Trade in Value?

Prissy · 03-27-2009, 03:42 PM

Hi, I just talked to my SA about trading in my 08 328i coupe that has about 8000 miles on it. My monthly payment is about $550/mo. He said that I would have to pay $10000 if I trade it in.... does it sound BS to you guys? But he said that he can give me a good deal 5 months before the lease end if I buy out the car...

Bulldog 6 · 03-27-2009, 04:13 PM

Quote:

Originally Posted by Prissy

Hi, I just talked to my SA about trading in my 08 328i coupe that has about 8000 miles on it. My monthly payment is about $550/mo. He said that I would have to pay $10000 if I trade it in.... does it sound BS to you guys? But he said that he can give me a good deal 5 months before the lease end if I buy out the car...

Might help to list out all of your options to better determine what your car is worth.

Prissy · 03-27-2009, 04:19 PM

Quote:

Originally Posted by Bulldog 6

Might help to list out all of your options to better determine what your car is worth.

I remember the final sale price was $40000, it's a 36 month lease, 22 months left, $550 a month. SA is asking $10000 to return it. How does it sound?

Bulldog 6 · 03-27-2009, 04:25 PM

Quote:

Originally Posted by Prissy

I remember the final sale price was $40000, it's a 36 month lease, 22 months left, $550 a month. SA is asking $10000 to return it. How does it sound?

Do you have sport pkg, navi, premium, ect?

Prissy · 03-27-2009, 04:38 PM

Quote:

Originally Posted by Bulldog 6

How do you have sport pkg, navi, premium, ect?

Options: power front seats, Logic 7, Navi. I think that's about it.
Car has 8000 miles.

Synikal · 03-27-2009, 06:00 PM

I'm in the same position except I have a 2007 328i with about 27k on the clock, with sport. I'm looking to get into a 335i by next week, but I have to clean my hands of my car first. Dealer told me the same thing, about $10k to be rolled over into the new car. I'm going to try and get rid of it on my own before i get a new car. I also called BMW FS to see if they could buy the car back since if I buy another BMW next week it'll be my 5th, but they don't offer that program. I was told I can get out of my lease by myself or have the dealer take it to a dealer auction, then I would pay the difference and that would be rolled over into a new car; seems kinda risky though. Hope this helps!

kgb1637 · 03-27-2009, 06:28 PM

You're gonna get screwed hard if you try to opt out of a lease early, its just how it is especially now with the values of these cars dipping every day.

CTsang1234 · 03-28-2009, 11:31 PM

Since you leased it for 36 months, you're committed to the remaining lease payments. Maybe try to have someone assume your lease?

cn555ic · 03-29-2009, 11:07 AM

Getting out of a lease especially since there are 22 months left, the dealer has you by the balls...In fact they love situations like this the most because at the end, they end up with the biggest gains...If you really want the a new M3 or a 335i, its the price your going to have to pay out of pocket...With the economy the way it is, its not a smart choice IMO...10,000 may be high but another dealer will be a little less, but not by much...Good luck on your decision...

chicagolab · 03-29-2009, 12:01 PM

Payments are $550 and 22 months left = $12,100 left on your contract. So dealer is basically asking you to payoff the majority of your contract and not have anything to show for it.

If you look for someone to pick up the lease you could give them $4400 as an incentive, makes their payments equivalent to $350/month.
That should move your car real quick. This would save you money compared to what the dealer is offering.

I would not drop $10,000 to the dealer. At that rate , I'd tell a friend or family member give me $3000 and you can have a 328i for 22 months and I'd pay the difference. I'd rather do that then give the dealer more profit.

hasrice · 03-31-2009, 01:21 PM

I have an 08 328I with similar monthly payments but its financed. I was thinking of doing a trade up. I wonder what my dealer would quote me at. It's soo tempting, I regret the 328. No power!

Let us know what you end up doing.

igorek82 · 03-31-2009, 01:27 PM

Quote:

Originally Posted by hasrice

I have an 08 328I with similar monthly payments but its financed. I was thinking of doing a trade up. I wonder what my dealer would quote me at. It's soo tempting, I regret the 328. No power!

Let us know what you end up doing.

You are always better off selling your car by yourself than trading it in to a dealer....

Sal@AUTOcouture · 04-01-2009, 03:24 PM

Quote:

Originally Posted by cn555ic

Getting out of a lease especially since there are 22 months left, the dealer has you by the balls...In fact they love situations like this the most because at the end, they end up with the biggest gains...If you really want the a new M3 or a 335i, its the price your going to have to pay out of pocket...With the economy the way it is, its not a smart choice IMO...10,000 may be high but another dealer will be a little less, but not by much...Good luck on your decision...

