MONTHLY PAYMENT on my 2024 G87 BMW M2 + Insurance Costs
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- Опубліковано 26 вер 2024
- Today, I share how much I paid for my 2024 G87 BMW M2. We go over monthly payment, price, interest rate, and insurance costs being a 22 year old with 2 cars.
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Owning 2 cars, especially one being a M car at the age of 22 is super impressive!
Thank you!
You don't own it till you pay it off. It's quite easy to get finance these days. Many people finance cars and then cant afford it.
@@peepopoooooooooofyou definitely make around $1500 a month
It's actually super stupid. At this age this car will cost him more than $1 million vs. investing the same total amount into a low fee SP500 index fund and reinvesting those dividends.
@@peteshea8010does the SP500 get 200HP extra with a downpipe and tune?
I relate to you a ton man. Been selling cars for 5 years. Started in the car world when I was 18. I currently work at bmw and love my job didn’t realize the M2 existed. I couldn’t help myself but to order it. What you said at the end about of course it’s not a good investment. But it’s what you want. And you don’t spend your money on other things. I love this video. Made me finally feel better about going up so much in car and payment. Knowing I can afford it. Thank you man🎉 congratulations
Awesome! Thanks for support. You’re gonna love your new M2!
Title jumping?
M2 is great value for the money!
Nice video, one modification I would recommend is the oil cooler guard that faces towards the ground in front of the engine. One owner over at the Bimmerpost forum under the M2 G87 section purchased his vehicle and road debris punctured his oil cooler and the engine needed to be replaced on his way home from the dealership. The cost of the replacement was so great the insurance company totaled the vehicle. I own a 18 BMW M5 (F90) and several owners suffered the same fate and the cost was over 50k with labor since the engine needed to be replaced.
I’ve heard of this too. Link?
It seems some come with a guard and others do not, I don't understand why it's like this
@johnl.38 I work at bmw and the automatics don't have that guard in place but the manuals do. Awful design from bmw tbh
Nothing cheap about the new M cars thats for sure. Will be interesting to see how these cars hold/lose value over the next couple of years. Not just the M2, but any of the newer M cars. I'd love a 2021+ M3 with carbon buckets as a grocery hauler, but used prices still aren't in my acceptable budget. I owned an E46 M3 then an E92 M3 but have been out of the brand from a number of years now. The new M2 looks like a fun car. Happy holidays!
M3 is not going to lose a lot. The old F80s still go for mid 50k range with 50k miles still.
@@reformedartist8528 You can pick up a 2017 M3 with Comp and Exec pack, 60K miles, listed price $42k, clean title. There are dozens of similar cars with 50k-60k miles in the same price range. No way mid $50s for an old F80 with 50k miles.
@@FrostyAMGyou might find a good deal here or there but M cars have been holding their value better in comparison to 5+ years ago.
Example, a 2021 M2 comp with 20 to 30,000 miles is going for $54-58,000 before taxes.. a 2023 g87 m2 with 5 to 10,000 miles going for $65,000
M3s have been holding value well too. M4s seem to dip the fastest
Thank you for being transparent. Young people need to watch this.
Good on you bro! I’ve spent well over a couple million dollars on cars and motorcycles since I was 20 years old…. No regrets! I’ve never wasted/spent money on women, booze, beer, fast food (dining out), gambling, drugs, etc! YOLO. The only advice I’d offer you is to invest in yourself first (Home/Build Financial Wealth) for future retirement, and the rest goes to cars, lol! It’s what I’ve done… Cars FTW! Congrats. Cheers/B
That’s exactly what I’m doing haha. Thank you!
Couple million? That's insane....retire early on that
I think you got a Great Deal with your purchase. I remember the Honda Dealership here in California were charging $10,000 over MSRP for a Civic Si and $5000 Markup for an Acura TLX. The Honda Dealership Salesman would not even let me "Sit" inside the Honda Civic Type R. My friend told me that Dealerships did not have a shortage of Cars in 2022, but they just hide them off site at a remote parking lot and lie to customers about Vehicle shortage. What a bunch of clowns here in CA.
Thanks for watching!
Beautiful color, I'll be taking the manual option when it's time! I drive a GR Corolla right now. Thanks for the breakdown!
Absolutely!
Love the transparency. And I agree, it sucks not to have boring taste lol. Sometimes I wish I could just like regular cars. Would def save me a ton of money 😂
Congratulations on your M2 👍🏽
Congrats man…at any age you are doing awesome but to be 22…hats off to you
Thank you!
