New Member, Possible New 135 Owner

pujo31 · 01-14-2012, 10:54 PM

Hey everyone, started lurking here a couple weeks ago when I started looking to get into a new car. Great forum and definitely learned a lot so far! I am currently driving an 09 Mini Cooper S with 34k miles. Like many of these cars, I had timing chain problems which resulted in a total engine failure. After 2 weeks in the dealer to teardown the engine and run tests to make sure they could fix problem vs. replace the engine, they fixed the car under warranty but I am looking to get in to a new car before any other catastrophes.

I am looking to get myself into a 135 but have some issues and would like a second opinion... I am planning on leasing the car as after 3 years, I will be eager to get into something else and I am in a situation where a lease would be better. I just priced a 2012 Order, Jet Black, leatherette, M Sport, Heated seats, DCT. With these options, I have my lease at $472 a month for 36 months, 15k miles a year. The issue I see here is that with all the payments and initial fees ($3,488 Down, ~$2,500 equity in Mini+$925 Acquisition fee, tax and title), the residual value I was quoted was $26,315, making the total value if I want to buy after 3 years $49,328, about $6k more than MSRP of the car. Am I wrong in saying that I am getting totally ripped off here? I am not opposed to getting a lightly used 2011 car or a CPO but there were no suitable options at my dealer in Baltimore.

This is the first car I am purchasing myself and this seems way over the top. Seems to me that the residual value is far too high or I shouldn't being paying much due at signing. I would really appreciate any advice regarding this, as I am doing all I can to get myself in the 135 but seems that this is just flat out unreasonable. Thanks for any and all help!

ken1137 · 01-14-2012, 11:08 PM

Here is a worksheet from Consumer reports to help you out. Personally, I would not buy my car at the end of the lease. You will always be able to find a better deal with the same or similar model. OR, you can do as many of my friends do and that is Lease a new model

documenting_the_deal.pdf

NewYearsBoy · 01-15-2012, 03:00 AM

Dont do it.. Buy something cheap and reliable. Cus the Mini and BMW is one in the same. I have a stack of service records. I bought my car brand new at the end of 2010.

BrokenVert · 01-15-2012, 03:26 AM

I think youre problem is the 15K a year lease. Youll want to drive it way more that that

Or at least thats what happened to me. I leased with a 12K a year, and then put 20-25K a year. I rolled up so much extra mileage by the time that my lease expired that it was cheaper to buy the car than to pay the mileage penalties!

Well I said that until my injectors failed last month and blew up my fuel system.

Spitfire007 · 01-15-2012, 06:40 AM

Quote:

Originally Posted by BrokenVert

I think youre problem is the 15K a year lease. Youll want to drive it way more that that

Or at least thats what happened to me. I leased with a 12K a year, and then put 20-25K a year. I rolled up so much extra mileage by the time that my lease expired that it was cheaper to buy the car than to pay the mileage penalties!

Well I said that until my injectors failed last month and blew up my fuel system.

any news about that btw??

pujo31 · 01-15-2012, 07:15 AM

Thanks for the advice so far! I cannot say right now that I will end up buying the car after 3 years as I do think at the end of 3 years I will want to get into something else. It seems to be a matter of principal at this point, in that when all is said and done, it seems that I theoretically could be paying way more for a no option car than I should.

Thanks for the spreadsheet, ken1137. Will definitely document this to make sure it all works out accordingly. And as for Stoutnj89, whats the fun in buying something cheap and reliable?? I thought I was getting that in the Mini and turns out that wasn't the case!

01-14-2012, 10:54 PM	#1
pujo31 New Member 0 Rep 6 Posts Drives: 2011 BMW 135i Join Date: Jan 2012 Location: Baltimore, MD iTrader: (1)	New Member, Possible New 135 Owner Hey everyone, started lurking here a couple weeks ago when I started looking to get into a new car. Great forum and definitely learned a lot so far! I am currently driving an 09 Mini Cooper S with 34k miles. Like many of these cars, I had timing chain problems which resulted in a total engine failure. After 2 weeks in the dealer to teardown the engine and run tests to make sure they could fix problem vs. replace the engine, they fixed the car under warranty but I am looking to get in to a new car before any other catastrophes. I am looking to get myself into a 135 but have some issues and would like a second opinion... I am planning on leasing the car as after 3 years, I will be eager to get into something else and I am in a situation where a lease would be better. I just priced a 2012 Order, Jet Black, leatherette, M Sport, Heated seats, DCT. With these options, I have my lease at $472 a month for 36 months, 15k miles a year. The issue I see here is that with all the payments and initial fees ($3,488 Down, ~$2,500 equity in Mini+$925 Acquisition fee, tax and title), the residual value I was quoted was $26,315, making the total value if I want to buy after 3 years $49,328, about $6k more than MSRP of the car. Am I wrong in saying that I am getting totally ripped off here? I am not opposed to getting a lightly used 2011 car or a CPO but there were no suitable options at my dealer in Baltimore. This is the first car I am purchasing myself and this seems way over the top. Seems to me that the residual value is far too high or I shouldn't being paying much due at signing. I would really appreciate any advice regarding this, as I am doing all I can to get myself in the 135 but seems that this is just flat out unreasonable. Thanks for any and all help!
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01-14-2012, 11:08 PM	#2
ken1137 Brigadier General 89 Rep 3,732 Posts Drives: BMW S1000XR Join Date: Jun 2011 Location: Gilbert, AZ iTrader: (7) Garage List 2009 e90 335i [6.40]	Here is a worksheet from Consumer reports to help you out. Personally, I would not buy my car at the end of the lease. You will always be able to find a better deal with the same or similar model. OR, you can do as many of my friends do and that is Lease a new model documenting_the_deal.pdf __________________ BMWCCA member
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01-15-2012, 03:00 AM	#3
NewYearsBoy Colonel 68 Rep 2,352 Posts Drives: IS 300 Join Date: Mar 2010 Location: Bradenton FL iTrader: (0) Garage List 2010 135i M-Sport [0.00]	Dont do it.. Buy something cheap and reliable. Cus the Mini and BMW is one in the same. I have a stack of service records. I bought my car brand new at the end of 2010. __________________ -------------------------------------------------------------- "Speed never killed anyone its very important to get that straight, Speed has never killed a soul. Suddenly becoming stationary thats what gets people." - Jeremy Clarkson
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01-15-2012, 03:26 AM	#4
BrokenVert Resident Kerbalnaut 477 Rep 10,703 Posts Drives: Topless Brute/Hybrid Boogaloo Join Date: Apr 2009 Location: Fahrvergnügen/NY iTrader: (0)	I think youre problem is the 15K a year lease. Youll want to drive it way more that that Or at least thats what happened to me. I leased with a 12K a year, and then put 20-25K a year. I rolled up so much extra mileage by the time that my lease expired that it was cheaper to buy the car than to pay the mileage penalties! Well I said that until my injectors failed last month and blew up my fuel system. __________________
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01-15-2012, 07:15 AM	#6
pujo31 New Member 0 Rep 6 Posts Drives: 2011 BMW 135i Join Date: Jan 2012 Location: Baltimore, MD iTrader: (1)	Thanks for the advice so far! I cannot say right now that I will end up buying the car after 3 years as I do think at the end of 3 years I will want to get into something else. It seems to be a matter of principal at this point, in that when all is said and done, it seems that I theoretically could be paying way more for a no option car than I should. Thanks for the spreadsheet, ken1137. Will definitely document this to make sure it all works out accordingly. And as for Stoutnj89, whats the fun in buying something cheap and reliable?? I thought I was getting that in the Mini and turns out that wasn't the case!
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