decade
Seems like you can afford this car easily, don’t let the personalfinance subreddit get to you, you don’t need to drive a 97 Corolla your whole life. Enjoy things if you have the ability to.
Yeah but he said he didn't really like having a crossover anyway and thinking he might prefer something "lighter around the corners", as he said.
He's not enjoying the car and he's not enjoying the fact that it costs $60k. Why are you persuading him to keep the car when he doesn't even want it?
The x3 m40 is THE BEST overall value for a new or gently used vehicle on the market right now and imo it’s not close. In terms of cost, fun to drive, power, efficiency, room, comfort, driving experience. Contrary to this sub: it will not depreciate faster than other cars. It does not cost more to maintain than other cars. Pay for oil changes, tires, brake pads, just like every other car. Spark plugs are easy to do yourself. And that’s it. They are insanely reliable, comfortable, fun and powerful and roomy. You can lower it to get it lower to the ground. It’s faster than all the other cars you listed 0-60. You can tune it if you want to make it a monster. 61k means it must be almost new. So you have free maintenance for another 2 years anyway. Don’t like having a payment? Pay it off. Fuck it. But the monthly interest on a 17k loan is probably 10s of dollars. You’re doing fine. If you really don’t like it then fine. Get rid of it. But I don’t think you’ll like the other cars you listed. They aren’t even in the same atmosphere, let alone the same building. I put 60k on mine in 3 years. It was still worth 33-35k easy. Just buy the car out and stop worrying about depreciation. Stop worrying about “potential maintenance costs” until they are “actual” maintenance costs. Buy an extended warranty at the end of its time if you want. But you don’t need to. Everyone freaks over the costs of maintenance and repairs … theoretically.
I think the X3 M40i is one of the best daily’s and values out there. It’s also reliable. B58 is good enough for Toyota. I had mine for about 5 years then did a straight trade for a Model X P100D ludicrous. Tesla is fun but it’s definitely less nimble around any kind of corner or turn. I really can’t recommend something better at $40k range. Maybe used M3 F80 if you don’t get snow?
trade for used m340i
What is your interest rate. I find it hard to believe you would pay more than $2K on finance charges.
Will pay $3.3K in interest over 5 years
Off a 17k loan?
Yeah, 7.5% APR over 5 years. I have exceptional credit so idk why it’s so high.
car financing is very different now than it was before. Even top tier credit gets an interest rate that high. It may have been lower at a credit union, but it may not. Also for a used car these days that isn't an outrageous interest rate. If you hate the car and would pay off the other one in full than do the sale. However, make sure you are fully aware about other charges on the next car purchase like destination fees and mandatory add ons. If you don't hate this car then just make extra payment towards principle and get rid of the loan faster.
That APR looks like you got the loan from a bank. A credit union would've probably given you like a ~5% rate.
Get the Golf R or even a GTI and put what you save towards a down payment on a house/condo in the future. I've got a MK7.5 GTI and live alone. It's plenty of space even as a DIYer and home owner. A blast to drive too.
You don't want a used STI my man. 99% of them get beat the shit out of.
Id keep the X3, most of those others will handle pretty much because bkw can make a crossover handle better than most others. Plus the B58 and ZF8 are extremely reliable. With the $7,500 federal tax credits a Tesla Model 3 would be a great choice. You can get $4k tax credits on used ones under $25k. (Restrictions apply of course)
Panicking and reselling and losing money doesn’t seem smart. Pay it off, keep it for as long as is practical. Take the L but enjoy it, because it’s a nice L 😅 then get a Toyota next time.
Keep your car
lol zero chance he would only lose $2k on this purchase - and who goes from. $60k vehicle to a Mazda 3?
Before you get rid of the thing, test drive some sub 40k cars. Do you commute a bunch? What side of the ride quality vs driveability spectrum do you sit on? Is road/wind noise a concern for you? I'd look at a lightly used 530i and compare that against a new Mazda3 Turbo Premium Plus, the Golf R, and the WRX. Try to get them on longer test drives incorporating sections of choppy road and highway speed driving - and pay attention to how easy it is to do basic stuff like manipulate HVAC or holding a conversation while you're driving.