@@JVette01no problem…beautiful car man
I hope this guys You tube channel really helps make the payment. $1311 payment.. That's insane for a 22 yr old. How did he even get a loan for that? I wouldn't put anything less than half down on that car. I know 35k is a lot of money, but that's what I would do.
Funny you mention this. I already have a video edited and going out on the 8th going over this. Believe me, I wouldn’t buy the car if I couldn’t easily afford it.
@@JVette01 Can't wait to see it 👍
ua-cam.com/video/23tT4i3B_J0/v-deo.htmlsi=qKxj179781ZegF5w
Thank you for doing these videos it really helps put into perspective the investment price of a high end car. Glad that you're enjoying it! I recently got myself a 20th anniversary Golf R which I have been over the moon for. I'm now looking at picking up an RF Club Miata for weekend driving. Pretty much my dream garage, maybe a supra in the future.
Congrats!! Thank you for the support
Hell yeah, good stuff brotha congrats and enjoy the smiles per gallon!
Great review loved the breakdown of the payments
I am so jealous of the insurance cost. I put an order in for the 2024 M2. Insurance quoted me $450/month or $2700 for 6 months. 28 / 0 accidents or tickets. It's making me rethink on the '24 M2 and get an older M4. 😢
It’s funny you mention that because right after I made this video, my rates shot up for 2024. So it’s like 470/month now…
$450? A month? For a single car? What state? Cali?
@@cesarsnkrs1135 I'm in Nebraska. I'm paying $100/month for my '17 Audi 250/500/100 with $250 deductible. But the same thing with the M2 would be $450/month with State Farm. I looked at Geico and progressive. Those are like $500+.
The M2 is a vehicle we are considering for my wife. We are both in our late 50's, no tickets, no accidents, and have been with USAA for insurance for over 30 years. We currently own a 18 BMW M5 (F90) we purchased new in 2018. Currently paying $608 every 6 months for full coverage insurance. Adding a new M2 our insurance would be $952 every 6 months with the same coverage. We live in SOCAL (San Diego County) so that will play a part in premiums. I spent some time putting different vehicles into the USAA quote system.
24 Porsche Panamera Turbo S: $2,167 ** MSRP over 200k***
24 Alpina B8: $2,007
24 X6M Comp: $1,875
23 M8 GC: $ $1,859
23 M5 Comp: $1,778
24 Porsche 911 GT3: $1,347
24 Porsche 911 S Coupe: $1,215 MSRP 155k
24 Porsche Cayenne Coupe Turbo S: $1,187
23 M3 Comp: $1,134
24 X5M Comp: $1,128
23 Corvette Z06 3LZ: $1,119 MSRP 155k
23 Audi RS3: $969
24 M2: $952
23 Dodge Challenger Hellcat Red Eye: $881
24 X3 M: $850
23 Cadillac CT-5 V Black Wing: $848
24 Porsche Cayman GT4 RS: $824
23 Cayman GTS: $793
23 Cadillac CT-4 Black Wing: $777
23 Boxster GTS: $771
23 Cayman S: $770
24 M340i: $759
24 X3 M40i: $753
23 Corvette Z51 2LT: $729 MSRP 96k
24 Porsche Cayenne S: $716
24 Toyota Supra: $699
24 VW Golf R: $689
23 Porsche Macan GTS: $657
18 M5: $608 My vehicle
24 Honda Civic Type R: $583
24 Acura Integra Type S: $567
Interesting take away for me is how much a 23 M5 cost to insure ($1,778) compared to my 18 M5 ($608), $1,170 difference with the same coverage. The Cadillac CT5-V Black Wing is $848 and to me it comparable to the F90 M5 platform. As a whole it appears with USAA, BMW M products cost more for auto insurance. The two vehicles that stick out to me is the C8 Z06 at $1,119 and Cayman GT4 RS comes in at $824. The performance bargain as it pertains to cost for auto insurance for me is the 23 C8 Corvette Z51 coming in at $729.
@@JVette01 Insane!
Nice looking car! I have a 2021 MC2 and LOVE IT!! Does the same thing for me..puts a smile on my face. I'm surprised being the car guy you are... no manual?? Enjoy it!
Thanks for watching! I love a good automatic in fast cars. In slow cars like an FRS, then I like manual
You work hard and you deserve your cars. Great choices!
