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-   -   NEVER Buy NEW or Lease (http://www.bimmerfest.com/forums/showthread.php?t=142518)

Engines 04-14-2006 04:54 PM

NEVER Buy NEW or Lease
 
Buying a 2-3 yr old, low mileage high end car is the only way to go. It's still under warranty and most of the time-consuming, nagging NEW CAR bugs have been worked on by someone else. A car like this still looks, smells and drives like brand new but some other poor sucker (NOT U) took the heavy 1st few years depriciation for the Dealer's Starbucks etc. I saved $30k off new on the '03 745i I got w/ 11k miles.

The key is to 1st determine what it is you want, then go on the hunt w/ your list and stay disciplined. The car you want is out there, w/ some willingness on your part to be flexible as to things like colors etc, you just have to be vigilant & patient.

I have bought a 528e, 735i, and a 745i this way. All were warranted when I got them and had low miles . They've had their normal wear and tear issues but for the most part they have served me well.... still got the 735i ('89 model) won't part w/ it, it's beautiful, hardly drive it anymore but odometer says it's got 213k miles!

Now as far as leasing, a lotta payments 24, 36 or 40 friggin 8 & guess what?

They tell ya how much to insure it for, what they're gonna charge ya for repairs above & beyond wear & tear at end of term and they take all your friggin dough and give ya nuthin at lease-end..... they suck and I for one will never, ever lease again. It's a stupid finance vehicle as far as I'm concerned for UNIFORMED Consumers.

SARAFIL 04-14-2006 05:04 PM

Quote:

Originally Posted by Engines
Buying a 2-3 yr old, low mileage high end car is the only way to go. It's still under warranty and most of the time-consuming, nagging NEW CAR bugs have been worked on by someone else. A car like this still looks, smells and drives like brand new but some other poor sucker (NOT U) took the heavy 1st few years depriciation for the Dealer's Starbucks etc. I saved $30k off new on the '03 745i I got w/ 11k miles.

The key is to 1st determine what it is you want, then go on the hunt w/ your list and stay disciplined. The car you want is out there, w/ some willingness on your part to be flexible as to things like colors etc, you just have to be vigilant & patient.

I have bought a 528e, 735i, and a 745i this way. All were warranted when I got them and had low miles . They've had their normal wear and tear issues but for the most part they have served me well.... still got the 735i ('89 model) won't part w/ it, it's beautiful, hardly drive it anymore but odometer says it's got 213k miles!

Now as far as leasing, a lotta payments 24, 36 or 40 friggin 8 & guess what?

They tell ya how much to insure it for, what they're gonna charge ya for repairs above & beyond wear & tear at end of term and they take all your friggin dough and give ya nuthin at lease-end..... they suck and I for one will never, ever lease again. It's a stupid finance vehicle as far as I'm concerned for UNIFORMED Consumers.


It's pretty silly if you think that you've mastered the secret about buying cars... it's also silly to make a statement that leasing is bad for everyone. Many people are great candidates for a lease. Many people are also candidates for a new car purchase. If you think that buying used is the best way for everyone, you're fooling yourself. Maybe it works for you, but you are not the same as every consumer.

760Lifan 04-14-2006 06:13 PM

What are you talking about??
 
Quote:

Originally Posted by Engines
Buying a 2-3 yr old, low mileage high end car is the only way to go. It's still under warranty and most of the time-consuming, nagging NEW CAR bugs have been worked on by someone else. A car like this still looks, smells and drives like brand new but some other poor sucker (NOT U) took the heavy 1st few years depriciation for the Dealer's Starbucks etc. I saved $30k off new on the '03 745i I got w/ 11k miles.

Oh, I can tell the difference between a '03 745i and a current model..:rofl:

Quote:

Originally Posted by Engines
The key is to 1st determine what it is you want, then go on the hunt w/ your list and stay disciplined. The car you want is out there, w/ some willingness on your part to be flexible as to things like colors etc, you just have to be vigilant & patient.

:dunno: What do you want to tell us by that logical example? Staying disciplined to get exactly what you want but being flexible the same time? I don't know how I should manage that..:tsk:

Quote:

Originally Posted by Engines
Now as far as leasing, a lotta payments 24, 36 or 40 friggin 8 & guess what?

They tell ya how much to insure it for, what they're gonna charge ya for repairs above & beyond wear & tear at end of term and they take all your friggin dough and give ya nuthin at lease-end..... they suck and I for one will never, ever lease again. It's a stupid finance vehicle as far as I'm concerned for UNIFORMED Consumers.

