Bmw first time car finance

Willie Stroker 1976

Hey everyone,

Spent the last while looking for some good threads on this but all are a little old so said I'd post something myself. This summer (2017) I am thinking of getting my first proper car, on finance, looking to get something within the region of 25-35k, I have a few cars in mind.

The reason I am posting this is I am still a little scared, It's a huge commitment, one that I have worked out that I can afford but feel hesitant due to the fear. I currently have one loan from the credit union which is not too big. One side of me thinks I am nuts making this commitment and the other side thinks I am sick of driving around in crap and want something newish and reliable with warranty etc. I am 27 years old, maybe this is my mid life crisis

Anyone have any advice on their experiences? The car I am looking at is used (Bmw 2013) so I know I wont lose too much as its not brand new. Also if anyone who has ever dealt with BMW for used car finance can tell me exactly what your we're required to produce?

Thanks in advance

MarkN

You live once. Then again, don't leave yourself stretched.

BMW finance is a company called Alphera if you want to research them but generally you will need a utility bill and photo ID. Bank statements etc aren't usually required.

Try to ensure the finance you take isn't interest front loaded as if it is, you could be stuck with the car for a long time as your settlement figure (this is the amount needed to pay to end the finance agreement on any given date) is higher than the value of the car.

In my experience with BMW finance, they've been perfectly fine to deal with, they don't front load.

Make sure you find out the rate, I've seen them charge 7% for used cars which is high in today's market. They probably won't do 3.9% as they do with new or PCP used cars but see if there's any room on it.

Also, don't assume you won't lose much on the car as it's 2013. In terms of first 3 year depreciation, no you won't but you will continue to lose money on most cars. I've owned many BMWs where I've thought "I won't lose too much on this one" only to be proven wrong a year or two later but that's only part of car ownership. They make some great cars and you might as well drive something you love and feel passionate about rather than something boring if cars are your thing!

listermint

Hey op yes you only live once etc etc but as you said yourself you are apprehensive you discussed seeing what you can afford this indicates that may be stretching yourself. Are you renting presently? Do you wish to buy in the near future?

Savings etc are key here. Frankly if you are not saving presently and are stretching yourself to buy a 30k car then yes it's a terrible idea. It's not an asset it depreciates heavily yes even after 3 years you'll lose 2 to 3 grand a year off the value.

If your current car is running okay then save money and buy something newer outright. You'll get a solid relatively decent vehicle for 10 to 14 K thats only 3 years old.

Be sensible and think about it. Will you want to purchase a house in 5 years? And be stuck with pcp on a 10 year old BMW...

MarkN

You raise valid points but to be fair, a car can always be sold for mortgages and savings. Rarely would you be married to a car, especially not a 2013 BMW unless it's a 5.0 litre petrol or something.

ShadowHearth

MarkN wrote: »

You raise valid points but to be fair, a car can always be sold for mortgages and savings. Rarely would you be married to a car, especially not a 2013 BMW unless it's a 5.0 litre petrol or something.

Not always. Selling in private a car for 20k+ is a nightmare and no one in the right mind will buy it.
If op is buying a 30k car, he better realise, then the only way he will get wrid of it, if he trades it in for another car, or keeps it long enough to see it drop in value until 8-10k and then try to sell it.

Op, we all want to drive dream cars, but at 27, I would not put myself in to such debt unless you are not planing on having children and buying house in next 5 years. If you have both sorted already or have no Intrest in both and have a good chunk money saved after the cost of new car, then more power to you!

MarkN

Plenty of people do their research and buy 20k+ cars privately. I'm of sound mind and did.

Anyway it's getting away from the point. This is a car forum and the poster has asked for experiences of car finance, not should I buy a car or not.

Nothing wrong with helpful advice about the other side of borrowing money but I don't think they asked to be talked out of buying a car - it seems their head is already passed that.

listermint

MarkN wrote: »

Plenty of people do their research and buy 20k+ cars privately. I'm of sound mind and did.

Anyway it's getting away from the point. This is a car forum and the poster has asked for experiences of car finance, not should I buy a car or not.

