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Buy a used BMW or lease a new one?

8 messages,  Last post on May 12, 2008 at 4:58 PM

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What is this discussion about? BMW 3 Series, Audi A8, Mercedes-Benz 300-Class, Car Buying, Sedan

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#1 of 8 Buy a used BMW or lease a new one? by budugu

Apr 25, 2008 (11:56 am)

I am going to move into a job this month and i am thinking of shopping for my first car. I have a budget of 30K may be a shade more. I see that the new 3 series/ C300 sport /A4 seem to be in the 30-35k range. In that range i can get a 2004/5 certirfied preowned A8L or similar. I am also thinking of leasing instead of buying a new 35K 3 series. So what do you guys advise? Are repair costs going to kill me if i buy a used & expensive car? I will drive about 15 miles /day (work) and may be 500 additional miles a month for trips.

#2 of 8 Re: Buy a used BMW or lease a new one? [budugu] by circlew

Apr 25, 2008 (1:09 pm)

Replying to: budugu (Apr 25, 2008 11:56 am)
Isaw on another board that used prices are dropping.
 
 HAMBURG, April 24 (Reuters) - BMW (BMWG.DE: Quote, Profile, Research), the world's largest premium carmaker, will book a 236 million euro ($372 million) charge for the first quarter as the turbulence in credit markets forces it to mark down the value of used cars.
 
"The financial crisis has become more severe of late. This has resulted in a drop in pre-owned car selling prices, particularly in North America, and consequently in a reduction of revenues that can be generated on vehicles at the end of lease contracts," it said in a statement on Thursday.
 
"This downward trend accelerated during the month of March."
 
Good hunting!
 
Regards,
OW

#3 of 8 Re: Buy a used BMW or lease a new one? [budugu] by richz

Apr 26, 2008 (6:08 am)

Replying to: budugu (Apr 25, 2008 11:56 am)
I would just point out that although the new cars you mention are in the 30-35k range, remember that you have to pay taxes, title, fees, etc. which can add up to several thousands more.

#4 of 8 Re: Buy a used BMW or lease a new one? [budugu] by reality2

Apr 27, 2008 (8:27 am)

Replying to: budugu (Apr 25, 2008 11:56 am)
Depends what you like. The 3-Series is no match for an A8L in terms of luxury or class. Audi has an excellent CPO program for pre-owned Audis. The A8L is an amazing car! In terms of repair you should have an Audi CPO warranty plus you can add AudiCare for a minimal amount if something arises. The A8L is the way to go.

#5 of 8 Re: Buy a used BMW or lease a new one? [budugu] by garythepowers

May 11, 2008 (6:59 am)

Replying to: budugu (Apr 25, 2008 11:56 am)
Do some serious searching in the gently used market. That is a great way to get an excellent value on one of those cars. Let someone else take that depreciation hit.
 
You can also get an used car auto loan from your bank with set rates so you know what your payments will be based on how much the car is. The prevents you from running into the car dealership that turns into the "stealership".
 
www.caroftheday.org

#6 of 8 Re: Buy a used BMW or lease a new one? [budugu] by bmlexus

May 11, 2008 (1:42 pm)

Replying to: budugu (Apr 25, 2008 11:56 am)
I am also thinking of leasing instead of buying a new 35K 3 series. So what do you guys advise? Are repair costs going to kill me if i buy a used & expensive car? I will drive about 15 miles /day (work) and may be 500 additional miles a month for trips
 
Every1 has personal opinion
 
As for me I would buy anything new, but definitely not old.

#7 of 8 Re: Buy a used BMW or lease a new one? [bmlexus] by Mr_Shiftright HOST

May 12, 2008 (4:58 pm)

Replying to: bmlexus (May 11, 2008 1:42 pm)
I'm a big fan of buying a slightly used BMW still with warranty. I'd definitely avoid any high miler BMW (over say 80K) that's out of warranty because that's just about the time things will be needed as they say at the BMW dealer.
 
Leasing can be tempting but the waters are filled with sharks. There are so many hidden costs and duplicitous phrasing in leases that you MUST study, study, study until you know a) what every term means in the lease and b) what your actual, real world monthly costs are. So if you put money up front in a lease, you divide your months into that amount and add that monthly amount to your lease e.g. $2,400 up front on a 24 month lease $389 a month is really $489 a month. Don't focus on the monthly costs---focus on the ACTUAL price you are paying for the car and the INTEREST rates, after they are translated from Venusian to English.
 
So anyway---I'd let someone else take the "driveway hit" on a new car---that $3K--$5K you lose on a BMW the minute you take it home.

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