1600

For the past six months or so I've followed an 08 M6 convertible on a dealer's site offered at $18,000 under MSRP.
It seemed like a no-brainer incredible deal on a "new" m rocket with less than 190 miles sitting forever gathering dust. What dealer would not want to have it gone as fast as possible? I've lusted over one for a long time and last week decided to check it out and work out the numbers in my feeble mind. At first they offered me $28,000 for my perfect ride with 15000 miles. Many of you in the area have seen it. I'm not exaggerating its condition. I also realized in advance I was going to get slaughtered in a trade-in. In a couple of minutes my trade suddenly became worth $34,000. Go for it, right? Then, I asked about financing and the "best" was from Chase @4.9%. Uh,oh, there was no BMW special rate, like 2.9%, on this vehicle. Next, I asked about the warranty. It would run out in the middle of 2011, but they would give me "an especially low price" on an extended warranty!
After 45 minutes I cordially thanked the salesperson and left for home realizing the only way they were going to unload this thing was at auction. Brand new ones are being discounted and with much lower financing rates carrying a full warranty plus this vehicle would depreciate a ton five minutes after I drove it away. For example, there was a similar one on the lot also 2008 with less than 8,000 miles for somewhere in the area of $74,000 and change with a full CPO warranty plus the balance of the new vehicle warranty!
I think I'm going to be happily driving my 550 for a while longer making a few changes to it along the way to keep me excited about it.
Ah, the games they play.......

sdg1871

Lee, you have pretty much summed up why when I buy a car, I only negotiate through email and then only with the General Sales Manager. Going to car dealers is generally such a waste of time due to the ridiculous games that most of them play -- like attempting to withhold key financial terms (such as MF and residual) from a lease negotiation and just trying to talk monthly payment.

One word of advice on trade ins: do not mention that you have a trade in until AFTER you and the dealer have agreed on a final purchase price for the new vehicle. If you don't, the dealer may offer you an unbelievably low price on the purchasd while totally shafting you on the trade in. And even then, do not negotiate a trade in until you know the Kelly Blue Book value for your trade in.

luigi524td

If this '08 was "new" the 4 yr / 50K mile factory warranty would not begin until the date of sale ... ?? Had it been previously titled or was it one of the company cars?

1600

Indeed, indeed, that is what I thought. But it was being sold as "put into service" after being ordered by a customer, in the middle of 2007. Not a CPO.

Go figure.

pukka

The warranty can also start when the car is "placed in service" as a demo car or it was probably a sale that fell through at the last minute.

1600

[quote name='pukka' date='Jan 17 2010, 03:19 PM' post='1092469']
How much were they asking for the car?

4.9% is pretty good - the only car loan rates I've seen that were lower were from credit unions. Either way you'd probably need an A+ credit rating to get approved.

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from 1600:

As a straight business deal today... the rate is clearly not favorable.
(and I have an A+ credit rating)

But remember... the point of the this post is the convoluted trickery of the deal that we as buyers have to unravel to begin with.

BMRMEUP

You handled that very well. I just find it SO frustrating that they refuse to talk real numbers . I'm amazed at how often they are willing to a let a serious buyer walk rather than make a fair deal.

1600

That is so true. however, I realized when I went out there to see the vehicle and discuss a deal that something had to be amiss. If it was a straight up situation, then and only then, would I have made a purchase.

sdg1871

Perhaps this bush league nonsense behavior on the part of the dealer is why the car has remained unsold for so long.