Nothing wrong with helpful advice about the other side of borrowing money but I don't think they asked to be talked out of buying a car - it seems their head is already passed that.

No plenty of people do not. Your on a motoring forum hence your view will be different. Most people and I mean the majority would not buy second hand cars in that price range from private. It's dealer sales. So he would be limited to trade in for the main.

He came here for advice and we are asking sound questions. You on the other hand have only a motor forum hat on. Tbf

bazz26

I'd shop around for finance as BMW finance rates are not the cheapest around, you don't have to take BMW finance in order to finance a car that you are buying from a BMW dealer. Do some maths based on the different finance packages being offered out there.

Willie Stroker 1976

Willie Stroker 1976 wrote: »

.............. 25-35k, ............It's a huge commitment................................

Anyone have any advice on their experiences?...................

Just from a cash pt of view, over three years you'll be looking to "lose" €10k at least in depreciation on a €25/€35k car.

You can get a car for less that would be just as reliable with half the outlay & half the depreciation.

Every 3 years that "saving" can add up to lots and lots of cash over 10/20 years

ShadowHearth

MarkN wrote: »

Plenty of people do their research and buy 20k+ cars privately. I'm of sound mind and did.

Anyway it's getting away from the point. This is a car forum and the poster has asked for experiences of car finance, not should I buy a car or not.

Nothing wrong with helpful advice about the other side of borrowing money but I don't think they asked to be talked out of buying a car - it seems their head is already passed that.

You are one rare buyer, vast majority buyers won't touch 15k+ private sale car with no comeback, unless it's something very rare and special. Normal beamers, which everywhere in spades is not that car ( no offence op)

That's how financial crisis started. They set mind and heart on stuff, borrowed money and got themselves in a storm of ****. Op is lucky to get advice now and actually think about his decision. As he said himself - he is concerned about it.
We don't know, maybe op has a fantastic job and pulling 50k a year and can afford pretty heavy monthly repayments and has enough savings to cover his own ass if things go south with car or life.
We men are stupid creatures, we only got enough blood to activate one organ: brain or gentleman sausage. If op, currently has his all blood flow in his pickle and sees only car he wants, tjen it's a good move from us, to give him a rundown and look at the car with brain. If brain says yes, then op will be a lucky Bmw owner. As long as op knows what is he getting in to, because borrowing 25k for second hand car is a big financial commitment at.

bmwguy

The fact that you are nervous about it is enough for me to say don't do it. I almost broke my rule of never financing a car (or anything else apart from.property) this year when looking at bmw 330e. If I can't afford it in cash I don't buy it. Save for a few years, buy in cash. No repayments, so save again and buy in cash a few years later.

Heavily depreciating assets on finance is actually a crazy idea when you think of it, but I do realise people like a new car but your nervousness, and your age and life stage would rule this out for me. Your repayments will affect a mortgage application for a start if that is on your agenda in next few years

bazz26

Some people who finance/partially finance a car maybe could probably afford to pay for it with their own money up front. They may not want to tie up their own money that way though and if the interest rate is pretty low then it can make a lot of sense to finance over spending your own money which can earn a bit of interest too if tucked away in a mid term savings account.

MarkN

@ShadowHearth

I get that, I'm just saying I'm not the only one to ever do it, there are exceptions. I'd a lot more comeback with my particular car (after some background checks) than if a punter bought a car from a lot of independent garages even - due to warranty mainly. I was in no worse position anyway.

We don't really know the OP's circumstances either, at 27 I had little ties, was driving a new M3 and enjoyed myself in it. Did it cost me an arm and leg? Course. Do I regret it now I'm 34 and have responsibilities? No way!

I personally think it's mad to chuck away a load of savings on a car, but I can understand why some do it.

I've had a look around the rates for you OP, all the main Irish banks etc and Renault Finance / BMW finance are the cheapest for traditional HP at the moment.

