How do you guys pay for your E60s?
03-11-2009, 06:30 AM
#31
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My Ride: 04 525i, 04 Dinan M3
Dumb question, but I'll ask it. I would assume paying for the car cash would not report be on your credit at all. So if you are going to pay cash, why not finance the car, then pay the loan off that same month. That way it would report to your credit as a car paid off in full?
03-11-2009, 06:31 AM
#32
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Put a large chunk down and financed the rest for a low monthly payment. my loan is 60 months but i plan on paying it all off after 24.
Im 24 and run a local business.
The only reason i could buy my 5 was because my parents moved out of their house and gave it to my brother and I. My parents bought a new house and we got there house. I was saving money to put down on a house but once this happened i said SHIP THAT BMW! We went to the dealer the day their deal was accepted and got my car. Im pretty lucky my parents gave me a house but in this economy they were going to sell the house for what it was worth and they obviously could afford to keep it.
Im 24 and run a local business.
The only reason i could buy my 5 was because my parents moved out of their house and gave it to my brother and I. My parents bought a new house and we got there house. I was saving money to put down on a house but once this happened i said SHIP THAT BMW! We went to the dealer the day their deal was accepted and got my car. Im pretty lucky my parents gave me a house but in this economy they were going to sell the house for what it was worth and they obviously could afford to keep it.
03-11-2009, 06:36 AM
#33
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Originally Posted by gmcc' post='813469' date='Mar 11 2009, 12:35 PM
+1 for Cash.
03-11-2009, 06:43 AM
#34
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My Ride: 2006 BMW 530xi - Titanium Silver Metallic / Gray Dakota Leather / Dark Poplar Wood Trim / Cold Weather Package / Premium Package / Premium Sound Package / Lumbar Support / Xenon Adaptive Light Control / 6 speed auto - Steptronic Trans. /Sirius Satellite Radio / Voice Activation / Navigation / Moonroof
Originally Posted by exx1976' post='813534' date='Mar 11 2009, 10:23 AM
I think that was called a "Smart Buy", wasn't it?
Anyhow.. I financed my car with BMWFS on a 4 year term. I put a huge chunk down, my payment is only $219/mo.
Anyhow.. I financed my car with BMWFS on a 4 year term. I put a huge chunk down, my payment is only $219/mo.
03-11-2009, 06:51 AM
#35
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My Ride: 2007 530i. Purchased 6/28/07. Titanium Silver Metallic, Black Dakota Leather, Dark Poplar Trim, Steptronic, Premium Package, Cold Weather Package, Bluetooth, Adaptive Control Xenons. 10/30/07 Added OEM 124s with 245/40/18 & 275/35/18 Michelin Pilot Sport A/S tires. Installed red Cal Covers� from BavAuto. 11/21/07 Added OEM all-weather floor mats (for winter, carpet in summer) and coat rack. 6/26/08 installed M5-style rear spoiler. 6/30/08 put on red reflectors. 8/22/08 Euro turn signal stickers applied. 3/20/09 Installed Shadowline Trim. 3/27/09 Added Matte Black Kidney Grilles from Trinity. 4/03/09 Installed Bimmian Shadow Matte Black 530i Badges. 4/04/09 Installed LED license plate lights from Trinity. 5/01/09 Installed Brabus Interior LED Kit and White Angel Eyes. 5/02/09 Put in Brabus 6K Fogs. 5/14/09 Removed charcoal filter. 5/15/09 Installed light smoke LED side marker lamps from Trinity. 5/21/09 Sprint Booster. 6/12/09 Painted exhaust tips flat black. 6/13/09 Pulled red Cal Covers and painted calipers low gloss black. 6/27/09 RPI Ram Air Scoop from Trinity. 8/15/09 Installed Brabus's silver invisibulbs front and rear. 9/24/09 Installed R-Dash license plate LEDs from Brabaus (John).
Originally Posted by DD_545i' post='813551' date='Mar 11 2009, 09:36 AM
+2 for Cash. It's the only way to buy. Don't buy a car worth more than you have available in cash and you won't get into financial trouble. Negative equity sucks. Unless you're paying a really high deposit with no final/balloon payment, you'll get into negative equity. Lose your job and you're screwed. If I lose my job, I've got no payments to make. I can sell the car and return however much I get from it back into the bank. I would also recommend not buying a car that's worth more than a quarter of your yearly salary. If you're only earning 50 grand a year you really shouldn't be driving a 50 grand car.
03-11-2009, 06:56 AM
#37
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My Ride: 2005 545i Sports, Premium and dynamic packages
Financed thru BMWNA, put down 50% + of car value and financed the rest, every 3-4 months I send in a extra payment towards principal. Lease does not work for me, I used to drive a lot between Miami and Fort Lauderdale.
03-11-2009, 06:59 AM
#38
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Originally Posted by CWS530' post='813561' date='Mar 11 2009, 03:51 PM
DD: If you've pulling in 200K/yr., why don't you get your car washed?
03-11-2009, 07:22 AM
#40
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My Ride: 2006 525XI, Jet black on Dakota beige. Premium and winter packages. I consider myself a purist and intend to keep my car absolutely stock and shiny.
2008 328I Convertible, Sapphire black on beige interior. Premium package, NAV, iPod adapter.
Retired: 2002 325I, Titanium silver on black leather. Premium package. Absolutely stock and proud of it.
Cash is truly the way to go, especially after all the people who used to criticize me for not "putting the money to work" for me are now broke, after the stock market crash. At least I still have a beautiful car to show for the money. Poetic justice.....