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Got my buyout quote today:
Lease is up in late-May. Went to the dealer today to discuss options.
Said that they don't have any flexibility on the buyout with BMW. So basically my options are to buy the car per the lease for $40,000 or pay $42,850 for my car with a certified warranty and they make my last payment, so really $42,000 certified. Tires are extra. So basically, the question is do I take the gamble with a car with 26,500miles that has been virtually trouble free or pay to gain two more years of warranty? Existing warranty ends in May 2012. So basically $1000 per year for 2013 and 2014. Thoughts? They said they would retail the car for $48,500 or $49,000. Thanks for your opinions. |
Personally I believe warranty is always good to have..if anything goes wrong especially electrical wise one or two visit is enough to make the $1000 back..
mine is less than a year old and i've already had a few minor issues.. |
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I'd be shocked if they could get $48,500 or $49,000 for a 2008 4.8i!
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OT...
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As posted many times, here is the Not Covered and Covered general points, though some posters with some relationships with their dlrs, get some non-covered things 'covered'. Not Covered: BMW North America Covered: BMW North America Engine Automatic/Manual Transmission Front Suspension Rear Suspension Steering Brakes ABS Brake System Electrical Air Conditioning/Heating System Cooling System Interior/Exterior Fuel System Final Drive Assembly, Propeller Shaft |
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I may just take the gamble and buy it. The items most likely to cause trouble aren't covered anyway. |
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I brought an 07 fully loaded (third row, hud , tech, sports, rear entertainment, cold weather package, black on black) with 38,000 for $34,000 in January and im in NYC..... I saw '08's in the upper $30's |
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I tried autotrader..... no good for me. i kept finding dealers that advertised vehicles that they no longer had. After awhile it seemed like a scam... and i mean i tried many dealers in a three month period. What worked for me was manheim.com An acquaintance of mine has access and gave me his log-in info so i could check at my convenience.
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I know that we are talking about i's here but I will also comment on the amazingly high resale right now on the 35d's. I have been trying to find and buy a 2010 and the best I could find was only going to be about $2-3K less than what I was ultimately able to order a new 2011 for. On the d's it seems like the resellers are not taking into consideration the fact that with the Ecocredit it is possbile to get NEW ones for about $8-10K off of sticker (depending on options).
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How does the Ecocredit work?
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Very simply: a $3500 direct rebate for the purchasers of the diesel.
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I can pick up your car at Auction all day long in the mid to high 20s. Paying 42K for a 30K car doesn't make sense, regardless of trouble fee status.
