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      01-20-2010, 11:30 AM   #4
OldRanger
New Member
 
Drives: Jerez Black M3
Join Date: Jun 2008
Location: SC, USA

Posts: 24
iTrader: (0)

Here are some of the questions I've received:

[Q]May i ask the in service date? im guessing there' 28 mo left on the warranty?
[A] You are correct - the BMW Warranty has 28 months left, and this car also has Maintenance for 4yrs/50K miles. This sounds trivial, but it covers brake pads and rotors which will need replacement before the end of that period, so it matters.

[Q]any issues or problems?
[A] Maintenance Issues: within the first 100 miles I had one of the front dampers (shocks) replaced. The electronically controlled valve for the EDC failed. I had the glove box lid replaced because it was scratched on delivery. I will have two small interior plastic pieces replaced because the matte finish is peeling. Otherwise is it a strong, reliable vehicle.

[Q] i'm a bit unfamiliar with leasing, why do you suggest its a better deal to lease? with 16 mo left on the lease thats 16000+taxes in payments. With the residual at 36k it seems like a buyout is a better plan?
[A] I suggested leasing based on my experience, but it may not fit with your goals. I gave that recommendation because for a small % more money than buying it outright...a Lease gives you options. If life changes, or if the M isn't everything you expected (and more) you could walk away without the hassle of selling it. If you want to keep it at the end, you could finance the $36,620 and never risk being "upside down" on it. Or you could even buy it from BMW intending to sell it yourself for potentially more $ than the residual. This car will likely be worth more than the residual at 36 months becaue I've under-utilized it and the mileage will be less at 36 months than was factored in to the lease contract. (I planned 45K miles and I'm on track for about 38K.) I've already taken the big hit on depreciation with my downpayment + I'm paying an incentive to get the lease payment down to $925.

Now the flipside: I specifically bought the 6MT for durability, thinking I would keep this vehicle beyond warranty. So in my mind, when I leased it I was planning to buy it at the end of lease.



[Q] is there a cpo option?
[A] I'm not sure if BMW is CPO'ing the current M's. But there are aftermarket
warranties available.


[Q] why are you getting out?
[A] I'm getting out of the car because I'm uncomfortable sitting in the position it provides. This is related to an injury I've had, so it's just me. I'm just not getting out in the car and driving for fun anymore. It's a good car - I will miss it, and I'll miss the hobby. Before this car I had an E39 M5 that I maintained/repaired/modified myself, and before that a 525i, and before that a 528e. I really don't think it can get much better than the M3 Sedan. The suspension is brilliant.

[Q] The monthly payments seem higher than many of the other leases
Ive seen but the residual is lower. Is the lease structured in a different way?
[A] The big difference (I presume) in my lease is that I have 15,000 miles/year factored in. By comparison, most of the other M3s on LeaseTrader seem to have 12,000 miles/year (or less). But low residual is good for the Lessee if you plan to keep it. And in this case, with my incentive I'm offering to effectively make the monthly lease payment $925...whomever might choose to assume this lease is getting the best of both worlds. (That is: a reasonable payment and low residual with the likelihood of only about 38K miles at the 36 month mark). Down-payments and other fees at the sale are a factor too.

RLTW!
Andy

Last edited by OldRanger; 02-08-2010 at 08:15 PM. Reason: changed lease payment to reflect new incentive
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