[Lewis Mc]

Having said that am possibly going to be selling my car to downsize to a 1 series, I went after seeing the advert for a no deposit finance on one, so with 7k cash back from my 435i I'm then getting the deal in the attachment below, what you guys think? Seems alright deal to myself especially since I won't be putting a penny deposit down

[RiazC]

What's the car your going for, spec?
List price?

[Lewis Mc]

Originally Posted by RiazC

What's the car your going for, spec?
List price?

It's a 116i sport in black, automatic, comfort pack, cash price is £20,961.11 which is before vat which they are knocking off too

[RiazC]

List price is circa 24.2k for the car- that's a good deal you have

[E60MKF]

high APR

[Nick the Greek]

Originally Posted by E60MKF

high APR

Very.

Base rate is 0.5%.

BMW finance will source funds at say 100 basis points over base.

So they pay 1.5% for the money they loan you.

[EvilDrPorkChop]

Auto 116i - Have a good drive in it and make sure you are happy with the auto box with the 116 engine. I drove one to Reading and back and it was awful. Nothing like when it's mated up to a bigger engine.

Have to agree, APR seems a bit high.

[rich100]

No success with private sale for the 435 yet?

Can't see all of the attachment on my phone.

Could you finance from another source? Probably could get much lower apr by shopping around a bit

[Chompers]

Originally Posted by rich100

No success with private sale for the 435 yet?

Can't see all of the attachment on my phone.

Could you finance from another source? Probably could get much lower apr by shopping around a bit

But won't get the £1,500 deposit the dealer/BMW is giving the OP. While the APR looks high compared to BOE base rate this is on a PCP deal. Riaz has said it's a good deal.

[MarkG_M5Comp]

I'm unhappy with the APR being offered at the moment so have just walked away from the M3 and M135i deals being offered to me.

I may just play hardball for a while but what do they think they are doing with a 6.4% rate?!

[rich100]

Originally Posted by Chompers

But won't get the 1,500 deposit the dealer/BMW is giving the OP. While the APR looks high compared to BOE base rate this is on a PCP deal. Riaz has said it's a good deal.

Fair point, swings and roundabouts I suppose.

Might be worth pushing a bit and seeing if there's any movement on the apr.

[Andy30D]

Originally Posted by Lewis Mc

Having said that am possibly going to be selling my car to downsize to a 1 series, I went after seeing the advert for a no deposit finance on one, so with 7k cash back from my 435i I'm then getting the deal in the attachment below, what you guys think? Seems alright deal to myself especially since I won't be putting a penny deposit down

Hi mate, know your situation and why you wanna sell and get a 116i, free up the cash for a house etc. I am in the same boat as you, havingn to pay £300k for my first flat!

Anyway, honestly, Bmw do not do petrol hatchbacks well at all. £300 a month no deposit for 4 years for what is a 1.6 petrol hatchback... I have had a 1 series and are great cars...if they're diesel or m135i.

Personally, if you are still looking at paying £300 a month no deposit, look at ford. Focus ST-2 would fall under that, so will the fiesta ST2/3. They are amazing cars, do not get hung up on the badge like many people here do, 1 series build quality is worse trust me.

If you don't like ford, try Audi, new A1 5 door, maybe a 1.4 turbo a3?

Oh and with ford they are 2 year deals not 4, so you are out of negative equity quicker, you're mortgage will require a good look at monthly outgoings and 'willing to give up' monthly direct debits, so having a 2 year PCP will work in your favour.

APR on M series is 6.4 but push for 4.9 for standard cars, tell them that's what every other dealer such as Audi etx are offering.

Make sure you play them off with Bmw dealers but also competitive dealers, so other brands, they should have more support from management/Bmw directly etc etc.

Andy

[....,,,,..,,..]

Originally Posted by Andy30D

Hi mate, know your situation and why you wanna sell and get a 116i, free up the cash for a house etc. I am in the same boat as you, havingn to pay £300k for my first flat!