Close, but not quite. Its really the bank that has him by the balls

The bank is looking for X amount, the dealership offers B amount (usually less than X). In this case because it is a lease and as someone previously mentioned, residuals have dropped considerably on pre-owned cars, he has a rather large chunk of inequity to roll into the new car of choice.

Its not that its going to cost him $10,000 to get out of the lease...its that the amount of money he's rolling (would be rolling) into the next car is $10k more than what the bank allows, so he has to make up for it by putting cash down.

Quote:

Originally Posted by igorek82

You are always better off selling your car by yourself than trading it in to a dealer....

I wouldn't say always. Sometimes the tax savings you get from trading in makes it worthwhile. However MOST of the time it is better to sell private.

OP-

My advice is to just keep your car and enjoy it or put it up on swapalease/leasetrader if you gotta get out of it.

-Sal

Prissy · 04-01-2009, 04:32 PM

Quote:

Originally Posted by AutoCouture

Close, but not quite. Its really the bank that has him by the balls

The bank is looking for X amount, the dealership offers B amount (usually less than X). In this case because it is a lease and as someone previously mentioned, residuals have dropped considerably on pre-owned cars, he has a rather large chunk of inequity to roll into the new car of choice.

Its not that its going to cost him $10,000 to get out of the lease...its that the amount of money he's rolling (would be rolling) into the next car is $10k more than what the bank allows, so he has to make up for it by putting cash down.

I wouldn't say always. Sometimes the tax savings you get from trading in makes it worthwhile. However MOST of the time it is better to sell private.

OP-

My advice is to just keep your car and enjoy it or put it up on swapalease/leasetrader if you gotta get out of it.

-Sal

also regret on the lack of power... But hey Sal, I 'll remember you as my next SA haha

Sal@AUTOcouture · 04-01-2009, 04:45 PM

swapalease

Prissy · 04-01-2009, 04:52 PM

Take a look at this:
http://www.swapalease.com/vehiclesea...3&showDealer=1

Mothly payments so low.... $286/mo to take over a car, how am I going to compete with that...

igorek82 · 04-01-2009, 06:25 PM

Quote:

Originally Posted by Prissy

Mothly payments so low.... $286/mo to take over a car, how am I going to compete with that...

I hope you know that a lot (not all) of vehicles listed on this (and similar sites) aren't real vehicles, instead they are "advertisements" designed to get your attention and get you to use the site in hopes of finding another "good deal". Ironically, when you try to talk to them about the vehicle in question it is somehow mysteriously appears to be a typo or already sold.

igorek82 · 04-01-2009, 06:30 PM

Quote:

Originally Posted by AutoCouture

I wouldn't say always. Sometimes the tax savings you get from trading in makes it worthwhile. However MOST of the time it is better to sell private.

I totally agree, theoretically it is possible but I am yet to come across a dealership that offers a fair price on the trade-ins and not the lowest price found on Mannheim Auctions (or any other wholesale price book for that matter). I'm not saying such dealerships do not exist, but i'm yet to come across one.... hence the whole tax savings situation...

Prissy · 04-01-2009, 07:43 PM

Quote:

Originally Posted by igorek82

I hope you know that a lot (not all) of vehicles listed on this (and similar sites) aren't real vehicles, instead they are "advertisements" designed to get your attention and get you to use the site in hopes of finding another "good deal". Ironically, when you try to talk to them about the vehicle in question it is somehow mysteriously appears to be a typo or already sold.

