BMW 3 Series - BMW 3 Series - Is this a good deal?

Honest John Back Room » Motoring discussion
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Mon 7 Sep 2015 17:57
BMW 3 Series - BMW 3 Series - Is this a good deal? - Omariqy

Hi all

New to the forum. I have been considering a new car for a few months now. I spoke to a BMW dealer (Sytner). They have offered me the following car on a PCP deal.

- BMW 320d - M Sport Saloon

- Heated seats / 19" Wheels / Sports Auto Transmission

The deal is £4k deposit, 36 months at £275 per month incl gap insurance. Annual mileage would be 8,000.

Now I am very new to this but I am not sure on whether PCP is the right option or whether I should just buy an older 3 series but used. My plan is to put the £275 x 36 months aside (well not all of it but at least 2 years worth) to fund payments. The alternative is to use that money now along with the £4k deposit (part ex value of my current car) to purchase say a 2010 BMW 3 series instead. Also is the deal they have offered a good deal, given what is available on the market currently?

Thank you all for your help

Omar

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Mon 7 Sep 2015 21:48
BMW 3 Series - BMW 3 Series - Is this a good deal? - Avant

It could be a good deal - but presumably this is on the pre-facelift model, which they will be trying to get rid of quickly.

Only you know what you can afford. A lot of people on here wil tell you that financially brand-new cars don't make sense, I would say that cars like BMWs which hold their vaue comparatively well can be worth buying new, together wth the peace of mind that a 3-year manufacturer's warranty brings you. A 5-year old BMW will be expensive to repair of it goes wrong.

Do you do enough miles a year to make a diesel worth while? If not, you might get an even better deal on a petrol.

If you decide to go for the new one, see what deals are avaiable on brokers' sites such as Drivethedeal, Carfile and Carwow.

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Mon 7 Sep 2015 23:33
BMW 3 Series - BMW 3 Series - Is this a good deal? - Omariqy

I do probably 10k miles a year at most. I went for the auto diesel as I thought it was the most econmoical and best engine. Good point re the new facelift. Didn't think of that. Might be able to do a better deal with that info!

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Tue 8 Sep 2015 09:56
BMW 3 Series - BMW 3 Series - Is this a good deal? - Omariqy

The alternative is to buy a 2010 BMW 3 series M Sport for about £13k. At least then if I sell in 3 to 5 years time I will have a fair amount of residual value.

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Tue 8 Sep 2015 16:39
BMW 3 Series - BMW 3 Series - Is this a good deal? - Eddy56

I came close to buying a new 3 series recently (had a lie down and cooled off on the idea of spending £35k on a new car and didnt go ahead in the end).

Not sure if you've done this, but look at the on the road price first. Dealers like to talk to you about target montly payments which can mask the total cost. Then get some broker quotes - the best broker quote I had was from coast2coast cars, but there are other reputable brokers you could talk to. Then see how your deal looks and dont be afraid to show the broker quotes to the dealer, mine was bending over backwards to get my business and was ready to better the broker quote by 500 quid, though this was during the run out to the facelift so imagine sales were slow. But I would find the very best OTR price and then think about the montly payments and adjust your deposite and length of term if needed.

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Tue 8 Sep 2015 17:16
BMW 3 Series - BMW 3 Series - Is this a good deal? - Omariqy

Good idea. Just checked and they gave a great price of £27,634.26 when most others is closer to £30k. Where do I go for a PCP quote now? coast2coast seem to give a very low reisdual value and therefore monthly payments are quite high.

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Tue 8 Sep 2015 17:54
BMW 3 Series - BMW 3 Series - Is this a good deal? - slkfanboy

Sounds very expensive. try some like contract cars. a 2yrs deal would be cheaper. when comparing price a the deposit and all payments,so 4000 +(36x270) = £13,720 .

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Tue 8 Sep 2015 21:12
BMW 3 Series - BMW 3 Series - Is this a good deal? - Omariqy

Is that pure leasing though? I.e. I have no equity to show for it at the end of the term?

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Tue 8 Sep 2015 20:46
BMW 3 Series - BMW 3 Series - Is this a good deal? - Eddy56

did you call coast2coast for the quote or just the website? If you want to compare your dealer quote then I would call them. They gave me a BMW PCP quote from the supplying dealer so I can't see how coast2coast could give a lower residual than a quote from a BMW main agent unless the term length is different.

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Tue 8 Sep 2015 21:13
BMW 3 Series - BMW 3 Series - Is this a good deal? - Omariqy

It was the website so I will give them a call.

Thanks

Omar

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Thu 10 Sep 2015 11:03
BMW 3 Series - BMW 3 Series - Is this a good deal? - Omariqy

The other option is to buy a 2 year old BMW for about £21k (top of the range) on PCP. At least the biggest depreciation on the car has already happened so I imagine it might be a safer bet. Thoughts?

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Thu 10 Sep 2015 12:58
BMW 3 Series - BMW 3 Series - Is this a good deal? - slkfanboy

Definately a good option, You might find the m sport a hard ride as BM's standard ride is hard than most. Looks for Business Editions as they hard loads of goodies.

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Thu 10 Sep 2015 13:33
BMW 3 Series - BMW 3 Series - Is this a good deal? - Omariqy

Thanks. As I have a bit of capital I thought of putting in a larger deposit but would that save me much money over 3 years? The baloon payment is the bulk of the interest no?

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Thu 10 Sep 2015 15:55
BMW 3 Series - BMW 3 Series - Is this a good deal? - slkfanboy

Balloon payment is a key value as the true value of the deal (or not) can be hidden by varying that amount. If the monthly payment are ok and the ballon payment then go for it. Interest rates are so low that lump sums dont really affect the repayment much.

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Thu 10 Sep 2015 16:16
BMW 3 Series - BMW 3 Series - Is this a good deal? - Omariqy

Thanks, I'll put the details around the deal on here once I get it through.

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Thu 10 Sep 2015 17:15
BMW 3 Series - BMW 3 Series - Is this a good deal? - Omariqy

So details are as follows:

- Cash Value - £21,450

- Deposit - £4,000

- APR - 9.2%

- Flat Rate - 4.7% (I still don't know what this is)

- 48 Months

- GFV - £8,299

- 8,000 miles

- £282 pcm

- Total charges at end of 4 years - £17,824 or £26,000 if I make the baloon payment

Does that seem like a good deal. Also from what the guy said I could conceivably sell the car in 2 years time and settle the finance myself. Is that correct?

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Thu 10 Sep 2015 18:01
BMW 3 Series - BMW 3 Series - Is this a good deal? - I'm a Pane

APR is way too high. 4.9% MAX on a PCP like this. You have already said your mileage may be around 10000, so why quote at 8000?

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Thu 10 Sep 2015 19:21
BMW 3 Series - BMW 3 Series - Is this a good deal? - Omariqy

That's their lowest Apr for used cars. I changed it to 8000.

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Thu 10 Sep 2015 20:36
BMW 3 Series - BMW 3 Series - Is this a good deal? - I'm a Pane

Sorry, hadn't noticed you were now talking used. APR probably about right then.

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