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Discussion Starter · #1 ·
What do you think guys? Put yourself in my shoes...

I love my car, but I have been thinking lately that it is a lot of money to have tied up in a depreciating liability...

I'm 26 years old, student.

I own the car outright and have no other debt (aside from mortgage)

I just bought a Condo (1st home). I've been renting until now. I could pay the balance of the mortgage off if I sold the car and got something cheaper.

Of course it would be the *smarter* thing to do to sell the M3, but...should I? Or should I enjoy being young and single and be a bit less responsible with my money?

If I did sell, any suggestions on what I should buy to replace it? Something that is still cool and that I can modify and make unique? I only buy used now BTW. I bought my 330 new and learned my lesson (waste of money to buy new). Opinions?
 

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Its not gonna depreciate as fast now. I mean the first year is probably the worst since it depreciates the most the minute it is driven off the lot. And if you only owe the amount of an M3 on your mortgage then you payment must be super low already. If you sell it to pay off the mortgage youll have to get a new car that will probably have a higer rate than your mortgage and have to be paid off in single digit years so your payments will sky rocket even if you get a cheaper car. Plus you said you love it! If you can afford something you love why not keep it, and as long as your not driving more than 15K miles a years its not gonna depricate worse than any other car. Heck BMW is actually ranked high in retaining value.
 

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if you're gonna modify your next car theres no sense in downgrading then dumping money that you DEFINETLY won't get back into a lesser car
my thoughts atleast
selling the car to do so would actually be you being less careless with your money rather than keeping it
 

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to be honest in your situation i think itd be better to sell it
BUT
if i were you id keep it cuz the m3 is just pimp
 

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do you really want to be driving a r1cer > m3? didnt think so... u cant downgrade to a cheaper car and enjoy it.. enjoy yourself
 

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Discussion Starter · #10 ·
grizzy727 said:
yeah plus interest on the mortgage is a tax write off-so If you dont have to dont sell it
Mike
Lucky Americans can write off interest on a mortgage...not so in Canada:(
 

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Keep it. Once you sell it, you'll miss driving a "nicer or quicker" car. Trust me, I made that mistake and thought I could live with it. I ended up losing even more money selling the Econobox and going back to a better car.
 
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