When will the market cool off?
Already happening - as recently as a few months ago, BMWs were leasing horribly. Now we’re starting to see larger inventories on lots, discounts coming back, financing incentives, etc.
Anything is possible, of course, but I think the worst of the market (for BMW at least) is behind us.
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How so?
What do you mean?
A 430xi goes for ~$850/month and $1,200 upfront (includes $3,000 discount) - best deal I found now
I leased one bmw 330i car during 12/2019. It is a great deal during that time. The msrp is 48000. The residual value is 29000. The lease will end by end of this month. Current, I have two options:
- Return this car, and buy one RAV4 / CRV.
- Buy out this car, drive for 1-2 years, and buy one RAV4 / CRV.
I found out that market is down currently. I checked at local honda and toyota dealership, there’s no more market adjustment. Is it a good choice to buy one RAV4 / CRV now? or I can keep this 330 and wait for another one or two years. I remember 5 years ago, there’s nearly 1000-2000 discount for new Honda or Toyota cars.
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Is there any equity in your car?
What purpose do you need the car for?
Don’t know your financial situation or family needs but going from a 3 series to either of those vehicles is a major step down and if you’re a car enthusiast, it makes zero sense. None financially either.
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What is the current mileage? Have you reached out to any BMW dealers to see whether there is any equity?
You have a 3rd option. You could always extend your lease by calling BMWFS.
No idea. Are they selling it to you at MSRP or with a discount? Check out the Marketplace to see what brokers are offering.
- What they said.
Thanks for your reply!
What is the current mileage? Have you reached out to any BMW dealers to see whether there is any equity?
Current mileage is 20000 miles. I checked with BMW dealer, they offer trade in price is 29000, exactly same price with residual value. So no equities.
You have a 3rd option. You could always extend your lease by calling BMWFS.
Sure, let me call BMW FS to see whether they offer me this option.
No idea. Are they selling it to you at MSRP or with a discount? Check out the Marketplace to see what brokers are offering.
They are selling with MSRP, no more market adjustment.
going from a 3 series to either of those vehicles is a major step down
Thanks for reminding. I’m not that much crazy with cars. Currently, one reliable SUV is more suitable for me (i’ll buy it instead of lease, plan to drive it for 5-10 years.), since I just married and prepared to have a baby.
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No equity. Dealer only accept 29000 if i want to trade in. So no different with trade in or return it back.
I need a bigger car, like SUV. and need AWD car, to ski or hiking.
Financial situation is fine. But our family really need a SUV instead of a sedan.
Who is they? Your local dealer?
Have you done this?
A Honda SUV or Toyota is in your future. Extend this lease few months if you can because who knows things may get better in the spring
Do you have to have the latest and greatest? You could find a discounted 2022 RAV4 right now via the brokers. Not sure there’s still discounted 2022 CR-Vs around. A 2023 CR-V will be marked up, probably heavily.
I’d also recommend considering a Tiguan. German solidity, might be more to your liking coming out of a BMW.
My wife’s lease is up in a few weeks and we are exploring options.
2020 430i Grand Coup with 15,300 miles and excellent condition.
Residual is $29k.
Due to low milage we are considering keeping it and then explore selling in a year or two. Mileage should still be very low i.e. 20k in Dec 2023. Only concern is service & warranty cost that would no longer be covered.
Reaching out to our credit unions exploring lease buy out rates. Also reached out to BMW as to options, but they want us come into the dealer before really providing any info as to terms and rates.
Wondering what others suggest as who to contact about financing. Is going with BWM a good/bad idea what perks do they offer or be asking for such as extended warranty/service etc.
edit - Added Residual.
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I would not recommend buying this unless you want to keep it for a while. Chances are, your buyout is higher than the actual value and its a last gen body style.
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Residual is $29k and pricing similar cars at same milage are all $5-7k more.
Check out this thread for finance options: The Best Finance Rates & Hacks! Submit your CU recommendations!
Have you reached out to BMW dealers to see what they would offer you, if you were to sell it?
Thanks for the CU info.
As to seeing if BMW had interest, the one dealer I did speak with while getting service was luke warm. They say for them the value was right around the residual and also my guess that they thought they would get it back in a month. This was also before I realized that Carmax wont even give a quote for a leased BMW.