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View Poll Results: Renegotiate residual value to: | |||
$25,000 | 1 | 11.11% | |
$20,000 | 0 | 0% | |
Just walk away from it | 8 | 88.89% | |
Voters: 9. You may not vote on this poll |
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04-17-2011, 04:06 PM | #1 |
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End of lease - 2008 135i - should I buy or should I... go?
Hi guys,
I usually take over someone else's BMW lease. In this case, I really like the car and despite the accident (hmm, see below) I'd like to at least consider buying the car before I start looking for a new deal. My question is: at what price would you consider this a steal? How much should I offer BMW (I'm hoping they're willing to renegotiate the residual). Or maybe you think that I should just walk away from it? There must be a price which would make this a great deal. Good or bad, please give me your view on it. Now the details: 2008 135i (conf. access, shift paddles, power everything, xenon, rear sensors, leather heated seats etc.) Original lease start: May 02, 2008 ($52,895 CDN), 5.5%, $0 down, 39 months; Monthly payments: $858.54 for 39 months (May 02, 2008 to Aug 02, 2011); I took over this lease on: December 11, 2009 - at that time I received a cash incentive of $4,500 from previous lessee; Purchase Option Price: $30,420 (that's if I pay what they want on Aug. 02) Currently it has 37,000 KM (or 23,000 milles); By Aug. 02 I expect to reach 44,000 KM (about 27,000 miles) which is right within the km allowance. Now here's the kicker: in June 2010 this guy driving a commercial van decided to switch lanes without checking - he got me pretty good, basically damaging the driver's side. The insurance paid $9,246 CND (front bumper, fender, rear bumper, LF wheel, etc.). I look at this as being mainly cosmetics (the metal was bent... but out of the total $9.2K above, only $2.7K was parts and the rest... labour and taxes). Main parts were: door shell, front fender, wheel repair, new tire. I'm on my 2nd HPFP. Now, knowing all this: What new negotiated residual value would make sense for me to buy it? Thanks for your help Last edited by LightShadow; 04-17-2011 at 08:06 PM.. Reason: Added km info. |
04-17-2011, 04:42 PM | #2 | |
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My advice is the buyout is too high...the car is not worth that much.
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04-17-2011, 04:54 PM | #3 |
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Wow - I had no idea they wouldn't do that. One would think that after a $10K repair, the value of the car is not anymore the same as before the accident.
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04-17-2011, 07:09 PM | #5 |
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I've got an 09 135 (48 month lease) and my buyout is $19400. Accounting for the 9 extra months of payments, my buyout would've been $25600, so I'd say walk away. Not a good deal.
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04-18-2011, 11:55 PM | #8 |
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04-21-2011, 12:14 AM | #9 |
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If you say so lol.
Wrecked car? Say adios. Had the same thing happen to mine, blasted in the rear by a drunk. No structural damage and the repair turned out well, but I'm not about the pay a buyout based on an already inflated end of model year residual to keep a car that's been hit. BMW can have it back, wholesale it, and take the hit themselves. Shame because I would buy it if a dealer would give me a number in line with its MMR value plus $1K or so in profit, but that's not how things are done now. Toss them the keys and find a better option. |
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