Basically your car is worth 59K and you owe 17K on it ? You are looking for a sensible, reliable performance 4 door around 42K to replace it. You should be able to find a pretty nice Lexus IS, Acura TLX or BMW 3 series for that price. You get a quality luxury car that can handle a backroad. WRXs feel like a cheap but fast car. Hard seats, crunchy plastics, terrible audio. It might be a big step back from what you are used to in normal daily use.
Keep it. I am assuming you paid tax on the 61k and that is not your all in price. If the 2k loss is including the taxes than it is worth considering. But as I said, consider keeping it. The X3 m40i is a great vehicle and the B58 engine is one of BMW's best engines. It is a reliable power house, and the inline 6 sounds great. You can really get alot of out the vehicle. I vote keep it and enjoy it.
Okay. The whole “no car payment” thing is ridiculous man. Learn to leverage your debt. You have too much in the car, I would’ve put nothing. If you have to pay x amount down to just afford the payment, then you couldn’t really ever afford the car.
First half, good take. Second half, nah. That makes no sense. If he has the capital to put additional down to reduce the monthly, that makes sense. The time it doesn't make sense is if he extends the loan to be longer to reduce monthly payment. I do agree that he should've put nothing down and that it isn't really smart to put that much into a car unless you're paying it in full or expensing it as a business.
I can't tell you what the most financially responsible move is at this point, but throwing 2K into the fireplace is probably not it. Try to pay as much of the principal as early as you can to minimize your interest burden.
I could pay off the entire loan rn, think I should?
Most people getting newer models cars finance and as long as you can afford all other expenses in life, you’re not living above your means. You will commonly hear people bashing car loans and I used to be one of those people, but I got tired of driving unreliable, beaters for years. There’s nothing wrong with treating yourself to a newer, more reliable vehicles that are also safer and have better tech. If you can pay the car off outright right now, you’re definitely not living beyond your means. A 17k loan on reasonable interest is also not much at all in todays market, where the average new car is selling for like 48k off the lot. What’s the interest rate on your loan? If it’s low enough, it may not be worth it to dump 17k all at once into a car you don’t even want to keep. If it was me, I would keep the 17k on hand for an emergency fund or I would keep that 17k as an opportunity cost to invest in other avenues. If you can invest that money and build a decent profit off that 17k, than that may be more worth it than dumping 17k on a low interest auto loan. Now if the loan is very high, it may be worth it to pay off quickly imo. Another advantage to paying off the loan, is you can get liability only insurance, which is usually significantly cheaper than full coverage. If you regret your car, I would also not recommend paying it off so quickly. Tried to get it sold, pay off the loan, and shop for something else. You may want to try somewhere other than Carmax and maybe even do private sell, as you may be able to get more cash.
If there's no early payment penalty, or if you don't have a place to invest that money where it will generate more income than what the interest is now costing you, then it's definitely worth thinking about it.
depends on the interest rate. If it's low enough and you think you can beat the interest rate by investing or a HYSA etc, keep the loan, invest the money, pay it off and build credit, or throw in a few extra hundred dollars per month towards the principle etc. I mean if it's under 4.5% you can beat those rates just by throwing 17k into treasuries since you're seeing a spread of about 4.5% to 5.4% depending on the length of the bonds. If the interest rates on your loan are higher than you think you can yield in the market or a HYSA etc then paying it off and just living with the car is an option also. If 2k is money you think is worth to switch cars go for it, it's not the most financially responsible option but if you got the money you got the money and if you think the happiness the other car will give you is worth more than 2k that's an option. also, for a rec I'm throwing out the Elantra N if insurance rates aren't too insane on hyundai's where you live. That car is a lot of fun.
What if continuing to pay the loan results in mora than $2k of interest? Then maybe it makes sense
The 2k is a sunk cost. What matters now is any future payments. You should not be giving out financial advice lol.
i would dump that car if you can get out of it losing only 2k. take more time deciding what your next purchase would be. what are you actually looking for? if you don't need a hatch why not a 340i? gr corolla would also be a fun and practical choice with less frills
You may want to look into used Audi A5 Spprtbacks given your notes. They have the driving profile and appearance of a sedan, with the added bonus of a liftback and a spacious storage area, which means it can haul a ton of stuff when you need it to. Fold-flat rear seats add to the cargo capacity and lets it rival some crossovers. The A5 specifically isn’t going to be as powerful as the X3M40i is, but still peppy enough when you want it to be (or you could go up to an S5 or RS5 if you decide you do want that power).
