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05-08-2017, 08:02 PM | #1 |
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Bought my leased '13 ZCP e92 m3 for 34K, dealer wanted 42K
In the summer of 2015 I pulled the plug, got in touch with a guy that wanted to transfer his lease (through swapalease or leasetrader) and ended up taking over a manual 2013 ZCP with 16K miles and all the nice packages. My monthly was $800+ and the residual was 42K.
In 2016 right when the lease is about to expire and I'm about to acquire the vehicle the Takata airbag fiasco hits and BMW would not sell me the car but it did cut me a deal and extended my lease for a year while reducing my monthly to $600 and the residual to $32K. At the beginning of 2017 I call BMW of NA and ask for an expedite resolution of the airbag issue due to my intentions of purchasing the vehicle and in 2 weeks time they ship the unit to a local dealer and my car gets fixed. Last month when I go to the said dealer they quote me $42,729: 33,975 for the car + 875 random charge + 3995 CPO for 2 years + 3885 taxes. I was a bit astonished given that for an unknown reason they were charging me 2K over the base price, and also it seemed that they screwed up on the taxes. Long story short I purchased the car directly from BMW of NA bypassing the dealer for $32,0000 including taxes and added the Fidelity Platinum coverage for any type of breakdowns the cost of which was $2,500 for 2 years, for a total of $34,500 and saving 8K in the process as compared to the dealership. Sidenotes: * I'm not super clear why the difference in price+tax was so big, but even if the dealership screwed up in their calculations the difference in the base price alone + random charges was 2K!! I'm in California btw. * The dealership did offer better financing terms, when combined with CPO they offered 1.9APR compared to 4.0 from BMW of NA. |
05-09-2017, 06:11 AM | #3 |
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I bought a car off lease. And that was directly with the leasing company and not the dealer. For some obvious reason dealers always want to get into every aspect of car ownership. The best is to always bypass them when it comes to money, if there is that option.
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05-09-2017, 02:22 PM | #4 |
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LMFAO, that is a nice markup!
I bet their cost is less than half of that. CPO pricing is negotiable, by the way.
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05-10-2017, 02:23 AM | #5 |
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05-10-2017, 11:26 AM | #6 |
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Drives: 2021 F87 M2c. LBB, 6mt
Join Date: Nov 2014
Location: Fort Lauderdale, FL
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Did not know that, good to know.
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2021 F87 M2c. Long Beach Blue over black with blue stitching. 6mt, executive package, slick top.
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05-10-2017, 12:56 PM | #7 |
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How did you manage to buy the car directly from BMW Financial Services? I had called them a couple of time about lease end purchases, and they would not say anything to me other than "you need to talk to your dealer."
Nice deal by the way! |
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05-11-2017, 03:32 AM | #8 | |
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Quote:
Most of the people I've spoken to at BMW FS are quite knowledgeable so I'd advise you to press on and ask them point blank if you can purchase the vehicle from them. Buying from a dealer has its benefits, but I guess there is so much money flying around in the Bay Area that the dealers aren't really concerned about losing customers like me. Good luck! Last edited by seanq; 05-11-2017 at 03:33 AM.. Reason: PS |
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05-11-2017, 11:03 AM | #9 | |
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For some additional context, it was quite easy for me to negotiate CPO into my Corvette purchase since they wouldn't come down on the price. IIRC the sales manager said it only costs the dealer about $850 to do it. Might be apples-to-oranges since we're talking about a Chevrolet versus a BMW, but even if it costs a BMW dealer $2000 to CPO an M3, a $4000 price tag is an amazing margin to make!
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05-11-2017, 11:35 AM | #10 |
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Sounds right. I bought a Infiniti that was offered as a CPO car and already had the inspection/preparation done. They offered to discount the car by about $1000 if I wanted it without the CPO warranty. (I took the discount) The dealer did have other real reconditioning expenses that the CPO program required (new brakes, tires, etc. depending on the car) that had nothing to do with the warranty which did make the CPO car price a little higher than average. CPO programs often come with other benefits like preferred finance rates. Even third party lenders like my credit union offer new car rates on CPO cars in certain conditions. I'm fine with dealers profiting off these programs to a reasonable extent, but like with everything, they sometimes get greedy.
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