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      12-03-2010, 11:19 PM   #1
BoostGetsULaid
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Lightbulb In a bit of a predicament... Opinions please!

So lately I was browsing BMW's site and was looking at their lease options... This got me thinking and I need your help. Here is my situation:
I have a 2007 335i that is out of warranty. I love the 3, its fully loaded basically but I worry about any future problems that may come along (has 57k miles)... Since BMW's are expensive to repair out of warranty I got to thinking about getting a new one.. BUT also... My dad has a new field service job and I am also running a business that I have started recently (Detailing). I drive my mom's Tacoma for the mobile jobs, my dad drives my 3 and my mom drives his 328i. I pay100% of the payment on the 335i. I do not want to pay for a car that I use a few times a month. (Mom cant drive stick so that is why it doesnt stay around much for me to drive, dad has it most the time putting large amounts of miles on it).
So on to the options.
I saw a 135i that would keep me around the pmts that I am comfortable with. I would get an automatic with paddle shift so my mom can drive it from time to time and make my dad drive HIS car and put miles on HIS car that HE pays for! haha

135i Pros:
IN WARRANTY
Gap protection
basically same motor , Not looking to do many mods Procede mainly..
I get to drive it much more than my 3..
new car, dont have to worry about how the previous owner cared for the car..
Cons:
No offense to 1 owners but just doesnt look AS good as the 3 IMO haha
smaller car..
pmt will be higher but still affordable which is fine i guess..
will not have all the options as my 3

335i Pros:
Great car loaded with nice options
Cons: bought used..
out of warranty
could cost me a bunch in the long run considering the miles being put on it..

basically I love my 3 mainly because of the comfort and convenience that it offers. But logically the 135 seems like the best choice.. It will be a lease and I guess 3 years from now if I can afford it I could maybe move back up to a 3? haha

I really dont want to seem like the center of attention with my problems.. Just try to put yourselves in my shoes, Please give me mature feedback. Either way I will own a BMW which is exciting. You guys have helped me out and given me great feedback since I have been on this forum. Thanks everyone. Any 135 owners feel free to help!
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      12-03-2010, 11:34 PM   #2
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option 3 go to warrantydirect.com get an extended warranty for $2k, and drive the car you like.

On my other car, 04 eclipse, I've filed 2 claims. Both times it was a smooth and painless process.
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      12-03-2010, 11:42 PM   #3
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How much longer do you have to pay on your 3, and how much more will the 1 lease be?


edit: I just noticed your screen name....I am now less interested in helping you.....
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      12-04-2010, 12:07 AM   #4
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3 more years... and the lease will be $10-$20 more a month 3 yr. lease.
and the screen name came from a JDM shirt I saw a while ago sorry
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      12-04-2010, 12:47 AM   #5
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3 more years... and the lease will be $10-$20 more a month 3 yr. lease.
and the screen name came from a JDM shirt I saw a while ago sorry
No need to be sorry, its just the internet.

Given the amount of time you have left on your loan I would suspect you have some negative equity (although, buying it used is a wild card if you got a really good deal you may have a bit of equity in the car), if you would have to pay to get out of your 3 then I would say keep it. At least you would have a trade in to put toward your next car in three years instead of just giving back your lease.

I don't know how many miles you currently have, but these car should be pretty solid to 90,000 miles you may have to do a water pump and a brake job, but there shouldn't be anything major.

That being said, if you are stretching to afford your car payment, and you can get out of your 3 with out losing money, a lease may not be a terrible idea. Your car expense will be fixed, and you won't have any surprises, just beware of going over your mileage, and you will have to put at least a set of rear tires on the car before you return it. You will also have to be saving a little bit of cash for your next car in three years

With the little information that I have, I would think that keeping your current car would probably be your best financial move....but new cars are fun, and there is value to having fun too.
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      12-04-2010, 10:30 AM   #6
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Originally Posted by spiike32 View Post
option 3 go to warrantydirect.com get an extended warranty for $2k, and drive the car you like.

On my other car, 04 eclipse, I've filed 2 claims. Both times it was a smooth and painless process.
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      12-04-2010, 10:55 AM   #7
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Never trade in a car with negative equity especially for a lease. Keep the car you have. I am not sure if you realize the financial implications in regard to debt to income ratio on a depreciating asset that you do not own. In this tight credit market I would not stretch myself for a car. With the negative equity you have, a new lease + insurance + fuel will run you close to a mortgage payment on a new 1er.
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      12-04-2010, 11:45 AM   #8
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thanks alot for the responses, they are helping me out with my decision. I did buy the car very cheap. 24k so I am positive I have equity in the car.
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      12-04-2010, 02:01 PM   #9
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NC and a Gator?
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      12-04-2010, 02:35 PM   #10
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Quote:
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NC and a Gator?
Originally from Florida .. sisters went there too haha
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      12-04-2010, 04:13 PM   #11
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i would get an extended warranty if you like your car and it seems like it doesnt have any problems. if you get a 135 hard to say if you get a lemon or not, tons of them out there
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      12-04-2010, 04:34 PM   #12
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Never trade in a car with negative equity
What a predicament to be in. That would be like buying a house in LA, Vegas, Phoenix, at the peak. But those people weren't dumb, just bad timing. With a car, it's known that the value will go nowhere but down. But there's a generation of the 0/0/0/0 who are fair game to the marketing depts. of the world who take their $$$ the old fashioned way.
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      12-04-2010, 04:57 PM   #13
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Originally Posted by spiike32 View Post
option 3 go to warrantydirect.com get an extended warranty for $2k, and drive the car you like.