Thanks
Such a realistic view. I was enjoying watching it. Man you explain everything to the last detail. Enjoy it, my plan is to buy it also but I am waiting for 480hp version with new steering wheel.
Nice!
Carbon interior and roof are standard on the UK M2! Your price translates to around £62,500 uk pounds. The M2 without options in the uk starts at £65,800!
Dave Ramsey having a heart attack. Beautiful car tho
Amazing video man, I just got a 2020 m340i alpine white and I got the car for $38,000 with 27k miles at my dealership where I work but I financed and my god I interest I paid on top of this car for what I got it for is so insane💀I genuinely am happy and can pay it but it’s horrible because I’m still 22 as well and I have had multiple racing arrest incidents so I ruined my insurance but hopefully I keep working hard so I can keep up , I absolutely love your g87 man it’s so nice , happy for you
Congrats on your M340! Thank you for the support
Damn, you helped me when I was pick out out my 23 gti S, I bought that and love it. I can’t justify spending this kind of money on depreciating assets and not investing that money. Enjoy your cars and I hope I can buy an m2 cash soon !
Need more people making videos like theses
Awesome video, thx for the transparency.
Good for you bro living the dream enjoy!!
How does it compare to the golf R, looking into buying a 2024 golf R What is your opinion is it worth it?
Two completely different driving experiences. I’m working on making a video comparing them both but they’re both amazing.
Congrats, great breakdown
thanks for the video, and dang! I'm paying more insurance on a 2019 lexus es then you do on both cars, no tickets/accidents
Insurance varies so much from state to state, age, gender, zip code, so it can range all over the place haha. Thanks for watching!
Thanks for sharing! Now I am so happy with my Veloster N 2022 :)
Congrats!
I have a 2021 veloster N lol. 62k miles and the only issue im getting rn is the damn steering wheel issue. Look out for that and hopefully doesn’t happen to you.
I just got an allotment for a G87 and my OTD price is about the same. I paid less in taxes, but more in dealership “extras.” Luckily I am 40 so insurance is less.
Congrats! You'll love it
ima keep it a buck the fact that your paying that much money a month for that car is insane im over here struggling trying to pay 940 a month currently about to do a voluntary repo because its just to much. Man good luck to you bro cause sheesh i am no were at that point where i can settle for monthly payments like that..
Everyone’s situation is different. I wouldn’t have got it if it would’ve put me in a situation. I hope everything works out for you, thanks for sharing.
Thank you sharing your story! Sounds like so expensive when you live in CA😂 and I hate those unnecessary protection packages rather than people could get a cheaper price at local PPF store… same here, I complete customized the M2 on 11/30 then I was happy to see the statue change to Ready for Transport. Looks like I will receive it before Feb,2024.
Congrats! Thanks for the support
They get you in every state regardless 🎉😂
Great video!
You’re literally me in 2-3 years lol. I’ve got a gti rn that’s about to be paid off, and am on track to graduate college in finance a year early and really want to get into a new m2.
I highly recommend! :)
That’s crazy you had to pay that tax. Here in Delaware we have a small tax for cars like 1.85% and if we buy in PA or MD or anywhere we pay tax to where the car is titled. I didn’t know you had to pay CA. Guess I’ll never get a car from there lol. Thanks for sharing this info I do like to see what payments are like on stuff. You could’ve saved a ton of money buying in Vegas why pay 7k tax that’s like 140 a month on a buy. Sucks man sorry you misunderstood.
I would’ve paid Vegas sales tax which is about 1.875% less, but Vegas doc fee is $599 whereas CA is $85. I didn’t lose THAT much but yes it still would’ve been cheaper
Terrible investment especially at your age. Payment and insurance is same as my mortgage in SoCal. I love cars too but learned that I get more enjoyment building/modifying cars than buying expensive new.
Everyone has their own tastes! Thanks for sharing
I bought new sport motorcycle at age 24 and it totally broke me financially. Other option was to get mortgage and buy small flat.
From perspective of having 34 now, it was a great decision. When I got older my income increased to this descent that money spent on bike including inflation was like my 3-4 month salary, so it doesn't matter if I wasted me my youngster money or not.
But my youngster money wasted on fun gave me unforgettable experience which you can't buy later. If you became 35, and midlife crisis will start, you are too old to have fun sorry. Old people party differently. You will always think that you wasted your youngness for things which doesn't matter.
You can work hard in 30+ to earn money which you wasted by having fun before 30, but you can't buy time.
