[djgandy]

This wouldn't be a lease, its your car

I'm just saying, buying 3 month old used with 3k miles is often not much cheaper than specifying new anyway if you are in the know and you often get better finance deals / negotiating power with a new car.

The M5 is end of line now so I think they are chucking them out cheap as you say. I think most options are not that badly priced on the M5.

Rear camera - £375
Speed limit display - £250
HK - £510
Comfort access - £695
Multi function seats - £875
Adaptive LEDs - £1495

Thats £4200, leaving you some dough for 20" alloys and Full Leather at 5k if you want it.

65k should get you something specced how you want it.

You can add more mileage, this just increases your monthly a little, I'd not worry about that too much. If you are going to do 80k in 4 years then yeah, your monthlies will be a little higher but that is going to impact the vehicle value, so it makes sense.

At the end of the day it all depends on your use and how you are going to finance it. If you see yourself keeping the car for 4 years and perhaps only doing 30-40k miles, the resale value probably wont be that bad. Maybe even up in the high 30's to 40's, so you'll end up with a lot of equity in the car. If you are going to run it into the ground you won't, but that applies to second hand cars too, although they have less distance to go to get to zero.

The great thing about the new deals is you can put such a low deposit down and get great APR. If you are buying used with 35k of finance at 8.9% APR over 48 months the 20k you saved by going used will get eaten up pretty quickly and at the end of 4 years the gap won't be that wide thanks to interest charges, and then the lesser value of your 6-7 year old vehicle.

[khurmit]

Still doesn't make sense - just looking at the numbers on that Peter Vardy website - cost over 2yrs would be ~£35k!

For arguments sake, if I buy a high spec LCI one now for £50k (and that's £10k overpriced in my eyes), I'm pretty sure it will be worth much more than £15k (or £5k if I bought for £40k) in 2 yrs, so financing a new one will 100% cost me more.

Even LCI E60s are still £15-20k, and that's for 7/8yr old car!

I suppose the killer Q is this - I have the cash, so why finance? Thinking about it, the reason I have the cash is prob because I never wasted money on financing cars (no offence to anyone, just my opinion).

[djgandy]

Originally Posted by khurmit

Still doesn't make sense - just looking at the numbers on that Peter Vardy website - cost over 2yrs would be ~£35k!

For arguments sake, if I buy a high spec LCI one now for £50k (and that's £10k overpriced in my eyes), I'm pretty sure it will be worth much more than £15k (or £5k if I bought for £40k) in 2 yrs!

Even LCI E60s are still £15-20k, and that's for 7/8yr old car!

I suppose the killer Q is this - I have the cash, so why finance? Thinking about it, the reason I have the cash is prob because I never wasted money on financing cars (no offence to anyone, just my opinion).

If you have the cash, buying used is a completely different ballgame because you aren't throwing your money into high APR secured loans! But then, most rich people I know still finance as they can do more with the cash than sink it into a depreciating asset. These people never buy stuff with their cash, they put someone else's cash at risk!

I also assume you meant 35k over 4 years? As 6k + 48*599 = 35k.

Back of the envelope guesstimate numbers here

Used 2 years old, 25k/miles?
-- £40,000? So thats cost you £40k in 1 second
-- You own the car

New, 0 miles, £60,000
-- specified as you want
-- £12K down (to cover options) + (599*48) = ~£28,800 paid over 48 months = £40,800
-- £23,296.59 to pay in 4 years to own the car

So far both cars have cost about the same, but you own the used one, but you don't own the new one.

Value of used car (6 years old) in 4 years with 50k miles? (£20k?)
Value of new car (4 years old) in 4 years with 25k miles? (£30k?)

So you have £10k more in the new car, but you owe £23,296, so its around 13.5k more expensive over the 4 years.

But then start throwing in warranty, servicing, tyres etc... and that will narrow.

If you are buying used approved, the used car will cost more than that too.

I'd say if you are spending over 45k used, it's probably better to just go new. If you are aiming to spend 30-35k used clearly wins on paper, but expect some bills and a pretty bog standard car.

If you are the kinda guy that likes to switch car, go used buy cash and sell it in 6 months, no paperwork no fuss!

[khurmit]

Touché Mr Gandy - I'm liking this chat - it's making me think! Assuming I change car after 4 years & got £1k service inclusive on the new car too:

Used car
4yr cost = £20k plus ~£3k for brakes plus ~1k per year other servicing (generous)= £27k

New car
4yr cost = £41k plus £1k service pack minus ~6k profit by taking option to purchase & reselling = £36k
Flex that to £40k just in case used value of yr old M5 is between £25k to £30k, as it'll be an old shape by then?

Excluded tyres as pretty sure they're I'd have to fork out for those in either scenario.

So, btwn £9-£13k (~ £2-3k per year) extra to:

• Be 1st owner of new car with all the specs I want
• Never worrying about what underhand tactics the dealer will use to increase my servicing bill/overcharging for "diagnostics" and then telling me i need an "auxilliary heater" (long story - see my older posts from 2/3yrs ago)
• Obvious peace of mind that it's under warranty.

