So i decided to go to the dealership on my own at 20 years old to buy a bmw m340i and the car came out to 48k after taxes and everything but when i look at my loan amount its 70k did i mess up on this purchase?
I have a payment of 833 for 84 months and i make 60k a year after taxes and live with my parents.
Let’s cut through the noise and get real for a second. You went to the dealership alone, bought a BMW at 20, and now you’re looking at $70,000 in debt with an $833 monthly payment. You’re asking if you messed up? Let’s break it down.
You’re making $60k a year, which is decent. But after taxes, you’re probably taking home around $50k. Now, you’re on the hook for a car that’s going to eat up 20% of your post-tax income every single month for seven years. And that’s just the payment—forget about insurance, gas, maintenance, and the inevitable repairs that come with owning a BMW. You’ve essentially committed yourself to a second rent payment for a luxury car.
Let’s be blunt: cars are one of the fastest ways to wreck your finances, and the dealership saw you coming from a mile away. You got taken for a ride with that loan amount. Why is the loan $70k when the car cost $48k? Extended warranties, dealer markups, hidden fees, and—let me guess—some shady financing terms you didn’t fully understand. Dealerships LOVE when people walk in with no plan, and unfortunately, that’s what happened here.
The good news? You’re young, and you’ve got time to fix this. But don’t make excuses for yourself. Own the mistake, get rid of the car if you can, and start focusing on building wealth instead of flashing it. This car is a liability, not a status symbol that’ll pay your bills or set you up for financial success. You’ve got to prioritize your future over a shiny car that’ll depreciate faster than you can say “bad decision.”
Learn from this and make your next move a smarter one.