question about affordability

aight...i am a newbie here.
This is the story...sorry about the length.
I live in canada...make about 2500 bucks a month after taxes.
my dream car bmw 330ci with prem/18" rims & wheels.
its around 50000 CDN bucks here.
I am 23 yrs old and wanna get it ASAP.
Also, I dont' think I want to finance for 5 yrs..cuz that's too long to be shelling out so much money per month. I'd rather live like a homeless person and pay it off ASAP. and then once i have paid it off, I am free of car payments. I have down payment of 12000 and it'll work out to be around 1500 bucks a month...if i wanna pay it off in three years. + insurance...
which pretty much means that I will only have round 500 bucks a month...for my pers. expenses. I live with my parents...so no rent money no food money..
Ya..so I pretty much will be living like shit for 3 yrs...but with a bimmer.
Anyone see any flaws with the plan?
I read somewhere that u should only spend like 20-30% of ur income on a car...i think mine is like 80. Has anyone here had or has the same kinda experience?

Dude,

There is no question a 330 is sweet but it sounds like your priorities are out of wack. Why not either hang out at home for a year and save more for the down payment or consider buying a used one. You will still love it!!

Im looking to get a 330Ci too and i have the same problem. These cars are very expensive in the UK (which is where I live), so im looking to import one from germany through a specialist dealer, saving myself almost 20% of the price. I will get a pretty loaded 330Ci or maybe even a 330Ci Sport for the price of a fully specced UK 318Ci. Thats the only reason im considering buying one. My dad will help me out a lot with the price but if he didnt there is no way i would consider buying this car. no way in hell. spending 80% of your income on your car will make you miserable, so will living at home for too long. my advice to you is either wait, or buy an E36 coupe and resell it in a year or 2 when you have more cash in hand. the e36 will have already done most of its depreciation so you wont have much to lose when you resell, and hey, like you said, youll be driving a beemer. i know it wont be a 330ci but things cant be perfect, thats just the way it goes. youre still young, other cool cars will come and you will want them just as bad. and then, youll have the $$$$ to get them so there wont be a problem. its all a matter of patience....