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E90/E91/E92/E93 (2006 - 2013)
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  #1  
Old 05-06-2014, 07:14 PM
PhillyBMW0790 PhillyBMW0790 is offline
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Used BMW 2011 328i out of the question? (Recent College Grad)

Hello guys, I'm stopping in to ask this question because it's soon going to betime for me to get rid of my current vehicle (1999 Audi A4) because it's currently beginning to give me more trouble than it's actually WORTH. So starting with a little background on my situation; I am a recent college grad who's recently started my career within the corporate finance industry. I still live with my parents and am saving up to move into my own place within a years time. My job is paying me close to $60,000/year starting out. Well anyway, I've trying to do my research on new car options and I came across some used 2011 BMW 328i's running for around $24-$28 grand at local dealerships. All the vehicles I had seen in this price range ran had decent mileage (30-50k) and no prior history of accident, interior damage, etc. So the question I wanted to pose to all of you is given my salary and a situation where I'll need to find an apartment soon as well. Do you think it feasible (as well as worth it) to purchase one of these bmw's? From what I know and understand maintenance for German vehicles can get a bit pricey, I know that from experience with my Audi so I would like to keep an open mind on this.

Thanks in advance for any feedback as well.
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  #2  
Old 05-06-2014, 07:32 PM
Nerdboss Nerdboss is online now
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Quote:
Originally Posted by PhillyBMW0790 View Post
Hello guys, I'm stopping in to ask this question because it's soon going to betime for me to get rid of my current vehicle (1999 Audi A4) because it's currently beginning to give me more trouble than it's actually WORTH. So starting with a little background on my situation; I am a recent college grad who's recently started my career within the corporate finance industry. I still live with my parents and am saving up to move into my own place within a years time. My job is paying me close to $60,000/year starting out. Well anyway, I've trying to do my research on new car options and I came across some used 2011 BMW 328i's running for around $24-$28 grand at local dealerships. All the vehicles I had seen in this price range ran had decent mileage (30-50k) and no prior history of accident, interior damage, etc. So the question I wanted to pose to all of you is given my salary and a situation where I'll need to find an apartment soon as well. Do you think it feasible (as well as worth it) to purchase one of these bmw's? From what I know and understand maintenance for German vehicles can get a bit pricey, I know that from experience with my Audi so I would like to keep an open mind on this.

Thanks in advance for any feedback as well.
Not sure what the cost of living is where you are. Why not? A CPO 2011 has at least two years of warranty. I have a year left on mine before the 2 year CPO warranty kicks in. It's the last model year and is the most reliable BMW you can buy. Find one with all of the goodies you want and enjoy everything this amazing sport sedan has to offer.
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  #3  
Old 05-06-2014, 07:44 PM
ashewb ashewb is offline
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expand your search. i picked up an '11 328xi , prem, cold,navi, and a few other things with about 20k miles for around 20k. prices seem to be regional.
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  #4  
Old 05-06-2014, 07:46 PM
PhillyBMW0790 PhillyBMW0790 is offline
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Will as of now I am a Jersey resident. I plan to stay within my area when I move out on my own because Philly isn't the cheapest city to live in, in most cases, unless you wanna live in a war zone. I could probably find a nice apartment in a relatively nice environment for pretty cheap amount over in Jersey.
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  #5  
Old 05-06-2014, 07:49 PM
PhillyBMW0790 PhillyBMW0790 is offline
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Originally Posted by ashewb View Post
expand your search. i picked up an '11 328xi , prem, cold,navi, and a few other things with about 20k miles for around 20k. prices seem to be regional.
Yeah I would jump on an opportunity like that in a second. I find the '11 328 to be a beautiful vehicle, and I'm making good wages for my age but I don't want to overspend and potentially put myself in some financial trouble. I just want to be very careful with this decision.
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  #6  
Old 05-06-2014, 07:55 PM
DozerDan DozerDan is online now
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How is your credit, did you crunch numbers yet? How much do you have to put down? What are you willing to spend? How stable is this job?
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  #7  
Old 05-06-2014, 08:04 PM
PhillyBMW0790 PhillyBMW0790 is offline
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Originally Posted by DozerDan View Post
How is your credit, did you crunch numbers yet? How much do you have to put down? What are you willing to spend? How stable is this job?
No number crunching yet, and I don't currently HAVE credit actually. But in terms of down payment I think 5-8k would be sufficient enough no? I'm not too sure how all of this works honestly this would be my first car purchase. And my job is very still with great career advancement prospects.
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  #8  
Old 05-06-2014, 08:07 PM
ashewb ashewb is offline
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good call. are you paying cash ? ltv and the rates will be affected by age and miles. but really, the intertoobz are your friend. expand your search. ppi and transport are not that expensive . also request a copy of the car fax, auto check, and the auction report. the dealer/seller has all of them.
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  #9  
Old 05-06-2014, 08:08 PM
ashewb ashewb is offline
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good ltv, go to your or your parents credit union. or, if your employer has or is affiliated with one.
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  #10  
Old 05-06-2014, 08:11 PM
ashewb ashewb is offline
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by "expand your search" i meant 1500 or more miles. that also takes the emotional " new puppy" out of the transaction a bit
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  #11  
Old 05-06-2014, 08:24 PM
PhillyBMW0790 PhillyBMW0790 is offline
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I would like to pay cash because I heard dealers are easier to talk down in pricing when you're putting cash down.
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  #12  
Old 05-06-2014, 08:34 PM
Nerdboss Nerdboss is online now
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Originally Posted by PhillyBMW0790 View Post
I would like to pay cash because I heard dealers are easier to talk down in pricing when you're putting cash down.
Not really, they want you to finance the loan with them so they make more money.
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  #13  
Old 05-06-2014, 08:55 PM
DozerDan DozerDan is online now
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Where in NJ are you?