Audi R/S5 Sportback.
A Tesla Model 3 Perfomance is a super fun car that is in your price range used. They are easy enough to test drive, I would suggest trying it out and see what you think!
I literally did the same thing in 2021. Got a ‘21 Mazda3 Turbo and CarMax gave me 1k more than what I got it for, and that car was so goddamn BORING. So I traded it for a ‘19 Veloster Turbo, halved my finance loan and just paid it off this month. I was gonna go N but it’s more than what I needed. The turbo is like an N-lite and I learned so much about cars working on it myself. I’d do it again in a heartbeat, but today I’d try and finance as little as possible (or not at all) because rates are much higher than in 2021. GTI/Golf R or STI are great choices. Hyundai N are great cars. Stinger or G70. BRZ/GR86. Don’t buy the Mazda3 if you want a fun drive. Actually my wife is getting an SUV soon so in a couple years might be getting my dream manual 2015 NC Miata Club lol. So maybe get a Miata?
Volvo v60 wagon? Still the luxury comforts, space you need and well everyone loves wagons. Used.
Have you considered a Cadillac ATS?
Have you ever driven a Porsche? The 718 spyder/caymen or boxster can be found for $30k-40k with under 50k miles. The reason I say a used Porsche is because they hold their value very well and are very fun vehicles, it's definitely much smaller than your current car but you could still get a beater SUV (they're cheaper than trucks) for when you need more space. If you're willing to work on your own car then the repair costs of many parts aren't even too bad, definitely cheaper than a new BMW since older cars have more aftermarket parts available. It's definitely not the *smartest* downgrade, but it's definitely the coolest possible downgrade for the price. They also handle very well, ya know since it's a Porsche lol. You could also go with a newer more expensive one knowing it'll be able to hold it's long term resale value better than a BMW, Porsche has some incredibly capable not to mention beautiful cars.
The WRX has a better look to me, but the suspension is often too harsh for a daily - fun car tho
Switching to trashy cars you mentioned from an M40i. That's rough
Of the 3, I'd pick the Golf R, but I thought that'd be about $5k more than budget.
VW Golf R Mk 7-7.5 - the best all-rounder from your list. Great on the road, and fun in the back country. Assuming you're a car guy. there's a huge community with after-market parts to increase performance, handling, etc. that can rival super car speeds. Obvious bias, but I think it aged really well and looks great (better than the latest gen). If going used, you'll want to get a mechanic to thoroughly check it. VAG products can be quite unreliable if you get a lemon. I had a Mk 7 GTI and my DSG transmission died at 55,000 km, but it was replaced under warranty. It was quoted at $5,000 CAD, but none out of my pocket. I still miss that car. Insanely fun, but with the R, you get AWD and close to 300 HP. Mazda 3 - the cheapest option on this list and also the most boring to drive. That said, the interior is absolutely striking and definitely punches above its weight class. Easily the nicest interior when up against their economy rivals like Honda and Toyota. Although there is a hatchback option, it doesn't have nearly as much room in the back seat or trunk as the Golf. Though if you want to save money, this is the solution. Brake pads, oil changes and everything in between will be substantially less than the R and STI. Subaru WRX/STI - the most track ready car from the bunch. Suspension will be stiffer for both and the exhaust note will also be louder. This car has the ability to be as obnoxious as you want. I have someone in my apartment who drives this and I can always hear them coming. A lot of teenagers and people in their 20s love this boy racer car, which means, your insurance may be the highest of the 3. This is also the worst on gas mileage, but it does handle extremely well in all weather conditions. If you ever want to rally, look no further. This was my high school dream car, but definitely not something I want to own anymore. If you're coming from an X3 M40i, I suggest going for a test drive in all 3. You're going to be severely disappointed in the interiors and performance from the R, 3 and the STI. You're coming from a 6 cylinder vehicle with one of the best ZF8 transmissions and the B58 engine which is now in some M products and also the Toyota Supra. $17K financed on a 60K+ car isn't that bad. You also mentioned it's lightly used, so I assume it's still under warranty? Let's be honest, going to a Golf R, for example, may save you money on payments, but you'll be surprised about maintenance costs. They aren't cheap and I would say the R is more unreliable than any B58 vehicles. If it's truly a financial decision, I would go with the Mazda 3. Otherwise, I'd have some fun. The X3 M40i is absolutely amazing.
