car finance 5 series

blingrhino

looking for advice to on how to purchase a new 520
i haven net got 45 k to put up but have 15,
should i lease or buy outright or any ideas.
as it is not going to be a company car i cant claim the vat back and if i lease it depreciation is`nt a big factor
should i be putting up as little as possible and taking the hit with larger monthly payments or wat
wat kinda money would we be talking in monthly payments
thxs in advance

Vanbis

blingrhino wrote: »

looking for advice to on how to purchase a new 520
i haven net got 45 k to put up but have 15,
should i lease or buy outright or any ideas.
as it is not going to be a company car i cant claim the vat back and if i lease it depreciation is`nt a big factor
should i be putting up as little as possible and taking the hit with larger monthly payments or wat
wat kinda money would we be talking in monthly payments
thxs in advance

Not sure what is best but if you can afford the petrol, tax, getting it serviced every year, buying genuine parts when needed. Its not cheap to run. My two cents.

Theboinkmaster

blingrhino wrote: »

looking for advice to on how to purchase a new 520
i haven net got 45 k to put up but have 15,
should i lease or buy outright or any ideas.
as it is not going to be a company car i cant claim the vat back and if i lease it depreciation is`nt a big factor
should i be putting up as little as possible and taking the hit with larger monthly payments or wat
wat kinda money would we be talking in monthly payments
thxs in advance

To be honest given you can hardly string a sentence together or spell i think the money would be better spent elsewhere.

Will I Amnt

Theboinkmaster wrote: »

To be honest given you can hardly string a sentence together or spell i think the money would be better spent elsewhere.

Yea,because that has everything to do with driving:rolleyes:

Alanstrainor

Theboinkmaster wrote: »

To be honest given you can hardly string a sentence together or spell i think the money would be better spent elsewhere.

Warning given. No need for that at all.

Reloc8

Have you priced your options ? Applied for finance and seen what they're going to look for as an up front/monthly repayment ? Checked out leasing arrangements ?

Its not a one size fits all...its your budget and no one else knows what will suit you best.

(of course someone/lots of people will offer you financial advice as to whether you can afford the car at all/why you want to buy a big waste of money - i.e. a new car - why you shouldn't and ultimately why you should buy something else/a skoda octavia)

But seriously, you need to get out there and do a bit of homework on what your various options are.

mickdw

Theboinkmaster wrote: »

To be honest given you can hardly string a sentence together or spell i think the money would be better spent elsewhere.

Its a reasonable question by the OP. I dont see the need for the smart answer.
Firstly the amount of cash you use should really be decided by other factors. Like if you have 15k only, I dont think you should swallow it all up on a car.
I would say if you can get the money at a reasonable rate and can afford the higher repayments, keep alot of your 15k for a rainy day given the state of the country and all that.
if something mad happened and the car couldnt be paid for (the country is in a terrible state after all), your 15k would disappear with it.
It all depends on your personal financial circumstances really.

biko

Perhaps consider what you can get for the 15K you already have?

Drummerboy08

You won't be ale to lease a car as a private individual unless you use BMW Finance, but they limit your annual mileage to 20,000km.

If this suits, take a look at it.

blingrhino

Thanks to all the sensible replys

what is the bmw option that you see advertised in joe duffys 3-2-1 ?

Also to lease a car ,does it have to be new or can it be a 2010

Reloc8

That BMW 321 thing was something like 3 year warranty, 2 year servicing, 1 year road tax on all purchases from new or BMW Premium Used Car programme. Nothing to do with finance.

I agree that if your 15k is the life savings/rainy day fund you'd be mad to stick it all into a car but you know your own mind and I'm not your financial consultant.

blingrhino

The 15k is from my car that i sold previous-so its not the rainy day fund.
is it only from a main bmw dealer that you can lease a 2010 car or should i try companies like fleetfirst or what about trying some of the finance houses like lombard?
would they be able to get a better deal than a private individual ?

