Dilemma: Used or New e92 M3?????

[phyek]

Hi everyone,

I'm currently in the market for an e92 M3. Looking to pick up the car in June-August time frame and can't decide if I should just pick up a 2011 ZHP or settle for a used (08-09) low mileage M3. Either way I will be financing the car so a lease is out of the question. Aside from a 20k-30k price difference, what can you guys recommend in terms of making this decision?

I am leaning towards a used M3 as the idea of loosing 20k+ just on depreciation is painful to think of. However, I am concerned with the reliability of a used car. If I purchase through a dealership should I be more confident in terms of its reliability? Additionally, for those that have purchased a used M3, did you finance through BMW financing or go through a separate party?

Thanks and appreciate any input.

[jmflukeiii]

Originally Posted by phyek

Hi everyone,

I'm currently in the market for an e92 M3. Looking to pick up the car in June-August time frame and can't decide if I should just pick up a 2011 ZHP or settle for a used (08-09) low mileage M3. Either way I will be financing the car so a lease is out of the question. Aside from a 20k-30k price difference, what can you guys recommend in terms of making this decision?

I am leaning towards a used M3 as the idea of loosing 20k+ just on depreciation is painful to think of. However, I am concerned with the reliability of a used car. If I purchase through a dealership should I be more confident in terms of its reliability? Additionally, for those that have purchased a used M3, did you finance through BMW financing or go through a separate party?

Thanks and appreciate any input.

I bought new because I love new cars, the way they smell, the way the operate, knowing its miles are driven by me, all very trivial things. However, I received great financing through BMW with a very low APR. I was considering paying cash, but I'm better off investing my money on my own (although that is my profession) and making payments.

And yes, going used, I would definitely go through a dealership. Buying through an individual, I've never had good luck, but dealerships generally stand behind their sales and take care of you if need be.

Yes immediate deprecation is an unfortunate fact, but what more than makes up for it in my mind is this is my car, a feeling I can never find with a used one.

[phyek]

Originally Posted by jmflukeiii

I bought new because I love new cars, the way they smell, the way the operate, knowing its miles are driven by me, all very trivial things. However, I received great financing through BMW with a very low APR. I was considering paying cash, but I'm better off investing my money on my own (although that is my profession) and making payments.

And yes, going used, I would definitely go through a dealership. Buying through an individual, I've never had good luck, but dealerships generally stand behind their sales and take care of you if need be.

Yes immediate deprecation is an unfortunate fact, but what more than makes up for it in my mind is this is my car, a feeling I can never find with a used one.

Appreciate the input. Do you mind if I ask what rate you received through BMW just to get an idea of what others are receiving. How competitive are BMW's rates compared to a third party? (Bank, Credit Union). I've also read of the BMW Select program with the balloon payment. This may be of interest to me as well...

[M666 SLL]

I went used. Simply because I got an 08 plate e92 M3 with 3200 miles on it from a luxury car dealer (recommended to me) for £38k when the car was listed with options at £59k - so it was a no brainer. Full history, break in service by BMW - independent check over and test drive all fine. Now on 20000 miles and it's still a dream.

You can get a good deal and I got the exact colour match I wanted.

That's just my opinion though.

[spyderco10]

odd question, new or used? typically a car buyer determines how much can be spent on a car and shops in that price range. or maybe that's just me.

[phyek]

Originally Posted by spyderco10

odd question, new or used? typically a car buyer determines how much can be spent on a car and shops in that price range. or maybe that's just me.

Difference in price won't be an issue. Just want to make sure I am making a good decision by hearing what others have to say based on their experiences.

I am a bit concerned with finding the right color/option combo on a used car but I suppose this is something that comes standard....

[Prince_of_Persia]

Get a CPO and you are set!

[eisenb11]

It really depends on what's important to you. Going used saves a good chunk of cash. I buy new, however, because it's the only way to guarantee that the car is broken in and taken care of properly and because I want it to have all the options I'm interested in, a full factory warranty, and the latest bells and whistles. There's also something about that new car smell and being the original owner, but that's all psychological.

In my opinion - if you can afford it and the extra depreciation doesn't really bug you too much... Buy new!

[R A W L S]

I'd buy a low mile used. It's a totally different world than it was just 10 years ago for buying used cars. It's now much less risky with things like the transferable BMW full service warranty and Carfax.

[ase2dais]

Used definitely if you find the right Car History, Good Maintenance Record, Low Miles and the right option and color combo and they are hard to come by.
So buying used car takes time otherwise if you can afford to buy new, then fork out the cash.
Even buying new can turn up a lemon, but less likely now since the new M3 have already been debugged.

[M3Dreams]

Originally Posted by ase2dais

Used definitely if you find the right Car History, Good Maintenance Record, Low Miles and the right option and color combo and they are hard to come by.
So buying used car takes time otherwise if you can afford to buy new, then fork out the cash.
Even buying new can turn up a lemon, but less likely now since the new M3 have already been debugged.