Having brand new salon car/moto which, by fact you earn yourself, give you wings in social situations and it creates an playboy aureola around youngster trying to pickup girls. When 40 years old try to do this, her dad will come with a rifle 😁 believe me, you can try to stay young but everything around you gets old. It's inescapable. You have to prioritize thing what really matter depends on your age.
That 10k you put down basically pays for the cars depreciation. Short term deprecation anyway. Some guy in the bmw forum said they offered him 55k for his m2. MSRP was around 70k. He wasn't very happy
Yeah cars depreciate, especially expensive ones. It is what it is. It only matters when you’re actively trying to sell it
Should’ve went with BMW select financing. I ordered my g87 and $15k of m performance mods installed at port with $4k down and still only $1250/mo. Balloon payment is a better option on these cars
I didn’t even know there was a balloon option. I planned on paying it off in one year anyway so no biggie
@@JVette01 yea I’m with you, same goes for me. I just wanted the monthly to be more manageable before I pay it off. Now you know for next time 🫡
This is kinda crazy. I got mine brand new with the Carbon Package and Ohio tax included for about the same price. My order sheet shows the msrp at 63.2k tho. And of course no bullshit fees or mark ups. Very odd
Your tax is probably half of CA tax
@@JVette01 yes at around 7%. Do you have any guesses on why such a disparity in msrp? Extra Warranty or something?
Nope. What was your MSRP?
I might be misunderstanding something, but if you monthly payment is 1,311 for the next 60 months then you total amount financed with the interest is $78,660, not 68k like you said in the video. with the 10k down you basically paying 88k for this car.
You didn’t watch the full video. I address this already. Yes, if I keep the car for exactly 60 months and never pay a penny over the minimum payment/pay it off early then yes but that’s highly unlikely.
@@JVette01 I guess that makes sense, as long as you can afford it and it makes you happy that all that matters
Thanks for watching
How much are the maintenance costs like service and gas?
I get about 20mpg ish. No cost for service for 4 years 50k miles and maintence for 3 years 36k miles.
You need a running in service at around 1,000-1200 miles which is £450 where I live
I wana buy one soooo bad
it is one of my favorite new released cars 🔥
Go for it! Haha
@@JVette01 my first car is Renault 2 I found a job and should I buy my own sport car yung or should I wait?
Only buy it if you can comfortably afford it and you have a stable job/income. If it will stress you at all, then wait
Much cheaper than what I paid for this car in NY and I paid $5000 mark up. And I have $10K of carbon fiber parts from MP lists.
Thanks for sharing
What do you do for a living?
Selling cars
@@JVette01 First off I love your videos and comparisons (I'm a 24 R owner). Secondly, you're 22, you're a car salesman, and you have $120k garage. What type of cars do you sell and how long have you been doing it? Selling cars is your sole income stream or is there more to the story. You don't think you've over extended yourself? I'm being a "get off my lawn" old guy at age 38, who has owned 50 cars, and I"m strongly encouraging you to invest at your age. 22 and a car salesman doesn't seem like a secure career to warrant that kind of garage... but YOLO I guess, live and learn.
I sell Fords and been doing it for over 2 years. I save and invest most of my money and if you ask anyone, they know how tight I am with money. My way of “splurging” is getting a nice car. I’m definitely not overextending myself as my golf r is already paid off and I could sell the m2 at any point in time. Also, I have a big rainy day fund since I’m commission based. I have Investment income and UA-cam income as well. Car sales can be a stable career if you’re good at it, which I am. Thanks for the support!
@@j_merlotte5467 As a slightly less old guy, I'd have to second this sentiment. I think it's a combination of working in industry that normalizes predatory lending and generational acceptance of not having a positive net worth and living upside down in debt for life.
I'm watching this video as someone debating whether I would pay cash or do a super short term with a significant down payment for a fun weekend car. I wouldn't ever suggest financing a luxury item, and this is one of them.
OP might have wealth or income outside of his sales job so who knows.
Your insurance is cheaper than my 3 year old hybrid Lexus, and I'm 10 years older with a spotless record. I'm seething. I'm thinking about getting one of these, maybe trade in my Lexus when I pay it off or just keep that as my daily. Gotta clean out the garage cause I won't park this shit outside.
