Younger enthusiast with questions buying first BMW

[faffi]

Hey guys,

I guess i'm part of the target audience for this new beast. I've pretty much decided that I want a 1M. Ive never purchased a new car before or even talked to a car salesman so I have a few general questions and some specifically regarding the 1M.

How soon would I have to put down a deposit?
Does the dealer pick the deposit amount? Is it refundable?
Would I end up paying MSRP or even marked up price because of limited ed?
Would I even know the final price of the car at the time of deposit?

Any general tips regarding dealing with a dealership/salesmen would also be appreciate, I don't wanna get screwed over cause they think i'm naive.

Thanks, I really appreciate the input.

-Faffi

[spiderz17]

Getting online and doing some research is a very good start. As for your questions:
1. Probably right away
2. It's up to the dealer, check the "Sign Up if you have a deposit" thread to get an idea of what people are paying, but about $1000 is typical. I would definitely advise you to put down a refundable deposit, or at least refundable until all of the options, packages, and pricing are final and the official ordering system opens in March.
3. You'll probably pay MSRP. You can try to talk them down, but they probably have the upper hand on this one with the supposed "limited demand." Whether you're willing to go any higher is up to you, but most folks on here have said that they will not. I would get it in writing as part of your deposit that they won't charge over MSRP. I think a couple of people even have it in writing that they're getting it some percentage below MSRP or above invoice.
4. We have a pretty good idea of the price. Base is $47k (includes destination), and just looking at the cost of the options on other vehicles you can gauge it pretty well. But no, at this point they still haven't announced pricing on packages and options. Until they do, you won't know the exact price of the car.

The only thing you need to remember is that it's your money, and you have all of the power. If you think they're dicking with you, walk away. Don't seem desparate, even if you are. As soon as you tell them "I must have this car" you've given them the upper hand. Good luck!

P.S. Don't tell them this is your first car buying experience. Act like you've done this a thousand times before.

P.P.S. Probably don't need to do this now, but when the time gets closer I would speak with your bank before you speak with the dealership's financing department so you have an idea of what a fair deal is. A lot of dealerships make their money on financing.

[MrRoboto]

How 'young' are you?

[TheStig]

I'm guessing still in his teens.

[Bruck]

I used a method with my 135 that worked very well, but I am not sure it will translate to such a harder car to allocate.

I called 15 dealers within 50 miles (I'm in NJ so there are a lot) and told them what I wanted, a fully loaded 135 with European and Performance Delivery. I also told them how much above invoice I wanted to pay. Many laughed at me, some told me I was crazy, others tried to tell me that they already discount Euro delivery so I had to pay MSRP. 2 of them offered to match what I wanted. I visited both, talked to the service departments and really liked one that was fairly close to where I work.

If you are young sounding on the phone, you may want to let your dad do the negotiating because you may not be taken seriously.

PS. Do European Delivery. It will save you money and be a total blast. If your parents are footing the bill, take your Dad. He'll love it and you can "cover" the cost of his Germany trip with the savings on the car, so it will feel a little bit like your treat.

Bought my car and have been very happy since.

[MrRoboto]

Damn these spoiled kids and their expensive cars.


Dad, can you negotiate the deal for me? My balls haven't dropped yet ;-)

[timsev]

Originally Posted by MrRoboto

Damn these spoiled kids and their expensive cars.


Dad, can you negotiate the deal for me? My balls haven't dropped yet ;-)

lol exactly

If you want to drive a big boy car, you need to grow a set and buy your own car. Can't always have daddy fight for you.

[ulrichd]

If you are really young you might want to price insurance on a 48K hi-perf car first. Unless your credit rating is near 800 you can forget those 1.9% financing deals that were floating around a while back. Look at the big picture, not just the car's price.

[faffi]

Originally Posted by TheStig

I'm guessing still in his teens.

I'm not in my teens. I'm in my lower 20's and got a good job right out of college. I highly doubt a spoiler teenager would be able to come up with logical questions on how to proceed buying a first car, thanks for your concern :P

[faffi]

Originally Posted by spiderz17

Getting online and doing some research is a very good start. As for your questions:
1. Probably right away
2. It's up to the dealer, check the "Sign Up if you have a deposit" thread to get an idea of what people are paying, but about $1000 is typical. I would definitely advise you to put down a refundable deposit, or at least refundable until all of the options, packages, and pricing are final and the official ordering system opens in March.
3. You'll probably pay MSRP. You can try to talk them down, but they probably have the upper hand on this one with the supposed "limited demand." Whether you're willing to go any higher is up to you, but most folks on here have said that they will not. I would get it in writing as part of your deposit that they won't charge over MSRP. I think a couple of people even have it in writing that they're getting it some percentage below MSRP or above invoice.
4. We have a pretty good idea of the price. Base is $47k (includes destination), and just looking at the cost of the options on other vehicles you can gauge it pretty well. But no, at this point they still haven't announced pricing on packages and options. Until they do, you won't know the exact price of the car.

