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Discussion Starter #1 (Edited)
Hi all,
I've been thinking for a while that I need a car soon. I have some money saved up, and I have some funds for the car's needs, such as insurance, gas, reg, and whatnot.
I am not trying to make a "hurrdurr I want to buy a car but I want the fastest car possible for the money" kind of post. I am pretty young, and this is something that might make you guys frown, as I'm only 16 years old.
However, I have thought about the purchase for a while, and I'm trying to justify it as belo routerlogin w:
  1. I will only drive this car for a year. I need to sell it in about a year as I will head to college, and cannot take the car with me.
  2. I have all the money saved up from long ago. I have enough money to purchase, insure, gas, and maintain the car.
  3. This is the only "fun" purchase I will make. I saved up the pa 192.168.0.1st few years so that I can afford the car.
In all honesty, the M5 is the only car that appeals to me. I have searched high and low for other cars, and nothing catches my eyes as this one does.
In all honesty, I really want the car but I am making one last stop before I make the decision. I know this sub will have multiple varying-degree of opinions, so I would love to hear all the them and the explanation behind it.
 

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Hi viniebenet3,

My first question is have you ever driven an M5 E60? Is it a SMG3 or 6-speed you are looking for? I would say you should test drive an SMG3 car and see if you like it, the SMG3 gearbox isn't for everyone. The costs to maintain the M5 can be pretty expensive! Things like: Vanos pump, SMG problems, throttle actuators, rod bearings. When looking for a car see if this things have been taken care of (depending on milage).

But with that said. Buy one with good service records! The V10 is amazing! I have had mine for four years and I am not planning to sell it ever. I cant think of a car to replace my M5 V10!

I hope you find a nice one!

Have fun
Jollejo
 

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have you checked insurance rates for a 16 year old male? Seems that would be insane for a E60 generation M5. I was insuring a 1995 525i for my girls when they were that age and even that was rather expensive, and the car wasn't worth much so I did not carry collision coverage.

I might suggest looking for a E34 M5 with higher miles - something in the 130-150K range that you can pick up for $15K or less. Learn to work on the car while you enjoy it and if you do need to sell it in a few years you should basically get all your money back out of it. It's also a much better car to learn to drive with vs. a 500hp E60.
 

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Just my 2. Cents, Since its only for a year, if I were you I would buy a cheap car first and buy an m5 later on down the road. Depending on how much money you have really, it can be costly especially if you daily drive it. Gas is one thing but maintenance for parts and insurance alone is not cheap for 16 yrd old. One thing people don't think about to is getting stuff done to the car such as mods. If your really 16 you might start wanting to buy mods for it to and the good ones are not cheap.

If you still want an m5, just get a PPI done on every one you see. If your only buying it for a year make sure you post it up for sale a month or 2 before you sell it because its not as easy to sell since people will be scared to buy an e60 m5 from a 16 yr old due it having an expensive motor and stereotyping you to beating the hell out the car everyday not caring about maintenance.

Good luck on finding one and dont rush to buy one or else that could be the worse purchase you made.
 

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The answer would be yes if you were planning on keeping it for a few years but if your only keeping it for a year it might take that long to sort through any issues that it has unless you get one that has been well sorted which will come at a significant premium
 

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Honestly probably not.

Unless you come from money, not the best use of cash for someone in your age bracket/income level.

I'm a cheap frugal mother ****er tho. Really need to be making like $200k+ imo to justify the carrying costs of a $100k msrp car.

That said, its your money, you only live once, and the v10 experience for a 16 year old might be more valuable versus when you are old and crusty.
 

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I guess the question would be how much have you allocated toward maintenance? If you have the money saved up to buy one cash, as well as savings to keep it running I'd say maybe. Maybe because you could have a year of simple maintenance and enjoy it immensely. Or in that year your car could decide it wants throttle actuators, SMG pump, etc. that quickly could add up to quite a bit of money - and that is money you won't get back out of the car selling it just a year later.

I don't think any of us really know your situation (how much you have saved, where you live, do you know how to work on cars, would parents help you, resale market in your area for a somewhat unique car, etc.) well enough to say yes or no just to offer things to think about to help make the decision.
 

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You are 16, you need a beater regardless of how good of a driver you think you are or how much you think you know about the world.

If you want to blow the money you saved I highly recommend you do it on traveling. You have the whole rest of your life to own fast cars but only between now and when you finish college and get a job to travel with minimal responsibilities.

Also you will be deeply in over your head the first time something goes wrong.
 

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You are 16, you need a beater regardless of how good of a driver you think you are or how much you think you know about the world.

If you want to blow the money you saved I highly recommend you do it on traveling. You have the whole rest of your life to own fast cars but only between now and when you finish college and get a job to travel with minimal responsibilities.