Funny towards the end of the video, you speculated that you might get some comments like this. I am writing a book for people your age about wealth creation and personal finance. The book comes out of substantial experience. Also, like you, I am a car guy and really have always enjoyed cars; performance and luxury. I know that you already said in the video that you understand that most cars are not investments and that most also depreciate. In the book, I suggest people buy a less expensive used car (doesn't have to be a beater, just reliable, inexpensive transportation) and they save money, including a 6-month emergency fund and socking away money into a retirement plan. Paying car payments with interest is money out the window and it doesn't contribute to building wealth. I have paid cash for all cars during the past 35 years. It is great not having a car payment and the only thing left are the ridiculous insurance premiums. I would get rid of one of the cars and begin diverting what you were paying into a tax-favored retirement plan (if the dealership offers one) or buy low cost index ETFs. At 22, you could retire at 50.
I got an even better idea: do both! ;)
I mean, what’s the use of that when you end up scrimping and saving until you’re 50 by which point the youngest years of your life are gone? If you’re a true car guy, you will always find a way to prioritise your hobby whilst still looking out for your future self. I really believe you can do both things. Yes it may delay early retirement, but we need to have a bit of fun on this spinning sphere whilst we’re here
Not sure why you paid markup. Plenty of dealers are not charging it on the M2. Also on interest, you realize most of the interest is front loaded. Insurance is going to be higher for a higher hp car. No real surprises there.
The car itself was MSRP. It just had a protection package on it. And yes, I know how interest works. Great thing about it is that I’m never gonna pay that much in interest as I’m already paying it off very quickly
Tax on cars is BS also when you consider it gets tax each time it sells again. One time and done… I might look at this cars when it’s two years or slightly older. Congratulations 🎉
Did you by chance mention your career and how you were able to afford the car?
10:17 Nvm. Sounds like sales in any role is always worth it.
What if you lived in California and bought and took delivery in Nevada? Would you save money on the car? Or would you have to pay more in sales tax when registering in. CA?
In Nevada, they charge the sales tax of the state in which you’re registering the car… how it should be
I’m seeing online msrp on n these is about 66k? What’s the reason. Package options etc? I’m going to get one I want it bad. But 1100 or so a month seems like too much. I can afford it but I’m used to like 300-500 car payments. What can I do to drop monthly payment?
Send me a dm on Instagram
What insurance do you have? Geico is charging me over $200 monthly for my Golf R, same model as yours.
I have geico. They just raised my rates for 2024 so I might start shopping around
I will be doing the same.........no at fault accidents in 52 years of driving and they have raised my premium by quiet a bit 3 years in a row. Not the low-cost insurer anymore. @@JVette01
$78K? LOL That’s nothing.
I’m in Sydney, Australia. I just purchased a 2024 M2, Auto, Carbon Experience (roof / interior), Carbon Seats, M Race Track Pack (inc unlocked ECU), M Compound Brakes, and CSL M3 Wheels.
Total here in Australia is $150K.
The difference with me is, I’m double your age and I paid cash. There’s no way I’d buy one here in Australia with a $10K deposit and a $140K loan. Financial suicide. LOL
Appreciate the feedback. However, if you can get a (relatively) low interest rate loan, I’d rather leverage my money to make more money than to spend 78k of my capital on a car. I can pay this car off whenever I want. I also can write off the interest on my taxes because I use this car primarily for making UA-cam videos. But good on your for being able to pay cash 👍
Good video on how to get rip off at the dealer
What deal did you get on your new M2?
Nice car but I think you over paid building one online is $66k never pay MSRP in this world right now dealers are hurting.
I got it back in October of 2023 where they were still going for over. If I got one now, MSRP or less is very easy to find. Thanks for your input
Don't pay any mind to other people telling you what to do. Internet randos always worried about the next person's $$... nothing wrong with paying interest either, especially with the dollar losing value by the year.. its called leverage for a reason.
"nothing wrong with paying interest" is crazy
about to lease it, u think its worth it? i have the money bro just want to trade in my car
I’ve heard the M2 doesn’t lease well but do whatever you think is best’
If you could afford it. Why not? I had my c63 for over 10yrs. Bought it out right. Certified year old. Has only 60k miles. Not the fastest. But fun car. My daily is a Gla35 awd. Quick and very practical. Having also recently bought a house. I consider myself lucky to have a wife enjoy my toys.
That’s awesome! Thank you for the support
How is it your insurance is so low? a 2018 bmw m3 comp would cost me $652 a month. I’m almost 21, I got State Farm…
My insurance is surprisingly low. Every other company was like 500-600/month
Sorry if this seems silly but you put $10k down to save $180 a month, $11340 over the 60 month, feels a lot of money to spend just to save $1340 over 5 years, you'd have surely got a better return putting the $10k into a savings account?