The only thing you need to remember is that it's your money, and you have all of the power. If you think they're dicking with you, walk away. Don't seem desparate, even if you are. As soon as you tell them "I must have this car" you've given them the upper hand. Good luck!

P.S. Don't tell them this is your first car buying experience. Act like you've done this a thousand times before.

P.P.S. Probably don't need to do this now, but when the time gets closer I would speak with your bank before you speak with the dealership's financing department so you have an idea of what a fair deal is. A lot of dealerships make their money on financing.

Awesome input, thank you. I wasn't planning on telling them it was my first time, i'ts like asking them to screw me over.

Bruck suggested I try calling multiple dealerships with what I want/how much I want to pay. Would that tactic even work with an LE car, I suppose it couldn't hurt to try but I would assume first impression with a dealership is a lasting impression.

ulrichd, thanks for the long term insight My credit rating is near perfect and I have nothing on my driving record. Unfortunately i'm not 25 yet though which will probably raise the price a bit.

[dcho]

props to a successful college career and hopefully an even better working one. let the haters hate. im in your age group and could buy a GTR if i wanted to, but that wouuldnt be practical. + have an angry gf haha.

i suggest doing all the research you can online before hittin up the lots!

[02fireman]

Cut him some slack... I bought my first 5series at 18 and no daddy didn't buy it for me. I'm pushin 40 and couldn't tell you how many cars I've owned (lost track). At least give him credit for wanting a 1M and not a Mustang.

[alice]

Originally Posted by MrRoboto

Damn these spoiled kids and their expensive cars.


Dad, can you negotiate the deal for me? My balls haven't dropped yet ;-)

Im a girl, Im 20, I run my own business and I have a deposit down for the 1M.

I put my deposit down for the car and then went home to tell my dad.

Could you post have been further from the truth?!

@ faffi:
I put down a deposit as soon as I was able to.
The dealer suggested a price I put down for the deposit.
I dont know the final price of the car, but we have a ballpark figure of £39,990 in the UK as a base price.

I knew that this was the car I wanted, and I have a very good relationship with my dealer, so I wasnt worried about being screwed over.

I would suggest having a read around these forums and pick up bits of information as you go.

Let us know what you decide to do

[snowfro]

Originally Posted by MrRoboto

Damn these spoiled kids and their expensive cars.


Dad, can you negotiate the deal for me? My balls haven't dropped yet ;-)

Haha your comment is childish and not helpful at all. What's the point?

I'm 29 and I'll probably be 30 by the time I actually take possesion of the car! One of my many goals in life was to buy an M3 by the age of 30... I mean since I was in middle school that was the goal. It wasn't looking like I was going to pull off the M3 so the 1M came at a perfect time!!! The M3 would have been a bit of a stretch for me at this point (wasn't really considering CPO) but the 1M is priced perfectly, specially since I'm buying it without any options (except for the black metallic upgrade).

Anyways, my piggyback question to yours is when do you work out the interest rate and final price, when you place the finalized order or after the car is at the dealership? I've never special ordered a car before... There's no point in arguing interest rates with BMW or the bank now, things can change a lot in 5 months...

Damn I'm as excited about this car as I was when I was a teenager getting my first car!

Oh man and I'm totally doing ED if they allow it. After all this anticipation I think we should organize a group ED and party it up in Germany for a few days!

[faffi]

Originally Posted by snowfro

Haha your comment is childish and not helpful at all. What's the point?

I'm 29 and I'll probably be 30 by the time I actually take possesion of the car! One of my many goals in life was to buy an M3 by the age of 30... I mean since I was in middle school that was the goal. It wasn't looking like I was going to pull off the M3 so the 1M came at a perfect time!!! The M3 would have been a bit of a stretch for me at this point (wasn't really considering CPO) but the 1M is priced perfectly, specially since I'm buying it without any options (except for the black metallic upgrade).

Anyways, my piggyback question to yours is when do you work out the interest rate and final price, when you place the finalized order or after the car is at the dealership? I've never special ordered a car before... There's no point in arguing interest rates with BMW or the bank now, things can change a lot in 5 months...

Damn I'm as excited about this car as I was when I was a teenager getting my first car!

Oh man and I'm totally doing ED if they allow it. After all this anticipation I think we should organize a group ED and party it up in Germany for a few days!

To piggyback off your question :P, what is ED? I'm assuming it stands for European Delivery?

[MrRoboto]

Originally Posted by snowfro

Haha your comment is childish and not helpful at all. What's the point?

I'm 29 and I'll probably be 30 by the time I actually take possesion of the car! One of my many goals in life was to buy an M3 by the age of 30... I mean since I was in middle school that was the goal. It wasn't looking like I was going to pull off the M3 so the 1M came at a perfect time!!! The M3 would have been a bit of a stretch for me at this point (wasn't really considering CPO) but the 1M is priced perfectly, specially since I'm buying it without any options (except for the black metallic upgrade).