ShadowHearth

bazz26 wrote: »

Some people who finance/partially finance a car maybe could probably afford to pay for it with their own money up front. They may not want to tie up their own money that way though and if the interest rate is pretty low then it can make a lot of sense to finance over spending your own money which can earn a bit of interest too if tucked away in a mid term savings account.

I agree with this. I would never buy a car out of my savings. I always would just take a loan and use bank money, or at least half from the bank and rest my own, but i would make sure I have enough savings left. For the sake of few hundred quid a year in Intrest, you get a peace of mind and if **** goes south, you have savings.

Willie Stroker 1976

Thanks everyone so far for the replies, It is something I could afford comfortably but it's just the thought of taking on a big debt that's scary, I do like my cars and feel it is something I would definitely appreciate and in that sense can justify going for it.

Im aware of course I will lose money but I guess Bmw/Audi hold their value the most. As for a mortgage it's not something I want to do for another 9 years when I am 35 (I'm 26 but will be 27 if I go for the car in summer) so I wont let the mortgage put me off the idea for now.

Thanks Mark N for doing some research, is that referring to PCP or used cars finance?

Atlantic Dawn

How long are you planning on keeping the car? Say €30k for the car, in 3 years time if your lucky you will get €15k for it, in 6 years you will get about €8k, 9 years €4k etc, it's a depreciating asset in a time where the market will be flooded with PCP returns over the next few years.

bazz26

I don't think you will get anyone offering PCP on a 4 year old car. I'd say he was talking about regular Hire Purchase. As for depreciation of premium brands, yes they do and by alot from experience but that's one of the joys of owning a car whether it's a premium brand or not.

Willie Stroker 1976

Atlantic Dawn wrote: »

How long are you planning on keeping the car? Say €30k for the car, in 3 years time if your lucky you will get €15k for it, in 6 years you will get about €8k, 9 years €4k etc, it's a depreciating asset in a time where the market will be flooded with PCP returns over the next few years.

Im thinking of 3-5 years and then possibly upgrading again, I know from that it sounds like I'd be best to go for Pcp with a new car but I don't like the thoughts of almost being locked in with Pcp

MarkN

That was just normal used car HP. Which the dealers can still organise by the way and at worst, will still be probably cheaper than any of the Irish banks. Then you've a normal car/personal loan where the car is yours straight away, the bank have no vested interest in the car but you do owe them money. The rate will nearly always be dearer with the bank though. If I'm buying privately or from a dealer who the banks don't deal with, I go with BOI but it's usually 7.5%!

PCP is available on used cars, on certain brands and to a certain point in terms of how old the car is. It seems to be more popular on used cars in the U.K.

CianW5

Vote: In what is your favourite car manufacturer /Thread

Willie Stroker 1976

MarkN wrote: »

That was just normal used car HP. Which the dealers can still organise by the way and at worst, will still be probably cheaper than any of the Irish banks. Then you've a normal car/personal loan where the car is yours straight away, the bank have no vested interest in the car but you do owe them money. The rate will nearly always be dearer with the bank though. If I'm buying privately or from a dealer who the banks don't deal with, I go with BOI but it's usually 7.5%!

PCP is available on used cars, on certain brands and to a certain point in terms of how old the car is. It seems to be more popular on used cars in the U.K.

The Pcp rates are great but obviously it's designed to keep you there for the long haul, atleast with used car finance once its paid your free where as Pcp your almost locked in as they want you to take a new car in a few years. Decisions, have you used Bmw for finance before?

MarkN

Willie Stroker 1976 wrote: »

The Pcp rates are great but obviously it's designed to keep you there for the long haul, atleast with used car finance once its paid your free where as Pcp your almost locked in as they want you to take a new car in a few years. Decisions, have you used Bmw for finance before?

I have, many times. The main thing here to remember is, if you can save some money for a rainy day, house, deposit, pension etc and still pay for the car every month, then good on you. Just don't leave yourself stuck every month!

bazz26

CianW5 wrote: »

Vote: In what is your favourite car manufacturer /Thread

Nothing to do with this thread though.

