Quote:
Originally Posted by irishbloke
Where to start...
1. You can't afford to PURCHASE a late series BMW. Period. Lease a newer one for 400-500 dollars. Its very doable.
2. 122k miles for 17K on a 2007 bmw 335i... That is a moronic deal.
3. Thats not your buddy. You are confused. That is a sales person.
Take a step back and realize what you are doing - you are looking for a certain price and then finding the car to fit. You have completely abstracted everything away expect for monthly payment and the vehicle - this is exactly what dealership sales agents prey upon - thats why I say point #3 above. In other words if you want a 335i one could get theoretically a 12 year loan with the payment you want and the mileage and condition you want.
My Advice? Based on the info I have in front of me: You are incapable of making a financially sound and enjoyable decision for yourself - do not be offended as there is no shame in this. Find someone will can negotiate for you and pay them $200-$500 bucks to find and negotiate the right car for you.
The only price you should be paying for a 2007 BMW 335i should be 20K or less. Mileage 85K or under.
my two rough cents
EDIT: All highway miles..... hey i know a girl - she is all hooker miles. Clean in and out immaculate as can be. Good deal for you..... Makes sense?
So lets do the math. 122,000 miles over 5 years. Thats 25K miles a year. Thats 2080 miles a month. Thats 100 miles for a 22 business day month. That means the previous driver drove for 1.15 hours each way everyday (2.5 hours in the car). Guarrentee the drive sat in plenty of traffic with that sort of commute which is as bad as "city miles". In short unless the driver was taking east coast trips twice a month this is likely a raped car.
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+1. To buy this car, is risking financial ruin. You will not be able to afford even minor repairs. If something goes wrong, you will not able to sell it to break even. If you wind up in this scenario, you will not likely keep paying a car note on a car you cannot drive.
If it's repossessed by the bank, it will be auctioned off for pennies on the dollar because it needs repairs. So not only do you have a repo on your credit, you will most likely be sued for the remainder owed on your line, which will also damage your credit (judgment). That will remain on your credit for up to 10 years. Everything will cost more--loans, auto insurance, even rent.
That's too much risk.
If you can afford to lease the vehicle. Then do that. If the monthly payment is too high, then I'd suggest saving up until you can put down a hefty down payment to bring your lease payments down to where you're comfortable with it.
Lastly, I don't recommend buying a Bimmer out of warranty. Getting vehicle service contracts for out of warranty cars can be a hassle. Most likely, you will have to pay for an inspection. Secondly, you will pay way more for a vehicle service contract for a BMW out of warranty vs one that still under the original warranty. Try to find one where the warranty is just about to expire (Meaning a '08 Model Year with less than 50K miles).
Good luck!!