Emira reservation woes, and other car woes... feedback appreciated!

[Shyatic]

So I have a stupid question - and this is based on what I'm hearing here and other places... I put my deposit down about two weeks ago (late to the game, yeah, I know!).

Here's my dilemma -- I put a deposit down for a BMW M3 a while ago, with an expectation I'd probably get it in April of next year. Since I've been reading here and other places, it seems that the Emira is going to be even further delayed, which makes me wonder what I should do with my M3 reservation.

Ideally of course, I don't want to lose any money. I've worked for a long time to reward myself with a fun to drive car, a Lotus has always been the dream and now I am in a financial position to make it a reality. That said, it's also the most expensive car I've bought and I'm far from rich -- I just like to pick my poison on what I spend money on.

Now the question for people who have been in a good financial position longer than me, and can make smart decisions -- should I keep the M3 and take delivery, because the Emira is going to be *super* far out and I'd not lose any money on taking delivery? Or just cancel the M3, and wait until the car comes? I don't need the car right now as I already have an SUV I drive and is paid off, so this is purely for a 'fun' car when the time comes. Lotus of Dallas (my dealer) has told me to expect end of next year which based on the current rumblings, seems to be inaccurate.

Appreciate your thoughts.

 

[Lotustoronto]

So I have a stupid question - and this is based on what I'm hearing here and other places... I put my deposit down about two weeks ago (late to the game, yeah, I know!).

Here's my dilemma -- I put a deposit down for a BMW M3 a while ago, with an expectation I'd probably get it in April of next year. Since I've been reading here and other places, it seems that the Emira is going to be even further delayed, which makes me wonder what I should do with my M3 reservation.

Ideally of course, I don't want to lose any money. I've worked for a long time to reward myself with a fun to drive car, a Lotus has always been the dream and now I am in a financial position to make it a reality. That said, it's also the most expensive car I've bought and I'm far from rich -- I just like to pick my poison on what I spend money on.

Now the question for people who have been in a good financial position longer than me, and can make smart decisions -- should I keep the M3 and take delivery, because the Emira is going to be *super* far out and I'd not lose any money on taking delivery? Or just cancel the M3, and wait until the car comes? I don't need the car right now as I already have an SUV I drive and is paid off, so this is purely for a 'fun' car when the time comes. Lotus of Dallas (my dealer) has told me to expect end of next year which based on the current rumblings, seems to be inaccurate.

Appreciate your thoughts.

There are 2 answers here.

1. Life is short, Drive the M3 until the Emira shows up... Probably won't be a huge loss after a year or so driving. (Depends what you consider a huge loss? 20K?)

2. Financially speaking, you should wait for the Emira if that is the car you want and are OK with not driving a sports car in all of 2023....

Me personally, I would wait for the Emira and take 5-10K from the 20K you would have spent on the M3, go to Arizona and do some track driving with the Radford guys for a couple days on the Evora...

 

[Leonard]

Could be different in the USA but no brand new BMW has ever been a financially sound investment outside of the current crazy market we are in now.
If you want financial security by a limited numbers Porsche
Why not buy something fun 2nd hand now that you won't lose cash on and then review how the Emira is perceived over the next 6 months and make an I formed decision early next year?

 

[Shyatic]

Could be different in the USA but no brand new BMW has ever been a financially sound investment outside of the current crazy market we are in now.
If you want financial security by a limited numbers Porsche
Why not buy something fun 2nd hand now that you won't lose cash on and then review how the Emira is perceived over the next 6 months and make an I formed decision early next year?

Second hand cars are ridiculous in price right now, so it's a tough pill to swallow to buy say, a Mazda Miata for $25k used.

 

[Leonard]

Second hand cars are ridiculous in price right now, so it's a tough pill to swallow to buy say, a Mazda Miata for $25k used.

Yup they are pretty crazy here as well, but I think you guys have it worse.
How much is a nice Porsche 987S or E46 M3?

 

[GetawayDriving]

The BMW will depreciate, so it depends on how much you’re willing to lose in between. I’ll second the advice to buy a used Porsche (or alternatively if Lotus is your dream car, an Elise) for the gap. Those will hold their value better than an M3. Sell it when the Emira arrives.

 

[Tonyshepp]

You can buy an M3 if you don't like the Emira. A lot of us are in this holding pattern, most money. I've spent in a car too so it's got to be right. Trepidation and delays abound but the feelgood factor of the Emira should be right up there..

 

[Cachaco131]

First things first. Get eyes checked in case they are not working well since you seem to have glanced over that grille.

 

[Shyatic]

Should add to this -- is the end of next year a reasonable estimation based on the rumblings here? I'm okay with it if it is, just curious.

