optimum trade in time

carsfan2

we have a 2020 BMW x5 3.0d bought new. It currently has 125k km on it, so roughly 30k km a year.

we planned to hold onto it for another year but a friend remarked over the weekend that it will lose a lot if it has another year on it and 160k approx. as main dealers won't want it. Sounds like rubbish to me but has anyone any knowledge if this is just talk or fact? I can't see it's value dropping off a cliff at this stage, I reckon it has already had its biggest drop in value.

Question is hold on or trade in?

Casati

https://www.boards.ie/discussion/2058334955/optimum-trade-in-time

There is no optimum time as such, however typically your trade-in drops a lot in value when it passes the stage that a main dealer will be happy to retail it - this is often a mix of age and mileage but other factors play - e.g. at the moment reluctance of main dealers to take trade-in's of even their own brand e.v's has led to some serious value loss as those cars have to be sold privately or via used dealers.

Your BMW would still be retailed by many dealers, but give it another year and with say 160k coupled with being 5 years old its less likely the bigger city based dealers will just auction it off- however country based dealers would often be seen to retail older and higher mileage cars.

One thing working against you might be the BMW Approved Used programme as you are over the mileage limit already- 120k. Cars sold on this programme make big money as they come with a bumper to bumper 2 year warranty.

Having said that, a 2020 X5 3.0d even with 200km on the clock is going to be in big demand outside of the main dealer network- also as they are v expensive to import due to high VRT, you dont have to worry about 'cheaper imports to compete with. Many SUV or premium specialists will want your car and will pay good money for it. If you are happy with the car I would be inclined to keep it, you are correct it already has lost of value versus new, but should hold its value going forward- also there is very little in the market as good as that 3.0d

bazz26

For it to be retailed by a BMW dealer it will need to have less than around 160k km on the clock, a full BMW service history and generally no more than 6 years old (there are some exceptions to this). X5s are expensive machines to repair when something goes wrong with them so buying a used one from a main dealer with a 1 or 2 year BMW approved used car warranty would be something I'd imagine many buyers would see the appeal of. In saying that, BMW dealer are notorious for giving low ball trade in offers.

goochy

i would say trade now , 160 k km on clock puts it in a whole different market to its current value / mileage . There will be plenty of low / average mileage vehicles to compete with.

dealers like Colm Quinn and Conlans should give trade in on it with current mileage but many dealers will sell off in trade even at 120 k kms

carsfan2

I extended the warranty last year at a cost of €850 and the service pack obviously has expired.

I am wary of running the car outside of warranty as have had big bills in the past so will extend again if keeping it and it needs a big service in 10k.

I get the need to balance the cost of keeping it in terms of running costs and depreciation versus changing now.

a new car will lose a load of money early on too so possibly swings and roundabouts.

unbelievably, in the four years since we bought it, equivalent car is now fifty percent more expensive due to vrt and price increases.

we bought it as a seven seater but don’t need one anymore so haven’t really even thought what we would get instead.

djan

https://www.boards.ie/discussion/comment/121731279#Comment_121731279

Financially speaking, as usual it's better to keep what you have. You seem happy with the X5 and given that a similair new replacement will cost you at least 50k, even if the whole engine goes, you'll be better off. The BMW I6 Diesels are a peach of an engine so why not stick with it for a while and see where things are once all the price cuts and competing new market entrants settle.