Hey hackrs - need some solid advice. Looking to lease a new BMW 3-series for 10K miles/36months.
I’m currently financing a 2013 Scion FR-S - bought in 2015 (5 year finance) @ $19K. I only have $2k left in payments on the car ($~230/month) before its payed-off
Questions: Should I first research what offers I would get from my trade-in from different dealers first?
Overall, not sure about what my best approach is to get rid of this car and snag the best lease possible!
Thank you guys!
Selling your old car should be an entirely separate transaction from leasing your new car. If you try to couple the two together at the dealer, they will obfuscate the trade value to pad their pockets.
At $2k left, I would get it paid off, then lease your new car and list the FRS private party. If you don’t want to hassle with that, get quotes from Carvana, Shift, etc. and send it off to the one that offers the most.
Thank you for the advice! I appreciate your response. My current car isn’t in perfect condition - its - needs a new clutch, new rear tires, decent dent of one of the fenders, dent on driver door (hit and run), and general wear and tear. Not sure if that information would change your response. I do however want to get rid of it the easiest way possible as-is!
Not really. You can disclose all of that damage to Shift or Carvana or Carmax and they will adjust their quotes accordingly.
Thank you! Just got some quotes!
Fix the cosmetic stuff before selling or appraising it.
Honestly, is it worth the effort and time? Even if I get more money out of it, I would be happier getting rid of it as is and losing out on that and just having the cosmetic deducted from my appraisal. I’ve mentally gotten rid of this car like 5 months ago so I personally find more value in just letting it go as is even if a lose a few hundred!
Random noobie question: Why is the BMW MSRP (BMW USA) different than a local BMW MSRP for new veichles? Is it due to state market value, etc?
You may think that you’ll only lose a few hundred based on what you think the value of your car is, but its very rare for a dealer to pay market value for a trade-in, especially if there are issues with it, as you mentioned. They have to turn around and make some money off of it too, so you might not be pleased with the number they give you.
Your time’a value is up to you but be prepared to lose a few thousand.
I don’t understand your second question. Can you show examples?
General question on why brand new BMW’s have varying MSRP’s. For example, one dealership having the same exact 320i, new, each with different MSRP’s? Is this due to upgrades on each specific one? Or packages?
Different configurations. Options, add ons, etc all contribute to the MSRP.
Thank you guys!
ALRIGHT - I’ve done some research and I just got my first quote - which I am honestly shocked about because I’m not sure if its too good to be true?
MSRP: $43,245
“Sonic” / Selling Price: $36,481 (15.6% off MSRP)
D.O.S - 7 MSD ($3150)
Incentives: I don’t qualify for any I believe? No loyalty, no OL code, not a recent college grad
Title fee, acquisition fee, all fees included in price - so the only thing D.O.S is the 7 MSD
Terms: 10K/36 months
Monthly (before tax) : $387
Monthly (tax included) : $425
My area sales tax: 10.5% (I know)
I asked for more info including: MF & Residual Value - but he said what he offered is all he can provide through email due to not being able to disclose more because of competition rates with other dealers. I’d have to go in for more (he claims).
Thoughts?!
If I were in your shoes, I would just pay off the Scion or wait till it is paid off before shopping for a new car. Can you afford to make double payments to pay it off sooner?
Have you checked on the Edmunds forum what the current lease incentives are for the 3 series? Going by the MSRP it appears this is for a 330i? You can also check out the BMW lease incentives page for info about current incentives.
Although you may not qualify for loyalty or recent college grad incentive, I would suggest signing up for a Penfed membership for an additional lease incentive. Here is the link to that thread. You can also sign up for an upcoming BMW event to get an OL code (there is a ton of info here on how to obtain an OL code).
As for the discount you are getting, since all fees are rolled into the price, it will be best if you get a breakdown of the fees (acquisition fee, dealer doc fee, title and registration fee) so that you have a clear idea of the actual pre-incentive discount off MSRP (before any fees). Is the quote for a 2019 or 2020 car? Is it a brand new car or a loaner?
You mentioned the dealer does not want to disclose more info via email. It is a sign for you to shop elsewhere.
My $0.02.
I can pay it off but I’m going to get rid of it and sell as is right now as the first poster recommended via Carmax / Shift, etc!
Thank you for the response!
The quote is for a brand new 2020, not a loaner. I’d love to get that OL code but in my area there isn’t an event until September 2020 I believe, which is much too far out to wait! I will try reaching out to get the full breakdown - but again, he claimed he can’t disclose the full breakdown via text/email and I’d have to come in person for that
And yes, 3 series! 330i
Don’t go into the dealership for a full breakdown. It is just a sales tactic. I would just reach out to other dealerships in your area for pricing.
He definitely can. If he won’t, it is generally because they want you to come in for the high pressure tactics.
That makes no sense.