Gophur

Leasing such a car will set you back something in the order of €1,000 per month. Surely an extravagance?

Get a loan of €10k and you will get a hell of a nice car for €25k

Theboinkmaster

Gophur wrote: »

Leasing such a car will set you back something in the order of €1,000 per month. Surely an extravagance?

Get a loan of €10k and you will get a hell of a nice car for €25k

I agree, why not buy a fully loaded 2 or 3 year old 3 series for €25k? Does it have to be a BRAND new 5 series?

It doesn't seem very sensibile to borrow so much money. I would think someone who borrows €40k to buy a €55k 5 series can't really afford to own one and is living well beyong their means? Have to think about running costs too.

I'd borrow the €10k and just spend €25k.

Padraig Mor

Theboinkmaster wrote: »

I agree, why not buy a fully loaded 2 or 3 year old 3 series for €25k? .

Because he doesn't WANT to?

JimmyCrackCorn

biko wrote: »

Perhaps consider what you can get for the 15K you already have?

15k car with no car loan will get you allot of car if you think outside the box.

mickdw

Its silly to be suggesting cars for this guy. we dont know his financial circumstances.
He has 15k from his last car. This is significantly better than most of the population manage with great numbers owing as much as a car is worth at all times.
For all we know the OP is rolling in cash or alternatively has little commitments and wanted to treat himself.
To suggest a 2 to 3 year old 3 series to someone looking at a new 5 is laughable to be honest.

Stevie Dakota

OP just keep in mind that €15K you are putting in will cover the first years depreciation, do you really need to buy new?

subway

to try answer the question actually asked...
the more you pay up front the less you will pay in interest. overall the less you borrow the better. hence many of the replies saying you are mad to borrow 30-40k as if you can't save it you may be stretching yourself financially and will definitely be paying a rake of interest
40k @10% is 10k in interest over 5 years, tack on conservative 60% depreciation and its going to cost you 40k + 10k +15K -18k = 47k to hang on to the car for 5 years.
not including service, petrol, tax and insurance. thats 1k per month COST (not repayment)

new car buying is mad

blingrhino

The car does not have to be new-thats why i was enquiring about a 2010 to lease.
We have a 2007 3 series in the house so another one does`nt rock my boat.
What i need is a diesel 4 door car automatic with a warranty and at 40k i think a 520d is a sensible choice.
Now i have looked at the usual alternatives superb,a4 ,passat cc.,s60,508.inignia etc and really i dont feel they are in the same class as the 5 series (another debate i know) for 5 k or less.
yes id like a s320cdi 2007-2008 but again the warranty issue is a major factor for me.
I want hassle free,comfortable,economical motoring and thought by leasing the aforementioned car this would tick the boxes.

Gophur

blingrhino wrote: »

The car does not have to be new-thats why i was enquiring about a 2010 to lease.
We have a 2007 3 series in the house so another one does`nt rock my boat.
What i need is a diesel 4 door car automatic with a warranty and at 40k i think a 520d is a sensible choice.
Now i have looked at the usual alternatives superb,a4 ,passat cc.,s60,508.inignia etc and really i dont feel they are in the same class as the 5 series (another debate i know) for 5 k or less.
yes id like a s320cdi 2007-2008 but again the warranty issue is a major factor for me.
I want hassle free,comfortable,economical motoring and thought by leasing the aforementioned car this would tick the boxes.

Look at this car

http://cars.donedeal.ie/for-sale/cars/1739947

What a bargain!
€80k less than it's new price, in 4 years, and very low mileage.

Infinitely better value than a new model 520d

blingrhino

think your miising the point, yea loadsa lovely 7 series and lexus around
that 7 for example has 86000k on it, in 3 years time that will be 161000 k and worth nothing and hard to run and no WARRANTY !

