Wise to buy BMW at 17?

Question

I am 15. I work 3 different jobs and have a steady income (averaging income of about $300 per WEEK and saving $200 per week) while attending highschool. There is only 1 year till i can drive and another 8 months after that before i can drive alone. I am planning on purchasing a used 2000/1 BMW 540i as i will have the means to afford 1 (at age 17). Monthly insurence will cost roughly $460, and am budgeting $200 / month for gas/repairs. I am asking wheather it would be a wise desicion for me to purchase such a car at such a young age; and are there any conflits that I may have that I have not mensioned. (I am expecting to pay no more than $15,000 for the car, and at 17 i will have $28,800 saved in total)

Answer 1

i think thats very smart!!

you sound like you've budgeted wisely, go for it!!!

im starting to save for my car too!! but im 13.

dont listen to the people saying not to.

you know what you've got, you know what you want, go for it kid!

Answer 2

no. get a sh*tty car because you're not even 16 so that means you won't be careful when driving. even i wasn't when i was 17 and started driving and i have a clean record. get a crappy car that way if u mess it up you wont care as much. if u have to pay that much in a car why arent u just saving that money for a first yr of tuition in college!!!?! seriously get a beater and run it into the ground then when u leave for college u can get rid of it. dont put a lot of money into a car your not gonna use for a super long time.

Answer 3

Wise? No.

Having enough money to buy a car, does not mean you can afford it.  Upkeep on a high end car will cost high end money no matter how old it is.

And $200 for gas and repairs each month, huh?  Lol, do you plan on driving it?  With gas prices now I can ring up $200 a month without driving very far.  Imagine what gas prices will be a couple years from now and being guzzled in a V8 with your young lead foot...

Work less jobs, enjoy your youth.  Learn to work hard, but not for fleeting (and depreciating) riches like a fancy car.  Buy a normal car for your first car so you have the experience of maintaining it badly (EVERYone does this).  Get the car you actually like later down the road.  You will be more mature and make better decisions. :)

Answer 4

I guess you should also check insurance quotes for BMWs before buying one, for example here: http://autoinsurance.undonet.com

Such an expensive sporty car costs a lot to insure for young driver.

Answer 5

you shoudn't buy a bmw at 17 because the insurance is gonna be outrageous and you got to put premium fuel in car. just buy a a regular reliable japenese sedan (Accord, Civic, Camry, Maxima). this way you can also put money into college and maybe buy something that will increase in value like a house.

Answer 6

wat if u lose ur job. UR A PRICK

Answer 7

Just crazy.

People age 16-24 have the same accident rates as people 80 and above.  You are almost guaranteed to have an accident (and maybe even wreck it).  So why spends so much so early?  It would be a shame to see your baby totaled.

Save it for your second car (or later).

Good Luck...

Answer 8

Get a less expensive brand.  Because you will have a major accident within 2 to 3 years. I had my major accident about a year after I got my car. I'm glad I spent less than $ 4,000  for it.               After your 1st  major accident then go for the BMW.   Trust me, it will be worth it in the long run.

Answer 9

A 2001 5-series is totally out of warranty. You need to know that you are totally on the hook for any repairs (and they will exist, as BMW, despite its marquee name, is not the most reliable make) incurred on the vehicle. You probably already know that parts on Bimmers are high.

I would purchase something WAY more reliable and newer, for less money. You'll save on insurance and repair bills.

You also need to keep in mind your future plans. Do you plan on working 3 jobs forever (and, honestly, $300 per week isn't that much)? What if something happens and you cannot work?

You would be much wiser purchasing a vehicle for $5-7000 that will last you through high school and college, and keep saving money. After college, you can then get a newer Bimmer if you still want it.

Answer 10

Are you planning on attending college?  It would be wise to examine your future needs and the costs involved as well.  You can get a much newer vehicle with less monthly repair/maintenance costs than the BMW will be. Are you buying a BMW for it's performance and reliability or status?  Status is a desire not a need. My son is 19 and has worked for over three years while attending high school. He just graduated and will be going to college in the fall. He was rear-ended and slammed into the car in front of him by a careless driver.  He has had his license three years and is a very good driver.  The accident was unavoidable. The car was totaled.  He paid $400 for it and we carried collision which gave him $1800 for a newer used car.  The accident happened less than a mile from home. He was lucky and was not injured.  Choose wisely, drive safely, and be prepared for anything. May the vehicle you choose be reliable.

Answer 11

460 a month is re-G********d-diculous!!!

a lot of stupid people think you need a specific brand or model to be cool... BMW does not make you cool... it will not make your d**k longer... it does not go faster than all cars that cost less than it.

if you lived in europe i would say go for it. but not in america.