Buyout on 2002 325cic

[fbarassi]

My 39 month lease on my loaded 2002 325 convertible is coming up. I only have about 22K miles on the car and the buyout is about $25K. I am tempted to excercise the buyout because I love the car and don't really like anything comparable out there right now.

The problem is I had a very bad accident a couple of years ago that required the replacement of the short block, front suspension, transmission, radiator, etc, (in essence the whole front-end from a mechanical standpoint) but miraculously did no significant damange to the body or frame except for the hood... All repairs were done by my BMW dealership so the car is still under warranty. The car has operated flawlessly since the repairs were done.

My question is: should I buy out the car and keep it until the new 3 series convertible comes out, or I am better of turning in the keys at the expiration of my lease?

Thanks...

[ragskne]

As a general rule, I don't think it's ever a good idea to buy at the end of the lease. IMO the purpose of the lease is so you can drive a new car every 3 years. I think the accident will be problematic if you try to sell it in a couple of years. It will probably show up on a carfax/vehicle history report, seriously affecting the resale value. However, it sounds like you want to go ahead and purchase. A wise man once said that those seeking advice already know the answer to their question. Do what you want, and pay no attention to any of us, you have to be comfortable with your decision.

[Rowag]

I was in a similar boat - 2002 325ci that will be coming off lease in February. The new 4 series isn't out yet and I don't want to continue leasing the current car for another year because (a) it's nearly out of warranty at 48k miles and (b) it's out of the free maintenance period and I'd have to pay for an Inspection I or II (whichever one's the pricey one) out-of-pocket.

I didn't want to BUY it because of the reasons above plus I felt it wasn't enough car for the money (and the fact that my wife learned to drive stick on it :) )

BMW Financial Services is offering a fantastic deal on leasing right now with some low money factors and decent residuals. You might be surprised what you can find. The wife and I are leasing a brand-new 2005 330ci ZHP for $50 a month LESS than what we were paying on the 2002 325ci - same terms and everything, even though the new car is about $4k more MSRP! We'll hang on to that car for a few years, wait for the new 4s to come out and go through a couple model years to get the initial kinks out, and then reevaluate whether we want to turn in the 05 or buy it.

You could go the same route - lease an 05 cic. Also, have you considered extending your current lease by another year or two? You could keep driving your car with low payments and wait for the new convertibles to come out. Who knows, you may love them and want to get in one ASAP.

[beewang]

My vote:

Unload that pos.... and get yourself a new 2005 cic w/ led taillights and active headlight w/ all the new bells and whistles (i.e. DVD Nav, Sirius Radio and the cool facelifted look) :thumbup:

Why would you even consider keeping a car that was in a wreck and outdated from (and a lease, no less) is beyond me. Its not an M car, and has no collector value in the long run. You've leased it, used it.. and its time to move onto the latest and greatest. :D

just my 2 cents worth,

beewang :bigpimp:

[kyfdx]

$25K for a low-mileage '02 convertible would be a great deal.. IF.. not for the wreck.. Your car took about a $4K-$6K hit in diminished value... NO WAY would I buy it...

Without the wreck? good deal.

[elmalloc]

i agree with above due to wreck, if you want to sell it at some point - too hard.
I'm going with a 2005 330cic w/nav and don't plan to sell that mofo for a while.

-ELmO