2005 545i Lease Takeover...No Sport Package!!
#1
I have an opportunity to takeover a lease on a black/black 2005 545i. Payment is only $590/mo. with 16 mos. left on the lease. No Sport Pkg!! How much as far as looks and performance will I be missing? Car has Cold Weather Pkg and NAVI but those ugly stock 17in wheels. I'm thinking it's a great deal still at that payment. Just curious what ya think.
Previous BMW was a 2002 530IA fully loaded. I now drive a 2005 CTS-V but tired of shifting gears (poor trans) around busy Chicago traffic. Missing the Bimmer life...decided to come back.
Previous BMW was a 2002 530IA fully loaded. I now drive a 2005 CTS-V but tired of shifting gears (poor trans) around busy Chicago traffic. Missing the Bimmer life...decided to come back.
#2
Contributors
Join Date: Jan 2005
Location: San Jose, California, USA
Posts: 4,119
Likes: 0
Received 0 Likes
on
0 Posts
My Ride: 2008 Porsche 911 Carrera S Convertible. Midnight Blue, 6 Speed.Retired - 2007 997 Carrera S, Midnight Blue, Grey leather, premium audioRetired - 2007 550i, Monaco Blue over Beige, Navigation, Logic 7, Cold Weather Pack, Comfort Access, Sport Package
Model Year: 2008
There's nothing wrong with the style 116 wheels, but if you prefer 18's there are always a number of style 124's on sale on here. You may find a you get a better ride and less twitchy handling with the 116's as they are 225's all round and less susceptible to tramlining and road imperfections than staggered 245/257 18's.
#3
Contributors
Join Date: Oct 2004
Location: So Cal, USA
Posts: 14,776
Likes: 0
Received 0 Likes
on
0 Posts
My Ride: 545iSMGSilver GrayAuburn Dakota LeatherLogic 7 Premium SoundSports Package
Thats not bad. A 2005 545 for $590 a month and 16 months go for it. It'll be fun to have, play around even w/out the sports package... then you can upgrade to the facelifted 550 later.
#4
Contributors
Join Date: Mar 2004
Location: Long Island, NY
Posts: 2,303
Likes: 0
Received 1 Like
on
1 Post
My Ride: 2008 535i: June 6th start build, complete June 17th, at NY Port July 5th, at dealer July 10th, took delivery Friday July 13- Plantimum Bronze/Natural Brown Leather/Light Poplar, Sport Package, Sport Auto, Active Steering, Premium Package, CWP & PDC. Dinan Performance Software 384hp & 421 ft/lbs.
Is there a resource to search for cars that you can take over a lease from? I am up April '07 and would like asn M5 nearer to my 545 lease pricing.
#5
Senior Members
Join Date: Oct 2006
Location: Livermore, California
Posts: 310
Likes: 0
Received 0 Likes
on
0 Posts
My Ride: 2006 550i
Build date 11/2005
options include:
cold weather package/ convenience package/premium sound package/ sport package/sunshades/Navigation/ V3 cradle/ OE 166 wheels/M-tech upgrade/M rear spoiler/ racemesh m-tech grill/racemesh kidney grills/M5 mirrors/M5 steering wheel/ HID fog light conversion/ M5 SMG paddles
Originally Posted by pennetta' post='368363' date='Dec 17 2006, 07:43 AM
Is there a resource to search for cars that you can take over a lease from? I am up April '07 and would like asn M5 nearer to my 545 lease pricing.
http://www.leaseboys.com/
havent used them...