Agreed. I bought a used 09 w/ 4500 miles on it with full service records through a reputable dealership and saved 18k over new. Totally worth it. I would recommend being patient when finding a used one.

[GOLFFRR]

There really is no right or wrong way to go when buying new or used, they both have their advantages over one another. If price is not an issue then it just comes down to personnel preference.

I would suggest that if you do buy used try to buy a cpo if you can.this way you are covered if anything happens and you can rest assure that if the car is cpo'd it has been looked over and certified that everything is in working order by a certified bmw specialist. If you can't find a cpo you like then I would suggest you try to find a low mile used m3 from a fellow forum member. Since 90% of the forum members take extra care of their cars you will be able to pick up a mint condition used M3.

If you have any questions feel free to contact me at anytime. Good luck with your pick

[jmflukeiii]

Originally Posted by phyek

Appreciate the input. Do you mind if I ask what rate you received through BMW just to get an idea of what others are receiving. How competitive are BMW's rates compared to a third party? (Bank, Credit Union). I've also read of the BMW Select program with the balloon payment. This may be of interest to me as well...

PM sent

[piloto]

How long do you plan on keeping the car and what type of mileage do you expect to put on it?

[Gkap]

I would go for the 2011. Yes you will save if you get the used M3
but you stated that you are financing to own it so newer is better.

[mr_yogi]

Originally Posted by phyek

Difference in price won't be an issue. Just want to make sure I am making a good decision by hearing what others have to say based on their experiences.

I am a bit concerned with finding the right color/option combo on a used car but I suppose this is something that comes standard....

To me, this post sums it all up:

1) Price not an issue - NEW
2) Concern about color/options - NEW

I think you've answered your own question. All the points mentioned above about buying used are all valid. However, none of them apply if you truly stand by the 2 points above.

FWIW - I have a new one on order that I'm picking up in 16 days!!! Regarding financing - you'll be hard pressed to find rates better than what BMWFS is offering currently. 1.9 up to 3yrs, 2.9 up to 5yrs. Now, I will say that BMWFS has offered better rates than this in the past (last spring through summer) that were 0.9 up to 3yrs, and 1.9 up to 5yrs. I'm going through BMWFS and putting only 5k down. I earn more than 1.9 elsewhere so no reason to put more down than that.

Hope that helps. Best of luck!

[akos]

I was in the same boat and decided to do an ED delivery.

[mkPOTO]

im going used because of the fact that i dont see myself spending 70-80k on a car that will be worth half that in a couple years and my budget only fit for used lol

[Prince_of_Persia]

Originally Posted by mr_yogi

To me, this post sums it all up:

1) Price not an issue - NEW
2) Concern about color/options - NEW

I think you've answered your own question. All the points mentioned above about buying used are all valid. However, none of them apply if you truly stand by the 2 points above.

I found EXACTLY the options I wanted on a CPO one and saved around $40K. have warranty until 2015 as well. I don't think it can get better than that. I am not saying it is easy to find the options you look for in a CPO/used M3s, but it can happen!

[Templar]

If you find that you will regret not having something (some kind of package, etc), then you might want to lean towards a new one.

Mine is new. I wanted certain things and didn't want to go without. If you go used, the availability drops drastically and you might have to "settle" for something that you don't really care for. If you find a used one that fits you perfectly and doesn't leave you wanting more, then you can always go with that.

[phyek]

Thank you all for the great replies. This has been very helpful. I'll look into CPO cars. Additionally, if I were to order the vehicle new, do payments begin once the vehicle is delivered or the day the order is placed? The reason I ask is because I plan to pay for this car with future cash flows that will be coming in around July time frame.

Originally Posted by piloto

How long do you plan on keeping the car and what type of mileage do you expect to put on it?

I plan to keep the car for 4-5 years and possibly for longer time and at that point will purchase a second car. Mileage, this is hard to predict but I'd say somewhere around ~10k/yr.

[mr_yogi]

Originally Posted by phyek

Thank you all for the great replies. This has been very helpful. I'll look into CPO cars. Additionally, if I were to order the vehicle new, do payments begin once the vehicle is delivered or the day the order is placed? The reason I ask is because I plan to pay for this car with future cash flows that will be coming in around July time frame.



I plan to keep the car for 4-5 years and possibly for longer time and at that point will purchase a second car. Mileage, this is hard to predict but I'd say somewhere around ~10k/yr.

Regarding the payments - they start after you sign the contract (up to a month after depending on when you sign). A noticeable discrepancy between first payment and having full possession of the vehicle realy only happens if you do ED. Because you sign contract before you leave for Europe plus the addtl lead time it takes for the car to get back after you're done with the trip.

In summation: If you aren't doing ED, then you'll start payments only after you take delivery of the car.