Quote:
Originally Posted by Kafkaesque328
Well, it is done. I bought the car today, well anyway, my credit union bought the car. BMWFS took $4k off the residual, I put $8k down, financed the rest w/my credit union for a point lower than the best rate BMW had going and that is that. Proud 'owner' - out of the lease game for a while. Prob do 4-5 years and take it to 100k miles and then get something else. Only way for it to be 'worth it'. All said and done by my math, figuring tax and everything, figuring what I paid on the front end to lease it + buyout, the car ended up costing right about what it would have cost to buy it new. Was $49k msrp, $42.5k selling price thereabouts..
Amusingly, the bank gets Blue Book on the car and I don't know where they get this because it washes out different from what I find on KBB.com or whatever but BB on my car came in at $24700. CPO regionally of my exact car are right around that range and private party is more like $22k. I was just happy to see that blue book is more than what I am financing. No good rolling in an upside ride, just in the event its totaled I mean.
Got a year left of full warranty and maintenance and then, contrary AGAIN to what I have preached about extended warranties, I'll prob buy some extended warranty and maintenance package. Maybe not, who knows. Play'r by ear.
So thats all folks. $4k is the current discount on MY2016 3'ers. I did it for 2 reasons: I didn't want to cut BMW a check for $2500 for mileage overage + tax + a few scratches on the rear bumper and (2) I love the car, I've put every mile on it, it looks and feels pretty close to new and oh yeah, (3) I didn't want the hassle of getting into something else and getting it to my liking. But financially, it isn't exactly the smartest thing I've ever done.
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hey man if you paid mid-20s or whatever for a decent car you know the history of and are happy with you came out good. plus you have the msport which makes a huge difference in resale in the real world because people will actually try and buy it versus the more generic ones
i had leased an exec demo '16 328i sport back in dec 2016 and remember laughing seeing that the residual was like 29k. nobody in 2020 is going to pay 30k for a 2016 328i, it was so obvious. was wondering what BMW was going to do once the time came and lo and behold they are having to severely discount them. they are absolutely great cars, loved mine while i had it, but they just don't hold their value. residual should have been like 50% and they were doing nearly 60%
enjoy the car. if i hadn't got rid of the lease i would probably be buying mine for 25k next month.