Blazer

you could always pick up a car on the luxobarge's thread instead and put away that money for a mortgage.
There's some fantastic pre -08 cars out there for a pittance. Tax is high but thats the reason they're so cheap..

eg

https://www.donedeal.ie/cars-for-sale/06-automatic-cls350/14442111

I sold my old car and bought a BMW F10 for over 20K (3 litre). but looking back I'm half sorry I just didn't keep the money and go for something like the above..
#
luxobarge thread

http://www.boards.ie/vbulletin/showthread.php?t=2056966169&page=381

Idbatterim

my opinion on it is this, Id be getting a vastly superior bmw for the 8-10k mark... get a proper 5,6, 7 series m sport with a proper 6 pot petrol engine in it... I dont know your circumstances, but unless youre on serious money theres not a chance in hell Id be spending that on a car, when you are probably at an age, where you will seriously consider buying a property if you arent already...

Willie Stroker 1976

Blazer wrote: »

you could always pick up a car on the luxobarge's thread instead and put away that money for a mortgage.
There's some fantastic pre -08 cars out there for a pittance. Tax is high but thats the reason they're so cheap..

eg

https://www.donedeal.ie/cars-for-sale/06-automatic-cls350/14442111

I sold my old car and bought a BMW F10 for over 20K (3 litre). but looking back I'm half sorry I just didn't keep the money and go for something like the above..
#
luxobarge thread

http://www.boards.ie/vbulletin/showthread.php?t=2056966169&page=381

Thanks blazer appreciate the advice.

See thing is I rarely drink and I dont smoke, dont go out too much anymore, Kind of want something up the years and defo with warranty, Bmw near me gives 2 yrs warranty with their cars too. Alot to think about, I'll check those adds out, cheers

ShadowHearth

MarkN wrote: »

I have, many times. The main thing here to remember is, if you can save some money for a rainy day, house, deposit, pension etc and still pay for the car every month, then good on you. Just don't leave yourself stuck every month!

This is good advice.

If what, I give another advice to op and he can take it for what's it's worth.

This is first time finance, right? Then you don't have much experience with it and trust me, on paper numbers look very good, but when each month you need to pay it, it feels very differently. Something that you though looked comfortable on paper might turn in to dreaded bill in the end on the month. That's not a life for next 4-5 years.
What op should do is take way smaller finance for shorter period and see how he will get on. Can he keep up with those smaller payments for a year? Can he still safely put away money in savings, even if there are extra expenses. If op has a good year with that loan and can comfortably pay more per month, then go for that proper big loan.

I had my last loan ( had 4 I'm total now) and I payed it off in 10months instead of 24. And I was in worse financial situation when I took, then I am now. After this I can with confidence take out a lot bigger loan with bigger monthly payments as I had stress tested my ability to repay. Experience first hand is always better, then going in blind and taking on a very very big loan for second hand car.

Idbatterim

this i a good example of why it makes sense to go down the luxobarge route, oozes class compared to some 3 series with a tractor engine...

https://www.donedeal.ie/cars-for-sale/06-automatic-cls350/14442111

ShadowHearth

Willie Stroker 1976 wrote: »

Thanks blazer appreciate the advice.

See thing is I rarely drink and I dont smoke, dont go out too much anymore, Kind of want something up the years and defo with warranty, Bmw near me gives 2 yrs warranty with their cars too. Alot to think about, I'll check those adds out, cheers

In most cases the warranty you get from dealers on second hand cars is worth less then the paper it's written on.
If I go buy from dealer, I still will bring my mechanic. They sell as much **** as private sellers.

Blazer

Willie Stroker 1976 wrote: »

Thanks blazer appreciate the advice.

See thing is I rarely drink and I dont smoke, dont go out too much anymore, Kind of want something up the years and defo with warranty, Bmw near me gives 2 yrs warranty with their cars too. Alot to think about, I'll check those adds out, cheers

I know a newer one is nice but as someone said work out the bills etc...houses are getting more expensive so make sure you're putting away a nice bit every month if possible if that's what you plan. Don't say sure I won't be buying a house till my mid 30's and then find out you need a larger deposit than you thought. The BMW warranty is nice piece of mind alright as I've gone that way for 3 of my cars.