03/17/11 MANHEIM Regular $36,500 24,311 Above BLACK 8G P Yes 03/11/11 NADE Lease $33,100 27,047 Avg TITANIUM 8G P Yes 03/10/11 RIVRSIDE Lease $35,000 27,127 Avg MONACO B 8G A Yes 03/08/11 OHIO Lease $35,250 27,293 Above PLATBRON 8G A Yes 03/02/11 ATLANTA Regular $34,800 27,748 Avg BLACK 8G A Yes 03/23/11 MILWAUKE Lease $35,500 31,635 Above SPACEGRY 8G A Yes 03/25/11 MANHEIM Regular $32,700 33,356 Avg BLACK 8G A Yes 03/15/11 FAAO Regular $35,300 34,474 Above GRAY 8G A Yes 03/02/11 DENVER Regular $34,500 35,221 Avg BLUE 8G A Yes 03/23/11 MILWAUKE Lease $34,750 35,874 Avg BLACKSAP 8G A Yes 03/02/11 ATLANTA Lease $32,000 35,993 Avg TITANIUM 8G A Yes 03/03/11 MANHEIM Regular $36,500 38,203 Above WHITE 8G A Yes 03/23/11 MILWAUKE Lease $33,000 38,645 Avg MONACO B 8G A Yes 03/23/11 MILWAUKE Lease $35,000 39,448 Avg MONOCO B 8G A Yes 03/09/11 CEN FLA Regular $32,200 40,924 Avg GRAY 8G A Yes 03/15/11 RIVRSIDE Regular $31,500 41,317 Avg BLACK 8G A Yes 03/10/11 RIVRSIDE Lease $32,750 43,303 Avg SPACE GR 8G A Yes 03/23/11 MILWAUKE Lease $33,000 44,026 Avg SPACE GR 8G A Yes 03/02/11 DENVER Lease $32,500 44,068 Avg DK BLUE 8G P Yes 03/09/11 DENVER Regular $34,500 44,304 Avg WHITE 8G A Yes 03/02/11 ATLANTA Lease $34,000 44,715 Avg PLATBRNZ 8G A Yes 03/17/11 NEVADA Regular $34,500 44,975 Avg BLACK 8G A Yes 03/08/11 OHIO Lease $34,250 45,544 Avg MONACO 8G A Yes 03/25/11 MANHEIM Regular $35,500 46,124 Above Black 8CY A Yes 03/22/11 FAAO Lease $35,200 46,346 Avg BLACK SA 8G A Yes 03/24/11 HOBBY Regular $29,900 47,916 Avg GOLD 8G A Yes 03/17/11 NEVADA Regular $31,000 48,057 Avg SILVER 8G A Yes 03/04/11 MANHEIM Regular $29,750 49,891 Avg BLACK 8G Yes 03/02/11 ATLANTA Regular $23,000 50,728 Below SILVER 8G A No 03/24/11 RIVRSIDE Regular $31,750 53,458 Avg BLUE 8G A Yes 03/02/11 NASHVILL Regular $30,900 54,389 Avg Blue 8CY A Yes 03/23/11 MILWAUKE Lease $33,250 56,917 Avg JETBLACK 8G A Yes 03/03/11 ATLANTA Regular $26,700 57,401 Below SPC GRAY 8G A Yes 03/08/11 OHIO Lease $33,000 58,338 Avg BLKSAPPH 8G A Yes 03/09/11 NADE Regular $36,000 58,815 Above BLACK 8G A No 03/25/11 MANHEIM Regular $31,500 59,273 Avg GREY 8G Yes 03/01/11 OHIO Lease $30,000 59,494 Avg BLKSAPPH 8G A Yes 03/24/11 W PALM Lease $28,800 60,309 Avg SILVER 8G A Yes 03/17/11 MANHEIM Lease $27,500 60,806 Below BLACK 8G A Yes 03/02/11 MILWAUKE Regular $28,500 63,265 Below PACEGRAY 8G A Yes 03/24/11 GTR TMPA Regular $27,000 64,478 Below GRAY 8G A Yes 03/23/11 MILWAUKE Lease $35,000 64,801 Avg BLACKSAP 8G A No 03/01/11 SKYLINE Regular $27,300 67,921 Below Silver 8G A Yes 03/10/11 ATLANTA Regular $24,600 71,676 Below GOLD 8G A Yes 03/02/11 ATLANTA Lease $26,600 71,683 Below TITANIUM 8G A Yes 03/17/11 NEVADA Lease $28,750 76,457 Below SPACE GR 8G A Yes 03/23/11 MILWAUKE Lease $29,000 77,711 Avg SPACE GR 8G A Yes 03/16/11 NADE Regular $28,800 80,266 Avg WHITE 8G A Yes 03/23/11 MILWAUKE Lease $26,500 81,811 Below BLACKSAP 8G A Yes 03/18/11 DALLAS Regular $27,600 81,950 Below GRAY 8G A Yes 03/03/11 CHICAGO Regular $26,750 84,667 Below BLK 8G A Yes 03/21/11 SAN ANTO Regular $27,800 87,866 Below SLVR 8G A Yes 03/23/11 NADE Lease $28,500 90,113 Below BLACK SA 8G P Yes 03/03/11 AWS Regular $28,400 93,180 Below BLACK 8G A Yes |
I sold my 08 4.8 privately for $39k with 30,000 miles. So i think that mid $40's would be correct for a CPO. By the way BMW only wanted to give me $36k. This was back in October 2010.
