Advice needed on selling BMW F10

bbari

Folks - I need to sell my BMW 5 series in the coming weeks/month. Few of you probably know that I bought M Sport F10 new in July 2014. I am looking to buy a house and need to sell the car. I had a quick look at the carzone and M Sport F10 ranges from €44K to €50K. The mileage on the €44K is a bit higher than what's on my car. My car have 10,000 miles, Professional Media Pack (wide screen, internet etc) and also the 5 years service pack.

I will appreciate if you guys can please advise as to;

What should be the asking price on carzone/DD ?
is it a wrong thing to do to go to a garage and ask them to buy of me ?

Thank you in advance..

bazz26

Manual or auto? Manual F10s are way harder to sell and worth considerably less than autos.

The problem with selling a car in that price range privately is that very few genuine buyers are going to spend that sort of coin on a private sale with zero comeback from the seller. Also most buyers will probably be borrowing or financing some if not all the amount and the bigger lending institutions offering finance will only lend if buying from a registered dealer.

It might be worth calling into a few dealers to see what sort of cash price they would offer you on it. I'm sure the low mileage and service pack would appeal to a BMW dealer but expect to get well below it's market value as a BMW dealer would have to stick a 2 year warranty on it for the next owner. I'd also see if a dealer can sell the car on your behalf for a pre agreed fee.

bbari

bazz26 wrote: »

Manual or auto? Manual F10s are way harder to sell and worth considerably less than autos.

The problem with selling a car in that price range privately is that very few genuine buyers are going to spend that sort of coin on a private sale with zero comeback from the seller.

It might be worth calling into a few dealers to see what sort of cash price they would offer you on it. I'm sure the low mileage and service pack would appeal to a BMW dealer but expect to get well below it's market value as a BMW dealer would have to stick a 2 year warranty on it for the next owner. I'd also see if a dealer can sell the car on your behalf for a pre agreed fee.

Its an Auto.

I thought about the warranty myself but do the new cars not come with the manufacturer's warranty for couple of years anyway ?

Thank you for your advice, I'll certainly try few dealers in that case.

bazz26

The manufacturers warranty will only cover repairs where it has been established as a result of a defective part or component. It will not cover repairs as a result of neglect or abuse by the previous owner. Now I'm not implying your car has been neglected or abused but a buyer isn't to know that 100% either. At least if they bought from a dealer they would have comeback with them to sort it whereas with a private sale they would have to pay themselves if the manufacturer refuses cover it.

Preset No.3

Do you want to shift it or sit on it for 3 months? That will decide your final price.

As much as a great car the F10 is, there is so much choice out there of that model that price will be the ultimate decider.

carsfan

I would agree with all the advice that Bazz26 has given.
I wouldn't think any dealer will give you anything close to what the car is really worth if buying it from you. Also at this time most dealers are trying to clear their stock of used cars in advance of 161 not take in another. That said BMW dealers will possibly have a buyer in mind for a good car like yours so it's worth calling to them but I would be prepared to feel a little taken aback with some of the figures you may be offered if they are prepared to make an offer.
Most buyers at this level need/want the security of buying from a dealer but you could be lucky if you pitch it well below main dealer prices, maybe 39995?

mickdw

Joe Duffy bmw asked me for 25k to change my one year old Audi for a 320d coupe. Both cars were same price new so you can imagine how much they will be knocking of your cars new price, even worse in your case if you are just trying to sell it to them.

Shane732

mickdw wrote: »

Joe Duffy bmw asked me for 25k to change my one year old Audi for a 320d coupe. Both cars were same price new so you can imagine how much they will be knocking of your cars new price, even worse in your case if you are just trying to sell it to them.

But you were going from an audi to a BMW :p:p:p

mickdw

Shane732 wrote: »

But you were going from an audi to a BMW :p:p:p

Thats right. That why he should have been giving me cash back

mickdw

I wouldnt be surprised by an offer of 29k from a dealer.
If they have to write a cheque to take your car into stock, they are going to want it stupidly cheap.

Senecio

In all honestly, you'd be better off keeping it. No one will offer you what it is worth.

carsfan

I was going to say you might get offered 32 to 35k from a dealer. 29k is even more pessimistic but you are going to feel insulted in either case.

