[atariboy]

Ok guys, I really need some advice

Just been to my local dealer to make enquiries about a new car for the end of November. I was looking at AUC cars but they are offering me a deal on a new car which they say is unbeatable - Unless you can do better,Anneka.

Right so the vehicle spec on a PCP is as follows

BMW 335i E93 convertible Sport Plus with the following extras as listed on the quote

Upgrade to Premium Multimedia Package
- Nav Professional
- HK surround sound
- USB audio interface
- Media Package Professional
Seven Speed DCT
Folding, dimming mirrors
Heated seats
Sports seats
Burr Walnut wood trim
Voice control
Telephone USB interface
Mobile application preperation
M aerodynamic body styling (Whatever that is)
High gloss shadow line
Front & rear reversing sensors
I did ask for BMW assist & Internet which isnt listed on the spec but I think that is part of the Sport Plus package.

List price £48,594.98

Dealer price £41,005

PCP deal - 30 months (2.5 years).
Deposit £6936
Monthly payments - £660

I need to check what the GMV is at the end and I want to see if they will throw in comfort access as well.

Does that sound like a reasonable deal. The sales manager told me that the interest rate is below 5% and I will struggle to find a better deal.

Thanks in anticipation, guys

[jonl1983]

spec the car up identical on broadspeed.com, see what that comes out at, if its any better take it in and get them to match it.

My local sytner garage matched a quote i gave them a few weeks back for when i order my new car

[gangzoom]

So you will be paying £26,736 over 30 months, you need to know what the final ballon payment is to work out the interest rate for yourself ( I guess it'll be around £15K - 18K depending on what they mean by "only 5%" interest )....bear in mind in 30 months time the car will be worth £25-30K at the most if you sold it privately....you pay alot for that "new car smell"

[atariboy]

Broadspeed dont have the Sport Plus on their site at the moment but the current M-Sport with the extra's comes out at £44,806 which is nearly £4,000 more than the quote from the dealer for the Sport Plus with the extra's but I will call them tomorrow.

I need to call the dealer tomorrow to find what the final payment would be. 26k to own a car for 2 and a half years is a lot. I need to know, if there will be a deposit at the end of it that I can put towards the next car.

If I bought the car at 41,000 and slapped down a £7,000 deposit and made 30 payments of £660 I would still owe £18,000

Even over 42 months, with a deposit of £4772.90, the payments will still be £660 so I wont even consider that.

They are trying pressure tactics by saying they need a thousand pound deposit by tuesday to secure a deal but I am not biting and refuse to be rushed.

I would rather go for a one year old September build car on a pcp with a similar spec and try to get the price down to about £35k. The 335's on the AUC site are just not moving and havent done for months.

[leetennis]

I don't think you can get a 335i in sport plus?
Only the four cylinder engines can be bought with the sport plus option, please tell me if I'm wrong

[atariboy]

Nope the Sport Plus can be obtained in 335i guise. The dealer showed me the configuarator

[leetennis]

http://www.bmw.co.uk/bmwuk/pricesandspecifications/0,,1156_181246516__bs-Mw==@bb-TEkwOA==,00.html?offerAction=showOffer

[B33M3R]

Originally Posted by leetennis

I don't think you can get a 335i in sport plus?
Only the four cylinder engines can be bought with the sport plus option, please tell me if I'm wrong

Different on the Coupe now mate..

[Irnbrukid]

Read this thread for all the info you need on what sort of deal you should be getting (later pages).

http://www.e90post.com/forums/showthread.php?t=554402

But this is for Quarter 3 so will need to be registered by 31st Sept, but would expect similar deal the next quarter.

Going with the normal Msport and taking the incentives is cheaper that the sport plus route.

[atariboy]

Originally Posted by Irnbrukid

Read this thread for all the info you need on what sort of deal you should be getting (later pages).

http://www.e90post.com/forums/showthread.php?t=554402

But this is for Quarter 3 so will need to be registered by 31st Sept, but would expect similar deal the next quarter.

Going with the normal Msport and taking the incentives is cheaper that the sport plus route.

Yeah I did read that post the other day. The dealer did mention Quarter 3 and asked if I could hand my vehicle back early. I know he is pushing for a deposit so he can get my committement but I am not biting.
As I said, i did price up a standard M-sport on broadspeed with all the extras but it came to nearly 4 grand more than the offer I got today.
I dont mind the monthly repayments, but coughing up £7 grand as well is a bit much. I would rather leave the money in the bank. That why I was looking at AUC cars. 335i's arent moving so i was hoping to get a good deal on a fairly new used one - 12 to 18 months old

[mgarvey]

When BMW dealers talk about their interest rates they always use the flat rate figure which is generally a lot less than the APR - which is probably at least double the flat rate.

That said, if the final value works and the figures are competitive, the interest rate is just another factor to consider

[phil3103]

I'm not sure how to do it, but I've got a spreadsheet that'll replicate their figures to within a few pence based on the dealers' favoured flat-rate. You then just need to use a goal seek to get to the APR - which as Mgarvey says is normally around double + 0.1% pa the flat-rate. If anyone knows how to upload so that everyone else can use, PM me your e-mail and I'll wing it over to you.

[p1tse]

sounds like a good saving, but with the E9x being replaced soon, obviously the e93 probably being the last to be replaced, it's something to consider.

from what i've read the convertible ones aren't as agile, heavier and slower compared to coupe. will be a niche market when you come to sell, so may effect target market on value. basing on current 335i they're not strong, so another thing to consider.

what's the closest AUC one you can find?

[kaishang]

Originally Posted by phil3103

I'm not sure how to do it, but I've got a spreadsheet that'll replicate their figures to within a few pence based on the dealers' favoured flat-rate. You then just need to use a goal seek to get to the APR - which as Mgarvey says is normally around double + 0.1% pa the flat-rate. If anyone knows how to upload so that everyone else can use, PM me your e-mail and I'll wing it over to you.

Is there not a legal requirement to disclose the equivalent APR?

The "rate" quoted by BMW finance is BS. It is calculated on the initial loan amount so as you make payments, you are paying interest on principal you have already paid off.

[mgarvey]

Dealers are obliged to tell you the APR but some will do everything in their power to avoid telling you and you have to be very direct with them!

[JJD]

Originally Posted by mgarvey

When BMW dealers talk about their interest rates they always use the flat rate figure which is generally a lot less than the APR - which is probably at least double the flat rate.

That said, if the final value works and the figures are competitive, the interest rate is just another factor to consider

They should always quote the APR in accordance with the Consumer Credit Act. That's not to say they do...

[kaishang]

Originally Posted by mgarvey

Dealers are obliged to tell you the APR but some will do everything in their power to avoid telling you and you have to be very direct with them!

I had the dealer trying to sell me finance for the car. I just couldn't understand their bizarre interest calculation.... or maybe I just could not get my head around the idea of paying interest on principal I had already paid off. I asked them straight, several times, what the APR was and never got an answer.

Anyway, I did not apply for the finance.