- #2105 of 2595
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Re: buying a lease vehicle [yatze]
by jayrider
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Jan 03, 2009 (7:45 am)
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Replying to: yatze (Jan 03, 2009 6:17 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.
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- #2106 of 2595
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Re: buying a lease vehicle [jayrider]
by yatze
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Jan 03, 2009 (9:12 am)
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Replying to: jayrider (Jan 03, 2009 7:45 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.
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- #2107 of 2595
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Re: buying a lease vehicle [yatze]
by jayrider
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Jan 03, 2009 (9:49 am)
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Replying to: yatze (Jan 03, 2009 9:12 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.
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- #2108 of 2595
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yatze re bmw
by jayrider
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Jan 03, 2009 (10:14 am)
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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.
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- #2109 of 2595
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Re: yatze re bmw [jayrider]
by yatze
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Jan 03, 2009 (10:52 am)
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Replying to: jayrider (Jan 03, 2009 10:14 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.
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- #2110 of 2595
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Re: yatze re bmw [yatze]
by jayrider
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Jan 03, 2009 (11:27 am)
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Replying to: yatze (Jan 03, 2009 10:52 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.
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- #2111 of 2595
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Re: yatze re bmw [jayrider]
by yatze
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Jan 03, 2009 (11:38 am)
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Replying to: jayrider (Jan 03, 2009 11:27 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.
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- #2112 of 2595
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Re: yatze re bmw [yatze]
by jayrider
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Jan 03, 2009 (12:16 pm)
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Replying to: yatze (Jan 03, 2009 11:38 am)
Your total price is very negotiable. If they negotiate a better price off the cpo/maintenance packs they could be negotiating off the selling price of the car. My guess is that auction price on your car could be in the low 20's now. If they are selling to you for 26k there may be up to 2k for them to give on a bottom line deal. The auction price in march will be lower so you may be able to get the car for a bit less than 26 or you can pay 29 for the cpo and try to weasel the maintenence pack. If it doesn't cover brakes, I would pass on that and go for a better deal. You have to project a predisposition to turn the car in unless they make the deal super. If they won't move the day you have to turn it in then you know you've don the best and can sign on theline. Also, if you feel comfortable with this dealer and have checked with others who are satisfied then that is worth something as well. Lots to consider but stay frosty with cold dead eyes --- tell them your wife is dead against it and you're going to buy a ford focus cause of economics --- make up your own bs. It can work.
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- #2113 of 2595
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Re: yatze re bmw [jayrider]
by yatze
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Jan 03, 2009 (1:05 pm)
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Replying to: jayrider (Jan 03, 2009 12:16 pm)
Thanks. I will touch base with you in February. I live in a pretty affluent area, and this was the only dealer out of 4 who would even consider doing this -- the others said they don't buy back cars. End of story. My dealer would only sell/lease a new car.
I already told this dealer that I would walk away if the deal wasn't good as I have 2 other cars and either would keep them or get a honda. Didn't faze them. THey said check back with them in February. So I will and thank you.
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- #2114 of 2595
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Re: yatze re bmw
by gardis
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Jan 03, 2009 (2:06 pm)
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Replying to: yatze (Jan 03, 2009 1:05 pm)
Yatze, I just checked my local dealer here in Fairfield County, CT., they have a 2006 530XIT wagon, with 44,138 miles (!!) and asking $34,900 for the vehicle, CPO. I would say, I have no experience at all like Jayrider, but to me, that $29,000 seems like a deal for a car with only 20K miles? Wow that sounds even cheap to me.
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