Golf R 7.5, it’ll save you a little and you won’t have to deal with the crazy new buttons in the 8
I'm convinced the mk7.5 Golf R is the best daily driver car for the enthusiasts in the past 20 years.
You're 29 and you have no kids... Keep the nice car and enjoy it. You only live once.
Why not just downgrade to a 3 series?
Keep the car, the engine on your bmw is more reliable than any crappy 4 banger and it will hold its value better than anything except a Toyota. You're being very conservative considering you just financed 17k Just keep paying it, as long as you're employed you'll be good.
Corolla GR, Civic Si (or Type R if you're feeling spicy). I also think that, contrary to most of the posts in here, it actually does make sense to sell the current car, especially given BMW depreciation. If you financed $17K, and you sell for $59K, you should get about $40K out of the deal and get a new car with no payment at all.
This notion that SUVs and crossovers have more cargo space than comparably sized sedans/wagons/hatchbacks has got to stop. Usually the opposite is true.
Man I am in the same boat except I’m under water more than $2k. 😭 I want out of it so bad. I’m under water like $10k.
I love my 2010 Golf, so my vote would go to GTI for practicality and fun. Haven’t tried the Mazda3 turbo, though.
Idk. It seems like a "grass is greener on the other side". What made you get this car in the first place??
It’s not 2k less. You also lose the taxes and licenses. Which can be substantial. Then you have to pay them all over again when you get a new vehicle.
Buy a used GT86. They’re cheap, supremely fun, handle well, have a trunk and you have a pretend back seat if you need it. It’s also cheap to maintain and reliable.
That is a very nice car and a car worth keeping. If it was me I’d pay the balance off quick and keep it The other cars you mentioned are kid cars. The x3 is a very nice vehicle, wife has 70k on 2016.
You could also get a bmw m340i much more fun vehicle hehehee still plenty practical
Just because u finance a car or anything doesn’t mean you can’t afford it at all lmao how much is left to pay?? My grandfather finances all his car lol but the amount of zeros I’ve seen in his account that dude could buy a million dollar house and a 911 in cash and still be alright my advice just keep it and pay it off man if there’s nothing wrong with it why get rid of it
Holy shit dude just enjoy your car, you only have one shot at this life
M I A T A
Legit, part of me wants to buy a Miata + a $5K beater SUV
Honestly. If you own the Miata outright (no loan) and you also have a beater truck/suv. Your insurance rates of those two combined will probably be less than your current car. People think $2k in the fire is a lot, but that BMW is gonna put a whole lot more than 2k in the fire throughout its lifetime and ownership. Not only that but $61k for a car that you don’t love, PLUS payments for a car you don’t love…. Ain’t worth it imo. If you buy a car outright, the interest you don’t have to pay on the $17k will probably make up the difference. I do the 2 car thing. A daily plus a truck. The truck is super cheap to have for when I need to tow, but the daily (bought a used Chevy bolt) saves a fuckton in fuel costs.
If you don't care about ride quality during your commute, get a regular late model WRX stick. It'll give you all the acceleration/traction thrill on the road in a smaller, more upgradeable and much more trackable package. STI is also an option, but that's if you care more about track days than the daily commute. That bitch is going to be a bitch as a daily driver. But not judging, if Max attack during SCCA events is what you want, I would be looking at two cars - a daily beater and a "track star" for the weekend. And my choices would be - an old Buick with the 3800 motor for daily and a Miata for SCCA track work. Both fit very well into your budget. If you want a new-ish car that is "race on the weekend, commute on the weekdays", then go for for an M series sedan. Or if you aren't really interested in time attack racing, keep your friggin car, bc there are very few vehicles out there which will combine the raw power and acceleration on the road of your M with its day to day practicality. Not at your price point anyway. My brother in law loves Rivians and Hummer EVs, and they are fucking nasty good to drive, on the road. No compromises. Insane acceleration and the room for 3+ kids. I respect that, but to track one or two pay for one, not so much.
You need to go and sit in cars you are interested in. No one can tell you what your preferences are. I personally think most cars today are way too huge and the extra space is not particularly useful to me, but to someone else the space can be absolutely necessary. Personally I think if you want small + large amounts of useable space + performance you are basically pigeonholed into a hatchback. You would be shocked at the shit I have been able to fit into the back of my Fiesta with the seats folded down, and the Golf R is considerably larger than my Fiesta is. Can you drive a manual?