On my other car, 04 eclipse, I've filed 2 claims. Both times it was a smooth and painless process.
Sorry to hijack your thread, but Spiike32, what kind of warranty can you get at warranty direct for 2k? I discussed getting an extended warranty through them but it was going to be $2500 at least, and most were over $3k. The ones for under $2500 were "Powertrain" warranties and over covered a few parts and only for like 2000 miles or something crazy low like that.

OP, I have never leased a car, but it seems like it might be a good option for you in this situation. The big factors that you mentioned is that you would have a brand new car and 0 worries about maintenance/repairs and could drive your own car, rather than your dad driving your car. Good luck.
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      12-05-2010, 10:31 PM   #14
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So just on a side note: ...Dad offered to pay me $200/month for driving the car and racking up miles. My pmt is 480 so with that help itll put me at 280..So as silly and dumb as this might sound, should I still let him drive it and rack up miles and potentially run into a problem and have no warranty? OR just get a 135i lease, the salesman that sold my dad a car said that if i sell the car with 0 negative equity and the special lease offers that they are running, after TTT my pmt will be expected at 500-520/mo. To me this pmt is fine. would like a lower pmt. but hey who wouldnt?! You pay for what you get. So any inputs? I know the 200 month sounds good but w/o warranty and I dont have the extra cash to just buy those warranties off directwarranty.com or w/e it was what would you guys suggest?.

*Also if I do end up keeping my 335, hate to ask this but since I only drive my car a few times a month now, should I sell my Procede, because now I keep it on valet mode so my dad (which has experienced map 2) doesnt do anything stupid. That will give me the extra cash to save up, and/or potentially get a warranty. Thanks guys!

btw my dad keeps the car in gear with the clutch depressed at stop lights, etc. makes me sick!
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      12-05-2010, 10:50 PM   #15
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In your position I would probably just keep your 335i. Keep it well maintained and I wouldn't worry too much about any major problems. (unless ofcoarse u tune the shit out of it and blow the turbos). Otherwise, I'm a big believer in not financing, I'd save up some money, sell the 335 and pay cash for a early 2000 330i, drive it until your on your own and can afford to buy whatever you want. Then again not having a car payment is blasphemy to some people as I found out buying my 335i. Had a couple dealers flat out not believe me when I said I was a cash buyer. I'd just go with what financially makes sense in your case. If that means a different car just pick one you have just as much fun in
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      12-05-2010, 11:25 PM   #16
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Sorry to hijack your thread, but Spiike32, what kind of warranty can you get at warranty direct for 2k? I discussed getting an extended warranty through them but it was going to be $2500 at least, and most were over $3k. The ones for under $2500 were "Powertrain" warranties and over covered a few parts and only for like 2000 miles or something crazy low like that.

OP, I have never leased a car, but it seems like it might be a good option for you in this situation. The big factors that you mentioned is that you would have a brand new car and 0 worries about maintenance/repairs and could drive your own car, rather than your dad driving your car. Good luck.
I wonder if its your area or what the option is that is making it so high. Powershield +AC +basic electric for my zipcode is $2200 for 5 years. I would just add turbo coverage+suspension to that... I'll give them a call as well later this week since I'd like to know as well.
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      12-05-2010, 11:40 PM   #17
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Quote:
Originally Posted by spiike32 View Post
I wonder if its your area or what the option is that is making it so high. Powershield +AC +basic electric for my zipcode is $2200 for 5 years. I would just add turbo coverage+suspension to that... I'll give them a call as well later this week since I'd like to know as well.
sounds good def. let me know if you call. Do you have an extended warranty on yours. I see you have an '07.
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      12-06-2010, 12:56 AM   #18
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sounds good def. let me know if you call. Do you have an extended warranty on yours. I see you have an '07.
I do on my eclipse. My 335 is cpo'ed and I'm only at 33k miles. But it's good to know because I will get an extended warranty when the CPO is up, and I am very curious what caused jrUTLaw to get such a high quote.
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      12-06-2010, 08:02 AM   #19
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Originally Posted by BoostGetsULaid View Post
So just on a side note: ...Dad offered to pay me $200/month for driving the car and racking up miles. My pmt is 480 so with that help itll put me at 280..So as silly and dumb as this might sound, should I still let him drive it and rack up miles and potentially run into a problem and have no warranty? OR just get a 135i lease, the salesman that sold my dad a car said that if i sell the car with 0 negative equity and the special lease offers that they are running, after TTT my pmt will be expected at 500-520/mo. To me this pmt is fine. would like a lower pmt. but hey who wouldnt?! You pay for what you get. So any inputs? I know the 200 month sounds good but w/o warranty and I dont have the extra cash to just buy those warranties off directwarranty.com or w/e it was what would you guys suggest?.

*Also if I do end up keeping my 335, hate to ask this but since I only drive my car a few times a month now, should I sell my Procede, because now I keep it on valet mode so my dad (which has experienced map 2) doesnt do anything stupid. That will give me the extra cash to save up, and/or potentially get a warranty. Thanks guys!

btw my dad keeps the car in gear with the clutch depressed at stop lights, etc. makes me sick!
Since your dad will cover $200/mo. your better option (if you go with the new one) is to finance it. If he drives your car a lot he will exceed the lease mileage allowance for sure. But if both of you can drive the car within the lease miles, then lease is fine, I think the $500 to $520 lease payment is good for a 135i as long as there is no drive off and your trade in is a wash. But if your trade in has equity the lease payment should be lower.
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