Can I Afford A 2009 BMW 328i Convertible?

Asked by Nov 03, 2016 at 03:12 AM

Question type: Shopping & Pricing

Okay, so I really want to get a BMW. I love these
cars with a passion and would love to own one. Of
course, this is a very expensive luxury vehicle and I
am concerned with how much it can cost to own.
I'm a high school graduate looking for my first car
(hopefully a BMW) and I work one full time job and
a part time job on the side. I found a 2009 328i
convertible for a little over $15,000 with about 40k
miles. I make about $1,500 a month and wonder if
I could afford this car. Between insurance, car
payments, and maintenance costs, how much
would this car cost to own and could I make this
car my own with my current income (with like $300
a month to spare). Is this possible? Any tips?

1 Answer

96,645

European cars can easily be double the costs to maintain compaired to a domestic car, then there is your age and the type of car, for insurance your going to be paying through the nose for that car. My advice is hold off, get a cheap domestic car for now, preferably one that you can pay cash for, so you don't need full coverage insurance and if you do crunch it up you won't be out a lot, save what you can and when you reach 21 you will get a break on the insurance and hopefully have enough saved to make a good down payment or even if you save enough buy it outright, nothing feels better than buying your first really good car and having the cash the do so. You never know in a few short years they might come out with one you really fall for, things are changing rapidly.

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