Anyways, my piggyback question to yours is when do you work out the interest rate and final price, when you place the finalized order or after the car is at the dealership? I've never special ordered a car before... There's no point in arguing interest rates with BMW or the bank now, things can change a lot in 5 months...

Damn I'm as excited about this car as I was when I was a teenager getting my first car!

Oh man and I'm totally doing ED if they allow it. After all this anticipation I think we should organize a group ED and party it up in Germany for a few days!

We were all excited about our first car but 99% of us didn't have a 60k BMW as our first car.

There are far too many 'kids' these days with a sense of entitlement to have the best of the best because they get good grades and have a few dollars saved from their part time job.

You obviously don't fit the category so not directed to you whatsoever.

[BrokenVert]

Roboto at 17 my dad negotiated my deal on my 135. He owned a motorhome dealership for several years and he knows the business.

Maybe it's the Jew in me comming out but if I can save some cash why wouldn't I?

But to the OP just remember that you are always in control. And it doesn't hurt to ask for things. What's the worst they can say? No?

[JasonCSU]

Originally Posted by snowfro

Anyways, my piggyback question to yours is when do you work out the interest rate and final price, when you place the finalized order or after the car is at the dealership? I've never special ordered a car before... There's no point in arguing interest rates with BMW or the bank now, things can change a lot in 5 months...

Let's see if I can remember this exactly when I ordered my 135. When you initially put your order in, you may know the MSRP and options prices of the car, but you most likely won't sign any financial papers yet. Once your order receives an official production date is when you should have to take care of the financials. This is when you would either work with BMW Financial to figure out your interest rate and taxes, or provide the dealer with a check if you took out a loan with another financial institution.

Financing can also become complicated if you opt for European Delivery. It is not an issue if you use BMW Financial, but other lenders may not want to work with it. The specific issue is that most lenders won't cut your loan check until they know the VIN of the car. You won't know the VIN until sometime after the car has entered production. But before the car enters production, your financing has to be taken care of. I financed through Pentagon Federal, and they had no problem with Euro Delivery.

I would highly recommend doing Euro Delivery if you can, as it is one hell of an experience.

[snowfro]

ED = European Delivery

I'm generally new to forums but I'm amazed at what people post with absolutely no insight. Maybe that’s just the nature of a forum, keeps things “interesting”. You've obviously been posting here for a long time so who am I to question your post? I mean what would these main threads about the 1M release and pricing be without the negative commentary on the "fake" side vent or the lack of color options or a sunroof being a deal breaker. In fact some of the responses to those comments are what further reinforced my interest in a 1M. So I guess it's all part of the experience.

I just think it was a legitimate question though, that's all. I know you weren't aiming that at me, although five years ago I would have taken it a bit more personally, but I couldn't overlook your comment. I should probably stay out of these sorts of things… none of my business really.

E

[snowfro]

Originally Posted by JasonCSU

Let's see if I can remember this exactly when I ordered my 135. When you initially put your order in, you may know the MSRP and options prices of the car, but you most likely won't sign any financial papers yet. Once your order receives an official production date is when you should have to take care of the financials. This is when you would either work with BMW Financial to figure out your interest rate and taxes, or provide the dealer with a check if you took out a loan with another financial institution.

Financing can also become complicated if you opt for European Delivery. It is not an issue if you use BMW Financial, but other lenders may not want to work with it. The specific issue is that most lenders won't cut your loan check until they know the VIN of the car. You won't know the VIN until sometime after the car has entered production. But before the car enters production, your financing has to be taken care of. I financed through Pentagon Federal, and they had no problem with Euro Delivery.

I would highly recommend doing Euro Delivery if you can, as it is one hell of an experience.

Damn... that complicates things with the VIN. I don't think CITI will be very flexible with that. Hmmm might be leasing at first. Thanks for the insight.

[Joer]

Originally Posted by alice

Im a girl, Im 20, I run my own business and I have a deposit down for the 1M.

I put my deposit down for the car and then went home to tell my dad.

Could you post have been further from the truth?!

@ faffi:
I put down a deposit as soon as I was able to.
The dealer suggested a price I put down for the deposit.
I dont know the final price of the car, but we have a ballpark figure of £39,990 in the UK as a base price.

I knew that this was the car I wanted, and I have a very good relationship with my dealer, so I wasnt worried about being screwed over.

I would suggest having a read around these forums and pick up bits of information as you go.

Let us know what you decide to do

Nice one Alice!

[ennislaw]

Just to point out a few things for the OP: First, it's unlikely you'll get a good deal with the 1 Series M since it's not even available for sale on the bmwusa.com website yet, so good luck with that; and second, a 135i is an awesome daily driver and can be had at a much better bargain.

Having said that, I am considering ordering a 1M myself while I have a perfectly great 135i sitting outside (with only 4900 miles). So I understand your desire, as I suspect a lot of 1-ers here do.

pge