Theboinkmaster

mickdw wrote: »

Its silly to be suggesting cars for this guy. we dont know his financial circumstances.
He has 15k from his last car. This is significantly better than most of the population manage with great numbers owing as much as a car is worth at all times.
For all we know the OP is rolling in cash or alternatively has little commitments and wanted to treat himself.
To suggest a 2 to 3 year old 3 series to someone looking at a new 5 is laughable to be honest.

If he needs to borrow €30k to buy a €45k car his financial circumstances are obvious enough.

Whatever type of car he gets I'm just suggesting that financing such a high proportion isn't such a good idea, especially given one of his requirements is "economical motoring".

Gophur

blingrhino wrote: »

think your miising the point, yea loadsa lovely 7 series and lexus around
that 7 for example has 86000k on it, in 3 years time that will be 161000 k and worth nothing and hard to run and no WARRANTY !

In 3 years time it will have depreciated less than the 5 series being proposed in the thread. 161k km is nothing to a well maintained BMW 6-cylinder. Hard to run? How so? As for warranty. What new car will have warranty in three years time?

With your logic, and pessimism, don't buy any car, they're all bound to be problematic.

mickdw

Theboinkmaster wrote: »

If he needs to borrow €30k to buy a €45k car his financial circumstances are obvious enough.

I dont agree. He could be coming out of a similar deal on a new car 4 years ago, having comfortably paid it off and having 15k value left in the that car.
He ha said this 15k is not his rainy day fund so to assume his last penny is being spent on the car is wrong.

Regardless of how much is financed, that car will cost about 1200 to 1300/month all in if doing moderate mileage I would estimate.

Mr.Boots

Just buy a Kia with a 7 year warranty...happy days

ShadowHearth

Op. Best bet would be to talk with your bank and see what can they offer you.

Are you sure 45k will be enough? When you start looking for a brand new car, that advertised 45k becomes 55k if you don't want to have a brand new car with manual window regulators...

If you are okay with repayments which bank will offer you, then it's all cool. If not, then why not to try a year or two older one? They usually drop in price quite alot.

THall04

blingrhino wrote: »

looking for advice to on how to purchase a new 520
i haven net got 45 k to put up but have 15,
should i lease or buy outright or any ideas.
as it is not going to be a company car i cant claim the vat back and if i lease it depreciation is`nt a big factor
should i be putting up as little as possible and taking the hit with larger monthly payments or wat
wat kinda money would we be talking in monthly payments
thxs in advance

Monthly payments???
Two years ago I borrowed 15k on a car valued at 35 (15cash+15loan+5 trade in)
The repayments on the loan are 467E per month over 3 years.....guessing your's would be over 900Euro per month.

Leasing would be cheaper , but it's not your car ....your' only renting it and one day you'll have to hand it back.

If you really want a new 5 series , and can afford it , then good luck and enjoy .....but I can't agree with your later comment about a Superb not being in the same class for 5 grand or less.I'am currently thinking about getting a top spec Superb combi.....some of the equivalent 5 series tourers for sale are almost 20 grand more.

Gophur

THall04 wrote: »

.........I'am currently thinking about getting a top spec Superb combi............

That's my boy! I like the way you're thinking.


Check out http://briskoda.net/forums/forum/136-skoda-superb-ii/ for actual owner reviews and feedback. (As opposed to just "informed" (or not) opinion.)

Drummerboy08

blingrhino wrote: »

The 15k is from my car that i sold previous-so its not the rainy day fund.
is it only from a main bmw dealer that you can lease a 2010 car or should i try companies like fleetfirst or what about trying some of the finance houses like lombard?
would they be able to get a better deal than a private individual ?

None of these companies will be able to help you, as I said before. The only places I know of that do personal contract Hire is BMW bank/Audi Bank.

This will be your best route.

You may be able to lease a demo (i.e. fairly new, but used) 520d, if you can find one around and it has a VAT invoice.

ShadowHearth

One more vote on superb.

Great value for what you get. Do they started selling estate model? As it looks savage too!