okay now that makes sense

03-27-2009, 03:42 PM	#1
Prissy Brigadier General 1069 Rep 4,856 Posts Drives: M340i Join Date: Sep 2008 Location: NY iTrader: (6) Garage List 2015 BMW F30 [5.50] 2020 M340I [0.00] 2017 X3 [0.00] 2008 BMW E92 [9.00] 2010 BMW E92 [10.00]	Trade in Value? Hi, I just talked to my SA about trading in my 08 328i coupe that has about 8000 miles on it. My monthly payment is about $550/mo. He said that I would have to pay $10000 if I trade it in.... does it sound BS to you guys? But he said that he can give me a good deal 5 months before the lease end if I buy out the car...
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03-27-2009, 06:00 PM	#6
Synikal Second Lieutenant 37 Rep 209 Posts Drives: F30 335i M Sport Join Date: Nov 2005 Location: Scottsdale, AZ iTrader: (0)	I'm in the same position except I have a 2007 328i with about 27k on the clock, with sport. I'm looking to get into a 335i by next week, but I have to clean my hands of my car first. Dealer told me the same thing, about $10k to be rolled over into the new car. I'm going to try and get rid of it on my own before i get a new car. I also called BMW FS to see if they could buy the car back since if I buy another BMW next week it'll be my 5th, but they don't offer that program. I was told I can get out of my lease by myself or have the dealer take it to a dealer auction, then I would pay the difference and that would be rolled over into a new car; seems kinda risky though. Hope this helps! __________________ /Chris
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03-27-2009, 06:28 PM	#7
kgb1637 Lieutenant Colonel 21 Rep 1,519 Posts Drives: RS5 Join Date: Sep 2008 Location: Baltimore, MD iTrader: (0)	You're gonna get screwed hard if you try to opt out of a lease early, its just how it is especially now with the values of these cars dipping every day. __________________ Retired - '08 E90 335i Sparkling Graphite/Gray Dakota Leather, ZSP, ZCW, ZPP, Navi, ipod, Sat
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03-28-2009, 11:31 PM	#8
CTsang1234 Private 4 Rep 72 Posts Drives: 07 335i Vert / 04 545i SMG Join Date: Feb 2009 Location: San Mateo, CA iTrader: (0)	Since you leased it for 36 months, you're committed to the remaining lease payments. Maybe try to have someone assume your lease? __________________ 07 335i Convertible / Jet Black, Black, 6spd manual, Sport, Premium, L7, Heated Seats, 19" iForged Drift, KW V2 suspension, Xede re-map, AA Blow Off Valve, 20% tint 04 545i Silver Gray / Gray, SMG, Sport, 35% tint, 20" Zenetti Duece, Sprintbooster
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03-29-2009, 11:07 AM	#9
cn555ic 441 Rep 18,331 Posts Drives: 335i Join Date: Jun 2007 Location: US iTrader: (6)	Getting out of a lease especially since there are 22 months left, the dealer has you by the balls...In fact they love situations like this the most because at the end, they end up with the biggest gains...If you really want the a new M3 or a 335i, its the price your going to have to pay out of pocket...With the economy the way it is, its not a smart choice IMO...10,000 may be high but another dealer will be a little less, but not by much...Good luck on your decision...
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03-29-2009, 12:01 PM	#10
chicagolab Lieutenant 30 Rep 407 Posts Drives: E90 330i 2006 TiAg Join Date: May 2006 Location: Chicago iTrader: (7)	Payments are $550 and 22 months left = $12,100 left on your contract. So dealer is basically asking you to payoff the majority of your contract and not have anything to show for it. If you look for someone to pick up the lease you could give them $4400 as an incentive, makes their payments equivalent to $350/month. That should move your car real quick. This would save you money compared to what the dealer is offering. I would not drop $10,000 to the dealer. At that rate , I'd tell a friend or family member give me $3000 and you can have a 328i for 22 months and I'd pay the difference. I'd rather do that then give the dealer more profit. __________________ E90 330i \| Titanium Silver \| Black/Aluminum \| Step \| Idrive \| Sunshades \| PDC \| Heated Seats \| M3 Lip \| Roof Spoiler \| Front Splitters \| Lux 5.0 \| Blacklines Link to my European Delivery write up: http://www.bimmerfest.com/forums/sho...d.php?t=143486
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03-31-2009, 01:21 PM	#11
hasrice MOAR POWERRRR 29 Rep 823 Posts Drives: e92 Join Date: Sep 2008 Location: warehouse iTrader: (5)	I have an 08 328I with similar monthly payments but its financed. I was thinking of doing a trade up. I wonder what my dealer would quote me at. It's soo tempting, I regret the 328. No power! Let us know what you end up doing.
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04-01-2009, 04:45 PM	#15
Sal@AUTOcouture 733 Rep 10,105 Posts Drives: E93 M3, E36 M3 Join Date: Feb 2007 Location: Sofla iTrader: (30)	swapalease
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04-01-2009, 04:52 PM	#16
Prissy Brigadier General 1069 Rep 4,856 Posts Drives: M340i Join Date: Sep 2008 Location: NY iTrader: (6) Garage List 2015 BMW F30 [5.50] 2020 M340I [0.00] 2017 X3 [0.00] 2008 BMW E92 [9.00] 2010 BMW E92 [10.00]	Take a look at this: http://www.swapalease.com/vehiclesea...3&showDealer=1 Mothly payments so low.... $286/mo to take over a car, how am I going to compete with that...
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