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BMW 3 Series, Sedan, Wagon
#11410 of 12233 2008 BMW 328i end of lease
Jul 19, 2011 (12:36 pm)
Hi car_man and kyfdx,
I plan on closing out this transaction by end of this week, so any advice would be greatly appreciated !
My 2008 328i (no added features except ipod adapter + titanium silver color) end of lease buy out price is set at 21122 $.
Here are the other stats :
MSRP - 31749 $
Res - 21122 $ ( 66% residual value)
My monthly lease payments (including tax) was 400$ even (quite a good offer around the 2008 time frame, don't you think ?)
Here are some lingering questions before I close out this deal :
a) I have tried calling/haggling with multiple dealers and BMW-FS and it's now clear that no one will reduce the Residual value of 21122$, so if I choose to buy out the vehicle it will be at that price + tax + title/Reg etc .... Is this surprising to you ? More importantly is 21122$ a reasonable figure for a 328i (with the above extra features) with 24K miles.
b) Doesn't 66% residual seem a bit on the higher side ? This was obviously done to lower my monthly lease payments, in which case do I have any chance to bargain for a lower residual ?
c) I am not interested in CPO or extended maint since this is not going to be my primary car and I anticipate only around 50K miles in the next 3 years which is when the extended warranty/maint will expire. Besides after doing some calculations , it looks like for my mileage, spending out of pocket for the maint will be cheaper than buying the pre-paid extended maint ( offered to me at around 2500$) . Is this true ?
Sorry about so many questions, but any insight into this will be greatly appreciated!
Waiting to hear from you
#11411 of 12233 Re: 2008 BMW 328i end of lease [bmwleaser]
by kyfdx@Edmunds HOST
Jul 19, 2011 (2:30 pm)
a) I don't know if it is reasonable... Check comparable cars on the lots and see what they are asking.. Used cars are expensive, right now.
b) 66% residual was high.... that's what made your payments so low, as you noted. That makes for a good lease deal, but not such a good buy at the end of the lease.
c) Yes... the extended warranty/maintenance wouldn't be a good deal, if you are only going to put 15K-20K on the car over the next three years.. you are covered for the first year, already.. $21K is pretty expensive for a second car that won't be driven much.
#11412 of 12233 Re: 2008 BMW 328i end of lease [kyfdx]
Jul 19, 2011 (7:55 pm)
thanks for your inputs.
I've shopped around for 2008 328i with mileage/features like mine and find that 21K is as low as it can get ... as you noted used cars are at a all time high right now ... bad time to buy one
what is typical residual val for 328i ? 64 % ?
#11413 of 12233 Re: 2011 328i convertible [gryan]
Jul 20, 2011 (6:30 am)
I'm in OHIO. But, the Drive for the Olympics program (and subsequent incentive) was a nationwide promotion. I don't know how long it ran. I know in my neck of the woods it ran about a month ago and lasted a couple of weeks.
#11414 of 12233 Re: 2008 BMW 328i end of lease [bmwleaser]
Jul 20, 2011 (6:39 am)
If i was you, i would just lease again, BMW continues to put high residuals on leases so your payments will be low again, plus you will get free maintenance on the new car, i just leased a 54,000 convertable for under $500 per month
#11415 of 12233 Re: 2011 328i convertible [stone3]
Jul 20, 2011 (6:46 am)
I think now would be the best time to lease the convertable, especially if your are in the northeast
#11417 of 12233 Re: 2008 BMW 328i end of lease [bmwleaser]
by kyfdx@Edmunds HOST
Jul 20, 2011 (2:25 pm)
Yeah... the residual for 36 months, 10K/yr, is 64% right now for a 2011 328i RWD sedan..
That's pretty strong..
#11418 of 12233 2011 328i xDrive Sedan Classic
Jul 20, 2011 (6:18 pm)
Just went to the dealership a couple days ago...total amateur at buying cars so I have no idea if I just made a fool of myself or not...here are the details of my lease:
Financed amount $37,000
48 mth 2.50%
$2400 due on delivery (including security $550 and $515 first pymt)
$515/mth lease pymts
Total lease cost would be $26k with a 43% residual $18k
Any comments would be greatly greatly appreciated!!!
I'm in Toronto, Ontario btw
#11419 of 12233 Re: 2008 BMW 328i end of lease [gryan]
Jul 21, 2011 (4:33 pm)
Details about your convertible lease? I'm in the northeast and seriously considering getting rid of the 3 series sedan I bought awhile back for a new 328i convert.