Thinking of Selling the car

Have to agree with Ken on the saving part - general running costs on an M3 are bound to be much higher than on the 323 (it looks soooo wrong when you type it like that, doesn't it!!!)

Have you spoken to a mortgage advisor/bank about your options?  I would start there before I looked at selling assets.  Plus, you won't get back all that you've put into the car, so you'll probably be starting at a loss.

Richie - don't make any rash decisions ok!  Not after all your good work on your E46!

I am in the same boat in that I have a mortgage coming on stream within a matter of weeks and I needed cash but I figured it best to hold onto the car on the basis that

a) I really wouldn't want to step down to anything less comfortable or even more underpowered!
b) taking into consideration the cost of changing the car I woudl have cost myself a couple or few grand on that anyway.

Obviously an E36 M3 would be a very nice consolation if you're "down grading" but are you really going to end up that much better off financially?  Maybe you have done the maths? 

My advice would be to pay off your car loan (if you have one) and then talk to the banks and get what you can from them for a mortgage.
- or if Ken can show you how to hide a car loan then all the better!!

I'd agree with the above too, I now prescribe to the multiple asset theory with cars etc - instead of one expensive motor.

Having the company car helps me a lot too.

I was told once by a mate who went from 328 to M3 that the bills virtually double!

@nn_dd: you are a brave man with an M3 and an alfa GTV!!!

... I'd subscribe to the 'ditch the car and put the money in a gaff' school of thought. Fine, you can hide the loan, but you still have to pay for the loan (on a depreciating asset) each month. You make a finite amount each month after all. And the mortgage payment is only thing:

Lumpsum for the solicitor fees & to get the house half way habitable - old dolls you bring back don't go for the "fancy a bit of rumpy bumpy under the cardboard" line. Or sitting on a cavity block for that matter.  Not to mind a TV, fridge, hob, washing machine, possible kitchen etc etc..

then you have monthly payments on: ESB, Gas, life & mortgage protection, house insurance, sky, telephone/Broadband etc.. all on top of the mortgage. If it's an apartment, then there's the yearly maintanence/upkeep fee to factor in.

At least by releasing a cash sum from the wheels you can get all that stuff done & dusted, can adjust to the reduced disposable income, and then figure out how to finance something tasty again (& your car is trés tasty, lad. That CSL boot is the piece-de-resistance).

And on another positive, if you're knocking about in something you consider a stop gap and not too fussy about, we might see you out at the next trackday in it!