545i HUGE LOSS! Trade for M5? Or Shoot myself?
03-09-2009, 03:55 PM
#61
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Originally Posted by Jrowe' post='810629' date='Mar 8 2009, 09:27 AM
So I decided to go into a dealership, and see what they can do for me... Turns out I'm 15k upside down! not 9K... Apparently 545i's are being picked up at the auctions for roughly around $19,000 with my millage and that's what they base their value's on... So since I owe roughly 34K Still on the car... (Yeah It's not looking pretty).
I had a E46 with 167K miles on it, dealer came in with an "auction price" of 3K, by the time I was done I talked him up to KBB of 8K. They turned around and listed it for 12K...
03-09-2009, 04:16 PM
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Originally Posted by Jrowe' post='810972' date='Mar 8 2009, 07:36 PM
My whole thing is I can take a loss, but to be 15k down in 15/mo is pretty ridiculous in my opinion I took a 6 year loan. I got the 100K Warranty. And walked out paying $42,000 on an 8% loan with 0 down for my 545i
I needed a car and I needed all my extra funds at the time for various investments to keep my business running. So I opted on 0 Down.
Paying for my car has never been an issue. I did a little math, and decided I'm just going to pay $400 extra each month towards my payments not sure of the correct outcome on this maybe someone with better finance skills can tell me exactly what it's going to work out to be.
$35,000 on loan at 8%
Payment of 760/mo for 57 more months.
Then I want to pay 400 extra per month.
How fast would my car be paid off? And what will be saved on interest that won't accumulate due to early pay off?
I needed a car and I needed all my extra funds at the time for various investments to keep my business running. So I opted on 0 Down.
Paying for my car has never been an issue. I did a little math, and decided I'm just going to pay $400 extra each month towards my payments not sure of the correct outcome on this maybe someone with better finance skills can tell me exactly what it's going to work out to be.
$35,000 on loan at 8%
Payment of 760/mo for 57 more months.
Then I want to pay 400 extra per month.
How fast would my car be paid off? And what will be saved on interest that won't accumulate due to early pay off?
I show for $42k & 0 down, for 72 mo, an 8% loan is $736 per month. I don't know why its off from your actuals.
It costs $11k in interest over 7 years.
Starting now to add $400 to the principal yields...
A payoff in 4 years total (only 33 mo from now), and only $8k in interest.
It seems wrong to spend $13k ($400 for 33 mo.) to save $3k in interest. However at the 4 year mark, you'll have the entire worth of the car instead of still owing $15,600 on it. So yes, you gain $18,600 trading at the 4 year mark by spending $13k more on the payments.
03-09-2009, 04:19 PM
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Originally Posted by MrL0Lz' post='811963' date='Mar 9 2009, 07:55 PM
Its just a sales line, a total load of BS. The dealer I went through pulled the same crap on my old E46. Its a lowball tactic, negotiate around it or find another sales guy.
I had a E46 with 167K miles on it, dealer came in with an "auction price" of 3K, by the time I was done I talked him up to KBB of 8K. They turned around and listed it for 12K...
I had a E46 with 167K miles on it, dealer came in with an "auction price" of 3K, by the time I was done I talked him up to KBB of 8K. They turned around and listed it for 12K...
...So, you still got screwed?
03-09-2009, 04:44 PM
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Originally Posted by ADD' post='811979' date='Mar 9 2009, 07:19 PM
...So, you still got screwed?
yes basically, but not as bad, I got trade-in value KBB, which was 8K. On a 00 E46 with 167k miles, I wasnt complaining
03-09-2009, 04:59 PM
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Originally Posted by Jrowe' post='811579' date='Mar 9 2009, 01:29 PM
Okay wait yeah.. What are you hearing??? Where did I say I was broke, or had a shortage of money??? My only statement is that I lost 15k on this deal. I never anywhere said I was broke, and was out of a job, or had no assets to pay my debts? LOL W*F
I'm just looking for advice on my situation, and a better opinion. I've decided leasing would of been my only smart move. And will definitely be my next choice. Thanks Craigm.
Also someone mentioned something about bad grammar... is my grammar bad or something? Or is my choice wording hard to comprehend in any form? Because I've had more than 5 people already get the wrong impression off my posts.
I'm just looking for advice on my situation, and a better opinion. I've decided leasing would of been my only smart move. And will definitely be my next choice. Thanks Craigm.
Also someone mentioned something about bad grammar... is my grammar bad or something? Or is my choice wording hard to comprehend in any form? Because I've had more than 5 people already get the wrong impression off my posts.
jk
03-09-2009, 09:57 PM
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My Ride: 2005 545i Sport Package Limo Tinted, Heads up display, Fully Loaded Minus Cold Weather Package and Rear window Sunshades.
Originally Posted by Mike Hawk' post='812130' date='Mar 9 2009, 07:32 PM
Ext / Int Color?
Manual?
Options?
I'm in the market :bwahaha:
Manual?
Options?
I'm in the market :bwahaha:
Haha. Well lets see.... It's Monaco Blue, Automatic, Beige Interior, navigation, Logic 7, Bluetooth, Heads Up Display, Front & Rear PDC Sensors, 66K Miles And Still drives just like when I bought it
03-09-2009, 11:46 PM
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Originally Posted by Jrowe' post='812203' date='Mar 10 2009, 01:57 AM
Haha. Well lets see.... It's Monaco Blue, Automatic, Beige Interior, navigation, Logic 7, Bluetooth, Heads Up Display, Front & Rear PDC Sensors, 66K Miles And Still drives just like when I bought it
You know, that $19k at auction MIGHT just not be too far off the mark..
I have an 04 545 that I bought in January. It only had 58k on the clock. Orient Blue Metallic on beige, automatic, L7, Cold weather, sport, nav, xenons, sunshades, heated rears, and I paid $24k OTD CPO and maintenance until 10/10.
Figure $19k auction, another $2-3k reconditioning it, inspecting it, getting it up to spec for CPO, then tack on $$ the dealer needs to make.. You do the math.....
03-10-2009, 06:31 AM
#69
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My Ride: '05 545i Sport - MANUAL - Jet Black/Black
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Checked Manheim. The average MMR is 18k, above average is 20,400k... That's the US average, since I only found 1 545i in the West region.
03-10-2009, 09:28 AM
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Just think in a couple more years with your driving habits the car will be worth 10k. I'd say buy a cheap e39, sell your e60 private party, and pay off the balance of your loan. In about 15 months, you can scoop up an M5 for a steal (under 40k) when the F10's come out. So you'll basically be buying your M5 on a layaway down payment plan. Kinda ghetto but financially responsible at the same time.