D33ZNUT5

Debt can be very stressful. Like most everone else has said try to get rid of your debt as quick as possible. Who wants to give the bank more of your hard earned money in interest. They're already getting your cash through bailouts so don't give them anymore then you have too!

I am happy with my 525xi because it was in mint condition, very low km, 41,000km and it fit my budget. I only had to finance $12,000 at 4.0% interest and I get to drive a sweet car for $260 month; i could afford this on a dish washers salary But even still every chance i get I will be making extra principle payments to cut that cost!

But you know, sometimes a guy has to have a little fun and squeeze a couple "reasonable" mods past the accountant

Aviator

I would try to take that 4k to a bank and see if you could re finance it for lower payments maybe???

kgmccarthy

I would take the 4K and buy an extended warranty and enjoy the 545, stress free until it's paid off. It's a great car and based on your post, you clearly cant afford an M5 right now. Why put yourself through the extra stress?

ValE60

I guess our dads graduated from the same school...I always got the same advice and I have been carrying it forward thru my life. I did the same when I bought my '05 545i with 28k full warranty, I haggled with the sales guy for hours brought it down to $29K and also got a whole bunch of extras thrown in to the mix, put down $15K (over 50%) and financed $16K with taxes. I only had my car since Nov. '08 but every 4 months I send an extra payment so my car will be paid off in 3 years. Not bad for a chick...

PS: "Huge loss" original post, pay off your principal, that is the key! Keep in mind there is always tomorrow, cars are not going anywhere...

DrLev99

Just do what Joe did....530ISPORT. You'll have a new car in no time.

http://forums.e60.net/index.php?showtopic=64033&hl=

mikeg3tsguap

you could never go wrong with 20-25% downpayment

DrLev99

Think about it this way....the M5's have probably dropped by $15K in the same time period, so if you pick one up cheap, you're about even.

flopper1988

I went in the dealer here in Nov/2008 and test drove a 2006 M5 with 15K, they wanted 53K for it. There were 2 things I didn't like, 1: the car does not qualify for BMW special finance rate (@ that time was 3.9% on 06 models). 2: does not come with CPO extended warranty to 100K miles. I decided to drive the 550I. It was a beautiful ride, how ever I didn't want my payments over $600 a month. and was only putting 5k down. I was also trading in my 2007 335I lease 6months early and had 3K still to pay on it. Again a want, not a need. I quickly realized I personaly could not afford a new 550I. I then moved to the 535I, the dealer had 3 used 2008's. It took 3 days and 4 walk outs, but I bought a 2008 535I w/ 6k miles on it. Qualified for 0.9% financing and the 100K warranty, paid 48K for the ride. This is my 2nd BMW, and My 1st E60. I just feel lucky to afford this car. It is a great automobile, and I will probably always buy BMW from here out,( except for an Austin Martin) Point is you have a great car, better than 90% of the cars on the road. So don't look at the value, look at the dash as you drive the S%*# out of the car, and enjoy. Everything is taking a bath right now. Just ride it out!

craigm1841

this is why BMWs are so widely leased. I am not wealthy, I have a great income though and I am a single guy, so i am doing far better than most people, however, Leasing was the best option for me. the OP pretty much makes the argument for leasing in his original post.

If you want a nice car, that you wont keep forever and money matters to you, in the way that you actually have to be cognisant of your mortgage/rent/car payment, then leasing is the best option.

He has had it for 15 mos and he is tired of it? When i hit the 15 month mark on my 08 535 that i am paying 599 a month for, it will be halfway gone. and after the lease is up, i wont be upsidedown on it.

Westcoast M5

If you are stressing over a $15k shortfall then stay away from an M5. It will depreciate more on a monthly basis than your 545. Plus you'll have higher operating costs - for one your gas bill will double (not kidding).

Keep your 545, pick a couple of small mods (say $1-2k worth) to keep yourself enjoying the car and put the rest down on the loan. You will always be underwater on any car loan or lease unless you put a chunk of money down up front. Pay now or pay later.....

Put down a little extra whenever you can, even a couple hundred bucks here and there and you'll be even in no time. You will get your next car, just need a little patience....and remember a 545 is a sweet ride that many people would love to have.