Re: BMW 318 VS STi VS EVO 9
Hi SnakeEater,
Off-hand, $1.5K/month is extremely conservative. I'm assuming two scenerios.
Scenerio A) $1.5K for all fixed + variable expenses, including loan, insurance, road tax, servicing, petrol, ERP, season parking, parking. (no hidden costs such as modding, etc included)
Scenerio B) $1.5K for fixed expenses. (loan, insurance, road tax)
Assuming you put a $20K downpayment for all scenerios. (E90 320i ~ $150K, WRX Sti ~ $117K, Evo9 ~ $145K)
So the loan you need to take varies from approximately $100K-$130K.
Bank Loan
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This means your monthly repayment for 7yrs (2.4%) varies from $1400 - $1810/month
Or if you stretch the loan to 10 yrs (2.6%), it varies from $1050 - $1365/month
Insurance + Road Tax
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Insurance for 29 yrs, $2.5-3K 0% NCD (approximately)
Road Tax for 2000cc engine ~ $1554
So insurance + road tax adds up to approximately $4-4.5K/yr = $400/month
Based on Scenerio B) + 7 yr loan, you'll need $1800-$2210/month
Based on Scenerio B) + 10 yr loan, you'll need about $1450-$1765/month
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If you add running expenses (petrol, ERP, season parking, parking, servicing), the range varies tremendously. But it'd be safe to assume a minimum base of $400/month additional for scenerio A. So the monthly range varies from ($1850-$2610). The lower figure being quite unrealistic/suicidal.
If we work backwards to achieve the monthly loan amount, this means out of your $1.5K, minus the $800/month on all maintenance expenses (road tax, insurance, petrol, parking, etc), you have abt $700/month left to spend on loan repayment, this means your loan amount is about $50,000 (7 years), or $67,000 (10 years).
So proportionately, the amount of downpayment needed is much higher. i.e. $50K-100K downpayment. :O
Hope this sheds some light!
P.S. The figures given are approximates and calculations are based on variable components which will vary.
Regards.
