The fate of our Bonnevilles...

[repinS]

That sounds like a horrible idea.

This. Personal loan at a higher interest rate? This is about as bad a financial move as an 18 year old can make. It also screams of someone trying to be flashy in a car, and then has nothing else going on.

I think the worst part of it is the intention to draw it out for a long period of time. I took out almost $7000 on a personal line of credit (9.7% woohoo!) to buy the GXP in mid December, consolidate a wee bit of credit card debt for the holiday season, buy a new phone, and get my snow tires and rims. It'll be paid off by mid March. Three months and I'm already grumbling at the interest.

I couldn't imagine taking out a high interest $14-18k loan on a car that'll rape me on operating & maintenance cost and draw it out over a period of YEARS...

[99bonnieSE]

DOO EET!

....doo lol

[LeSabre in Buffalo]

Even working a "regular" job I'd still hate to pay maintenance on an older BMW, especially a flagship model like a 7 series. Once the technology goes in those it's done.

And, IMO, the only loan one should ever have with 7% interest is a student loan with the interest deferred until graduation. It's amazing how much interest racks up at 7% in just a few month's time. And the payments will only go to the interest, not the principal, at first. It's a nice system the banks rigged for themselves to keep one in debt and paying on that loan.

I'd keep the Bonne a few more years and pick a few small, easily reversible mods to do every once in a while to keep it fresh. Then in a few years when the car is truly tapped out, you'll hopefully have saved enough to put a large chunk down on a car you do want. Then, you won't be trapped into a high-interest loan for years.

[John Deere Boy]

If you're heart is set on a BMW, don't be discouraged by us GM loyalists. That said, i'm 26 and still (at the moment) drive the car i bought at 15, and very proud of that fact.

[99BonnevilleSE]

You guys are all probably right. But I'm one of those people who when i got my heart on something I got to make it happen. I was the kind of kid who at 5, I bought my first $300 PDA instead of a new box of crayons. I got my job as soon as I turned 16, i pay for everything myself, some of it even by choice. I've done my research, I know what I'm getting myself into. And I've accepted it. Who knows, if I can save up enough money. Maybe I can afford to keep the Bonneville. It'll be talking my Dad into keeping 6 cars in the driveway, that'll be the hard part...

[1oldman]

And, IMO, the only loan one should ever have with 7% interest is a student loan with the interest deferred until graduation. It's amazing how much interest racks up at 7% in just a few month's time.

and here I am b1+ch1n' 'bout a 5.25% loan and a 5.875% loan. - BC

[robroyoldboy]

If you're heart is set on a BMW, don't be discouraged by us GM loyalists. That said, i'm 26 and still (at the moment) drive the car i bought at 15, and very proud of that fact.

Where's the "Like" button?

[2000CadillacSTS]

Pretty much sounds like he's made his mind up guys. I do love those newer 7 series...enjoy it!

[Bugsi]

You guys are all probably right. But I'm one of those people who when i got my heart on something I got to make it happen.

No offense, but that doesn't make your idea smart. It just makes you dedicated to a bad idea. What you need is some good advice. Here you go:

Don't buy a $17000 BMW.

Reroute your dedication to buying an expensive car at 18 into getting an excellent college education and figuring out how to pay for that.

Keep your Bonneville. If it dies buy another one. If that dies, buy another one. For the same $17000 you were planning to spend on a BMW, you could replace your Bonneville something like 7 or 8 times.

Don't know about the 745 series but my 97SE is quicker at the track than a 740iL and gets better gas mileage.

Over the long haul, your money will be much better spent on buying a house to park your Bonneville and the new BMW you buy after college with all the money you saved by not buying a BMW at age 18.

And while I'm sure they're nice cars, I personally think they're overrated.

[94SilverSSEi]

You guys are all probably right. But I'm one of those people who when i got my heart on something I got to make it happen.

No offense, but that doesn't make your idea smart. It just makes you dedicated to a bad idea. What you need is some good advice. Here you go:

Don't buy a $17000 BMW.