Rackstar

Fair play to you for buying the car to begin with!! Ive been saving for a long time and have built up a decent deposit. Ive often thought what are you doing, go buy yourself a sweet car.

MTBD

I have to ask...why would you buy a new car to just throw away that sort of money?

Are you only changing for the status of having a new car because you aren't really going to find anything substantially better. Or are you changing because you don't like it, which begs the question why did you not buy one in the spec/model you really wanted since you were buying new.

I can't fathom how anyone would willingly lose that much money on a car they bought new just a year ago.

Rackstar

MTBD wrote: »

I have to ask...why would you buy a new car to just throw away that sort of money?

Are you only changing for the status of having a new car because you aren't really going to find anything substantially better. Or are you changing because you don't like it, which begs the question why did you not buy one in the spec/model you really wanted since you were buying new.

I can't fathom how anyone would willingly lose that much money on a car they bought new just a year ago.

3rd sentence. OP is selling so they can get a mortgage. Whether they are using the cash from the car as a deposit or if the bank won't give a mortgage with the car finance outstanding, I'm not sure.

carsfan

OP has said he wants to sell to get cash towards a house not another car.

bbari

Senecio wrote: »

In all honestly, you'd be better off keeping it. No one will offer you what it is worth.

Agreed - Instead of selling for €30-€35K, I would rather keep it

bbari

[QUOTE=MTBD;97504080]I have to ask...why would you buy a new car to just throw away that sort of money?

Are you only changing for the status of having a new car because you aren't really going to find anything substantially better. Or are you changing because you don't like it, which begs the question why did you not buy one in the spec/model you really wanted since you were buying new.

I can't fathom how anyone would willingly lose that much money on a car they bought new just a year ago.[/QUOTE]

Selling to buy a house not to buy a new car.

I love it man, I f***** LOVE it!!

MTBD

bbari wrote: »

Selling to buy a house not to buy a new car.

I love it man, I f***** LOVE it!!

Fair enough. I should have read your post properly.

bbari

Rackstar wrote: »

3rd sentence. OP is selling so they can get a mortgage. Whether they are using the cash from the car as a deposit or if the bank won't give a mortgage with the car finance outstanding, I'm not sure.

The plan is to use the cash from the car towards to deposit for the new house.

Eric Cartman

http://www.beshoffmotors.ie/cash-for-cars.php beshoffs may sell it for you. No idea what they'd offer you for it but it might be better than a main dealer who is more interested in selling new cars, they deal with that kind of high end stuff all the time and are pretty sound.

on the other hand OP, you will need a car after this, obviously you could get by on a 5k car fairly handy but at the risk of losing up to 10-15k selling it to a dealer id be tempted to just keep it and try find deposit cash elsewhere. with the 5 year service plan and cheap tax your not going to get much lower cost motoring for the next 5 years.

bbari

Eric Cartman wrote: »

http://www.beshoffmotors.ie/cash-for-cars.php beshoffs may sell it for you. No idea what they'd offer you for it but it might be better than a main dealer who is more interested in selling new cars, they deal with that kind of high end stuff all the time and are pretty sound.

on the other hand OP, you will need a car after this, obviously you could get by on a 5k car fairly handy but at the risk of losing up to 10-15k selling it to a dealer id be tempted to just keep it and try find deposit cash elsewhere. with the 5 year service plan and cheap tax your not going to get much lower cost motoring for the next 5 years.

I know what you are saying. I have thought of all that what you suggested. I am working on the other options too. Selling n losing €15K would be the last option. Thank you for your advice

Senecio

Why the urgent unforeseen need to buy property? I ask because losing 10-15K EUR on the sale of a car to fund a deposit makes no sense unless there are other driving circumstances. Even in today's rising rental market that sort of money covers an increased rent for a considerable time.

bazz26

Maybe they don't want to rent.

bbari

Senecio wrote: »

Why the urgent unforeseen need to buy property? I ask because losing 10-15K EUR on the sale of a car to fund a deposit makes no sense unless there are other driving circumstances. Even in today's rising rental market that sort of money covers an increased rent for a considerable time.

not to go off the topic but its an insecurity of being asked to leave the house and queuing outside of a to let house. You can pay €15K p/a to your landlord which is dead money Vs. you can pay towards the loan you got to buy the house. this is just my opinion and i could be wrong.

