I have a '10 X5 that is financed …and as expected I’m underwater.
If I trade it I’m down 6-7k, if I private party it of course it’s much less. It’s listed for sale on a few sites but not a bite.
I’m thinking of leasing a new premium brand – X5, Q7, or GLE. Never drove an Infiniti or a Lexus. Prefer the Germans.
I need a dealer/ brand that can work with me. Incentives? Diesel or hybrid credit, or anything that may be available? Aggressive lease programs?
I’m ok with rolling some negative equity and paying some up front.
I’ve seen some X5 lease pricing and it seems BMW isn’t looking to lease vehicles now - it’s ugly.
Should I target a demo vehicle?
I have a quote for a near 64k msrp GLE 350 demo:
Sale price 55k
Only 1st mo + tags upfront ($1k)
$4k neg equity included in the lease, $3k paid out of pocket
=$812 mo (includes 9% pa tax)
36mo / 12k
Tried looking for an X5 demo but the pricing was really terrible.
How would you hackers approach this? I realize my first mistake was financing a depreciating asset.
Looking to get back under warranty and in a newer ride.
Thanks –
Q7 lease might be a better deal. GLE does not lease well and the out of pocket is usually heavy. Then there the X5 upside down, you may want to reduce the price in the market take a little loss over rolling the expence. Good Luck!
It’s amazing that almost all finance deals on here are under water. I think if you purchase you almost have to keep the car over 7+ years and drive 80+ otherwise it seems everyone should be leasing.
Problem is that it seems dealers only want to say “well kbb is 14k and that’s what we go by”
Really, kbb is the new standard?
It’s like their answer to so much new invoice pricing data that is online. Trade offers are worse than ever.
I made a decent deal at the time, I think. Just haven’t had it all that long so that is on me. I can just keep paying it down each month and go from there …
You can negotiate that KBB price. Pay less attention to what KBB says and more to what the market dictates. If they are selling for $25K you got room. If dealers have the, for $22k you don’t have much.
Ultimately the dealer wants to make money on your trade. They will make more than on your purchase. So if they buy it for $14, advertise it for $24 and negotiate down to $22 they are happy.
Given you will be rolling debt over into a new car, what is the monthly budget you can actually afford and still pay down the interest and such? From there perhaps people can give you more constructive advice that lines up with what your monthly payment goal would be relative to the brands that interest you.
KBB has always been the standard. That being said if your car is relatively clean try the X5 forums. But your not a dealer and the the odds of you finding someone to walk up with what retail is is almost 0. The other issue is because of the cheap leases that everyone is getting the used market is flooded go to carmax on the weekend and see the number of people selling their car. I has such a hard time selling a 8k Honda Civic for this reason.
But unless the x5 is breaking down on you all the time here is what I would do.
4K negative equity
3k cash down
12x820 one year of payments
= 16.8k
I would split the difference pay down your X5. Then wait till December may the deals will be better and your options may be more. While you wait till December try the X5 forums those people will pay more for a good car then dealer. But it’s not a 1-2k car so it will take some time.
Well I can do that 812/mo …but I also know I’m taking a beating on the negative equity.
I like the wait till December idea. Knock on wood the X5 has been a tank. That’s only 6 months from now …deals should be better year end. Sure the trade value will be less …but the loan balance will be less too.
Unless I find a dealer hungry for a deal, doing it now sounds stupid. Thanks for the input guys —
I look at it this way… it would bug me much more writing out that check for the next 36 months for my mistake then suffer for anothe few months and have a sub 500 a month.