You are going to be looking in the $350-$400 a month range depending on if you do a 5 or a 6 year and the interest rate you get.

Keep in mind your insurance rate will likely go up (mine went up $28 a month)

Check out the inventory at BMW of Freehold see if they have anything you like. Great sales team there, a few of which I am friends with.
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  #14  
Old 05-06-2014, 08:56 PM
DozerDan DozerDan is online now
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Originally Posted by Nerdboss View Post
Not really, they want you to finance the loan with them so they make more money.
Yes but direct financing with BMW for someone with no credit history is not going to be easy. I had issues with them and had decent credit.
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  #15  
Old 05-06-2014, 09:46 PM
PhillyBMW0790 PhillyBMW0790 is offline
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Originally Posted by DozerDan View Post
Where in NJ are you?

You are going to be looking in the $350-$400 a month range depending on if you do a 5 or a 6 year and the interest rate you get.

Keep in mind your insurance rate will likely go up (mine went up $28 a month)

Check out the inventory at BMW of Freehold see if they have anything you like. Great sales team there, a few of which I am friends with.
South Jersey and uh oh, idk if I could handle $500 a month for car expenses not including gas and maintenance as well as handle bills and living expenses on $60k. I don't want to be in a situation where I'm 24 years old and living check to check. I'd still like to keep my social life haha.
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  #16  
Old 05-07-2014, 06:56 AM
PhillyBMW0790 PhillyBMW0790 is offline
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Any more opinions on whether or not this would be a feasible financial decision for me not?
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  #17  
Old 05-07-2014, 07:04 AM
Nerdboss Nerdboss is online now
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Originally Posted by PhillyBMW0790 View Post
Any more opinions on whether or not this would be a feasible financial decision for me not?
That's up to you to decide. You need a car one way or another. You could go out and buy a used Honda Civic for a third of the cost and you still might have an unreliable ride that will cost a lot to keep running.
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  #18  
Old 05-07-2014, 07:27 AM
ptrcd003 ptrcd003 is offline
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Originally Posted by PhillyBMW0790 View Post
Any more opinions on whether or not this would be a feasible financial decision for me not?
Why not? You're living at home with no major expenses; what is $500 a month?
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  #19  
Old 05-07-2014, 07:40 AM
PhillyBMW0790 PhillyBMW0790 is offline
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Originally Posted by Nerdboss View Post
That's up to you to decide. You need a car one way or another. You could go out and buy a used Honda Civic for a third of the cost and you still might have an unreliable ride that will cost a lot to keep running.
This is true, another reason I would like to buy the car is because of reliability factor. I figure if things go my way I may not need to buy another car for another 10 or so years. I know that German cars are built to last. My Audi still runs fairly well and it's close to 200,000 miles in..and it's been close to 15 years that the car has been running. Guess I failed to take that part into account.

