I have to agree with masec. Though right now you are probably sitting in a dream position, fresh out of Grad. School, just landed a good paying job, based on wanting a BMW. Mistakes made by young people, especially seeing a salary like they never had before, is you tend to want to live and play a little large right out of the starting gate. You may have a good job right now, but you don't know what the future holds. Layoffs can happen etc. etc.
I would look for a more reasonably priced car, a good, solid used car for about $15,000 to $20,000.
If you have to ability to get your credit cards down to close to a $0 balance on each, I would do that. I would worry more about setting yourself up with a good foundation first, ( i.e. emergency funds, at the very least 3months worth rent/ut bills/mis bills. make sure you have a savings account or two, especially a high yield interest account like an ING.
Get yourself on solid footing first. I know it's not the fun thing and having a great job right out of Grad school and having a BM'r looks awesome and such, but the mistakes alot of us have made are along the same mindset as you "may"( Don't know your situation, and sorry to speculate)have. Life was great out College, made more money than we ever had made before. Boy if I had a time machine. You just don't want to look back a few years down the road and say to yourself "Boy I was stupid, what did I need a BM'r for" The future is a funny and very unpredictable thing. Get yourself set up on solid footing first and then in a couple of years go and revisit the whole expensive car thing again. Just think wouldn't that just stink to have layoffs happen and you can't get a job right away and you have that $30,000 loan sitting in your drive way?