What saving account would give him a return enough to bring his payment to his intended amount with the $10,000 plus profit 🤔
As long as you are happy, your purchase is justified. My car has the carbon pack and front air duck totaling $82,000 with tax , i put enough to get my payments to $608.00 and made a guarantee investment with a $1000.00 return each mouth for payment to pay it off in three years. I usually keep my sports cars for 15 years minimum, so i get the years to enjoy my purchase.
@@trevorbailey1448 totally get that, not knocking the purchase at all I hope he has an amazing time with the car, I'm like him in that I don't spend my money on other stuff, I love cars, I'm just saying he could he deposited that $10k into a saving account and he'd have made more than the $1340 he's saving by using it as a down payment, I'd rather have $0 down payment and pay the extra $180 a month
10k at 6% is $50/mo. The interest I’m saving is worth it more than investing the 10k. I also plan on paying it off early anyway so it’s not a big deal.
@@JVette01 no worries wasn't a criticism just wondered, hope you enjoy every second of the car!
This man said manual transmission is non sense lol
True 🤣🤣
@@JVette01I forgive you but I won’t forget 😂
I would literally say dammit out loud when I saw a good G87 and found out it was a manual 😂😂
You have a good insurance rate in your area compared to Georgia.
Not bad. Can’t complain considering my age and cars
The opportunity cost of this vehicle, assuming you do this every 5 years, would make you a millionaire in your mid 40s.
Or be a millionaire and have a nice car ;)
what do you do for a living? i’m 22 as well, also live in vegas. im trying to get into a black sapphire metallic G87 in the next year or so, but not looking good.
ua-cam.com/video/23tT4i3B_J0/v-deo.htmlsi=FOdbYWzL4gtGtCN2
What do you mean by not looking good?
@@JVette01 not looking like it’ll happen within that time frame, my job fell thru. Is it hard getting into a dealership? i might go for that as i love cars, know all about them, and love talking about them.
Ah I see. It’s not necessarily hard to get into a dealership but sales is not easy, not for everyone
@@JVette01 for sure🤙🏻
Crazy costs for a car over 10k in interest 😬
You’ll never end up paying that full amount unless you make the minimum payment for exactly 60 months. I touch on this in the video
I do the same thing with respect to financing. I rarely keep a car for more than 2 years, and most of time, it more like one year. I always say, cars are my vice. In the last four years, I have owned a C8 Corvette, a new Golf R, a M4 Competition Convertible, and now my 2024 M2, and those are just the performance cars that I have owned in that same time frame. I also had a GTI and a Lexus ES350 FSport. :) I could be doing a lot worse things with my money. I have owned 50 new cars since I was 21 years old. It sounds like you might catch me. Great Video! Keep up the good work!
Haha that’s awesome! How would you say the c8 compares to the m2 straight-line acceleration wise?
The C8 was definitely quicker with respect to launching the cars from a dead stop. I saw a couple of 2.9 0-60 times in the C8. I haven't been able to obtain those numbers in the M2. Of course, the C8 is a good bit lighter than the M2 with similar HP. Both cars are exceptional though and I don't have anything negative to say about either one. I would like to see someone do a rolling test from 40 or 50 miles per hours with both cars. The M2 seems to pull hard from that speed. Thanks for replying!
what do you to wash it and keep it looking crispy like that?
I have all the stuff I use in the description actually
Can you let us know what kind of insurance coverage and policy you have so we know what the $930 consists of?
Anyone who has a car payment over $1,000 a month is an idiot. Doesn't matter if you can afford it or not.
You can think whatever you want. I want it and can afford it easily so idc. Cars are more important to some people than others. If you’re happy with a 2004 Kia Spectra, that’s fine too!
@@JVette01 the fact that your saying I don't care is what's wrong with people in our country. Giving in to these types of payments only serves to embolden companies by legitimizing their greed. What you pay for a car doesn't just impact you.
@@zachross4624 or if you don't want the car/payment, just don't get one..
You seem fairly well off. What makes you decide to go buy a car with credit as opposed to saving up for it first then buying it all at once?
The rate was fairly low given the market conditions and Id have to move money around so I’d rather just pay it off with new money than with money I already have
We live in a Capitalist world, if you spend your capital, there's a high likelihood that you'll be living hand to mouth in the future.