Blazer

ShadowHearth wrote: »

In most cases the warranty you get from dealers on second hand cars is worth less then the paper it's written on.
If I go buy from dealer, I still will bring my mechanic. They sell as much **** as private sellers.

BMW's premium warranty covers everything fo the 2 years...you'll paid more for the car though to cover it...although for my 525D I bought the price was on a car with other cars without a comprehensive warranty so well worth my while.

deathtocaptcha

Ridiculous waste of money in my opinion given that you don't have it.

Ask yourself if it's worth it for a few facebook likes and real life nods of approval... or ego boosts from friends / family.

Borrowing big money at 27 to invest in a guaranteed rapidly depreciating asset is financial suicide in my opinion unless the car is half of your annual salary and you're in an industry such as IT / Healthcare / Public service with guaranteed job security... or you've got significant savings / inheritance windfall or some other unicorn type of scenario.

Willie Stroker 1976

deathtocaptcha wrote: »

Ridiculous waste of money in my opinion given that you don't have it.

Ask yourself if it's worth it for a few facebook likes and real life nods of approval... or ego boosts from friends / family.

Borrowing big money at 27 to invest in a guaranteed rapidly depreciating asset is financial suicide in my opinion unless the car is half of your annual salary and you're in an industry such as IT / Healthcare / Public service with guaranteed job security... or you've got significant savings / inheritance windfall or some other unicorn type of scenario.

I'm not taking a car out to impress people or Facebook but I do understand your point there is a good few of them out there. I've always been into cars and I want to get it as it's something I know I'll appreciate and look after and mainly enjoy. I do work in I.T and my job thankfully is safe for the foreseeable future anyway.

Mooooo

It's as simple as this, budget out what you need to live on plus extras - nights out/ holidays whatever, include x amount for savings and if you can afford a loan over X period after that work away. Car is gonna depreciate no matter what it is, the loan is only a way of managing cash flow really. I'd be very surprised if anyone pays for cars of that amount or above out of savings even if they have it.

TheBlock

Willie Stroker 1976 wrote: »

I'm not taking a car out to impress people or Facebook but I do understand your point there is a good few of them out there. I've always been into cars and I want to get it as it's something I know I'll appreciate and look after and mainly enjoy. I do work in I.T and my job thankfully is safe for the foreseeable future anyway.

I bought a couple of new cars and financed some in my 20s and early 30s. Do I regret it yes and no, It seems like wasted money now I have three kids but I drove some great cars that I've no chance of ever driving again!!.

If you've just finished a Credit Union loan see what there rate is for a car loan often cheapest around.

Willie Stroker 1976

TheBlock wrote: »

I bought a couple of new cars and financed some in my 20s and early 30s. Do I regret it yes and no, It seems like wasted money now I have three kids but I drove some great cars that I've no chance of ever driving again!!.

If you've just finished a Credit Union loan see what there rate is for a car loan often cheapest around.

Thanks thats a good answer, I guess atleast you had your fun. I feel I'll probably look back and say the same it wad wasted money, but I buy that much crap I'd rather throw it towards a car.

Idbatterim

I bought a couple of new cars and financed some in my 20s and early 30s. Do I regret it yes and no, It seems like wasted money now I have three kids but I drove some great cars that I've no chance of ever driving again!!.

I think you can justify it more if it is indeed a great car, an m3, or even if not an m, a proper m sport with decent petrol engine. I am assume the op is talking about some tractor engine 3 series and I personally wouldnt attach any prestige to them...

Id prefer to get a serious car like the below and get done on tax, than some joke car and lose it on depreciation and loan interest on what Id would describe as a mediocre car at a push...

https://www.donedeal.ie/cars-for-sale/mercedes-s500/14206598?campaign=3

(If it werent for a bigger priority for the next few months, Id be all over that car)

Idbatterim

I'm not taking a car out to impress people or Facebook but I do understand your point there is a good few of them out there. I've always been into cars and I want to get it as it's something I know I'll appreciate and look after and mainly enjoy. I do work in I.T and my job thankfully is safe for the foreseeable future anyway.

you could pick up an e60 5 series m sport for about 5k, would you not enjoy that?