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I have been looking at 2008/09 models listed on local craigslist here in SF bay area, and mid 40's is where I find the general advertised price for a 4.8i. Here is an example:
2008 BMW X5 Series 4.8i ### BUY NOW! ### Price: $45,888.00 Type: Certified Bodystyle: SUV Engine: 4.8-Liter 8-Cylinder 350HP Transmission: Automatic Exterior Color: Jet Black Interior Color: Tobacco Nevada Leather Stock#: A97890PC VIN: 5UXFE83538L161307 Mileage: 29,580 I think the dealer is not giving you a break since your mileage is pretty low, and it will be a very desirable car on their lot. Try calling other dealers. I just renegotiated my wife's 328i lease a few months ago and saved about $2500 on my buyback price. You don't have to limit yourself to the dealer you talked to. (Unless there are no others in your area.) When you call other dealers, tell them that you would want to buy back your own car for a quick $1k or so for them to make on it. It took the dealer that I talked to about 3 hours to take the car back from me, do the paper work and sell it back to me at a lowered price (they still made about $1k.) On a low mileage example like yours, I would personally NOT get the extended warranty and save the money. Chances of anything serious going wrong with yours within the next 20k miles or so (which is what you would realistically be driving) is VERY low. My 2 cents, hope this helps. |
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Are you an auto broker? I get the lists from Hayward, CA and Riverside. I can see they are going for low to mid $30ks predominantly. This is what my broker said but now they are selling for more? (according to him). There is only 1 that will be going in auction that is of my liking - 08 with 31k miles black/black with pretty much everything. It was or close to $80k sticker. He says that if we are lucky we can get $40k for it |
Those things are all scam. They take you to Auction which is illegal BTW! They can lose their license to buy cars for regular people. Then they say you won a so and so car, add all sorts of fake fees, jack up the winning bid, and tell you oh WOW you won a car for 40K, give me $250 for taking you there. In reality what happened was, he won the car for 32K out the door, and there is a $250 Auction fee, so you just made him 8K profit for maybe 15 minutes worth of work.
They pay with their Dealer accounts, so you never see what was actually paid for the car, they get the title right away, and you write him a check for 40K. It's all over craigslist ads such as "I take you to auction" etc... |
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I know a hell of a lot about cars and I would not buy at auction. If I was in the business I could absorb the occasional 'miss'...but you cannot. Good luck... |
All Lease Returns go to Auction, BMW North America, Land Rover North America, bring up Lease return cars in 100's daily. Buying at Auction is dangerous when you buy from mom & Pop's dealers who for some reason can't sell a certain car, so they bring it to Auction to dump it. If you are buying from Franchise banks who lease cars, you are in good hands, specially cars with left over warranty.
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How do you determine if the lease return has had damage/paint repairs:? (not 'frame damage)
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Each car has a report card, and at Auction, they rate them, and write everything that's wrong with them called PPI (Pre Purchase Inspection Report). They also tend to write more bad things, than it is on the car, they over deliver just so there is no words after. If you win a car, and there is something wrong with it, you don't have to bring it to home. That rule makes them not wan to waste time. They write it as is, and this way less returns.
Also each person has tools. 1. Unlimited Carfax 2. Unlimited AutoCheck 3. Unlimited SafeAssign Title Check 4. Paint Reader 5. OBDI Engine Reader Mom & Pops dealers who can't sell a certain car lie a lot, and have shady cars. But BMW, Porsche, Benz, these billion dollar companies aren't going to jepordise their reputation over getting an extra 1000 on a car. They write it as is, dump it. They make their money off you consumers. |
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Here is a Report on a X5 running in on Thursday. I removed the VIN Number etc... So I can see lots of pictures, they gave it a 2.5/5. More than likely, this is one of the ones selling for low 20s. Then on the bottom it also tells me if I were to buy this car, and wanted to fix it up, what I need to do. Very nice and Detail etc...
For example this one is a NYC Car, usually lots of rust, lots of abuse on the suspension due to the road condition. Coming off a lease, that was turned in at BMW of Manhattan. Lastly on the bottom, any body type that says "PREV WORK" means, it was fixed, painted, or worked on, so right away you know accident car, no need to even waste a carfax or AutoCheck, and you move on. Then on top of this detailed report, I got the other stuff as I mentioned: 1. Unlimited Carfax 2. Unlimited AutoCheck 3. Unlimited SafeAssign Title Check 4. Paint Reader 5. OBDI Engine Reader I just look at the Report, anything below 4.5 or lowest 4/5, I don't buy. |
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Good luck......:thumbup: |
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Thanks for the illustration. I do understand the risks at buying at auction. and some of the points you mentioned make sense. If this is BMW NA lease returns/financial auction their rep is on the line. I believe some or these cars will go back to BMW dealers around the country and they will be CPOd. I will tell you guys that there are not that many out there in my neck of the woods and if they are they are ranging (as some of you guys mentioned) in the $40k+ range for sure. |
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General question about buying out a lease. In terms of negotiating the price, can you basically assume that you take the residual value and add $2000-3000 for CPO and that's your sale price?