Senecio

bbari wrote: »

not to go off the topic but its an insecurity of being asked to leave the house and queuing outside of a to let house. You can pay €15K p/a to your landlord which is dead money Vs. you can pay towards the loan you got to buy the house. this is just my opinion and i could be wrong.

I have the same concerns as you do, just not sure I'd be prepared to take the hit to leave the rental market.

Would it be worth exporting it out of the state and claiming back the VRT? I'd expect a dealer in the UK to give as good, if not better money than a ROI dealer.

Gumbo

OP can you realistically afford the new mortgage and the car payment?

I ask as why not get a credit union loan to pay off the car loan or use as a deposit?

We went through the mortgage process again in March this year and the banks couldn't see my credit union history or status while applying.

mickdw

Interesting. The banks and credit union still cannot talk to each other?

helimachoptor

mickdw wrote: »

Interesting. The banks and credit union still cannot talk to each other?

they should see any DDs to pay off loans etc but harder to track if you are doing it in cash.

Gumbo

mickdw wrote: »

Interesting. The banks and credit union still cannot talk to each other?

Obviously I can't comment for everyone but when we were with the banks I seen the finance checks they done and everyone of them pulled up my existing mortgage and my avantcard credit card but nothing in my credit union. I had to bring everything with me as that's where I had my savings. They couldn't see it otherwise as I lodged in cash every pay day.

helimachoptor wrote: »

they should see any DDs to pay off loans etc but harder to track if you are doing it in cash.

+1

If you have direct debits, you will onviousy have to explain them rand once you say it's to a CU savings then they will want AC details and statements this showing you have a loan or no loan.

helimachoptor

kceire wrote: »

+1

If you have direct debits, you will onviousy have to explain them rand once you say it's to a CU savings then they will want AC details and statements this showing you have a loan or no loan.

Having gone through this recently with BOI, it was a serious pain.

They questioned everything bar the payments to my personal CC and my company card, now my personal card would be minimal maybe 100-200 every couple of months, but my company card could be large, however they'd see X amount coming in and then the same amount going off to an Amex card so assume they realised what it was for.

Myself and my wife both have our own CU accounts, so we had to get statements for the last year (looking for evidence of a gift)

bbari

kceire wrote: »

OP can you realistically afford the new mortgage and the car payment?

I ask as why not get a credit union loan to pay off the car loan or use as a deposit?

We went through the mortgage process again in March this year and the banks couldn't see my credit union history or status while applying.

The car is fully paid for. I intend to use proceeds from the car towards the deposit for the new house.

I never dealt with CU in the past and don't have any history there therefore not sure if they will offer me any loan.

Thank you and thanks to others for advising few different options. I remember asking you about importing the car and the VRT process last year Hope your silver F10 M Sport is still going well!

carsfan

BBari
You may as well try a few dealers and see what pans out.
If not happy with that put it up for sale at a reasonable asking price.
You seem to have saved a bit buying it yourself in the UK so maybe the hit will not be so painful.
The money is better in a house I would agree than in a car.

bbari

carsfan wrote: »

BBari
You may as well try a few dealers and see what pans out.
If not happy with that put it up for sale at a reasonable asking price.
You seem to have saved a bit buying it yourself in the UK so maybe the hit will not be so painful.
The money is better in a house I would agree than in a car.

Thank you for your understanding mate. You are right, the hit will not be as painful. The car is as good as brand new though, haven't taken the plastics off the headrest and the door sills yet! As you said, I'll visit couple of dealers, I'll get insults and if the hit is a lot worse than expected then I'll just keep it and look in to the other options.

Gumbo

bbari wrote: »

The car is fully paid for. I intend to use proceeds from the car towards the deposit for the new house.

I never dealt with CU in the past and don't have any history there therefore not sure if they will offer me any loan.

Thank you and thanks to others for advising few different options. I remember asking you about importing the car and the VRT process last year Hope your silver F10 M Sport is still going well!

Yelp still going strong. 132d and still under warranty with less than 11k on it !!!!

It's a pity you have to sell but as you say needs are needs and once you get the house, you can look at an F10 535d then

bazz26

As I said earlier OP, also ask if the dealers are interested in selling it on their forecourt, on your behalf for a pre agreed commission.

bbari

kceire wrote: »

Yelp still going strong. 132d and still under warranty with less than 11k on it !!!!

