What my X5 worth?

[Estroil 4.8is]

WE GOT THE HOUSE!! WOOT WOOT!!
The 19"s are the Y spoke. Thanks for the compliments guys your really helping me sell it, NOT!!! Anyways my mortgage broker is interested in it. Maybe he will waive the closing cost!

[Wagner]

contratz

[Estroil 4.8is]

IT's up for sale on Craigslist
http://newyork.craigslist.org/fct/car/416466648.html

[butundo]

I don't understand why you would sell it. If you get $20k, which seems high, and you owe $8k, you come out with $12k. Then you are going to spend $10k on a used vehicle, which might need work. It seems that it would come out even, and you would be out of your X. And at least you know the history of this vehicle. I think that you should just keep the X.

[Scotty]

You have a very nice X5, well spec'd in great condition, as you say, you need time to find the right buyer who wants your X badly and likely has the cash on call.

As MD says, model year is hurting the value big time. I have 2000 myself.
Generally, swapping vehicles to fill an empty house doesnt make sense IMHO. As butundo says, actual $$$ don't add up well in favor of sale.
Other point of view is that, depending on what you've replaced/repaired to date, a 2000 with that mileage is risky for $$$ failures.....you could need to drop $1000 any month for random cooling system failures :-(. A used Accord/Camry/etc will have lower costs going forward.

Let us know how it goes, can you live with a kinda empty house for a couple of years and buy furniture bit-by-bit.

[butundo]

I do know that I will never purchase one of these vehicles again. Leasing is going to be my only option. I'm paying a lease payment, or more, for a vehicle that is out of warranty and 7 years old. And lets not mention all of the money that I have put into this vehicle. I could be driving a newer vehicle, with full warranty, every couple of years. I do love my X5 when it is working properly, best vehicle that I have ever owned. But, it is damn expensive to fix, and there are many problems that just shouldn't happen.
That could be a good reason why you would want to get another vehicle.

[Wagner]

Originally Posted by butundo

I do know that I will never purchase one of these vehicles again. Leasing is going to be my only option. I'm paying a lease payment, or more, for a vehicle that is out of warranty and 7 years old. And lets not mention all of the money that I have put into this vehicle. I could be driving a newer vehicle, with full warranty, every couple of years. I do love my X5 when it is working properly, best vehicle that I have ever owned. But, it is damn expensive to fix, and there are many problems that just shouldn't happen.
That could be a good reason why you would want to get another vehicle.

With that logic you should only buy Kias and vehicles with 100k warranties...pretty much knocked out every luxury Euro ride on the market. Also, with that in mind, you probably would never want a BMW.

[butundo]

Originally Posted by Wagner

With that logic you should only buy Kias and vehicles with 100k warranties...pretty much knocked out every luxury Euro ride on the market. Also, with that in mind, you probably would never want a BMW.

Not true at all. With the current electrical problems that I am having, the dealer basically wanted a blank check to TRY to fix it. He was sure that I had a loose wire somewhere behind the dash, and that the entire dash would need to come out. And even with that, there were no guarantees that would solve the problem.

With a lease, you don't have to worry about paying for broken things out of pocket, it will always be covered by the warranty. Also, the amount of my current monthy payment is about the same as a current lease payment. Why have a older vehicle when I could drive a newer one with a warranty? I have leased many vehicles in the past, and I believe that I made a mistake by purchasing a luxury vehicle. I am sure that in the future i'll get a new X5 or maybe a 5 series sedan, but it will be a lease.

[Wagner]

So you'd rather lease a 50-70k ride and have nothing to show for it at the end but money gone and no vehicle to trade in on a new ride.

Guess it is just two different types of thinking.

IMO, if I'm paying $500+ a month on a car, I want a car to show for it.

[butundo]

Originally Posted by Wagner

So you'd rather lease a 50-70k ride and have nothing to show for it at the end but money gone and no vehicle to trade in on a new ride.

Guess it is just two different types of thinking.

IMO, if I'm paying $500+ a month on a car, I want a car to show for it.

It depends on the type of person you are. Do you keep a car for more than 5-6 years? How many miles do you drive? Do you have other vehicles available to drive?

I used to work at a car dealer selling cars. I would often see people coming in stating that they only have 1 or 2 more payment left on their purchase, and wanted to look for a new car. They paid on a car for 5 years and wanted to make another 5 year purchase. Why would someone want a car for 5 years when they can get a new one every 3 years. And with a lease, most of the time your payment would be less than a purchase. In business class, they teach you to purchase items that will appriciate, and lease/rent items that will depriciate. Plus, if you are making payment on a purchase, you don't really own the vehicle, the fiance company does.

If you calculate the amount of your total payments (60?) made and then subtracted the amount of trade in of your vehicle, you would come up with (x) amount of dollars. Then if you calculate the amount of the lease payment (36?), you would be suprised to see that the amounts are not that much different. Also, you don't have to worry about purchasing an extened warranty, which usually runs into the thousands.

Also, at the end of a lease, you do have options. The residual value is calculated at the beginning of the lease, no more open-ended leases. This value is a guess as to what the vehicle would be worth at the end of the lease. If you wanted to purchase the vehicle, this would be the price. It is usually a bad idea to purchase a vehicle this way. If you are able to sell the vehicle for more than the residual, you get to keep the difference. If the vehicle is worth less, you just give it back to the leasing company.

For me and my family, leasing is a great way to go. We have 2 other cars, and 3 motorcycles to drive. So the miles on a lease are not a concern. One of the main problems with leasing is credit score. You must have almost perfect credit to lease. At the time I purchased the x5, my wifes credit wasn't the best. I don't know if we would have qualified for a lease on a lux vehicle at that time.