Financing vehicles helps to build credit
How do you like the golf R compared to the M2?
I have a series of 3 or 4 videos comparing them both. Look into the channel and check it out!
Can I ask you, how do you plan on paying off within 2 years? I’m tryna do the same with my car and trade it in for something better
Any advice ?
If you plan on trading it in anyway, doesn’t really matter how much you pay it down, you could just do a bigger down payment on the new car your buying. As far as how to pay it off sooner, just pay way more than the minimum payment.
I picked up a 8V RS3 2 years ago for 60k. 14,000 miles 2019 for 2% APR when they were basically giving out money for free. Iv'e been looking for a Toronto Red G87 but as you mentioned the depreciation on BMWs are crazy and I'm really worried about losing 20% of the cars value in a few years if I bought it at MSRP. My RS3 has held it's value pretty well compared to most sports cars sold during covid because it's super low milage and fully optioned but I am so ready to get out of it. Iv'e done everything I've wanted to it it's been making about 600hp for a year now and I'm just kinda over it. What are your thoughts on my options if I want to get into a G87 the most financially savvy way? Thanks so much, love ur informative videos
Thanks for watching! Just try to find a dealership that will give you a good price and look up the current finance rate through bmw ahead of time.
Why are you over it?
@@JVette01 So financing through BMWs private bank is the move?
Yes. Their interest rate is very competitive right now. Double check now though, because they usually change every quarter. You also need to have A+ credit to qualify.
@@mazpr2025 The 5cyl is awesome but the interior features are not worth 60k. Even fully optioned the S3 and S4/5 has better interior features. It's stupid fast but at the end of the day it has 2 pedals and an turbo. Once you get used to 600hp it becomes less exciting an engaging to drive. A manual trans IMO will always be more fun to drive
Why do you have two little cars?
Because I feel like it
so $10k down and $68k financed for 60 months
how much would the car cost if you didnt finance it?
Gotta use good ol math and add the amount financed and down payment and you come up with 78,000 after taxes and fees.
@@JVette01 no i mean like 78,000 - 68,000 x 0.05% for 60 months? like how much does 5% compound for 60 months if you bought it straight cash instead
You’d just multiply the payment by the loan term, then add the down payment. I’m not gonna pay on it for 60 months so I don’t care what that number is. I’m gonna pay it off by the end of the year
@@JVette01 nvm im retarded i thought 68,000 was the fixed loan term at 5%. didnt realize thats the price before then you add 5% to each month on whatever you payment is
What? "There were nice people" but you pay for a few stickers in the door over 1000K
The "permaplate" was the expensive one but yes I agree it's dumb.
Am I missing something? Isn’t the msrp 63200?
“Starting at” is always before any options and before the destination charge so that number is never realistic
Ahhhh!
I got mine base, so wasn’t thinking about the options.
What do you do for a living man?
I was going to ask the same.
At 22 having those cars is really impressive , but good for him. Good videos though! 🤙🏽
If you could only take one, would you take the M2 or the Golf R?
That would be hard. Probably the Golf R because it’s more of a Jack of all trades.
You not just gone speed past saying manual is nonsense, and I not leave a comment. Shameful. 😅
It is 🤣🤣🤣 Sike I respect peoples transmission choice
If you live in Florida >< your insurance cannot be that cheap for the car ... although Florida has lower income
Vegas is actually pretty high compared to other places too
This car will end up costing you $1 million or so over your life time vs. investing the grand total into an SP500 index fund while reinvesting the dividends. I'm 60 and just ordered one. I paid in cash with half the gains I made in the stock market over the past 12 months. Drove VW GTIs since 2010 mode year to help myself out with this. I paid MSRP for mine from Penske's BMW dealership in Warwick , RI.
How would it cost me 1 million? lol. It made more sense for me to finance it and pay it off quick then try to move money around and withdraw investments to pay cash
Just can't rap my head around paying interest on an item that's at the same time depreciating.
That’s with any car… how do you buy yours?
So, excellent question.I have a 2000 VW Jetta lol, that I bought in August of 99 and paid$18,500 cash for it. Still driving that thing because I'm such a cheap bastard.People that look rich are usually poor and people that look poor are usually rich.Anyway,getting my moneys worth out of it and that's how you build wealth.Would love to have one of these cars you guys review but I like money better.I can't stand a sales person getting a sales commission from the work and effort put in researching investing and saving when all they do is stand around all day.Capitalism. You and your money 101. Oh ya, remember to always pay yourself first.
