I recently started my first job after college/ (Polytechnic? translated from the Swedish word "Yrkeshögskola"). I have worked as a system developer since August where I had my praxis twice before finishing school. I have a 6 month probation and since my boss has been very happy with the work I've done, I will most likely be extended to an indefinite period.
I am thinking of buying my dream car in June of next year. I earn an alright monthly salary and it will increase if I get extended, as will my savings.
I'm saving approximately 12.000 SEK each month (gifts and other income not included). I have a fully paid off car that I will be able to sell for 110.000-130.000 SEK.
I figure that my savings will be around ~200.000 - 230.000 SEK after I have sold my car. The car I want to buy costs around 350.000 SEK used.
How could I best set up a payment plan if I buy this car? Should I try and pay off as much as possible at purchase and set up the rest as a monthly payment for 24/ 36 months = 6500 SEK/ 4165 SEK monthly? This would be the amount if I set up a pay off of 150.000 SEK.
Or would it be better to setup the car for pay off monthly with a 20% payment on purchase? 300.000 SEK on a 36 month set up will be rougly 8300 SEK/ month.
This plan will not be executed unless I get extended.
I live in Sweden which is why I use the SEK currency. 100.000 SEK = ~ €9600.
I have no current debt
To make things more clear. The car I'm referring to is a BMW E92 M3. This car has already started climbing in price's in Sweden, when looking at the newest, low-mileage models. Because it is considered a collectible future car I am not sure waiting another year would make it more of a bargain for me.