Squall19

Theboinkmaster wrote: »

If he needs to borrow €30k to buy a €45k car his financial circumstances are obvious enough.

Obvious how?

Some people dont like blowing there savings on a car, kitchen, television, bathroom or whatever they like to buy.

It takes alot of hard work to build up savings and when you have a steady income and secure enough work it can actually be nice to just get a loan with a low interest rate as you dont mind it too much when 50, 100 or 200 euro a week comes out of your account instead of 15k straight, which is not nice see.

I have a friend at work, who has a decent amount of savings, yet when he went to buy a car for his daugther he took a loan from AIB.It was a loan of 2500 euro with an interest rate of just under 4%, so he cleared it in one year and had to give them back 2680 euro, so 180 euro difference, thats about 3 euro a week extra and he had his savings in case he needed it and didnt even notice the loan.

OP if you can pay the loan of without a problem then why not.

You have 15k to pay down from your old car, so you will need about 27k of a loan, which will cost you 865 a month ( total loan is 31000, which is 26 euro a week a difference over taking 27k out of your savings ) ,shop around with the loan try everywhere, same with the car play hard.

Boinkmaster would you rather take 27k out of your savings or pay 26 euro a week for 3 years so you dont have to?

I know I would leave my 27k in a decent savings account earning 3% interest or more that I can take out with little notice incase I need it.I probably wouldn't need it, but I would be sick seeing 27k just wiped from my account.

lomb

http://www.nationwidevehiclecontracts.co.uk/BMW_5_Series_Saloon-520d_20_SE_Auto-26787.htm
If in the UK you are looking at 600 euros a month with about 1800 up front. In Ireland Id say you could add 50% to that. A fair price considering the 5 will be worth very little compared to new in 3 years.

robtri

lomb wrote: »

http://www.nationwidevehiclecontracts.co.uk/BMW_5_Series_Saloon-520d_20_SE_Auto-26787.htm
If in the UK you are looking at 600 euros a month with about 1800 up front. In Ireland Id say you could add 50% to that. A fair price considering the 5 will be worth very little compared to new in 3 years.

as stated before, they dont do personal leases here....

-Chris-

THall04 wrote: »

.....but I can't agree with your later comment about a Superb not being in the same class for 5 grand or less.I'am currently thinking about getting a top spec Superb combi.....some of the equivalent 5 series tourers for sale are almost 20 grand more.

FFS, can we have ONE thread where the Superb isn't suggested as an alternative to the required executive/convertible/supermini/59 seater?

Now, where's the facepalm emoticon...

Theboinkmaster

Squall19 wrote: »

Obvious how?

Some people dont like blowing there savings on a car, kitchen, television, bathroom or whatever they like to buy.

It takes alot of hard work to build up savings and when you have a steady income and secure enough work it can actually be nice to just get a loan with a low interest rate as you dont mind it too much when 50, 100 or 200 euro a week comes out of your account instead of 15k straight, which is not nice see.

I have a friend at work, who has a decent amount of savings, yet when he went to buy a car for his daugther he took a loan from AIB.It was a loan of 2500 euro with an interest rate of just under 4%, so he cleared it in one year and had to give them back 2680 euro, so 180 euro difference, thats about 3 euro a week extra and he had his savings in case he needed it and didnt even notice the loan.

OP if you can pay the loan of without a problem then why not.

You have 15k to pay down from your old car, so you will need about 27k of a loan, which will cost you 865 a month ( total loan is 31000, which is 26 euro a week a difference over taking 27k out of your savings ) ,shop around with the loan try everywhere, same with the car play hard.

Boinkmaster would you rather take 27k out of your savings or pay 26 euro a week for 3 years so you dont have to?

I know I would leave my 27k in a decent savings account earning 3% interest or more that I can take out with little notice incase I need it.I probably wouldn't need it, but I would be sick seeing 27k just wiped from my account.