It's a pity you have to sell but as you say needs are needs and once you get the house, you can look at an F10 535d then

And thats exactly is the plan!!

11K only in two years?!? Same like me, do you take it out on the dry days only?

bbari

bazz26 wrote: »

As I said earlier OP, also ask if the dealers are interested in selling it on their forecourt, on your behalf for a pre agreed commission.

Noted - its on my to do list mate. Thanks

MarkN

Was in the same boat as you over a year ago. Frank Keane gave me an agreed price for my F10. 50% of all new BMWs in Ireland each year are 5 series models so they're in huge demand, I'd suggest approaching a BMW dealer if you know someone in one and see what they will give. It'll sit on a forecourt for 40K+ but how close to that you'll get is guess work. When I had my F10 on Carzone, some dealers also called me looking to buy the car, Kenilworth Motors being one so you could always stick it up and see who bites - as in dealers.

bbari

MarkN wrote: »

Was in the same boat as you over a year ago. Frank Keane gave me an agreed price for my F10. 50% of all new BMWs in Ireland each year are 5 series models so they're in huge demand, I'd suggest approaching a BMW dealer if you know someone in one and see what they will give. It'll sit on a forecourt for 40K+ but how close to that you'll get is guess work. When I had my F10 on Carzone, some dealers also called me looking to buy the car, Kenilworth Motors being one so you could always stick it up and see who bites - as in dealers.

Do you mind me asking if they gave a lot less than what was the going rate for your F10 at the time ? I will visit couple of dealers next weekend and see what they say.

MarkN

I squeezed and squeezed them to get a price for mine that left them with maybe €1000 in it for them.

The only sickening thing is, I price I sold it for in March 2014 is not a million miles away from what 2012 m-sport models are STILL going for now. If I'd kept that car and kept paying it off, I'd have quite a bit of equity in it now.

carsfan

MarkN
Did you sell to Frank Keane or did they sell it on your behalf taking a cut?
The f10 does seem to hold its value very well here, and for good reason as I think they are excellent cars.

bbari

MarkN wrote:

The only sickening thing is, I price I sold it for in March 2014 is not a million miles away from what 2012 m-sport models are STILL going for now. If I'd kept that car and kept paying it off, I'd have quite a bit of equity in it now.

I'm sure the things you did with the money you got after selling your car are far better value.

bbari

carsfan wrote:

MarkN Did you sell to Frank Keane or did they sell it on your behalf taking a cut? The f10 does seem to hold its value very well here, and for good reason as I think they are excellent cars.

You seem like a F10 fan yourself

carsfan

Yeah
Had a f10 se and a f11 m sport, both great trouble free cars.

bbari

MarkN wrote: »

I squeezed and squeezed them to get a price for mine that left them with maybe €1000 in it for them.

The only sickening thing is, I price I sold it for in March 2014 is not a million miles away from what 2012 m-sport models are STILL going for now. If I'd kept that car and kept paying it off, I'd have quite a bit of equity in it now.

i.e. you got €8K-€10K less than the market value :mad:

R.O.R

As a rough guide, we got a shade over €35,000 (Trade) for a 131 520d M-Sport Auto, in August this year with 57,000km on.

Pretty standard car with just metallic and 19" Alloy upgrade. We did get it tidied up (bodywork and all wheels refurbed) before it was sold, so it just needed to be parked up on a forecourt somewhere. Being a 131 it's much lower spec than the OP - no Nav or Xenon's.

Year newer, lower mileage, higher spec - I'd be looking for €40k or as close as possible, especially as it's still got some manufacturer warranty and hopefully the service pack on.

MarkN

carsfan wrote: »

MarkN
Did you sell to Frank Keane or did they sell it on your behalf taking a cut?
The f10 does seem to hold its value very well here, and for good reason as I think they are excellent cars.

Sold it to them. It was an ex BMW Ireland demo car with a nice spec, xenons, oyster leather, 19s, auto etc etc so perhaps it was worth taking in for them, I'd also bought several cars from them.

Bbari - indeed but in March 2014, it wasn't clear how well they were going to hold in residuals. Hindsight is a great thing!