Restore the E30 or buy a new car?

[PootieTang]

Sup brahs. I'm at a bit of a crossroads right now. Currently driving a 92 mtech vert with a 5 speed swap. I love the car but to get it where it needs to be, I'd have to have quite a bit of body work done as well as interior (dash is cracked and seats are even worse). At that point I'd still be running the stock M20 with 141k which I'd probably want to rip out for something better. Currently making roughly $80k a year, working around 60 hrs a week and living with the parents until I save for a house/the girlfriend wants to move out. I figure to get the car where I want it to be will cost at least 7-8k, or I could just cut my losses and get something else (the E39 M5 quickly comes to mind)

Thoughts?

[ak-]

Living at home with those hours and salary.. I don't see why you don't lease something new, cheap, and gas saving..
I don't make close to that income or get those hours and almost did it myself to be more financially responsible - I bought something reliable and used instead.

[Cabriolet]

Here was my mtech2. cost me 20k.

http://www.r3vlimited.com/board/showthread.php?t=192482

then i didnt learn my lesson and i did it again, to the extreme.

http://www.r3vlimited.com/board/showthread.php?t=251334

Im 30, have a wife, had 3 free weekends in the past 2 years. would i do it again or buy a new car? yes if i had no wife/gf and lived where at the same location as the build. this car cost me 26-28k. for that kind of cash i could buy a brand new way better car. if i had know it would gonna be a life suck and cash suck, i would have bought a new car and spent 2 months on vacation around the world.

[ST1G]

Yeah... I would get a newer BMW, and maybe find a super clean e30 later...

[jalopi]

Buy something comfy and automatic, keep the e30 though. Considering the hours and salary, I assume you're at least 23, which means your body is gonna start feeling like it's falling apart in a few years (that is, if it hasn't already). You'll soon be yearning for the plush, heated seats of your lexus/whatever when you're half asleep during the morning commute.... I do anyway.

[Thizzelle]

i'd keep the mtech for later and just lease something new now. or you take your lease payment and pump it into your mtech each month, that's how I justify having my cars looking good.

[Benjamin_Button]

My question is why not? 7-8k is still cheaper than any new econobox and the e30 is way better. Sounds to me like you have a pretty desirable car. Fix it now and keep it going for another 20+ years. If it doesn't work out, cut your losses and move on. E30s are getting harder to come by. You can get an e39 m5 any day of the week.

Sent from my Nexus 4 using Tapatalk

[JinormusJ]

I'm biased


I say build the e30 if it needs some drastic work (ei, hasn't been dropped, interior is crap, engine is dying, base coat is fading to primer, etc.)
That is what I did and I am in the process of dropping my car finally after almost 2 years. Once I do that, I am saving every penny I can minus maintenance to save for a house/education. After a drop and wheels, they e30 will not be seeing very many mods. She needs about $12k more for what I want and that's a lot of money


In the mean time I will buy a beater for a season or two until I am well established myself: I was looking into a nice e46 5-speed. Doesn't matter what size or door number (at that point, I would prefer 4-door), I would just want something comfy and refined as a daily with a 5-speed and preferably 4 doors. Those can be had for $6-7k, so I think it's a nice trade off


EDIT:
Unless you have 25k in savings after purchase, do not buy an e39 M5. Most of them are being sold at "that time" when almost everything is about to go bad on the engine and need replacing. I've done my researched, and while it'll be $10k or so for the initia
Purchase. It will turn into $20k within the first 6 months of owning it

[ClassicE30]

I'm in the same predicament as well, except I don't own an e30. I constantly go back and forth between getting a nice late model e30 and polishing it up (i.e new paint, interior, engine/trans fully rebuilt etc) or getting a low mile 2010 6 speed 335 e92 coupe. I don't really need a car (I live within biking distance to work) but as a lover of cars, they're more than just transportation to me. Everyday my decision changes from "fuck trying to find a nice e30" to "fuck a 335i an e30 is tits" lol

[MC Hammered]

For the money I spent restoring my e30 I could have easily bought a new car, the problem is at that price point I can't find one that catches my eye as most are just ugly and handle the same.

So now I have a 'refurbished' e30 which can go for another 25 years.

[mrcheezle19]

Just go lease a new car for a low payment and then slowly build the e30, that's really the best way to go. You can get a focus for under 200 a month, which is what I did. With that kind of salary you can easily put cash away, afford a cheap payment, and build the e30. I'm doing it on less than you per year. I loved daily my e30, but sometimes its nice hoping into a 40mpg car that I couldn't care less about and have no headaches with. Warranty.

[markt51]

I make close to what you do, probably about the same age, but own my own house. I came to a similar crossroads a few months ago. I ended up buying a used 2011 honda element, with low miles. Super reliable and very practical for errands that require space. I thought about getting a clean e30 as a daily, but opted for reliable low payment car, and then spends butt loads on restoring my e30. Its nice not having to be worried about your car not making it to work.

[ThatOneEuroE30]

What exactly are you guys doing to you e30 that puts you 8k+ into it? Im probably 3k into mine and only gotta spend another 2 and that's for paint.

[Thizzelle]

you live with your parents, do you pay any rent? I paid all my parents house bills (my rent payment) when I saved for my house and still could afford a couple e30's, it doesn't need to be perfect at this moment in time while saving. MC hammered thinks like me. If I drop 20k into a e30 it will last another 25 years and look really good and better than new cars.
AND DON"T LET YOUR GIRLFRIEND PRESSURE YOU INTO ANYTHING BECAUSE AT ONE MOMENT THEY ARE THERE, AND THE NEXT, THEY ARE GONE!

[makecopies]

YOLO!

http://youtu.be/ypZyP5QDr3U