I disagree - sure if he has €30k in savings he'd earn about 3% apr on deposit but borrowing that much he'll pay 10%? whatever way you slice it he'll pay alot more to borrow the money than we would on deposit so the better financial option is to borrow as little as possible.

Also you're kind of making my point for me - if the OP were to blow all his savings on the car, then he's trying to live beyong his means buying a €50k car. For example if i had life savings of €100k in the bank there's no way id be driving a €100k car by paying €20k up front and borrowing the other €80k. I'd buy a car for maybe €40k with €30k cash and perhaps a €10k loan.

The options presented by the OP by leasing or borrowing such a high proportion of the cost of the car do not make financial sense.

Squall19

Theboinkmaster wrote: »

I disagree - sure if he has €30k in savings he'd earn about 3% apr on deposit but borrowing that much he'll pay 10%? whatever way you slice it he'll pay alot more to borrow the money than we would on deposit so the better financial option is to borrow as little as possible.

Also you're kind of making my point for me - if the OP is blowing all his savings on the car, then he's trying to live beyong his means buying a €50k car.

The options presented by the OP by leasing or borrowing such a high proportion of the cost of the car do not make financial sense.

Your right he will lose some money, but not as much as you would think.

30k with 3% apr over 3 years would see you with about 2850 euro in interest, - dirt so lets say 1900.

So 31900

30k car loan with aib for example over 3 years = 34560

Thats a difference of 2660 over 3 years or €18.4 a week.

Thats not too bad for peace of mind.

He didnt say his savings, 15k is coming from the sale of his old car.

If OP can afford to pay €200+ a week on a car loan for 3 years, then thats his business.If he can fair play to the lad.

blingrhino

Thanks squall thats the kinda info i was looking for and yes chris no more skoda talk,this thread was about the finance on a 5 series .
Theboinkmaster i dont feel your in any position to "assume" my "obvious financial situation".
The reason i suggested putting €15k into the purchase and only that was that my experience of funding large amounts of capital into a car costing 40k,50k,60k is a waste of capital and when depreciation takes hold after 3-4 years the car is worth 33%-40% of its value.
Therefore i was enquiring about leasing as an option to retain my capital and take the worry out of depreciation.

bf

OP - have you looked at the PCP option with BMW. Not quite a lease, but you can either pay a bullet payment after 3 years to keep the car or hand it back (usual T&Cs apply!!) - but it coudl also reduce monthly payments

Padraig Mor

Theboinkmaster wrote: »

the better financial option is to borrow as little as possible..

The better financial option is to buy a 10 year old Toyota Corolla. But thankfully the OP likes to enjoy life a little! I gotta say it's hilarious - a motors forum where people advise other NOT to buy a new car :rolleyes:......

Theboinkmaster

Padraig Mor wrote: »

The better financial option is to buy a 10 year old Toyota Corolla. But thankfully the OP likes to enjoy life a little! I gotta say it's hilarious - a motors forum where people advise other NOT to buy a new car :rolleyes:......

This thread was specifically about finances. I'm all for buying a brand new car, have done myself - but when you can afford it. When i see an m3 or m5 on the road I always have a good look and think fair play to the driver, for driving such a nice car and being able to afford it.

If the OP can afford it then he should go for it of course. There's nothing worse than someone buying a nice car which they can't afford and then having to downgrade later. I'm not sure of the specifics but i remember awhile ago a lad called MarkN had a nearly new m3 and then had to downgrade, and i think it was for financial reasons. That's just tragic.

Live within your means IMO.

mickdw

I dont think that it quite fair on MarkN. He had a few nice cars. It is tragic if someone has nothing and them driving around in an expensive car but if someone decides to sell an expensive car to fund a new business or something like that, its far from tragic. Im not sure of MarkN circumstances but its hardly tragic anyway.
I dont quite know why everyone thinks the OP cannot afford the car when the question was only about how much to finance.