#7
#8
Senior Members
Join Date: Oct 2006
Location: Livermore, California
Posts: 310
Likes: 0
Received 0 Likes
on
0 Posts
My Ride: 2006 550i
Build date 11/2005
options include:
cold weather package/ convenience package/premium sound package/ sport package/sunshades/Navigation/ V3 cradle/ OE 166 wheels/M-tech upgrade/M rear spoiler/ racemesh m-tech grill/racemesh kidney grills/M5 mirrors/M5 steering wheel/ HID fog light conversion/ M5 SMG paddles
Leases can be structured in some pretty creative ways. Only understanding the monthly payment leaves a lot of unknowns as to what you face at the end. Leases are still owning the responsiblity of paying for the car. Really the bank is just allowing you to buy more car for your payment (if you were ever going to buy it, think of it as a 10 to 12 year loan to but a car). You want to know:
1. the residual or buy-out amount at the conclusion of the lease (chances are the car is owning more than its worth)
2. any fees you incure for mileage
3. transfer fees etc
Without knowing the above, its really difficult to tell if the monthly payment is reasonable or not...bottom line - beware of the 'fine print' and dont focus on the monthly payment...it could really hurt in the longer term if you dont.
Suffice to say leasing is a much more expensive way to buy a car than getting a loan and buying it outright...Leases typcially make sense for:
1. short term ownership (watch your monthly payment doesnt put you in a negative situation) because you dont pay tax up front
2. write off - if you use your car for work
3. want more car than you can afford
4. will not be exceeding the mileage restrictions (no biggie if you intend to buy it out).
1. the residual or buy-out amount at the conclusion of the lease (chances are the car is owning more than its worth)
2. any fees you incure for mileage
3. transfer fees etc
Without knowing the above, its really difficult to tell if the monthly payment is reasonable or not...bottom line - beware of the 'fine print' and dont focus on the monthly payment...it could really hurt in the longer term if you dont.
Suffice to say leasing is a much more expensive way to buy a car than getting a loan and buying it outright...Leases typcially make sense for:
1. short term ownership (watch your monthly payment doesnt put you in a negative situation) because you dont pay tax up front
2. write off - if you use your car for work
3. want more car than you can afford
4. will not be exceeding the mileage restrictions (no biggie if you intend to buy it out).
#9
Senior Members
Join Date: Sep 2005
Location: Arizona
Posts: 734
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by Matt BMW California' post='368425' date='Dec 17 2006, 12:45 PM
Suffice to say leasing is a much more expensive way to buy a car than getting a loan and buying it outright...Leases typcially make sense for:
I leased my 2005 545i at a MF = 0.001 (2.4% APR before multiple deposits) so it made more sense than paying cash as I was getting a great financing arbitrage (i.e. can invest at pre-tax 5%+ and I doubt you can get a loan for under 5%). That even excludes all the other benefits of leasing - guaranteed residual, ability to return a lemon after 3 years etc.
#10
Senior Members
Join Date: Oct 2006
Location: Livermore, California
Posts: 310
Likes: 0
Received 0 Likes
on
0 Posts
My Ride: 2006 550i
Build date 11/2005
options include:
cold weather package/ convenience package/premium sound package/ sport package/sunshades/Navigation/ V3 cradle/ OE 166 wheels/M-tech upgrade/M rear spoiler/ racemesh m-tech grill/racemesh kidney grills/M5 mirrors/M5 steering wheel/ HID fog light conversion/ M5 SMG paddles
Originally Posted by LowOrbit' post='368427' date='Dec 17 2006, 12:05 PM
Matt, you made some good points, but leasing may make more sense than buying it even if you expect to own it for 10 years as you can buy it at lease end - depending on the terms.
I leased my 2005 545i at a MF = 0.001 (2.4% APR before multiple deposits) so it made more sense than paying cash as I was getting a great financing arbitrage (i.e. can invest at pre-tax 5%+ and I doubt you can get a loan for under 5%). That even excludes all the other benefits of leasing - guaranteed residual, ability to return a lemon after 3 years etc.
I leased my 2005 545i at a MF = 0.001 (2.4% APR before multiple deposits) so it made more sense than paying cash as I was getting a great financing arbitrage (i.e. can invest at pre-tax 5%+ and I doubt you can get a loan for under 5%). That even excludes all the other benefits of leasing - guaranteed residual, ability to return a lemon after 3 years etc.