Are there other factors involved? Is it possible to negotiate the residual down? In other words, is the salesman's hands tied or is this essentially no different than negotiating the sales price on any vehicle on the lot? |
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My experience has been that BMW lease arrangement sets a high residual value for their cars (this allows them to provide a *reasonable* lease option while having a large MSRP). From a few cases that I have seen and my own experience, after 3 year lease is over, the buyout price set at the lease inception (for an average lease, 12k miles per year) is larger than the current market value of the car. In my wife's 328i case, I could buy a similar 328i with CPO from a dealer for less money than my own car's buyout price. When you return the car to a dealer, that dealer has an option to buy that car from BMW for whatever price it is that BMW is offering it to the dealer (which is normally lower than your buyback price, and BMW did not offer anything lower than the buyback price directly to me, for example, even though I contacted them and asked them about it.) So the dealer ends up buying the car from BMW for less than your buyback price, and they could turn around and sell it back to you at a small profit, but still lower than your original buyback price. My buyback price for 3 series was sightly over $24k, and I worked with the local dealer and bought it back from the dealer for $21.5k. Note that in this scenario, you will end up paying for any extra mileage that you may have used over your lease term, since the mileage of the car is worked into the price that BMW will offer to the dealer. In my case, however, I was still 20% below the negotiated mileage allowance and still my final price ended up being less than the buyback price on my lease agreement. You can buy an extended warranty when you get your car and it is still under original warranty. I would not do a 'cpo', as in give the car back to the dealer, let them CPO the car which means they may have to change tires/brakes/etc. - extra cost that will be transferred to you - and buy it back as a CPO. I would think you would be better off buying back the car on its own, and getting a BMW (or third party) extended warranty afterward. |
My 08 4.8 (21k) comes off lease on the 22nd of April... Little to no flex on the price, my salesman (who is also a friend) can basically throw in CPO and that's about it...service prices (even with an indy) and gas consumption are probably going to make me walk away...when you do the math, it rarely makes sense to lease then buy unless you can negotiate the price way down, or cpo finance rates are VERY attractive...
Re-leasing not an option either....from $1,050/m for 3/36 to $850/m 3/30 just is too much for what will end up being a 6 year old car.... off to the next one! |
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New would be nice, but the LCI just doesn't push me to justify continuing on with a new lease. I'd rather wait for the new one. |
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Dealers cannot CPO a car for you- they can only CPO a car they own. So technically they are responsible for all costs to bring a car up to CPO standards. These standards are >50% on pads and >50% on tire tread depth. So if they are CPOing it for they will want $$$ for the CPO fee from BMW and any costs for tires, brakes. If it is a lease buyout, to BMWNA the dealer buys the car, CPOs it, then sells it to you. Anyway, if you need tires, go to Americas Tire, Discount, Tirerack, etc and save half! Before you turn it in to them for the CPO |
I called my local dealer asking the question on CPO warranties, etc. They offer me the NEW CAR warranty. They all range from 100k/3 or 70k/3 but price was pretty steap... Ranging from $5100 to $4170 or something close?
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Extended warranties do not have the same terms/coverage/exclusions as new car warranty. Ask to see it in writing.
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You were asking the wrong question, and they decided to take some license with their response and misrepresented things. First, a 'CPO warranty' only comes on a car that a BMW dealer has 'certified': they have to OWN the car, they inspect it (a joke) and 'enroll' it in the BMW CPO progream- they pay BMW 1500-2500 and the car has the CPO warranty. Then they sell the car to a retail buyer. So you cannot buy a cpo warranty once you own the car. (Note that many people talk about a lease end buyout and getting a CPO....the distinction here is that the lease company owns it, then the dealer buys it from them, cpos is, then sells it to the new owner (who was the former lessee)) What BMW will sell you is an extended warranty. If you search here and over on bimmerfest you will find a pdf with retail prices. They have three plans, with varying coverages based on miles and time. The CPO coverage equals the "Gold" extended warranty. They have a Platinum plan that adds a few coverages (ie all electronics)...,.but none of them are "new car". A salesman over the phone will willingly and eagerly lie to you as they know nothing they say can come bake to hurt them, since when you buy it the terms will all be in fine print and will say that YOU agree nothing that was said to you is binding. (Which is why I go crazy when people say "I asked my salesman and he said...") :) A |
This came from the finance department. Just to clarify YES she said they cannot CPO the car only offer my this warranty. I will do the search and find out more.
Thanks! |
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