Interesting! I'm going to go have a think. And see if the maths works with a new C63-S too......

[djgandy]

Yeah look into it. You have to do the numbers and do them properly. If they don't work out, go the used route.

But as you already said, you get to be first owner and have a lot more peace of mind and you can probably negotiate a service inclusive package as part of the deal too.

[khurmit]

Originally Posted by mrmlee

http://f10.m5post.com/forums/showthread.php?t=688905

A friend of mine has one of these in blue, you may be able to temp him with an offer? haha

I went to see him today! Damn that is a nice car - it is pre LCI as suspected, but I can get over that for the blue stitching, lashings of leather & alcantara and it being 1 of 30 in the country (although it's 1 of 10 if you consider that Frozen Blue is probably the most desirable colour). Respect to him for not mollycoddling it and using it as it should be. Was a pleasure just to view it TBH.

He's such a nice guy, and let me sit there revving it and marveling at the cracks n pops - he's obviously proud of it, and an enthusiast who likes to meet other enthusiasts.

BUT!!!!! Decision has been made this evening. I'm still looking for an LCI, in any colour and with any alloys, but must have good options (see my 1st post in this thread). I'm then gonna get it wrapped matte aluminium grey and Teddy's company SSDD-motorsport can supply M performance front and side grills and competition pack alloys. He's a great contact to have - will be ordering new wheel centre caps for mine & my missus' current car at the same time too. Hopefully he'll get in touch when he needs coding, as that's my realm. No more ebaying for dodgy parts for me

DJGandy - appreciated the debate - you did succeed in changing how I think, but will wait till 2017 when the new M5 comes out before going that route. For now, I'll stick to what I know, and that's buying cheaper used and extracting max value.

Basically I'll end up with a fake 30 Jahre and a wad of cash left in my pocket to cover maint costs. Happy days!

[djgandy]

Good luck

[gangzoom]

It's doesn't really matter how you buy/finance cars, as long as your happy with your method, happy with your car, who really cares what other people do/think??

My self I'm about to buy a brand new Tesla as a cash purchase. Yes it's a lot of money, but we can afford it (buying the car doesn't impact on savings/pension or planned house move), and I rather not pay £7k ish of interest on a PCP deal. Problems comes when people 'stretch' their finances and end up spending money on the car but to the deterement of more important things in life like house/family ect.

I'm sure the M5 will be epic, had I not been seduced by EVs I'm sure I would be heading down the same route as OP.

[UltimateDream]

Originally Posted by khurmit

I went to see him today! Damn that is a nice car - it is pre LCI as suspected, but I can get over that for the blue stitching, lashings of leather & alcantara and it being 1 of 30 in the country (although it's 1 of 10 if you consider that Frozen Blue is probably the most desirable colour). Respect to him for not mollycoddling it and using it as it should be. Was a pleasure just to view it TBH.

He's such a nice guy, and let me sit there revving it and marveling at the cracks n pops - he's obviously proud of it, and an enthusiast who likes to meet other enthusiasts.

BUT!!!!! Decision has been made this evening. I'm still looking for an LCI, in any colour and with any alloys, but must have good options (see my 1st post in this thread). I'm then gonna get it wrapped matte aluminium grey and Teddy's company SSDD-motorsport can supply M performance front and side grills and competition pack alloys. He's a great contact to have - will be ordering new wheel centre caps for mine & my missus' current car at the same time too. Hopefully he'll get in touch when he needs coding, as that's my realm. No more ebaying for dodgy parts for me

DJGandy - appreciated the debate - you did succeed in changing how I think, but will wait till 2017 when the new M5 comes out before going that route. For now, I'll stick to what I know, and that's buying cheaper used and extracting max value.

Basically I'll end up with a fake 30 Jahre and a wad of cash left in my pocket to cover maint costs. Happy days!

Yea, he is a true enthusiasts! I'm glad you enjoyed the meeting with him, probably a good thing you didn't buy it off him, I haven't even driven it yet!

I heard you have now got a M5, congratulation! Might be a good idea to start a build thread on here

Anyway, I'm glad I could help and happy modding!

[khurmit]

Thanks mrmlee - you are right I'm now the proud owner of a 2014 Competition Package M5

Picked it up on Weds - exactly 2 weeks after starting this thread!

[khurmit]

And my opinion of the car? One of my friends summed it up perfectly when I took him for a drive:

"What a machine!!!!!"

[khurmit]

Just reviewed my original wanted list - "Any colour" etc! I was even pondering an AMG! Madness!

I got so lucky cos I managed to find a car in a great spec, low mileage, still in warranty, service pack to 2019, pristine condition and lots of options. The pics I attached were as the car was received. It's so mint!!!!

[E90_XO]

Congrats on the car mate, it looks gorgeous!

[E90-AMD]

Congratulations Pal, looks amazing and the color is on point!

[khurmit]

Cheers guys - gonna fit some spacers this weekend - will start a thread in the M5 section with pics etc