What do you think of this deal?
09-27-2010, 10:23 AM
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What do you think of this deal?
http://www.fidelitymotorgroup.com/we...LY-Palatine-IL
For my new job, I only drive about 300 miles per month so I've been looking at higher-than-normal-for-me vehicles. I realize this is a lot of $ and car for 300/mo, but I have done the $/mile calcs and I still want a 550 and am willing to spend in this range. I would probably keep the car about 3 years. I would also buy an after market warranty to cover that period and initial pricing shows that at about $3000. So let's say I pay roughly $33K and in summer 2013 I would have a 2008 550 with 72-75K miles for sale. If I could get anywhere around $15K at that point, I'd be happy.
Thoughts?
http://www.fidelitymotorgroup.com/we...LY-Palatine-IL
For my new job, I only drive about 300 miles per month so I've been looking at higher-than-normal-for-me vehicles. I realize this is a lot of $ and car for 300/mo, but I have done the $/mile calcs and I still want a 550 and am willing to spend in this range. I would probably keep the car about 3 years. I would also buy an after market warranty to cover that period and initial pricing shows that at about $3000. So let's say I pay roughly $33K and in summer 2013 I would have a 2008 550 with 72-75K miles for sale. If I could get anywhere around $15K at that point, I'd be happy.
Thoughts?
09-27-2010, 10:45 AM
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would you buy the warranty from the dealer? i think that is going to be key here. the warranty from the dealer is really the only way to go...aftermarket warranties are suspicious if you ask me.
sounds like a good deal, though after taxes, warranty and car you will be looking at over $35k. it's easy to see $31k for that car and go, "wow this is a good deal," but then when you start adding up separate costs suddenly it's more expensive than previously implied. you might want to just check out CPO 550i's in your area. they will not be cheaper, but with 20k less in miles and a guaranteed 3 years of dealer warranty (i say 3 years because 2 years is CPO plus a 2008 has at least another year of a factory warranty on it), it could easily make the extra 3-5k in price worth it (and i mean 3-5k on top of the 35k total for the car you are mentioning in this thread).
also, just a side note, but 60k miles is a lot for two years of driving. 30k a year? that's steep. it doesn't mean the car was abused, just worn more than most in it's age bracket. there is a lot of controversy surrounding the mileage argument, i.e. 60k miles on a 5 year old car is less worn than 60k miles on a 2 year old car. i don't really know the answer but it does seem logical that the more miles you put on the car in a short amount of time, the more frequently moving parts and stiffer the wear. i think they say on average look for a car that averaged 15k miles a year. so for a 2008, no more than about 40k miles. food for thought anyway.
some people like to do the no warranty thing. every car i've had before my bmw i did not have a warranty on it, so it doesn't really scare me. but i was intent on getting one with the bmw. it just seems like these cars are so electronically controlled that problems are going to be expensive if they arise. not like the old days where a 10mm socket wrench and WD40 could do the trick for you most of the time.
sounds like a good deal, though after taxes, warranty and car you will be looking at over $35k. it's easy to see $31k for that car and go, "wow this is a good deal," but then when you start adding up separate costs suddenly it's more expensive than previously implied. you might want to just check out CPO 550i's in your area. they will not be cheaper, but with 20k less in miles and a guaranteed 3 years of dealer warranty (i say 3 years because 2 years is CPO plus a 2008 has at least another year of a factory warranty on it), it could easily make the extra 3-5k in price worth it (and i mean 3-5k on top of the 35k total for the car you are mentioning in this thread).
also, just a side note, but 60k miles is a lot for two years of driving. 30k a year? that's steep. it doesn't mean the car was abused, just worn more than most in it's age bracket. there is a lot of controversy surrounding the mileage argument, i.e. 60k miles on a 5 year old car is less worn than 60k miles on a 2 year old car. i don't really know the answer but it does seem logical that the more miles you put on the car in a short amount of time, the more frequently moving parts and stiffer the wear. i think they say on average look for a car that averaged 15k miles a year. so for a 2008, no more than about 40k miles. food for thought anyway.
some people like to do the no warranty thing. every car i've had before my bmw i did not have a warranty on it, so it doesn't really scare me. but i was intent on getting one with the bmw. it just seems like these cars are so electronically controlled that problems are going to be expensive if they arise. not like the old days where a 10mm socket wrench and WD40 could do the trick for you most of the time.
09-27-2010, 06:12 PM
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lol - yeah, who am I kidding?!?!
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