Leasing a BMW?

lucadobe

I am looking at this PCP deal this way... when I went to buy this car new if I had paid cash or had finance over the 3 years it would cost me what it did anyway, so whether at the end of this next year I owe £10,000 so be it , I will not have any mileage issues to pay because it was set at 8,000 per year, in 2 years I have only done 10,300...I don't see much difference in the cost of obtaining this car like this ....however because its a BMW I just feel I need to keep it at just 11,000 miles on clock as they are good cars for going on and on....if we were talking Focus or similar I would be getting shot...

Iceweasel

TradePro wrote: »

Before you knew it was worth more than £10k

Actually yes - at 3 year old with under 11K miles, unless the guy has really abused it, just about any BMW will be worth over 10K.

OddballJamie

lucadobe wrote: »

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

Is it a 118i M Sport? If it is, I think that's a 2.0 engine.

lucadobe wrote: »

however because its a BMW I just feel I need to keep it at just 11,000 miles on clock as they are good cars for going on and on....if we were talking Focus or similar I would be getting shot...

I can't see a 3 year old low miles Focus giving any head aches either, the petrols are fairly reliable
http://www.reliabilityindex.com/reliability/search/89

TradePro

Most perhaps, but not all;

http://www.parkers.co.uk/cars/prices/used/bmw/1-series/hatchback-2004/42928/?yearplate=93

Good guess though

BlueC

I just can't believe you're paying £500 (taking into account the £5k deposit) to drive about 300 miles per month. This is before even considering petrol, tax, servicing, insurance etc.

Absolute madness. You could get a taxi everywhere and actually save money.

TradePro

Actually, I've just realised I screwed up - just read the thread again.

WBAC are talking £13k now, the deal runs until next year!

Looks like BMW are up to their usual tricks (as I suspected earlier) of putting high GMFV's on cars and leaving buyers with no car and no cash at the end of the term, you'll probably have to hand it back and walk away with nothing.

You definitely should have used Taxi's.

lucadobe

I'm not quite sure what some comments on this topic are actually on about??! How on earth will I walk away with nothing? Either I have not explained myself or others are reading into something else? I initially was going to pay cash for this new car in 2011, instead I opted for a PCP deal, deposit and monthly payments of £360 over 36 months, with a £10,000 payment at the end, or hand the car back and pay nothing ( who would do that anyway ) or use what they offer me and start another PCP ( which not keen on) or pay the balance of £10,000 and the car is mine ..the interest I have paid amounts to roughly the same if I had taken out finance on it, at the end of all this if I pay the outstanding amount I have a bloody good car only 3 yrs old in immaculate condition with only 11,000 miles which I only have used...so to put it in a nutshell I am not sure what the comments are on about:(

lucadobe

BlueC wrote: »

I just can't believe you're paying £500 (taking into account the £5k deposit) to drive about 300 miles per month. This is before even considering petrol, tax, servicing, insurance etc.

Absolute madness. You could get a taxi everywhere and actually save money.

some people don't just buy old jalopies and add up the mileage, tax, insurance! They buy specific cars because they want to....its not about how much I have paid for a car to do whatever miles in it..there are cars to drive and own and cars not to want to drive and own...and there are plenty of them out there! I will only use taxi's when I need to ....like getting home from a function or pub

BlueC

lucadobe wrote: »

some people don't just buy old jalopies and add up the mileage, tax, insurance! They buy specific cars because they want to....its not about how much I have paid for a car to do whatever miles in it..there are cars to drive and own and cars not to want to drive and own...and there are plenty of them out there! I will only use taxi's when I need to ....like getting home from a function or pub

So why are you on a moneysaving forum asking about a "dilemma" regarding what to do when your ludicrously expensive car lease expires?

I honestly don't understand your point. If you like the car then pay the £10k and keep it. If you have the money and would like another new car then hand it back and take a new lease. It's your decision and you're clearly not interested in the economics of it so just do whatever you please.

albionrovers

With hindsight, sounds like a personal lease 3+35 would have worked better. Only 1K up-front and £360/month would have covered it at 3 year's ago prices.