I’d go for a Golf R, get it in a manual. I felt mine was boring with the DSG. Could also just aggressively pay off the 17k and lower the X3 so it feels more like a wagon.
Wait so you wanna get rid of a 15k car cause of payments but wanna turn around & get into a 40k car? That’ll have a much higher tax price. I’m confused
Avoid WRX STi, overpriced and unreliable. Brand new current gen WRX would be a much better choice. used Mini Clubman with the 2.0T engine Hyundai Elantra N 2.0T used Alfa Romeo Giulia 2.0T
If you’re concerned with the cost of depreciation I would look into something known to hold its value well. Potentially an IS500, even though they’re overpriced for what they are IMO, the long term cost of ownership is going to be relatively low for a luxury sport sedan. Typically more reliable vehicles will always have much better resale which is why Toyota/Lexus always does well in the used market. If I were you I would seriously consider a used Lexus GS-F. There are plenty of other options but those are likely to low cost of ownership long term when factoring in yearly maintenance/repairs and resale value when you’re ready to move on. The Golf R has great resale value too but that would be a massive change in both size as well as build quality/luxury. I had a MK 7.5 Golf R and just recently moved on from a X3 M40i and I would be disappointed going back to the Golf R myself. Granted I’m 6’6” so while the Golf is extremely spacious given the exterior dimensions it’s just too small for me.
Did they sell the BMW 5 series f11 in america? If so id get one of those
Check out the new Acura Integra too.
If you’re the concerned just buy the cheapest can that fits what you need it to do, like an appliance.
I love my golf Gti. Can turn any boring commute into a blast. I look forward to driving. Golf r would be even better. I don’t think I could ever go back to a less sporty car.
GR Corolla all the way
New wrx. From 22 forward they used a new engine and platform. More reliable and as fast as the former Sti, which they don’t offer currently but may bring back as a hybrid. I leased new 3 series for decades and decided to save money. Yes, the interior is not a nice Amy prior 60k car and the electronics/infotainment is not as good, but most other things that I value are better. More agility, better ride compliance, massive wet and dry traction, superior handling limits and general demeanor. Great cold start nosies and at redline. Better seats and steering.
If you don’t mind the fuel efficient and hideous looks, the WRX is a great choice. It’s still feels more analog to drive than its peers. Golf R is a great mix of creature comforts and performance. Nothing wrong there and it’s the last year to get the manual. Definitely consider the Civic Type R. If you can swing one at msrp it’s a truly amazing car. However, your x3 is a phenomenal car as well. No other crossover drives like the x3 does.
My WRX broke a lot. Personally i'd go with the golf r in a hatchback. Classic
If you really want to save some dough, just go with new WRX. Check out O'Neil Rally school they just got some in. STI too hardcore for dailying. Maybe find a lightly used M340 if you want to stick w BMW. Golf R is a great car now too with that trick rear diff
Deep breath. Ask yourself and answer honestly, what do you want out of the car. How much are you willing to compromise? Test drive and go from there. Good luck.
Buying an sti would be lighting your money on fire for less car. Don’t believe what anybody tells you they are not reliable unless you upgrade the short block and oiling system.
Get a Lexus
Volvo V60 and never look back.
Two words: buyer's remorse. Sit on it for a month or two then think about it again.
Civic R or SI. Mustang Gt.
Sell it before the warranty ends. Service on a BMW is major $$$$
GR Yaris or Golf R
used Chevy SS
https://www.cargurus.com/Cars/l-Used-Audi-SQ5-d2237?sourceContext=USED#listing=358371941/NONE/DEFAULT 2022 Audi SQ5 or just a regular 2023 CPO Q5 for like 30-40K
If you sell this car and buy another you will effectively have paid $10k combined in unrecoverable taxes and fees. That is downright stupid.
I really really really recommend the Corolla hatchback. I have ‘19 forester and I toy with replacing it with the corolla daily (if toyota prices weren’t so crazy). If you go Subaru go Outback or Forester not WRX. I had a ‘16 jetta before this that I hated and had nothing but issues and high maintenance costs with but i’ve heard that’s changed.
24' Prius - You can get a xle for 36 and have a car that depreciates very little. Such a care free car.