The Bishop Basher

OP - If you want the car, can afford the car and will get enjoyment from the car, then just go buy it..

It probably won't be the most prudent financial decision you'll ever make but you're 27 with no ties and feck all responsibilities so do it now while you can.. Plenty of time later to be prudent..

Willie Stroker 1976

Idbatterim wrote: »

you could pick up an e60 5 series m sport for about 5k, would you not enjoy that?

I could pick up a motorbike for 1k and have fun on that but your missing my point, I want something up the years, new-ish, reliable and from a garage to have warranty. Im sick of buying other peoples problem cars and pumping money into them, I'll pay more going newer but thats the reason I'm here, to ge opinions from people who have done it and how they found the experience

Idbatterim

I could pick up a motorbike for 1k and have fun on that but your missing my point, I want something up the years, new-ish, reliable and from a garage to have warranty. Im sick of buying other peoples problem cars and pumping money into them, I'll pay more going newer but thats the reason I'm here, to ge opinions from people who have done it and how they found the experience

my opinion is this, unless you are prepared to spend a lot. You either get a good car or a newer number plate OR spend a lot and get both IMO...

ShadowHearth

Willie Stroker 1976 wrote: »

I could pick up a motorbike for 1k and have fun on that but your missing my point, I want something up the years, new-ish, reliable and from a garage to have warranty. Im sick of buying other peoples problem cars and pumping money into them, I'll pay more going newer but thats the reason I'm here, to ge opinions from people who have done it and how they found the experience

Okay, so let's call spade a spade here. You are not looking for your dream car, but you looking for reliable car and not to worry about repairs. You are CIP 2.0. :pac:

In that case 3 year old Bmw would be the last thing I would recommend to you. Its out of manufacturers warranty, most likely pcp trade in and at that point it will be a car that most likely will need it's big service.
With your budget of 35k, i would just go brand new car with 0% Apr pcp. Then buy it out in the end or do trade in thing. In reality, by buying second hand Bmw and adding another 7.5% on 30k loan you will pay a massive price tag. With 0% Apr it will make better financial decision.
With brand new car you will have manufacturers warranty, most pcps include free service plan too.
You won't get brand new BMW, but ****, 35k can buy you a very very decent car.

Willie Stroker 1976

ShadowHearth wrote: »

Okay, so let's call spade a spade here. You are not looking for your dream car, but you looking for reliable car and not to worry about repairs. You are CIP 2.0. :pac:

In that case 3 year old Bmw would be the last thing I would recommend to you. Its out of manufacturers warranty, most likely pcp trade in and at that point it will be a car that most likely will need it's big service.
With your budget of 35k, i would just go brand new car with 0% Apr pcp. Then buy it out in the end or do trade in thing. In reality, by buying second hand Bmw and adding another 7.5% on 30k loan you will pay a massive price tag. With 0% Apr it will make better financial decision.
With brand new car you will have manufacturers warranty, most pcps include free service plan too.
You won't get brand new BMW, but ****, 35k can buy you a very very decent car.

I wont play it down I the BMW I'm after is a 2013 M Sport 520, I'm not just getting it for the reliability but also the fact they are beautiful. I might have a look around and see, I think with Pcp its a thing if you plan to commit to a new car every few years, also if you cash out after the 3-4yrs I think it works out dearer. But the good thing is I have a while to figure out what to do I guess

Jofspring

Without reading through the whole thread I saw a few mentions of the car devaluing by 10k ish over two years.

Just a recent example. My father has a 2012 BMW 520d bought two years ago for 35k. Was recently offered 17k off BMW dealer for it. So that was a depreciation of 18k which i thought was very high. Had expected maybe 7k a year devaluation. Safe to say he hasn't bothered changing yet.

MarkN

Jofspring wrote: »

Without reading through the whole thread I saw a few mentions of the car devaluing by 10k ish over two years.

