Keep 4 Year Old BMW? Extend BMW Finance?

Swans1912

Hi All,

Planning ahead here and trying to be more proactive after spending way too much money on cars over the last 10 years. Bad habit of trading in at the wrong time and jumping in too quickly.

I have a 62 plate 320D with 42K miles on BMW select finance which is due a decision before September 2016. Hand in the keys (playing the ET trick), pay £13K and keep the car or swap for a new 320D.

I would have to refinance the £13k with a loan over a suitable period which is exactly what I am thinking of doing. I have read on the BMW website they may be an option to extend the agreement but can't find much on this.

Keen to read any views on keeping the car or trading in for a new one. If I did keep the car should I give more consideration to the extended warranty?

oscarward

Depends on whether you like the car or not, condition, how bored you are etc. Up till now I had always changed when the warranty ran out but was usually fed up with the car by then anyway.


I have a 2011 Jag XF which I decided to keep as I like the car so much, just bought an extended warranty as potential repairs can be expensive.


Extended warranties are a whole different argument :-)

Strider590

Just give it back, then go out and buy something you can afford second hand.

Not being funny, but borrowing money to buy a car is a mugs game.

gzoom

Strider590 wrote: »

Just give it back, then go out and buy something you can afford second hand.

Not being funny, but borrowing money to buy a car is a mugs game.

+1 If your serious about cutting down your motoring costs, this is the best advice to follow.

bigjl

I would also advise investing in an extended warranty if keeping the ar after the end of the first 3 yrs.

Having expensive cars out of manufacturers warranty is a risk as if it breaks you still owe money so have little choice but to repair it .

bigjl

Strider590 wrote: »

Just give it back, then go out and buy something you can afford second hand.

Not being funny, but borrowing money to buy a car is a mugs game.

Not being funny but if people didn't buy new cars there would be no new cars and used cars would get more expensive.

Before the government scrappage scheme decent used cars got more expensive.

It also meant that many very good cars got scrapped unfortunately.

bigjl

oscarward wrote: »

Depends on whether you like the car or not, condition, how bored you are etc. Up till now I had always changed when the warranty ran out but was usually fed up with the car by then anyway.


I have a 2011 Jag XF which I decided to keep as I like the car so much, just bought an extended warranty as potential repairs can be expensive.


Extended warranties are a whole different argument :-)

If you have a V6 diesel I would keep renewing your warranty.

As there were problems with 2011/12 models cracking their inlet manifold.

Not a cheap job to get done properly.

Strider590

bigjl wrote: »

Not being funny but if people didn't buy new cars there would be no new cars and used cars would get more expensive.

Before the government scrappage scheme decent used cars got more expensive.

It also meant that many very good cars got scrapped unfortunately.

That's fine, there are plenty of fools out there who'll keep the used car market nice and full and i'll happily take advantage of that, but i'll always try to guide people away from that consumerist culture.

I spent Christmas day listening to half my family droning on about how they could try to afford a BMW or an Audi and how it would wipe out their disposable income, but would be "worth it".
I'm sat there thinking, "maybe there's something wrong with me, but i've got £900-£1000 a month disposable income, my current car is 12 years old and buying a status symbol is the last thing on my mind..........".

force_ten

Strider590 wrote: »

Just give it back, then go out and buy something you can afford second hand.

Not being funny, but borrowing money to buy a car is a mugs game.

looking at what the OP said about having to finance the 13 grand balloon payment would suggest they haven't got wads of cash to buy a replacement car when they hand back the lease car

so a month after hand back they will be able to buy a couple of hundred quid banger which would be a bit of a come down from a three year old BMW

WellKnownSid

Running a prestige vehicle 3-6 years old will normally cost more than owning one 0-3 years old. Bigger services, lots of bigger more expensive service items wearing out and less pattern part options, it doesn't need to be an expensive failure.

And when you come to trade it in with 84k on the clock, in three years time, your dealer in a sharp suit will have trouble wiping the tears of laughter from his eyes.

bigjl

Strider590 wrote: »

That's fine, there are plenty of fools out there who'll keep the used car market nice and full and i'll happily take advantage of that, but i'll always try to guide people away from that consumerist culture.

I spent Christmas day listening to half my family droning on about how they could try to afford a BMW or an Audi and how it would wipe out their disposable income, but would be "worth it".
I'm sat there thinking, "maybe there's something wrong with me, but i've got £900-£1000 a month disposable income, my current car is 12 years old and buying a status symbol is the last thing on my mind..........".

I wouldn't consider buying and owning a run of the mill BMW or Audi as anything special.

They are expensive for what they are.

Had to buy a car for a relative at short notice so went o Aston Barclay in Chelmsford, haven't been there much in last 2 yrs or so.

Go a nice Mk3 Mondeo 05 plate 1.8 Zetec with climate and cruise.

Full service history, mostly main dealer with receipts not just a stamped book, owned since 06 by the previous owner. Traded into the garage group that sold it 9yrs ago.

87k miles with MOT till August. Receipts totalled over £5k at least.

£750 was a bit high but somebody else seen the cars condition. Imagine my shock when private buyer premium was over £200 on a £750 car!

That cars drives nicer than the 116D we had for a few months over the Summer.

Smooth, quiet and roomy.

Having said that I had to pop down the shops in the in laws runabout.

Citroen C3 with the 1.4 petrol engine on an 04 plate and not really cared for.

That drove nicer than either of the 1 Series I have driven lately.

I would never tell somebody to not buy a BMW or Audi but they are really not as good as the hype makes them out to be.

The steering in a mates daughters 116i that I have used a few times is heavy and the ride is unbelievably poor. It is also slow and the engine sounds rough.

I would have another Jag though.

One of the few cars I actually enjoyed owning.