09-20-2013, 11:10 PM | #1 |
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Just put $500 deposit on MY '14 335xi with..
Here are the options I chose:
M Sport Line Estoril Blue 19" 403M wheels Black Dakota Leather / Estoril Matte Accents Cold Weather Dynamic Handling Premium Pkg Driver's Assistance Driver's Assistance Plus Technology Pkg M Sport Brakes Harmon Kardon Surround BMW Apps Black Kidney Grill Wheel/Tire Insurance through BMW (5 years) I did Select (balloon) finance. NYC 8.875% tax $0 down Monthly note works out to be $760. At the end of 60 months, if I decide to keep it (I won't - don't care for a BMW out of warranty), the buyout is somewhere between 25-$26K. I forget the exact figure. I don't keep my cars longer than 3-4 years and didn't want the suffocating feeling of being trapped into a lease. I'm debating if I should have gone Audi S4 or the new diesel A6. Just wandering thoughts.. Delivery won't be for another 6 weeks but I am pretty excited! Last edited by nyclio; 09-20-2013 at 11:23 PM.. |
09-20-2013, 11:16 PM | #2 | |
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Tire and Wheel insurance may not be residualized (don't know how select works but just for analogy). Make sure to pay it upfront to avoid paying additional interest on it. There is no reason to do that. Rest everything on the car you have to finance anyway. I imagine you know you got a good deal as an informed buyer, though you seem a tad too excited. Congrats! Great choice and a fully loaded F30.
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09-21-2013, 12:14 AM | #3 |
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I don't know all the details of select finance, so correct me if I'm wrong, but from what I've heard it's a lot like a lease with a balloon buyout at the end except that the payment during the first X years is higher than a lease payment but lower than a traditional 5 year finance payment would be (otherwise it would be paid off after five years, couldn't imagine taking a loan for five figures to buy a car I'd already spent the last 5 years paying on).
So since you have no plan to buy it out, it sounds like you are effectively leasing the car for $760 a month? Why not just do a regular lease for ~$500 a month? I think even a high mileage lease would come in well under $760. To me (again correct me if I'm wrong) it kind of sounds like select finance is a way to get into a car someone can't really afford...pay X for 60 months, then take a loan to finish paying off the other 40% of the car for another X years? Not criticizing, just trying to understand the select finance option. Either way, congrats on the ride. |
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09-21-2013, 12:37 AM | #4 | |
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Mileage restriction - yes I can pay for more miles - but I hate worrying about how many miles I'm driving or paying for too many/too few miles. Time restriction - if I decide I don't want the car after any amount of time, I can get rid of it; yes perhaps at a bit of a loss, but I am not cemented into a contract. Mod restriction - Car has to be returned exactly how I took it; run-flat tires, can't mod the car without having to worry about which mods can be done. Affordability will always be an issue. If money weren't an issue at all, I would be driving a fully loaded/paid off M5 or a Porsche Panamera Turbo Executive or hell a Veyron. Besides, who says I would have to finance the remainder at the end of the 5 years? Also, would a lease with $0 down and NYC tax built in cost in the $5xx range with all of those options? I don't know for sure but I doubt it. Last edited by nyclio; 09-24-2013 at 11:44 PM.. |
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09-21-2013, 01:57 AM | #5 | ||
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09-21-2013, 08:34 AM | #6 | ||
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EBII 2014 335i xDrive
335HP, Sport AT, 19" Wheels, MPE, Prem, Tech, Cold, HK, Driver Assist & DH pkgs Deep Sea Blue Metallic 2013 X5 35d Sport Prem, Convenience, Cold and Premium Sound packages |
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09-21-2013, 11:02 AM | #8 | |
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09-21-2013, 12:21 PM | #10 |
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Would not say that without hearing the complete numbers, but it looks like the car is ordered in a fit of excitement and not much research. Now I am assuming the OP is not very experienced with pricing etc. but I could be totally wrong.
The numbers did look off to me the first time I saw.
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09-21-2013, 12:23 PM | #11 | |
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M-Sport brakes + 19"s Wheel/tire insurance No mileage restrictions. No contract. |
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09-21-2013, 12:27 PM | #12 | |
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However, there are other things I took into account that weren't just cut and dry numbers; I took into account the overall experience at the dealership, how responsive my CA was, dealership service experience, overall convenience etc. I COULD probably get a better deal based on numbers alone I don't deny, but there is more to it. |
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09-21-2013, 12:58 PM | #13 | |
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09-21-2013, 01:02 PM | #14 | ||
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You're not making any sense. You readily admit that you don't keep your cars long, yet you chose NOT to lease? You don't come across as being the most financially prudent buyer. Leases aren't suffocating. The only TRUE drawback to leasing is the mileage restriction (..10, 12 or 15k), but I've never been dinged for mileage overages in a lease because I've always moved into another BMW. The balloon leaves you in a worse predicament than the lease would have (....and I have PLENTY of experience with BMW's Select Financing, and I'm actually glad that they offer it). Quote:
There's ALWAYS a contract when financing! |
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09-21-2013, 01:10 PM | #15 |
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I think if you drive more than 15k a year on the car, the lease wont make sense for you. I do love the car, but honestly, I would never spend 60k on a 3 series...The car is great under warranty, but after that a potential headache. Plus I really like to drive something new every 2 years. OP it sounds like your deal is pretty reasonable if you have all that flexibility. Say, how much was the tire and wheel ins? The wheels are like 900, the brakes 500 right? If iso thats already almost 40 more per month.
edit: and I have MY13 |
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09-21-2013, 01:16 PM | #16 | |
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I do drive a lot. In addition to the daily commute, I make frequent trips to PA and MA. The extra insurance for 5 years was $1599+tax. Pricey? Definitely. But it does help a little with resale since it's transferable. Also, going through all of those pothole states with 19s would be too risky without the insurance. When I had my 550, I went through 7 tires in 4 months. |
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09-21-2013, 01:19 PM | #17 | |
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Touche. |
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09-21-2013, 03:49 PM | #20 | |
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I would be bummed if I realize I could have got a couple of small M performance parts for the same price i paid for a factory ordered car. I guess its just how you see any savings. To each his own, as long as it makes you happy! It is your money after all and you may value your time spent a lot more than saving a few hundred/thousand bucks. Totally cool! Congrats again!
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09-21-2013, 04:22 PM | #21 | |
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That was until he gave me a load crap when I tried to trade-in the same car about dealer's expenses and how much he should be allowed to make. |
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