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!

a tasty 328 you say.... *wink wink nod nod*

Go for it Richie..

I thought i might have to sell the M3 when i got the house, but so far so good.. And the M3 is not that dear to run as long as you steer clear of main dealers.And hunt round for the best deal on parts .yeah you get violated by the tax man but its worth it. For the performance you get the fuel economy is excellent. no probs running it every day. yeah parts wear out but they do in all cars, just get a good one to start with.. Ive done over 10k in mine since i got it and all i've replaced apart from routine servicing is track rod, rear top mounts and anti roll bar links.. ( oh and rear tyres but what can you do)these parts are no dearer than a 318is and just as likely to go in one of those.

Richie wrote: Time has come to get myself sorted with some property so I'm seriously thinking of selling the car and getting somethin thats not worth as much. I'm thinking of a 1995/96 M3. Anyone seen any nice examples around outside autotrader,cbg and carzone? I want a real minter so will probably go to the UK.

Is that your car in the picture ? I was pulled up along side one like that on stephens day at the toll bridge on M50, few kids in the back were staring across at me. is your a 320 coupe or something ? it caught my eye as it was so low down.  Maybe that was all the kids in the back

This was about 1pm or so........by 3.30 I was down in limerick.

musnt have been you.

Good luck with your plans anyway.

nn_dd wrote: Believe me, when you pull your first beer out of your own fridge, it'll be worth it.

Couldn't have said it better myself, Nigel. Partic the bit above.

kdevitt wrote: That said, even if you got 10K profit from your own, it wouldn't make a huge impact on house repayments.

In terms of the size of mortgage true, but if 10k means you can get a 95% mortgage instead of a 100% one then it will make a big difference. You will get a much better interest rate, at least 1% less, which on a 100k house works out at around £72 a month.

kdevitt wrote: That said, even if you got 10K profit from your own, it wouldn't make a huge impact on house repayments.

In terms of the size of mortgage true, but if 10k means you can get a 95% mortgage instead of a 100% one then it will make a big difference. You will get a much better interest rate, at least 1% less, which on a 100k house works out at around £72 a month. Not sure what this is in Euros though...... 

That is a thing of beauty, Richie.  The only problem with it is that with the way property prices are increasing and property sizes decreasing, your car really could end up being bigger than your house!

Was in my cousins house in Swords a few weeks ago, and couldn't fit my car in her driveway - it was too wide!!!

An angle grinder & decent North-Face tent will have mine set-up to your preference...

You have a lovely car richie shame to get rid of it but been in the same boat had a great 1988 325 coupe and lots done to it had to move it on when moving house extra money helped a lot but on the bright side once you get your feet on the ground again you could probably afford an e46m3. Every time i got my feet on the ground again i upgraded to a bigger house and now have one with a bit of land so feet on the ground again thinking of a m3 myself that same itch (must be contagious) but you never know pm me with details of your motor and when you want to move on it.

Would it be possible to consolidate the car into the mortgage

what you need to sort out that itch Lesurely is a E36 328i coupe with choice mods for the descerning pilot.

Just so happens I know of a taaaaaaasty one for sale!  

Hope you dont have to sell the e46 coup richie,lovely car.And with the amount of tasty mods you've done to it(that csl bootlid included).All ill say is think about it as with any modded car,you're never going to get the value back.And with the next car you will want to add your own touches to it also which would easily use up most of the excess cash from the move to an older model.

In any case good luck with the property venture