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BMW X3, SUV
#1405 of 1855 Buy at End of Lease or Not?
Aug 29, 2007 (9:37 am)
I hope I'm posting in the right spot. New to the forums here....
I am nearing the end of a lease on a 2004 X3 2.5. I'd like to buy rather than lease this time, so I was considering buying my X3 at the end of my lease. The current payoff price is 26,206.31.
However, I was in an accident just 10 days after picking up my car in 2004. It was repaired well and I have had NO problems at all. Not one complaint about the vehicle, no strange noises, nothing has needed to be replaced or fixed. and it still rides like a charm.
Recently, someone broke the small rear window and I had it repaired at a BMW dealership. They replaced it with a new window that has the radio antennas built in, my original windows did not have that, so now one does and one doesn't. According to them, the don't make the plain windows any longer.
I know that if I buy the car and want to sell it down the road, despite the fact that I haven't had any trouble, people will see that it had major front end damage and they will see that the windows don't match and the value will be decreased by at least $3,000-4,000, if not more.
My salesman has also informed me that I should consider buying the extended warranty and maintenance plan if I decide to by my car.
As much as I would love to buy a new X3, I just can't afford to right now.
1) Buy my car and take my chances.
2) Give up the BMW and buy a less expensive car.
3) Buy CPO X3 that has not been in an accident.
4) Lease a new X3.
Any advice or opinions would be appreciated. Just curious to hear what someone else would do in my situation.
Aug 31, 2007 (5:09 pm)
you need to decide where exactly your finances are and go from there. however, if you decide to buy out your lease, you're taking a $3-4K hit right there because of the accident and repair. for that reason alone, i think it would be a serious financial mistake since it sounds like your budget for cars is already semi-tight.
i personally don't like leasing unless you can write it off as it ends up costing more in the long run. however, in your case, because of the accident, it may have helped you break even compared to a buy.
so my personal rec would be to do either option 2 or 3 followed by 4. just be careful and realize that just because a car is CPO'd does not mean it hasn't been in an accident. salesmen will tell you this and that but remember, they are just salesmen and will tell you want you want to hear.
best of luck
#1407 of 1855 Trying to help little sis
Aug 31, 2007 (5:18 pm)
As stated above, i necessarily don't agree with leasing but my sis is bent on it. She is asking me for some advice and I'm at a loss so have turned here.
She wants a very particularily optioned X3 in dark blue but nobody in a 250 mile vicinity has one so a local dealer has agreed to order her an '08. However, they're asking for a $1000 refundable deposit. They guarantee her $1000 off MSRP when the car comes in. I of course will make sure they're not upcharging the MF or dropping the residual but with $2000 neg equity in her current car, her lease payments will be in the high 600s for a $45K MSRP X3.
What would you tell her to do in regards to placing the deposit or ??? The dealer is saying that they do not know the 2008 lease rates either yet - does this sound right?
Thanks guys for any help.
#1408 of 1855 Re: lease end [chile96]
Aug 31, 2007 (6:18 pm)
Thank you for your advice.
I think I need to go with option 2 for now, knowing that I will one day have another BMW. I'm not driving as much as I used to since I have moved from the suburbs to the city. I just really appreciate the agility of the X3.
I'm curious about the 1-series...
#1409 of 1855 Re: Trying to help little sis [chile96]
by kyfdx@Edmunds HOST
Sep 01, 2007 (7:09 am)
The leasing deals on the '07 X3 are fantastic... Ask your sis if she is willing to pay $150-$200 more per month to get the exact car she wants, because that is the likely difference... With the negative equity and $1000 off MSRP, I'll bet her payments end up in the mid-high $700s..
The dealer probably doesn't know the '08 money factors... They likely won't be published until the month the first models are scheduled for delivery.
Oct 16, 2007 (5:31 am)
I truly hate dealerships. With that said, we just got a '07 metallic black, premium package X3 and wanted to know if this was in any way a good deal or not. We turned in our '04 BMW 325i for this so should have gotten a decent rate...
MSRP - 42,500
Supposedly what they 'sold' it to us for 38,500
$3000 paid at signing
$388/mo - 12k miles/year
24 mo term
Now, here's what gets me and where I think I got slammed. My residual on the car is right around $32,400 at the end of the lease. So basically, I'm paying right around $12,500 in 2 years for a car to only go from $38,500 to $32,500? This to me doesn't make sense.
Can anyone let me know if this was a good deal or not and what the residual part means?
The people in the place kept complaining about how they're not making any money on the deal. Also, when I wanted to have a 3-yr term they wanted to bump up my price per month instead of lower it. Is that right? Thanks for any help...I'm a newbie when it comes to leasing/buying cars which is probably why I have such an aversion to dealerships.
#1411 of 1855 08 X3 lease info request
Oct 18, 2007 (10:59 am)
I'm in the market for an '08 X3 in Miami, Florida. Can anyone tell me what I can expect to pay in terms of CAP cost, Residual and money factor? I'm returning a BMW lease so the money factor should be a little lower than for a new BMW purchaser, correct? The following are the specs: '08 X3,Premium package, xenon headlights, mettalic black. Edmunds does not have info on the '08s yet. Thanks in advance for your help.
#1412 of 1855 Buying my 2005 X3
Oct 25, 2007 (1:12 am)
At the end of 2004, I leased a 2005 X3 2.5
I have decided to buy it at the end of my lease (coming up end of Nov 2007). It has 23,000 miles and is in perfect shape.
Can anyone give me advice on how to prepare well to buy this car - what I can do to get the best deal and avoid any over payments?
I have never bought a car after leasing it so am unsure on how it goes and how much negotiating room I have.
Any assistance is appreciated.
#1413 of 1855 Re: Buying my 2005 X3 [reufim]
by kyfdx@Edmunds HOST
Oct 25, 2007 (3:48 pm)
You might try asking your question here: General Questions about Leasing Vehicles.
You might find a wider audience, since your question is more about leases and BMW, than X3 specific.
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#1414 of 1855 Re: Buying my 2005 X3 [kyfdx]
Oct 25, 2007 (4:47 pm)