Anyway, honestly, Bmw do not do petrol hatchbacks well at all. £300 a month no deposit for 4 years for what is a 1.6 petrol hatchback... I have had a 1 series and are great cars...if they're diesel or m135i.

Personally, if you are still looking at paying £300 a month no deposit, look at ford. Focus ST-2 would fall under that, so will the fiesta ST2/3. They are amazing cars, do not get hung up on the badge like many people here do, 1 series build quality is worse trust me.

If you don't like ford, try Audi, new A1 5 door, maybe a 1.4 turbo a3?

Oh and with ford they are 2 year deals not 4, so you are out of negative equity quicker, you're mortgage will require a good look at monthly outgoings and 'willing to give up' monthly direct debits, so having a 2 year PCP will work in your favour.

APR on M series is 6.4 but push for 4.9 for standard cars, tell them that's what every other dealer such as Audi etx are offering.

Make sure you play them off with Bmw dealers but also competitive dealers, so other brands, they should have more support from management/Bmw directly etc etc.

Andy

+1

Something like a focus ST or if not after power titanium x etc.

Plenty kit and good driving.

Or lease for 2 years.

[m88jey]

Is this finance for a car currently in stock? I.e. ex demo / used? Or a new build.

[SH89]

Personally I wouldn't dream of paying that for a 116i. To come from a 35i to a 16i would get boring very quickly in my opinion. The Focus ST is a really good shout. Saying that though if i was you i would just buy a second hand car out of the cash back instead of having car payments each month.

[Lewis Mc]

Hmm I've told him I will think about it and ring him in the morning,

My first car was 114i and it was a great car for what I need, 3 mile trip to work and 5 miles to see the girlfriend, so I don't need power I just wanted it for a bit, so I know what am going to experience with the 116i, it's also a stock car, so assume delivery miles only on it, also pre lci, which am not fussed on

but I doubt there will be many that come to the deal I want, the main reason it looks good is that it should be 24k but they are knocking off the vat and giving me 1500 deposit towards it, which is about 4k to 4.5k in all I think.... the Apr am paying now on my 435i is like 9.something so definitely better than that

I've looked at other brands but even ford etc still need about a 4k deposit for it to be 240 a month, all be it lower Apr etc but, I like my bmws plus I won't be keeping it for 4 years, longest I've had is 10 months

Trip to audi and bmw Liverpool and others tomorrow I think

[Chompers]

It's all very well suggesting other cars of which some are very good. The problem in this situation is the p/x. Take that into and mainstream dealer and the saleman will run for the hills.

[Andy30D]

+1

Be honest though mate you wouldn't keep that 10 months without 100% having to pay yourself out of negative equity.

You're lucky you have good dealer.

I bet you price up a 120i or m135i and you won't see a huge discount.

On the ford prices, I could ring a couple dealers tomorrow and wipe away that deposit, you've been over-quoted there I think.


Andy

[Geo's comps]

Personally Lewis I think you are rushing things.

[Lewis Mc]

What would you recommend I try get my current quoted deal to then?

I can try get him down to that if suggestions with figures are told to me if I just sell my car to the dealers and walk away I'll only get 6k back, and then have to go find a car soon as to get to and from work etc

[m88jey]

As a reference on the configurator the 118i sport (116i no longer available) with same spec as above (auto + comfort pack) is 24k list but not sure what sort of discounts you can get and how much deposit you'll be required to pay tbh. Doesnt seem too far off the deal you are being offered for the 116i.
However this is my personal opinion, I'd take the 6k cash and buy a 2nd hand run around considering the fact that you're planning to get a mortgage. Also make sure you are not having or have not had too many credit checks performed against your name as this could go against you when submitting mortgage applications. Good luck with whatever you decide to do mate!

[Chris Peacock]

Originally Posted by GUZLERGEFF

However this is my personal opinion, I'd take the 6k cash and buy a 2nd hand run around considering the fact that you're planning to get a mortgage.

Agree 100%, your £6k can buy you a lot of fun without any further monthly payments.

Absolutely no way I could pay £300pm for an entry level BMW with a low powered engine.