Last post on Dec 04, 2013 at 7:59 PM
You are in the Prices Paid - Buying & Leasing Experiences
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BMW 5 Series, Car Leasing, Sedan, Wagon
#2102 of 4276 Re: 2006 530i Lease question [croni003]
Dec 30, 2008 (3:58 pm)
At the end of the lease you just walk away with no obligation to buy. If you want to buy then market conditions dictate the selling price which for you has a ceiling outlined in your lease. You could offer less or they may offer less. Put a sign on your window to let others know you are turning in your car. A bunch may follow you to the dealer to line up for your bmw. Then the dealer can sell it to them at a higher price if you decline the honor. What a nice gesture on your part that would be.
#2103 of 4276 Re: 2006 530i Lease question [jayrider]
Jan 02, 2009 (8:33 am)
Well, I ran the numbers every which way but loose and decided to lease this used 2007 530i for two years.
2007 530i w/ sport, premium, cold, tint, chrome wheels at 20k miles
Selling price 26,500
24 month term
drive off $1000
monthly $569 (with taxes)
In the end, it would have been close to a wash for a purchase and like the last poster mentioned, I can see at the end of 2 years how I like the car and what will they sell it to me for....
#2104 of 4276 Re: buying a lease vehicle [kyfdx]
Jan 03, 2009 (6:17 am)
Thanks for all the sound advice I've received on this forum. It really works.
So, I have found a dealer who will sell me my leased 2006 BMW 530xi wagon with 20K miles as a certified pre-owned for 29K.
What do you think? What questions should I ask? I plan to finance it through BMW financial as I did the lease.
Thanks for your help. The car comes off lease beginning of March.
I live in northern NJ.
#2105 of 4276 Re: buying a lease vehicle [yatze]
Jan 03, 2009 (7:45 am)
Sounds like a good starting point. There are lots of 06's coming off lease so there should be room for a better price. If your driving patterns remain the same, in three years you will only have 40k on the car. Low miles for a 6 year bmw and certainly an attractive used car. Do some research on asking prices nationally and see if the deal is decent. Ask what the price is without the CPO. If you have had good luck with the car so far, and maintained it well there is no reason to believe a major problem will occur in the next 20k miles. Put the difference in the bank and live on the edge a bit. BMW is betting you won't use the warranty and they should know.
#2106 of 4276 Re: buying a lease vehicle [jayrider]
Jan 03, 2009 (9:12 am)
Thanks for your prompt response.
Dealer said 26K without CPO, but finance rate goes up to 1.9 instead of 0.9. I have to finance it unfortunately.
I have taken good care of this car.
I will probably start to put on more miles because if I buy this I will sell the "backup" car I have and stick with just the one car.
I don't mind living on the edge, but I know that this car is EXPENSIVE to maintain and fix.
#2107 of 4276 Re: buying a lease vehicle [yatze]
Jan 03, 2009 (9:49 am)
The deal seems decent but the auto world will be different at the end of feb. Auction prices will change values as the economy tanks. Make no mistake -- things will get worse before they get better. What was the buyout number on your lease at it's inception? I guess I figured that someone with a moniker yatze would be prone to roll the dice. I would be willing to bet that your repairs for the next three years will never come close to 3k. And that would be just to break even. You should really look at 6k in repairs as the benchmark. But peace of mind is worth something too -- I get mine from chemistry. Get back to me at the end of Feb. and I'll see if I can get the current auction prices for you.
Jan 03, 2009 (10:14 am)
You didn't mention the first 2 payments are made by bmw -- on website. Also you need to check what's not covered by cpo. A big one is brakes- so make sure you know what's left when you buy.
#2109 of 4276 Re: yatze re bmw [jayrider]
Jan 03, 2009 (10:52 am)
Thanks again for the prompt response. My original residual is $36,579. I put down multiple security deposits so would get back about $4000.
Dealer suggested bringing in car for "pre -pre- inspection in early February while still under lease to see what needs to be done, if anything so I won't have to pay for it.
He gave me the papers for what is covered CPO -- will re-examine then again. Also said I could get a "maintenance" contract for an additional 1895. Not sure I want to do that.
I will take advantage of your offer to contact you end of February for latest auction #s.
In the meantime, have looked for 06 wagons on the internet and $29k is the low end CPO, except for a car down in Miami for 27,595 but that car has 40K miles.
NYC BMW has almost my identical car, close mileage for $28,900 so no much difference. Others are in the 30's.
I will contact you in February before I go back to the dealer. My lease in up March 6.
Thanks for all your help.
#2110 of 4276 Re: yatze re bmw [yatze]
Jan 03, 2009 (11:27 am)
Sounds like you are doing the best you can to get a fair deal -- did see one like yours for 24500 with similar miles on ebay so you are pretty close already. You might offer $500 for the maintenence package and let them sit on it. The less likely they feel you are going to buy and the more likely they feel they are going to put your car on the lot -- the better your negotiating position. Later.
#2111 of 4276 Re: yatze re bmw [jayrider]
Jan 03, 2009 (11:38 am)
Do you know if the CPO can be negotiated or is that set by BMW? I have gotten different quotes on this in the past. Thanks.