There is one golden rule that applies to almost everything in life: BE PREPARED! If you sign a lease and don't know what you're doing, you'll pay for it..:bawling: Did you think it's your car at the end of the lease?? You can't be serious!:tsk: The contract tells you EXACTLY how many miles you can go and you even have the possibility to buy additional miles (once again, read the contract before signing..). If you lease a car that has no warranty - your problem. Otherwise, repairs are covered (I don't know what you're doing to your car but I take care of it to ensure there won't be a scratch on it when I turn it in..). Since the car belongs to the leasing-company, why shouldn't they ask for sufficient insurance-coverage??:dunno:

BTW, I'm happy I have this lease - great tax-deduction!!:thumbup:

jkb 04-14-2006 07:08 PM

sorry dude, you can't do european delivery on a used bmw.

but you right -- if you are not interested in a european delivery, a two year old car is the way to go.

ajfB004 04-15-2006 07:56 AM

stick with pre owned
 
You are absolutely right about the pre owned or off lease cars. I stole a 2002 745i from a local Houston dealer for $36k. The car only had 31k miles and I immediately extended the service contract to 110k miles with the warranty. I looked at the 2005 before the purchase and was about to buy when I thought about the depreciation on the car as soonas I leave the dealership.

It helped that the dealership had 12 of them on the lot also.

chuck92103 04-15-2006 08:15 AM

I find these threads quite humerous.:rofl:

The reality is this.... There is nothing wrong with buying or leasing new or used cars. It comes down to ones personal financial situation. It is all about how much money you have and how much you are willing to spend.

If someone chooses to write a check for a $100k 7 series for example, is that a bad thing? One could argue depreciation, blah, blah, blah. However, if the person is worth millions obviously they have a firm understanding of finance and a few grand here or there is insignificant. :p

They main thing to keep in mind is we are on this planet for a relatively short time. Get out there and enjoy life and don't sweat the small stuff.

DBU 04-15-2006 08:38 AM

It may depend on the model
 
When you buy a used car, you always have to wonder how it was treated before you got it. I know, with BMW's free maintenance, chances are that routine maintenance was taken care of. But how was it driven? This is a big concern for a lot of people. There was a thread on this board where someone asked whether "11 miles was too many for a new car?"
If you are buying a 3-er, it was likely owned by a 20-something punk who had his first experience with the ultimate driving machine.
A 5-series was likely owned by a more mature (40-something?) family man who is less likely to trash his car while it is full of kids and the wife...
A 7-series was likely owned by a middle aged gentleman who never realised that the car had a kick-down switch.
So, the higher up on the model scale you get, you better the chance that the car has been driven "moderately."
Then of course, there are the M-types. You KNOW those cars have been driven hard, who else would you own a 500 HP V-10? The previous owner may even have tracked it regularly. I would never consider buying a used M.
The above is obviously a broad generalisation, and I hope I didn't offend anyone.
My purchase decision was based on ED, both the price savings (12% off MSRP) and the convenience of having your own car during a driving vacation of Europe. I was born within one days drive of Munich and wanted to visit the "old country" again.
I profess to not understanding the ins and outs of leasing -- in fact I have never made regular car payments in my 40 years of motoring (lots of company cars). I am no longer on the company car (a.k.a. must be American made appliance :thumbdwn: ) plan and have a little money to buy what I actually have been wanting to drive for decades :thumbup:

DBU 04-15-2006 08:40 AM

Quote:

Originally Posted by chuck92103

They main to keep in mind is we are on this planet for a relatively short time. Get out there and enjoy life and don't sweat the small stuff.

:stupid: - well said!

BmW745On19's 04-15-2006 08:52 AM

Well that is a decent article, however it doesn't work for everyone as stated before. It does work if you are on a budget and want to save money while sacrificing options and newer designs.

iove75 04-15-2006 07:39 PM

The good thing about a purchase is that one day you won't have a car payment. And you can trade it in anytime without a major penalty. What you have going for you is that the MY02/03 have the 6 year/100k factory warranty. So it will be awhile before you have to borrow from your HELOC to pay for repairs.

Even with it, the 7 series is still a problem child. I sure hope you are more patient more than I am.

chicagolab 04-15-2006 08:05 PM

well, in some ways I agree with you. My only new car was the Volvo I currently own.
The depreciation was a heartbreak ($28,000 new in 2001 and now $8000 if lucky)and I thought I would never buy new again. But, the BMW that i will pick up next week in Germany changed my mind. European delivery is a valid reason to buy a new car. I have been to Europe various times and driven a rentals every time,but I havent even left yet and I cannot explain the enthusiam and excitement I have to pick up my own car in Germany and driving it throughout Europe. If I buy new again after this BMW it will be another BMW through Euro. Delivery, if I do not do european delivery next time, I likely will get a car as you suggest.

