Advice needed on selling BMW F10

bbari · 24-10-2015 11:38PM #1

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 · 24-10-2015 11:55PM

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 · 25-10-2015 12:01AM

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 · 25-10-2015 12:45AM

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 · 25-10-2015 11:07AM

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 · 25-10-2015 11:14AM

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 · 25-10-2015 01:46PM

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 · 25-10-2015 02:10PM

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 · 25-10-2015 07:07PM

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 · 25-10-2015 07:13PM

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 · 25-10-2015 08:22PM

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

carsfan · 25-10-2015 09:58PM

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 · 25-10-2015 10:03PM

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 · 25-10-2015 10:10PM

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 · 25-10-2015 10:14PM

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 · 25-10-2015 10:14PM

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

bbari · 25-10-2015 10:14PM

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 · 25-10-2015 10:16PM

[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 · 25-10-2015 10:17PM

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 · 25-10-2015 10:17PM

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 · 25-10-2015 10:20PM

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 · 25-10-2015 10:29PM

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 · 25-10-2015 11:50PM

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 · 25-10-2015 11:57PM

Maybe they don't want to rent.

bbari · 26-10-2015 12:52AM

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 · 26-10-2015 11:44AM

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 · 26-10-2015 02:08PM

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 · 26-10-2015 02:25PM

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

helimachoptor · 26-10-2015 02:28PM

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 · 26-10-2015 04:47PM

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 · 26-10-2015 05:10PM

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)

Advice needed on selling BMW F10

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