Last edited by PhillyBMW0790; 05-07-2014 at 07:57 AM.
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  #20  
Old 05-07-2014, 09:56 AM
wilt wilt is offline
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If you purchase a CPO with some of the original 4 yr. warranty and service, your initial period will be largely free of routine maintenance costs (ignoring tires, mounting and balancing, wheel alignment, etc. and some other non-included items)!
After the original 4 year period, which has included service, then you either can go 'on your own' or you can purchase an extension to the 'included service' for additional cost, over the sticker price of your car.
If one looks at the cost of 'routine maintenance' over 100K miles of driving, there are tires, replacing spark plugs (at 100k), brakes and rotors, hoses, belts, alignments, wiper blades, etc. And while of number of those expenses might not actually occur for a number of years (spark plugs at 100k), if you factor them into the cost-per-mile to drive, it works out to about $1500 in accumulated costs per year assuming you drive 15K miles per year. NONE of that $1500 covers REPAIRS of things that unexpectedly break, like water pump (it only covers 'routine maintenance'). Of course, with a CPO, many/most items which break are covered during the 100k CPO period, but some are not!

Last edited by wilt; 05-07-2014 at 12:03 PM.
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  #21  
Old 05-07-2014, 10:39 AM
DozerDan DozerDan is online now
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Quote:
Originally Posted by PhillyBMW0790 View Post
This is true, another reason I would like to buy the car is because of reliability factor. I figure if things go my way I may not need to buy another car for another 10 or so years. I know that German cars are built to last. My Audi still runs fairly well and it's close to 200,000 miles in..and it's been close to 15 years that the car has been running. Guess I failed to take that part into account.
If I were you I would keep the audi, but set aside the 'expected' $500 a month you would be paying for the BMW. Keep your future investments in the audi low, and build up a down payment. In a year you will have an additional $6000 to add to your $8000 you have now to put down. Now you have alot more buying power with your money and your payments will be much more reasonable.
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  #22  
Old 05-07-2014, 10:48 AM
Flatland328 Flatland328 is offline
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Buy it

Quote:
Originally Posted by ashewb View Post
expand your search. i picked up an '11 328xi , prem, cold,navi, and a few other things with about 20k miles for around 20k. prices seem to be regional.
First, the above price is something you won't see very often. I've looked plenty over the past couple months at prices and if you see a 2011 that's loaded with 20k miles around $20k......it's either got something in it's past or it's a tremendous steal. The problem with trying to buy a car like that at a distance is that you can't look at the car in person easily to judge if you want it.

$24k to $28k is certainly an appropriate range for a 2011 although I will say that the prices I saw from the New Jersey area probably tended towards the bottom end of that range. If you want a BMW, the reliability issues are most likely a few more years away as long as you take care of the car.

On the "keep the audi" comment, that really comes down to how reliable the car is. Getting stuck on the side of the highway with a broken down 15 year old car is stupid in my book. If you love the car and it only rarely gives you trouble, it might be worth considering. If not....move on.
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  #23  
Old 05-07-2014, 11:33 AM
DozerDan DozerDan is online now
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Originally Posted by Flatland328 View Post

On the "keep the audi" comment, that really comes down to how reliable the car is. Getting stuck on the side of the highway with a broken down 15 year old car is stupid in my book. If you love the car and it only rarely gives you trouble, it might be worth considering. If not....move on.
Yes and no, if the potential to keep that car in good running condition for the next year is $2000 in repairs, he is still ahead of the game in making that investment. From what he has said so far, it does not seem like the car is going to leave him stranded just yet. If it is on its last legs then it is an entire different scenario. I know plenty of vehicles in the 15yo range and mileage range that I would drive cross country with out a second though. My truck being one of them.
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  #24  
Old 05-07-2014, 01:53 PM
adityab adityab is offline
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I just bought a CPO 2011 328 from BMW of Devon. Excellent team there and very competitive prices off the bat. PM me if you want details.


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  #25  
Old 05-07-2014, 02:42 PM
ashewb ashewb is offline
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"First, the above price is something you won't see very often. I've looked plenty over the past couple months at prices and if you see a 2011 that's loaded with 20k miles around $20k......it's either got something in it's past or it's a tremendous steal. The problem with trying to buy a car like that at a distance is that you can't look at the car in person easily to judge if you want "
nope, clean car fax, auto-check, BMW financial auction report and ppi. what i did was expand my search and kept track of how long the cars had been in dealer inventory . after i narrowed it down to half a dozen or so i started negotiating . if a car has been there over 90 days the dealer wants it gone. did see quite a bit of regional diff. in price. in my local area comparable cars were 3-4k more. a good ppi, you can even have it taken to a bmw place if you like, and a few hundred for transport.
that way you take your time and it is not an emotional decision.
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