Buying luxury cars even used can be a mistake if you can't afford a new one. Luxury cars are often designed with the idea the owner can afford luxury car maintenance prices. The higher cost doesn't stop with just the price. Nearly everything about them is more expensive. If it's a stretch to buy new, maintaining one will be a stretch, too.
- 40 years old, single, no dependents
- $200k salary (variable bonus but not including it here)
- $700k total net worth
- Save about $2.5k per month after maxing retirement accounts
I read this other similar thread and the consensus appeared to be the purchase would be fine. I feel that at my age I am behind a lot of people on this forum. I want to buy a used BMW X3.
- Cash purchase
Since this linked thread the car buying world has changed. At first I was targeting a 2-3 year old used Toyota RAV4 or Honda CRV, but when researching prices, the price was not much discounted from brand new. But when you look at brand new for a higher-end hybrid model, the price is around $37k - $39k. It just seemed high to me and I looked at other cars, and that's what drew me into the used BMW X3.
I used to own a Lexus IS 250 (non turbo) and I disliked the car due to it not being sporty and fast enough. I leased a BMW over 15 years ago and while the driving experience was great, it had a lot of maintenance issues. But I've read that recently BMW has improved reliability (Consumer Reports, for one source).
So what does the forum say?
UPDATE 9/27: Just to update the thread, I closed the deal for $33.7k out the door yesterday for a 2022 BMW X3 with 20k miles (CPO). I'm looking forward to years of ownership and enjoyment.
I'd stick with a good, reliable car brand you don't have to worry if you can afford.
Statistics: Posted by HairyReasoner — Fri Sep 27, 2024 8:15 pm — Replies 84 — Views 6251