760Lifan 04-15-2006 08:57 PM

We can consider ourselves lucky when it comes to depreceation. The only bimmers I can think of where the depreciation is bad are the BMW V-12 models (I was aware of that before I pulled the trigger). Buy a US-car and you will experience the true meaning of that word. Been there done that...:tsk:

mecklaiz 04-15-2006 09:32 PM

Its a free country :)

BayAreaBMWFan 04-27-2006 12:54 PM

Another "leasing is bad" shrill. Dude, on my 525 I am paying 11.49% depreciation in two years thanks to the lease deals using the 24 month lease program along with ED discounts. And the car comes with complete maintenance and waranty. No pre-owned car can beat that! I do not mind owning a pre-owned car (like my 745Li) but it has to be under factory warranty (6yrs/100K). With the ED programs and high residuals, BMW makes leasing a no-brainer especially after the ED discounts and the BMW CCA rebate checks. And do you even have an idea on the insurance requirements? All they say is that the max deductible should not be more than a certain amount ($1000 for BMWFS). Do you carry a deductible of more than that on your policies? If you do not, then it is not an issue.

Even with leasing, like buying a pre-owned car, patience is the key. And for a lot of people saving $100/month is not worth the time they spend in looking, repairing and maintaining a used car.

bergy10 04-27-2006 02:34 PM

I'm expected to do 100,000 miles a year, so any lease / hire is pointless.

Riuster 04-27-2006 02:36 PM

Quote:

Originally Posted by SARAFIL
It's pretty silly if you think that you've mastered the secret about buying cars... it's also silly to make a statement that leasing is bad for everyone. Many people are great candidates for a lease. Many people are also candidates for a new car purchase. If you think that buying used is the best way for everyone, you're fooling yourself. Maybe it works for you, but you are not the same as every consumer.

how nasty is this comment...let him speak his mind....geez

beimerdude 04-27-2006 08:04 PM

2 Attachment(s)
Buying used sucks!

beimerdude 04-27-2006 08:06 PM

2 Attachment(s)
Quote:

Originally Posted by SARAFIL
It's pretty silly if you think that you've mastered the secret about buying cars... it's also silly to make a statement that leasing is bad for everyone. Many people are great candidates for a lease. Many people are also candidates for a new car purchase. If you think that buying used is the best way for everyone, you're fooling yourself. Maybe it works for you, but you are not the same as every consumer.


Exactly!!! I am sorry, but I will never buy a used car. No matter the mileage or the condition. You can never know how the previous owner treated or drove the car. Nothing feels better than buying or leasing a new car that has never been used by anyone. The leather smell, the new engine sound, is all priceless. People don't buy or lease cars to make money, cars are not an investment, so if you got the bucks to afford a luxury brand new car such as the 2006 750, it would be totally stupid to buy a used one. I bought my 2006 750i brand new, it was getting out of the shipping truck all wrapped in protective plastic. I was the first one to sit in the drivers seat. Most wonderful experience ever! Cheers to all you brand new 2006 7 series owners!!!:thumbup: ;)

MacATL 04-30-2006 03:22 PM

Quote:

Originally Posted by chuck92103
I find these threads quite humerous.:rofl:

The reality is this.... There is nothing wrong with buying or leasing new or used cars. It comes down to ones personal financial situation. It is all about how much money you have and how much you are willing to spend.

If someone chooses to write a check for a $100k 7 series for example, is that a bad thing? One could argue depreciation, blah, blah, blah. However, if the person is worth millions obviously they have a firm understanding of finance and a few grand here or there is insignificant. :p

They main thing to keep in mind is we are on this planet for a relatively short time. Get out there and enjoy life and don't sweat the small stuff.

AMEN! Everyone has different budgets/priorities. It's not worth my time searching for months for "the right" car. The lost time/$ from not focusing on work offsets any savings. Some other people may have more free time or really enjoy the hunt.

MacATL 04-30-2006 03:27 PM

2 Attachment(s)
Quote:

Originally Posted by beimerdude
Exactly!!! I am sorry, but I will never buy a used car. No matter the mileage or the condition. You can never know how the previous owner treated or drove the car. Nothing feels better than buying or leasing a new car that has never been used by anyone. The leather smell, the new engine sound, is all priceless. People don't buy or lease cars to make money, cars are not an investment, so if you got the bucks to afford a luxury brand new car such as the 2006 750, it would be totally stupid to buy a used one. I bought my 2006 750i brand new, it was getting out of the shipping truck all wrapped in protective plastic. I was the first one to sit in the drivers seat. Most wonderful experience ever! Cheers to all you brand new 2006 7 series owners!!!:thumbup: ;)

I agree with your thoughts on this with once exception.

I just bought a 550. I wanted a smaller car.

Attachment 74673Attachment 74674

beimerdude 04-30-2006 10:22 PM

Nice!
 
2 Attachment(s)
Quote:

Originally Posted by MacATL
I agree with your thoughts on this with once exception.

I just bought a 550. I wanted a smaller car.

Attachment 74673Attachment 74674



:thumbup: Very nice! I like lol, well, i am glad there is someone out there who shares my views on buying a new car! ;) :) I am going to get more pics of my 750i and post them here soon.


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