Reroute your dedication to buying an expensive car at 18 into getting an excellent college education and figuring out how to pay for that.

Keep your Bonneville. If it dies buy another one. If that dies, buy another one. For the same $17000 you were planning to spend on a BMW, you could replace your Bonneville something like 7 or 8 times.

Don't know about the 745 series but my 97SE is quicker at the track than a 740iL and gets better gas mileage.

Over the long haul, your money will be much better spent on buying a house to park your Bonneville and the new BMW you buy after college with all the money you saved by not buying a BMW at age 18.

And while I'm sure they're nice cars, I personally think they're overrated.

Very nicely put and I completely agree with this!
I was going to upgrade to a newer grand cherokee or suburban over the summer but I am soo glad that I didn't as now gas prices are going back up and who knows when they will come back down and I couldn't get what I wanted for my Bonneville so I decided that I would just keep the car and drive it into the ground. It would give me the most satisfaction and would be best financially.

[SSEimatt93]

too many memories and good times embedded in my Bonneville to just up and get rid of it. Its worth lots to me, but not so much to anyone else. I hate to see it age, watch the paint fall apart, watch the wheels put and decay, but still rather drive it then park it.
Shes got her issues, trust me, but it still starts every day and gets me to work, and anyother direction I point it.
How many people can say they still drive the car they bought at 19 almost 6 years ago now?

[Ghosthawk]

I dont know how long I'll keep mine but I'm not thinking about getting rid of it since I just got it! Although i hope it does as well as the GP did, and if so it should be here for quite a few years.
Between me and my son we put 275K on the Intrepid I gave him, I'd love to see Bonne the Ghosthawk roll those kind of miles and then some.

I see older guys at cruise night around here with cars they've owned for 20 years...I've always wanted to love a car enough to keep it for that long.

I also agree that BMWs are wildly over rated. I dont like the looks and the so-called status does nothing for me whatsoever. Expensive to by and expensive to maintain, and to what ultimate advantage?

[Boreas]

Im just going to stick new engines and take my car to the body shop for the occasional rust repair on the body on my cars. I am picturing myself as one of those old geezers with the three 1970's Lincoln Continentals in their garage that they still drive today. Thats gonna be me in my bonnie(s)!

[phil0054]

There are always going to be cars that are 'better' in one way or another. the Bonnies are a solid mix of performance and luxury. BMW earns its oooh/ahh factor through its exclusivity, which usually comes down to operating/purchasing/insuring costs. But, it may be worth the price, if you can swing it. One thing I like about my Bonnie is that there is real potential for improvement on a reasonable budget. But in the end, it's whatever puts a smile on your face every time you walk up to it. I sure do. I used to drive a beat up old 80 sunbird with a bent front bumper, one black door and it was the coup, not the hatchback. BUT...It also had a posi, progressive springs, a short shift 5 speed and a 'healthy' 350 under the hood. Zero options, but it always started, kept me warm and was a total blast to drive. What I'm most impressed with on this 02 ssei is that it has 185k and still looks and drives like brand new (minus 3 button/dash lights). Considering the color/trim of the car you have, I'd consider a ssei or a gxp, or the BMW you have pictured as well. But that's just because I don't really like that color on any 99-05 bonnie. Heed the advice to get an insurance quote tho. Then let us know what your rates would be for that car, if you don't mind sharing.

JP

[phil0054]

Oops, I only read the first page before replying.
First, good job on the research and congrats on having great family support. It also seems you have a great financial background. The PDA purchase makes me curious about the whole context of the situation. I'm pretty sure you were highly rare as a child to prefer that to an entire list of other coveted items, or you were influenced just a hair?

But to stay on topic, I'll likely continue driving my SSEi until something tragic happens, or I have an amazing financial gain where I can pick and choose among several powerhouse cars.

[patriottuba]

Even thought the I am on my 3rd green Bonneville now, I believe this will be the car I drive till the wheels fall off.... except maybe if I find a 98-99 SSEi with low mileage..

[repinS]

This topic is from two years ago... please don't dig up old threads like this!