Hey guys so I'm looking at getting a sr+ m3. I own my own business and it will primarily be used for that. Currently my wife and I are sharing a 2005 Ford explorer with a v8 engine. We are spending a minimum of $400/month on gas as it's an average of $1.30/L here In BC and around $1000 a year on maintenance at least.
We are expecting in June and she really wants a dodge caravan for space purposes and comfort for long trips etc with the baby. We would be buying used and our budget is $15k which we already have saved up.
Now she really likes the m3 but we would be financing it as we will only have another $5k saved up to put as a down payment. My business is fairly new but is growing steadily and we are confident in it but she won't be working after June and will be getting her mat leave so we will be living off that and my income for the first year. We have our own home and no other debt at the moment.
My question is after she gets the Van should I just keep driving the explorer and spending that much in gas and maintenance because of fear of not enough Income coming in as an absolute worst case scenario or finance the m3 now and save on the gas and maintenance and have a more reliable enjoyable car? She can't seem to swallow the high price tag and long financing term. Also our $3000 BC rebate is about to finish as well and we also get a federal $5000 rebat, I could also easily get 2.99 for 84 months with my bank. Even if I were to have let's say half of the cost of the m3 as a down payment would that even make sense putting into the car or would it be better to invest and keep as cash flow for business etc.
Sorry for the long story but I needed to provide some insight for some real answers on this. Thank you.
We are expecting in June and she really wants a dodge caravan for space purposes and comfort for long trips etc with the baby. We would be buying used and our budget is $15k which we already have saved up.
Now she really likes the m3 but we would be financing it as we will only have another $5k saved up to put as a down payment. My business is fairly new but is growing steadily and we are confident in it but she won't be working after June and will be getting her mat leave so we will be living off that and my income for the first year. We have our own home and no other debt at the moment.
My question is after she gets the Van should I just keep driving the explorer and spending that much in gas and maintenance because of fear of not enough Income coming in as an absolute worst case scenario or finance the m3 now and save on the gas and maintenance and have a more reliable enjoyable car? She can't seem to swallow the high price tag and long financing term. Also our $3000 BC rebate is about to finish as well and we also get a federal $5000 rebat, I could also easily get 2.99 for 84 months with my bank. Even if I were to have let's say half of the cost of the m3 as a down payment would that even make sense putting into the car or would it be better to invest and keep as cash flow for business etc.
Sorry for the long story but I needed to provide some insight for some real answers on this. Thank you.