Originally Posted by the1andonly
Want to buy my car off lease...or should I say "wanted to". I was thinking about buying my manual black on black 128i off lease. This is my first lease, usually buy, and the more i read about buying off lease the bigger headache it sounds like. my residual is around $21500, and I heard BMW inflates it to offer better lease rates. problem with that is at lease end car will be worth significantly less than that. Im also surprised to hear BMW financial almost never negotiates a lower residual off lease. so what are my options? to get robbed in order to buy my car off lease? or to turn in a car i want, pay ridiculous end of lease fee's and have to buy/lease a totally different car? sounds like i get robbed either way. thoughts anybody? thanks in advance...
How are you getting robbed? If the residual was set too high it means that you have been paying less than your actual depreciation over the term of your lease. If the car depreciated 30K and you've only paid 20K of that depreciation it doens't mean BMW should take that hit. You agreed to the residual when you bought the vehicle.
A lot of people turn in their leases, have the dealership buy it at their cost (much less than residual) and then buy it from them and allow for a small profit to dealership.
This is how leases work. They will ALWAYS cost you more if you plan to buy the car at the end of the lease. You should not lease a car if you dont intend on turning it in at the end of the lease.
BTW there is no ridiculous end of lease fee's unless you went over the miles, damaged the vehicle. Again, this is all things you agreed too so you should not be suprised or feel robbed.