@@JVette01
Ez work for a s650
?
Did you try out the bucket seats before choosing the ones you have now? You think the buckets can be used daily?
My buddy has an M4 with the carbon buckets and they’re not bad when driving but getting in and out they’re terrible
The smart thing to do is buy the car you can afford without finance...and move out of California. 😂
Seriously, either lease it or buy it without loans.
I didn't need any financing on my i30N 7 years ago. It kept it's value very well and my buget for my next car is now around 90.000 EUR + whatever I get for the i30N (probably between 20 and 25k).
You already loose that sales tax the first yard you drive of the lot and paying interests only make your loss on the car bigger.
A car is never a good investment, so you shouldn't be adding even higher costs on top of it + whatever you don't need to pay off leaves you more room to put asside, generating interests/added value for your next car.
Dream spec
If I didn’t own a home, ill be easily be able to afford an m2 :/
Interest on a car loan is fromt end loaded
Which is why I’m paying down very quickly
1311$ for 60 months with only 10k downpayment for an M2? You are screwed big time man. A car it's not an investment - it's a liability.
No crap. I literally mention this in the video, I bought it for me. Not as an investment. Car is almost paid off now anyway.
@@JVette01these cars go for like 60K now with very low mileage in ca, why didn't you just wait?
I don’t want to buy used
@@JVette01 respect respect
I’m 42 and you are more mature than me at 22
I’m so close brotha
What do you do for work bro ? M2 is a dream
Car sales
@@JVette01 how did you get into that bro ? Do you need experience and a connection?
That’s the great thing about it, no.
@@JVette01 I’ll have to look into it bro appreciate it
Why did you lease the car for three years and then just buy it at end of your lease term?
It’s more expensive to do it that way
Can you elaborate on that? With 3 yrs you paying less for lease and at the end of lease you just buy it. The interest rates are really high. Explain if you can what you mean it will be more expensive
I plan on paying off the car early so lease doesn’t make sense. I’ll pay less overall interest by buying it and paying it off early. Also, you’ll have to pay title and doc fees twice.
@@JVette01 well I am not sure if finance is your strong suit but with 10k down you lease payment would have been $800 or so. Also I believe you can payoff your loan at anything so you don’t have to wait. Well at the end you going to pay the same but why would you just not pay a lower payment until reasonable amount and pay it off. Money today worth more than money tomorrow. Why pay them banks early. Plus I believe interest rates on buy is higher than lease. Regardless good for you. I am getting my red one today but I like it with moonroof.
Do you think this car will hold value in 3-5 yrs like M1? Given I see less production.
It wouldn’t make sense to pay a lease down early or put a big DP because if it’s totaled you lose everything. Nothing wrong with leasing if that’s your thing, but not for me. Also, i can sell the car whenever I want and not have to worry about early termination fees, etc
How was your credit score when you got this?
Depends which bureau, but the one they used was 786
@@JVette01 copy, wish me luck today. Hopefully i get a good deal. Hoping to meet you whenever we cruise to Vegas. We’re in spcal
Awesome! Feel free to follow me on Instagram
Damn, 8k in taxes is theft. Mix that in with having the highest gas prices in the nation and all you get is a money pit! (Yes I know you don't live in Cali, I'm just saying).
I'm eye balling a sports car that will basically cost nearly the same of what you paid but I might go to a low tax or tax free state and do LLC shenigans, Fuck CALI.
Is it faster than your R?
Yes. Stay tuned, I’ll do a video on it
@@JVette01 cool! 😊
You must be making bank to afford all these cars. Congrats bro, I just got a gti and barely felt like I could afford it 😅
Congrats on the GTI!
@@JVette01 Other than a cracked windshield I've been lovin it thanks! Actually bought it based on your reviews and some others.
So glad I could help! Amazing car.
If he could truly afford it he'd have paid cash and nothing more than than BMW MSRP with at least $1.4 million left in total investments. Just because someone can (likely barely) swing the monthly payments on something doesn't mean they can truly afford it. And this is why the large majority will forever struggle to make ends meet.
You couldn’t be further from the truth
So many jealous boomers in the comments lol. Congrats man! I am looking at leasing a M2, but in manual (don’t judge 🤣)
Go for it!
10.25% car sales tax, holly cow.
Yeah, CA sucks haha