Also you will be deeply in over your head the first time something goes wrong.
agreed with first point.

disagree with 2nd point. some people prefer spending on items (specifically cars) over an experience, myself included.

third point - yes.
 

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If you were keeping it forever, I'd say yes. I think you're going to throw money away trying to keep it for a year unless you found an amazing deal.
My advice, save your money for after college. I wish I would've been more intelligent with my car money before I turned 30. Also, take this time to learn how to work on cars. The E60 will still be around in 6 years, and if you know how to work on it when you buy it, it's a lot easier to justify owning. I don't make 200k+, and can easily afford the car because I can do all the work.
I think the car is really going to bottom out here soon. People are already picking them up for $10k in some cases.

I hate to turn anyone away from owning such a beautiful piece of art.. But in your case, it doesn't make a whole lot of sense. Best of luck to you.
 

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You are not there yet...NO
 

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My first thought was; this is a wind up. Like the person on myneighbourhood.x in February, asking if she should still order Chinese food.
But then, if you have the money, go and buy it, and like so many people do sell it after the year’s up.
You will find that ownership is very different from reading about it or test driving. A bit like having your first child. As with it comes responsibility. Responsibility not to race others and not to cause accidents.
As one track director said in a briefing “You are not Ayrton Senna so you are not going to impress me.”
I’ll be impressed if in a year’s time the car is in one piece to sell on as you hope and you haven’t received any points or fines.
Better to spend your money on track day tuition, advanced driving lessons on the road, private hire cars and girls (not women).
You will find that life as a 16 yo in an M5 is not a bed of roses.
 

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I would say the biggest danger at 16 is not the car costing you too much money, especially if you intend to sell it after only a year. It's the way you're going to drive. If I had a 500 hp car when I was 16, even one that weighs 4000+ lbs, I probably would have either 1. crashed, or 2. gotten my license revoked before I had the chance. Granted I'm only 20, but I have matured far more in those four years than I ever could have imagined. I think most guys are not proud of how they drove when they were 16 and 17; I certainly am not. Only after a few run in's with the law and a round of state mandated defensive driving by the time I was 18 did I clean my act up. I haven't been pulled over since. My passion shifted from driving like an idiot to actually understanding the car and the mechanics of it. I like working on my M5, and have DIYed everything so far save the rod bearings. I open up my car when it's safe to do so, like everyone here. Otherwise we'd all be driving 525i's. I'm not saying your early driving years are going to go like mine, I'm just saying that it's hard to resist the temptation to go tearing around when you first get your license. It's all the more dangerous in a car like this. My advice: buy something different now (something with 3 pedals), allow yourself to mature for a few years with that, then buy an M5. I bet that will be more rewarding for you. If you know that you're mature enough to resist the urge to do dumb s**t on the street, then by all means get an M5. It's your money, and they're great cars. But I can tell you: I definitely wasn't mature enough.
 

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Hell no. And not to be simply blunt - here is why:
1. If only for a year - you will eat up a good chunk in depreciation. Even if you get one for $15K right now, you won't sell it for that. Get something that has already bottomed out. E60 has not.
2. You don't have the $$ to maintain the car, regardless of what you think. Again, sorry to be blunt, but its true. I'm a well-off adult with a stable good paying job and a garage full of M-cars, and sometimes I feel like I can't afford to maintain it.
3. Blow all your savings on a fun car for a year? That is just not smart.
Honest question - honest answer. Good luck!
 

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Ummmmmmmm.. No
 

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Not saying the OP is immature, but
immaturity and high hp cars are not a good mix.

Many of the old links are busted, but this happened on the Board.

 

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Not saying the OP is immature, but
immaturity and high hp cars are not a good mix.

Many of the old links are busted, but this happened on the Board.

He is immature by definition.

Don’t get the car OP. If you buy it and wreck it there will be one less M5 for an enthusiast to own.

Out of curiosity what else did you consider before narrowing it down?
 

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1. Insurance is roughly 35% more than each of my other two cars on a comparison basis (Audi Q7, BMW X5M)
2. When you've had enough after a year the car will sit on autotrader for like 6 months while some thug tire kickers constantly hassle you for a test drive, after which case you'll be rid of it at rock bottom price
3. There are multiple mechanical failures that reach deep into 4 figure territory, sometimes more than one at a time
4. You can, and stand a much better chance of icing yourself than driving most realistic regular cars in the price range

All good if you have a second vehicle, the means to support yourself and the vehicle, the maturity to decide what's appropriate in terms of fast driving. When I was 16 (20 odd years ago) I didn't have any of these, and $20,000 in my bank wouldn't have made a difference
 
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