BMW M340i as an Analyst?
Currently a first-year S&T analyst (ignore the title) at a BB in NYC. Always been super into cars, but coming from a low-income background, was never able to satisfy that desire. Additionally, having grown up in the New York area, BMW's have been incredibly popular. However, as a first-year analyst expecting to make ~135-145k for my first full year, would it be financially ok to purchase a BMW M340i, Certified Pre-Owned/Used, in the high 30's/low 40's range?
I mean you can do that but it’s not a smart idea lol
Being in NYC is tougher because of how expensive / difficult it is to find parking. Is there any where to even drive or enjoy the car? I’m a big time car guy, got a brand new F80 as an An1, but I live in TX where having a car is a requirement, parking is cheap, and there are plenty of places to enjoy the car
There's just no point in NYC it's a waste of time and money. And I'm saying this is as a car guy who bought an even more expensive car during their analyst years, but only after I moved out of NYC to the south.
No cars in NYC.
I grew up in nyc, don’t buy a nice car like this at this time. The streets alone will kill your car and just give you more headaches. BMWs are also expensive to service so even if it is certified pre owned, be aware
Financially, yes. But you live in the city so why bother
Used BMWs in New York are the most tortured cars on earth.
Would say go for it if you’re in CT or NJ, but it’s a tough one if you’re located in NYC. Just the streets of the city alone will ruin your suspensions and don’t even get me started about the weather, low speed limit, and riff raffs that will trash your car anytime it’s parked in the street.
I got myself the m440 as soon as I left the area and would highly recommend the m340/m440 otherwise, it’s a fantastic car and super quick but make sure to get the warranties cause any parts breaking down will easily run you couple grands if not covered.
I don't think this is the worst idea if you have a consistent place to park, if you have property in the outer boroughs or LI and see your family a lot etc...
You're going to get killed on expenses for insurance and parking if you don't have a plan. Estimate annual gas, parking, miscellaneous fees, and insurance - you don't have much left in your after tax savings after buying the car. Wouldn't rely on the car for a daily work commute either.
In contrast to some other comments I disagree on maintenance and repairs only because if you're smart you'd be buying a CPO with a factory warranty extension or supplemental coverage; the majority of those expenses are included with exceptions for a few of the higher end BMWs that are well outside of your price range.
Personally I would cut your budget in half and get a Boxster or a MX-5 instead.
I daily my G80 M3 and the maintenance cost really isn’t that high. Ofc it’s going to be higher than a Honda but I haven’t had any issues. I commute in the Bay Area so idk if the weather and roads in NY are going to be a contributing factor. In general I think people overestimate the maintenance cost.
I have a significantly more expensive car (I'm obviously a lot older than you) in NYC but yeah - it's a toy and because it's a toy, it sits underground and gets brought out on special occasions. I subway to / from work because of how useless it is to have a daily driver in NYC.
Pay $800 for parking monthly and another $150 in insurance. That’s before this new congestion charge. Lot more senior than title and my wife makes few hundred K so it’s fine - but not an analyst hobby.
Will their insurance be that low? Admittedly I am out of touch here, I would think an early 20s driver would be closer to $300/mo within the area.
Who knows. I’m more like 40 than 20 and didn’t get any tickets (minus NYC speed cams) since my 20s and have never actually filed a claim or got into an accident.
I wouldn't have done it in NYC but I bought an F80 M3 as an AN2 in another major city where people don't drive places and it was one of the best decisions I've ever made. I hardly even drive it since I only use it for fun on the weekends and I want to keep the mileage down for resale purposes. On an M340 you'll lose a lot more on depreciation if you plan to resell, and the parking and insurance costs add up and you'll never get back. I'd at least wait until AN2 and consider getting something with better resale value if you don't want to set yourself back quite as much on paper.
As far as the cost of maintenance goes you’re wayyyy good with that car. It’s probably one of the best built BMWs of all time. So I don’t think the specific car is the problem but as someone who has lived in East coast cities I will also mention that it might not be worth it specifically in NYC where you will be grinding 80 hour weeks anyways.
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