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Old 01-17-2013, 08:53 AM
denniscasey denniscasey is offline
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Location: Minnesota
Join Date: Oct 2009
Posts: 84
Mein Auto: 2006 pre-owned 550i
Originally Posted by Alpine300ZHP View Post
I still say do not do it. As for your trade, let me say this. It might be pristine, it might be in mint condition, but you have to accept that it is a 7 year old car and it has zero lot appeal for a new BMW dealer that sells certified pre owned cars. They can't CPO it and they can't get bank financing for it (through traditional lenders) because it is too old. This is why it will go to auction. It will be purchased by one of those buy here/pay here outlets that will sell it and finance it with their own money to people with bad credit or sell it to someone who walks in with cash and wants a clean older BMW. I have purchased, traded and sold many BMW's (see my sig). With these cars you have to trade out of them before they turn 5 years old and/or 100k miles. Before 4 years old and 75k-80k miles is better. Once you pass that 5 year mark or 80k mile mark the value just drops like a rock because the car's resale is just not there. Keep this in mind next time you anticipate trading your car. I have a rule....dump it before 4 years or before 80k whichever comes first or drive it until the wheels fall off. I have done well following this rule.
I live and learn, thank you. One year ago I was offered $18,000 trade on a $38,000 2008 CPO 550i. So at least the car has given me another trouble free enjoyment year for $4000 (if I get $14,000 trade on a 2013). Maybe my best economic logic bet is to trade on a CPO to get back within your 4 year "rule" rather than trade on a 2013?
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