 

[Leonard]

Should add to this -- is the end of next year a reasonable estimation based on the rumblings here? I'm okay with it if it is, just curious.

Nobody really knows, but the latest info suggests so yes

 

[Lotustoronto]

Should add to this -- is the end of next year a reasonable estimation based on the rumblings here? I'm okay with it if it is, just curious.

How many deposits are in front of you at your dealer?

 

[Maurice R]

So I have a stupid question - and this is based on what I'm hearing here and other places... I put my deposit down about two weeks ago (late to the game, yeah, I know!).

Here's my dilemma -- I put a deposit down for a BMW M3 a while ago, with an expectation I'd probably get it in April of next year. Since I've been reading here and other places, it seems that the Emira is going to be even further delayed, which makes me wonder what I should do with my M3 reservation.

Ideally of course, I don't want to lose any money. I've worked for a long time to reward myself with a fun to drive car, a Lotus has always been the dream and now I am in a financial position to make it a reality. That said, it's also the most expensive car I've bought and I'm far from rich -- I just like to pick my poison on what I spend money on.

Now the question for people who have been in a good financial position longer than me, and can make smart decisions -- should I keep the M3 and take delivery, because the Emira is going to be *super* far out and I'd not lose any money on taking delivery? Or just cancel the M3, and wait until the car comes? I don't need the car right now as I already have an SUV I drive and is paid off, so this is purely for a 'fun' car when the time comes. Lotus of Dallas (my dealer) has told me to expect end of next year which based on the current rumblings, seems to be inaccurate.

Appreciate your thoughts.

Personally I’m not a BMW fan. Not saying it is not a great car.
I think you will enjoy the Emira a lot more in the long run
My dealership is same as yours.
They have been great to work with. The Emira will be the 2nd car I’m getting from them
DM me if you want and probably give you a little more info

 

[Climber]

Wait and bank some money

Purchase a used Porsche 2013 -2016
You will borrow 40 -60, when you pick up the Emira sell it or trade it in.
35 -55 Credit. You will drive it for less than the Emira & BMW.

 

[Magma]

Second hand cars are ridiculous in price right now, so it's a tough pill to swallow to buy say, a Mazda Miata for $25k used.

Tough to swallow $25k on a used Miata that you could probably even afford to keep alongside your Emira as a fun car, but the new M3 is a bargain when you'd lose $10-$15k just driving it off the lot?

 

[Shyatic]

I have opted to wait, whatever the wait is -- and not bother with the M3 at all. Yes, I'll lose some enjoyment for the year I don't have anything, but when I get the Emira the difference between driving an SUV and *that* will be astounding.

I'd rather be patient and not lose the $10-15k, and as suggested by somebody else -- take up a few track days and training as the delivery nears instead.

 

[Pegasi]

I have opted to wait, whatever the wait is -- and not bother with the M3 at all. Yes, I'll lose some enjoyment for the year I don't have anything, but when I get the Emira the difference between driving an SUV and *that* will be astounding.

I'd rather be patient and not lose the $10-15k, and as suggested by somebody else -- take up a few track days and training as the delivery nears instead.

I assume you test drove the M3? That could give you the answer.

 

[Shyatic]

I assume you test drove the M3? That could give you the answer.

I’ve driven one before — not this year, and they are nice cars for sure, but doubly don’t want to waste money and want the discrepancy of what I drive now versus what I get to be ridiculous.

I’m patient, I’ve waited a long time, a bit more won’t hurt.

 

[Magma]

I’ve driven one before — not this year, and they are nice cars for sure, but doubly don’t want to waste money and want the discrepancy of what I drive now versus what I get to be ridiculous.

I’m patient, I’ve waited a long time, a bit more won’t hurt.

Reminds me of what I told myself....for the first 6 months of waiting. Lol!

 

[Climber]

Reminds me of what I told myself....for the first 6 months of waiting. Lol!

The problem is there few that really compare, at the price
Mid engine; Porsche Cayman & Boxster, corvette C8 Not as good looking & not as rare/exotic.
I have a 981 GTS convertible and love it, but used 65-75 new 90+. Amazing but not as beautiful.
Corvette C8-Z06 incredible spec sheet but looks like awful, Z06 look better than the stingray, but still not a Attractive.
Top Gear said it best it is a car you can use in more situations. Guess we are all waiting

 

[Matt]

Try to calculate how much you would loose if you buy an M3 and sell it in 2 years. If it is OK for you ,then you could buy it. It's about the trade-off. Here's the utimate question:
Is the happiness of owning the M3 worth the moneny you would loose when you sell it to the used car market ？