Need Advice On A 2008 CPO Purchase

[trance]

I am looking to get my wife a 1-2 year old X5 3.0 to replace our current 2004 X5 4.4i. We have located a CPO in the midwest and the asking price is around $49,500, which seems to be right in line with all the other low mileage CPO's out there. This one is loaded with Premium, Technology, Active Steering, Cold Weather, DVD entertainment, 3rd Row Seat, Rear Climate, Rear Heated Seats, Premium Sound System, HD Radio, iPod Adapter and Satellite. Unfortunately, no Sport. Roughly 8,000 miles on the odometer.

I think the vehicle is worth no more than $45,000 including new BMW rubber mats. This is approximately $4,500 off asking price. I would choose the Extended Maintenance plan through BMWFS as part of the May incentive. The dealer, however, will not budge off of $47,700. It will take another $1,000 to ship it to me here in AZ.

So I am looking at a $48,700 deal on a 3-year old car (since the 2011's are out). Please fire away and tell me how insane this will be if I pull the trigger on this deal.

Please note that $49,000 or so is all that we have in our budget. As much as I would love to purchase new for another $8,000 to $10,000 or so for all the options that we want - a new 2010 or 2011 is probably not feasible.

Am I looking at no one budging much off the $48,000 - $50,000 asking price of the 2008's or 2009's that are fully loaded? Or do I need to step away from the keyboard and have some patience...

As I stated earlier, please fire away...

[BGM]

Car is priced about right. It's in your budget. Then pull the trigger.

[TaMbALoLoNg]

No joy for me...patience is a virtue my friend. Not on a 3.0.

[CarsRmyVICE]

Price sounds right. kbb value is 47,900 for a loaded CPO 08 x5 3.0. If the mileage is only 8k the deal is even better. Pull away.

[JoelF]

I just did the same thing, but it was in October of 2009. I traded in a 2005 X5 for a 2008 X5 3.0 with 9K, sport, nav, prem, (no 3rd row) and I paid 49K less 20K for my trade in with 80k. The 2008 listed for for 61K. I had to drive 650 mile one way to do it, but we had a blast doing it. You will love the car, but you will hate the throttle lag that goes with the new BMW's

[TaMbALoLoNg]

Throttle lag could simply be fixed through a SIB update at your dealer. No lag on mine.

[JoelF]

Tried the SIB and it helped a little (but not enough).

[ard]

Why are people so hung up on CPOs??? The are pretty much billspit inspections, usually poorly done- no guarantee of a car meeting some 'exacting BMW specifications' (you can fine the actual checklist posted elsewhere and have any car inspected to that set of criteria.

You can but the SAME BMW BACKED warranty from bmw (it is the new "gold" extended warranty.)

DO NOT trust any dealer, BMW or otherwise- people think a CPO is some kind of 'safe bet' for buying a used car- and manufacturers spend A LOT OF MONEY making you think this.

And then I see you are gooing to buy the extended maintenance plan? Dear god why??? If the car is CPOd the major maintennace items should be done.

And shipping? You are going to buy it sight unseen and just trust the dealer that it is all good? Because it is a CPO? You DO realize that even if they miss items on the CPO inspection, (like bad paint. dings. etc) you have NO recourse with your local dealer... BMW does not stand behind the CPO- the CPO is a selling dealers total responsibility. Car is in "midwest" and you're in AZ and you cannot get out there to get it on a saturday?

ANyway, it's only money- why sweat the extra few thousand when the REAL risk is buying a car with issues and having no recourse.

cynically,

A

[trance]

Originally Posted by ard

...You can but the SAME BMW BACKED warranty from bmw (it is the new "gold" extended warranty.)...


...And then I see you are gooing to buy the extended maintenance plan? Dear god why??? If the car is CPOd the major maintennace items should be done...


cynically,

A

The CPO warranty is a matter of choice. Buying PP and adding a "Gold" warranty would still be an additional cost to the vehicle. And not every dealer gives a huge dscount off MSRP on their already expensive warranty packages.

The maintence plan is a BMWFS incentive for the month of May. Either free maintenance plan or 24 months for 0.9%. Normally I would not (and never have for that matter) buy this plan. I have always paid for oil changes (less than $100) and have done brakes myself.

The only thing I agree with you on is buying sight unseen. I am anal about my cars and would prefer as perfect as possbile. However, right now it is not feasible to travel over a weekend to see the car in Ohio.

Are there any fellow posters out there willing to check out the vehicle for me in Akron before I pull the trigger?

TIA,

trance

[ard]

My point it that the market value on these cars is artificially high on "CPO Cars":

1. The 36 month lease end residual should be your price for a clean, low mileage car. Figure what, 61% of the MSRP back in 2008, so lets say 57k so (no calculator) $37k. This is what sellers can get for trade in, this is what they will sell it to you for- give or take.

2. Throw a THOROUGH inspection on the car- add $400. Check everything, even compression if you want.

3. Spend $4500 on a platinum warranty.

4. Save a trip to akron.

You are still well ahead of the dealer price- AND you are not trusting them not to sell you a car that may, in fact, not really have been so 'reconditioned' as the advertisements make you think...

Good luck

A

PS You could get to Akron and back in a single day to inspect and drive. If nothing else, see if they will guarantee (in writing) that any defects or failures to meet the CPO standards will be fixed at their expense. They will not do this, BTW, but worth asking....