Leasing a BMW?

lucadobe

My BMW 's lease is up next year have been paying £360 a month and paid £5000 upfront and I am toying with what to do for the best, it will only have done 11,000 miles by that time so is it worth paying the remainder of £10,000 by then it will be 3 years old, I don't want to just hand back the car and walk away with nothing, other option is to get another ? my partner doesn't want to pay the remaining £10,000 but I feel the car has got to pay for itself and BMW's go on for a long time..anyone had this dilemma?

Hintza

How many years have you had the car?

Assuming 3 years with your low mileage you are paying £1.63/mile before fuel, tax, insurance etc. Time to have a major rethink.

(on current figures you can do the sums more accurately yourself)

Iceweasel

I can't believe that you are paying this much when do drive so few miles.

Be that as it may - I would need to know exactly which model of BMW we are discussing.

To me the best option would be to buy it for the final £10k and then sell it for considerably more.

It will also be out of warranty of course.

Just walking away would be foolish in my opinion.

You do need to have a re-think - leasing another and continue paying this amount of money per month sounds nuts to me.

I also have a BMW - I love them - but I have a 2 year old one which I intend to keep for 3 years then sell it and buy another 2 year old one.

My car cost me exactly half of the cost when new.

Your are funding massive depreciation.

Which is excellent for folks like me who seek a low mileage bargain.

I do 12 to 15k miles a year and expect it to drop £5000 over my ownership.

motorguy

For clarification - that is not a lease deal, its a PCP deal.

There are significant differences.

You could try a few local BMW dealers, ask to speak to the car buyer and see how much its worth to them. Also, try the likes of webuyanycar.com.

You could also take out a loan for the 10K over say, 4 years and drive on at the car.

If you were doing that, i'd think about buying the BMW extended warranty though.

Out of interest, whats the model and spec of the car? I'm thinking lower end 3 series or high end one series?

Buzby

It was a rental contract, structured to get you to trade in after 3 years and carry on paying. The fact you will be hit with a balloon payment and no warranty is warning in itself - walk away and buy an unencumbered alternative.

TradePro

Iceweasel wrote: »

To me the best option would be to buy it for the final £10k and then sell it for considerably more.

Quite often, BMW 'GMFV's' are set quite high, so the car may be only worth £8k..?

Depends what it is of course.

lucadobe

motorguy wrote: »

For clarification - that is not a lease deal, its a PCP deal.

There are significant differences.

You could try a few local BMW dealers, ask to speak to the car buyer and see how much its worth to them. Also, try the likes of webuyanycar.com.

You could also take out a loan for the 10K over say, 4 years and drive on at the car.

If you were doing that, i'd think about buying the BMW extended warranty thoug
Out of interest, whats the model and spec of the car? I'm thinking lower end 3 series or high end one series?

Yes it is a PCP deal. The model is 1.8i M sport. Taking out a loan is not an option....I am just not keen on giving it back and taking on another BMW . Webuyanycar.com is a joke they only value it at about £13000....:mad: it's worth more to me with the condition and the mileage

lucadobe

TradePro wrote: »

Quite often, BMW 'GMFV's' are set quite high, so the car may be only worth £8k..?

Depends what it is of course.

Was wondering why you suggested paying the 10k then selling it only to buy another when I would have a car only 3 yrs old bought from new with only 11,000 miles on clock only to probably buy an older car with more miles?

TradePro

Obviously the PCP deal was set up quite fairly in this instance - if WBAC are talking in the region of £13k, and your GMFV is £10k, that's pretty good.

Iceweasel

If WBAC are offering £13,000 then a private sale with that low mileage will bring much more than that - so it's well worth the £10,000

As I suggested back in post # 3

TradePro

Iceweasel wrote: »

If WBAC are offering £13,000 then a private sale with that low mileage will bring much more than that - so it's well worth the £10,000

As I suggested back in post # 3

Before you knew it was worth more than £10k