My current car (a 1987 Volvo 740GLE) has just died. I need a new car, and can afford one in the 10K to 12.5K range. So, I've been wavering between two cars: a 1997 Nissan Maxima SE or a 1988-1991 BMW M3. I like both cars very much, but I need some help choosing which to ultimately buy.
So, here's what I was wondering: how reliable are the M3's? Are there any major problems that tend to crop up? Are the repairs terribly expensive? Etc.?
Note that I'm 18 and therefore terribly biased towards the M3. I don't want a car for practicle reasons -- I want a car that I can have a boatload of fun in. (Also, I have about $800-$1500 of COMPLETELY expendable income per month, so I should be able to easily afford any repairs, etc.)
Finally, while I'd be making the car payment, which would be about $275/mo., my father is the one co-signing on the loan. He'd also be paying for my insurance which he would get through his business (tax reduction!), and it would cost about 1/2 as much (less after the tax break) that way as it would through "normal" channels.
HOWEVER, he doesn't want me to get the M3 and therefore is refusing to sign on the loan or pay any part of the insurance. He doesn't feel the M3 is a "prudent" decision; his concern is that since he's already "skating on thin ice" with the insurance, if I, an 18 year old, were to get into an accident with an M3, the insurance would be cancelled. And since the insurance is an umbrella covering 4 different drivers, the costs doubling would be painful to him.
Furthermore, he feels that it would be unwise for me to buy such an "unreliable" car; it would constantly break down, etc. I'm not sure why he should care in that regards as *I* will be the one paying for any repair costs. Come the think of it, I'm paying for the entire car in every regard!
Finally, it seems he doesn't understand that most M3's (and one that I'd buy) are VERY low mileage cars for their age and so should be fairly reliable and HELL of a lot more fun than a Maxima.
Oops, I got a little carried away there. Any thoughts and comments are appreciated, especially from, oh, 40-ish fathers who heartily recommend this vehicle and could possibly persuade my "prudent" father into letting me get one.
Thank you! :)
-- Micah Cranman