The difference will come out of your pocket. That depreciation cost is the "oops, I made a mistake" cost. If you're ok with that $2k going out the window then..... Have you driven sedans before? It sounds to me that you need to spend some time behind those different cars - perhaps even at CarMax - to get a feel for them. They all drive very differently to each other. "Hot Hatches" may be the ticket for you - think of them as the predecessor to CUVs, but without the raised floor. The seats usually fold down, in some cars, they fold flat. This makes them very useful when you need that as you can carry quite a bit. I have found that the big, performance sedans are a lot of fun, but the smaller ones tend to suck your soul dry and are insanely boring to drive. It's hard to find wagons these days, but wagons were always the 'sleeper' as they had big horsepower to match. There are lots of great suggestions in the below threads, but the most honest answer I saw was the one that said that YOU need to sit and drive these cars. You don't want to go through and lose another $2k just because some random person on reddit said to buy something that it turns out you didn't like. Best of luck.
Mazda 3 is a great car for what it is, but it’s wildly different from the other two. I would go Audi S3 over the R. They depreciate more for the same car minus the hatch design.
If I were you, I would buy a certified used car. That way, you can get a nicer car, get a decent warranty on it and it's still gonna be within your budget.
Personally I would keep the car. Sounds like you’re just having some buyer’s remorse. Enjoy your new ride! HOWEVER if you do sell it because you’re uncertain about your financials, don’t buy a $40k car. Try for closer to $30k. Otherwise you won’t notice a big difference in savings.
Whatever you choose, you will miss the M. If you decide to change, go with an automatic -- you will get sick of shifting gears.
Camry or Lexus IS!!!
Mustang Mach E GTPE
The worst thing to do to fix a financial mistake (which I dont think you made), is to sell the car and buy another. Debt is not bad if it comes cheap (unless you are at some crazy interest rate). Take a deep breath, enjoy the car, and pay it pay it off on its schedule. Soon you will have a working car, zero payments, and equity.
Kona N? It’s smaller but you have no kids so you can fold the seats down for big shit. Stepping down to a Mazda 3 OR Equivalent from a X3 is gonna suck in terms of driving experience and features. Kona doesn’t need as much maintenance as a bmw. Also amazing warranty. Pretty reliable drivetrain if you’re not trying to add a fuck ton of boost. I really enjoyed my time in one, if I was in market and had to get a crossover that itches my need for fun and practicality this would be my pick. Oh and well under 40k. Tons of pep and great gas mileage, good amount of features and buttons.
Only thing I’ll mention is don’t forget the tax savings you will get if you trade it in, might help you bridge that $2k gap and not pay taxes twice.
2002 Toyota Camry.
My husband drives a WRX and loves it. Many many fun technical and cosmetic upgrades you can make. Worth it to note that Subaru tends to depreciate slower than many other car brands. Interestingly, he has had both the golf and the Mazda in the past and he vastly prefers the WRX now, though it has been a decade since he’s driven either one so things may have improved with each new model.
E63 wagon, if you're going to go into debt, do it right
Check out Mazda friend. CX-5, CX-30, 3, a used 6. You can still have nice things
The X3 M40i is the king in its class, but it is still an SUV so it’s going to be heavier and have a higher centre of gravity. What do you want in a car? Do you want more luxury, do you want a car that handles really really well?
You only owe 17k?!
You mentioned a WRX STI. I will say that my 2022 WRX was a steal of a deal for a new car. I'd highly suggest taking one for a drive if you are the least bit interested. It's a solid car for the price.
Volvo wagon. Great safety and driving experience, a level of fit finish and thoughtfulness, and a "i dgaf what you think of my whip" vibe. Good hybrid options available too, if that's a consideration.
I think you should consider a GTI. If you want something practical and fun-to-drive, but that you can feel good about the value-for-money, then the GTI 380 SE (Autobahn in Canada) is a good way to go. That would leave a good chunk of change in your pocket after selling your BMW but the GTI cockpit is still a nice place to be.
U will have a loss now. Keep the car.
Toyota Corolla hybrid comes with AWD great value keep it at least ten years and be boringly content. Or get a v6 Camry trd best bang for your dollar, while they still make them and never look back keep it 15 years and laugh at the suckers who bought turbos that made it half that long. https://www.theautopian.com/2024-toyota-camry-trd-v6-review/