Just a recent example. My father has a 2012 BMW 520d bought two years ago for 35k. Was recently offered 17k off BMW dealer for it. So that was a depreciation of 18k which i thought was very high. Had expected maybe 7k a year devaluation. Safe to say he hasn't bothered changing yet.

The 520d was very odd for 2014-2016. I got 36k for a 2012 one in early 2014. A year later, they were still going for 35/36.

Casati

Willie Stroker 1976 wrote: »

I wont play it down I the BMW I'm after is a 2013 M Sport 520, I'm not just getting it for the reliability but also the fact they are beautiful. I might have a look around and see, I think with Pcp its a thing if you plan to commit to a new car every few years, also if you cash out after the 3-4yrs I think it works out dearer. But the good thing is I have a while to figure out what to do I guess

I say go for it if you think you can afford it! Plenty of clever folk saved every penny and bought lovely one bedroom studio apartments, but are still in negative equity ten years later - if they had blown their savings and spent all their wages they would be much better off now! I bought a two year old E36 when in my twenties and living at home, and despite everybody telling me I was mad, I sold it after a year having lost only 1k on depreciation (and while having the reassurance of a warranty and zero maintenance costs).

Although wiser folk would always tell you to buy a ten year old luxobarge for 4k, i see nothing wrong with wanting to have a more modern car and a three year old 520d could be a lovely purchase. Buying with 2 year BMW warranty is a smart move too. I'd advise you to look at the prices that 2011 520d are making on done deal privately and see if you can live with the likely depreciation- its quite likely that you would lose less on it than if you spent 15k on the wrong car

Willie Stroker 1976

Casati wrote: »

I say go for it if you think you can afford it! Plenty of clever folk saved every penny and bought lovely one bedroom studio apartments, but are still in negative equity ten years later - if they had blown their savings and spent all their wages they would be much better off now! I bought a two year old E36 when in my twenties and living at home, and despite everybody telling me I was mad, I sold it after a year having lost only 1k on depreciation (and while having the reassurance of a warranty and zero maintenance costs).

Although wiser folk would always tell you to buy a ten year old luxobarge for 4k, i see nothing wrong with wanting to have a more modern car and a three year old 520d could be a lovely purchase. Buying with 2 year BMW warranty is a smart move too. I'd advise you to look at the prices that 2011 520d are making on done deal privately and see if you can live with the likely depreciation- its quite likely that you would lose less on it than if you spent 15k on the wrong car

Hey Casati, yes I am just sick of piling money into older cars, last month alone I spent €400 on parts for my 2006 golf. Yeah the warranty is what stands out to me the most, not having to sweat over repairs and costs for 2 years, I think I have made up my mind, its going to be a good summer lol.

I have been checking out prices and obviously buying it from a Bmw dealership they are 3-5k North of the private sale average asking price, but I would rather that And have a clean one with warranty.

MarkN

Don't forget you can extend the warranty once the two years is up. Obviously wear and tear stuff isn't covered by warranty. Think road tax is €220 on them now if auto.

Willie Stroker 1976

MarkN wrote: »

Don't forget you can extend the warranty once the two years is up. Obviously wear and tear stuff isn't covered by warranty. Think road tax is €220 on them now if auto.

How does extending it work? Prob a grand or 2 I'd say?

MarkN

€500 on my 635 with an excess of €600. You can have zero excess for about €1100. 520d would be less. 3 levels of cover available - price above is full warranty. They'll write to you when your 2 year dealer warranty nears an end.

https://www.bmw-warranty.ie/Start

Casati

MarkN wrote: »

€500 on my 635 with an excess of €600. You can have zero excess for about €1100. 520d would be less. 3 levels of cover available - price above is full warranty. They'll write to you when your 2 year dealer warranty nears an end.

https://www.bmw-warranty.ie/Start

Can you buy an approved used BMW in the U.K. and then extend the warranty here for year two and beyond? For the OP this probably won't work as he needs finance but I wonder can this be done or will they only extend warranty on cars registered in Ireland originally?