Should I (male, 20, college student) buy a car or save?

Gordon Showes: I would find out what the market value of the car is by going to http://www.kbb.com. The best case is if you can buy the car and sell it for a profit. This really depends on whether you're diligent enough to sell (or if your friend lets you). I'm assuming the M3 costs a lot more than $16k, so you might be able to buy a much cheaper car for commuting to school and then invest the rest of the money (don't forget you'll get taxed this way). Otherwise I'd just invest the money. I know the M3's tempting but you'll end up paying much more than $16k since you'll have to pay taxes, expensive repairs, and probably end up with very high insurance premiums. If you need a car for school, opt for a less expensive/flashy one._____________________________________http://savvyyoungmoney.blogspot.com/@savvyyoungmoney...Show more

Reyes Brunell: DANG get the m3 those things are worth like 75k-80k-90k-100k sometimes even 120k that's a good deal your getting!

Avis Br! antner: there's plenty of nice cars you can get for less that $16k. you're 20 and in college, do you really need a flashy car? nope. buy yourself a decent $5-10K car and save the rest.

Forest Duttinger: You've been saving, so you're obviosuly not stupid about money. Why not buy something more economical? You can buy an almost brand new car for $16K, not a an old used BMW that will kill you in maintenance costs!And you won't get a 5% return. Invest some, keeping it liquid so you can use it for tuition. And buy a car that's less expensive. If you have a job, get something where you are making SMALL payments to build your credit....Show more