Theboinkmaster

mickdw wrote: »

I dont think that it quite fair on MarkN. He had a few nice cars. It is tragic if someone has nothing and them driving around in an expensive car but if someone decides to sell an expensive car to fund a new business or something like that, its far from tragic. Im not sure of MarkN circumstances but its hardly tragic anyway.
I dont quite know why everyone thinks the OP cannot afford the car when the question was only about how much to finance.

Maybe that's my bad - i assumed someone buying a €50k car but financing 80% of it couldn't really afford the car.

Zubeneschamali

mickdw wrote: »

I dont quite know why everyone thinks the OP cannot afford the car when the question was only about how much to finance.

The way I think is that if I have to the borrow money to buy it, I can't afford it.

R.O.R

Theboinkmaster wrote: »

Maybe that's my bad - i assumed someone buying a €50k car but financing 80% of it couldn't really afford the car.

Zubeneschamali wrote: »

The way I think is that if I have to the borrow money to buy it, I can't afford it.

You'll find that most of the worlds major corporations, who have plenty of money, finance their vehicles as they have better things to do with their cash than plow it in to depreciating assets.

pburns

-Chris- wrote: »

FFS, can we have ONE thread where the Superb isn't suggested as an alternative to the required executive/convertible/supermini/59 seater?

Now, where's the facepalm emoticon...

It's unbelievable!

It's not just the Superb tho - there's always the bangernomics crowd on suggesting a mega-mileage 7-series/LS/A8 even if the OP is looking for a brand new Kia Rio.

And others suggesting getting finance on a car is a harbinger of economic demise (myself included sometimes:o)
Vectra'll be on any minute suggesting an Octavia VrS...

Don't agree on the facepalm!:) As I've said elsewhere recently I think it needs to be banned at this stage or confined to nerdy Star Trek forums...

Mr.Boots

Lease wins all the time...all day long.
Id prefer to lease because 45k ploughed into my business is going to earn me back a hell of alot more than the interest the lease costs me.
Having 45k tied up in a car is nonsence....hence why a lease wins every time.

Op...id lease if i were you, lots of options out there, just have a look around and see what suits.
To anyone recomending a 10k car instead....your missing the point...by a long shot. Leasing dosnt mean you cant afford it, it just means you have better things to do with your money(Speaking personaly)

Drummerboy08

Mr.Boots wrote: »

Lease wins all the time...all day long.
Id prefer to lease because 45k ploughed into my business is going to earn me back a hell of alot more than the interest the lease costs me.
Having 45k tied up in a car is nonsence....hence why a lease wins every time.

Op...id lease if i were you, lots of options out there, just have a look around and see what suits.
To anyone recomending a 10k car instead....your missing the point...by a long shot. Leasing dosnt mean you cant afford it, it just means you have better things to do with your money(Speaking personaly)

There isn't lots of leasing options out there, for an individual.

This is my third post in this thread pointing out that leasing is very limited when it comes to an individual.

As I said, if the OP wants to lease a 5 series, his only option is BMW finance. There is no leasing company in Ireland (That I am aware of) that offer personal contract hire.

blingrhino

thanks drummerboy i think thats a good road to go down.

666bxg

Do let us know of any updates with BMW Finance and it's leasing options. Would be interested to know what sort of figures they can provide.

Good luck

marc1

Not sure if this has been recommend already:

Have you looked ar hire purchase options? They usually work out at similar monthly repayments, but you get the option to purchase the car in the end.

The advantage would be that you can go to nearly any dealer - including a BMW dealer and do a hire purchase agreement. The dealers that offer these financing deals usually have multiple banks they can get quotes from.

This would allow you to get for example a 2010 / 2011 520d from a non-BMW dealer.
Example: http://www.carzone.ie/search/BMW/5-Series/520d-SE-/201117202215388/advert?channel=CARS

As for the car, go for the 520d. I know you were not asking for advice on what car, but the 520d is a fantastic car.