BMW Approved Used
Discussion
Hi guys,
Im really looking for some advice and where to go with the following!
I've always loved the M4's, owned a E93 M3 3 years ago but currently dont have a car.
I've seen a nice BMW M4, 66 plate, 24k miles for sale for £35,750.
I've been trying to haggle with what I can and this is the "best" deal that was given. £35,200 for the car.
Option 1: BMW Finance PCP - £2000 deposit, £519 a month, 48 months, £14.9k balloon payment, 12k miles per year. 6.3% APR.
Option 2: Bank HP- £2000 deposit, £749.75 a month, 48 months, £0 balloon payment, unlimited miles, 4.4% APR.
Option 3: Bank PCP - £2000 deposit, £611.45 a month, 48 months, £9.7k Balloon payment, 12k miles, 6.4% APR.
First question I have, Is this car worth this money?? (See link to BMW's website)
https://usedcars.bmw.co.uk/vehicle/201908291645620...
Second question, What is the best finance option? I would try and over pay when I can to try and lower monthly payments.
They are unable to now move on the price at all, they are also unable to offer any packages on the car. It obviously comes with 1 years warranty and thats it.
Really appreciate your help guys!
- C
Im really looking for some advice and where to go with the following!
I've always loved the M4's, owned a E93 M3 3 years ago but currently dont have a car.
I've seen a nice BMW M4, 66 plate, 24k miles for sale for £35,750.
I've been trying to haggle with what I can and this is the "best" deal that was given. £35,200 for the car.
Option 1: BMW Finance PCP - £2000 deposit, £519 a month, 48 months, £14.9k balloon payment, 12k miles per year. 6.3% APR.
Option 2: Bank HP- £2000 deposit, £749.75 a month, 48 months, £0 balloon payment, unlimited miles, 4.4% APR.
Option 3: Bank PCP - £2000 deposit, £611.45 a month, 48 months, £9.7k Balloon payment, 12k miles, 6.4% APR.
First question I have, Is this car worth this money?? (See link to BMW's website)
https://usedcars.bmw.co.uk/vehicle/201908291645620...
Second question, What is the best finance option? I would try and over pay when I can to try and lower monthly payments.
They are unable to now move on the price at all, they are also unable to offer any packages on the car. It obviously comes with 1 years warranty and thats it.
Really appreciate your help guys!
- C
The price of the car looks very reasonable for a main dealer car of that age, they will know that so I’m not surprised they aren’t budging much.
I’d go with the normal bank loan personally but there isn’t a right answer for everyone. You can get sub 3% if you borrow 25k and top up the rest with cash. Or just get two loans
I’d go with the normal bank loan personally but there isn’t a right answer for everyone. You can get sub 3% if you borrow 25k and top up the rest with cash. Or just get two loans
The price of getting 2 loans actually works out more for some reason?
As long as the deal is good i think i will go with the bank finance. Only thing is, when I spoke to the BMW representative he had said that bank loans are bad as BMW do not have a "investment" in the car, etc etc.
The only reason im buying main dealer is the 1 year warranty, or am i playing this all wrong and should go private?
Thanks
As long as the deal is good i think i will go with the bank finance. Only thing is, when I spoke to the BMW representative he had said that bank loans are bad as BMW do not have a "investment" in the car, etc etc.
The only reason im buying main dealer is the 1 year warranty, or am i playing this all wrong and should go private?
Thanks
Cperryb said:
As long as the deal is good i think i will go with the bank finance. Only thing is, when I spoke to the BMW representative he had said that bank loans are bad as BMW do not have a "investment" in the car, etc etc
Of course he did 
. I expect he’s on some extra commission if he can flog you BMW finance. You should be getting the same warranty regardless of how you fund the car. I don’t see what benefits there are to BMW Financial Services (who are, as I understand, a completely separate company to BMW UK) owning the car as opposed to your bank.
When looking at these things in addition to checking which is the most cost effective. I always try and consider how I’d feel making the monthly payments in 24-36 months time when the novelty of the car has invariably worn off.
Also, I obviously don’t know your personal circumstances, but with a 2k deposit I’d have thought you’re going to be in negative equity for quite a portion of the ownership. Might make things tricky should you want out!
Also, I obviously don’t know your personal circumstances, but with a 2k deposit I’d have thought you’re going to be in negative equity for quite a portion of the ownership. Might make things tricky should you want out!
Go Compare said:
When looking at these things in addition to checking which is the most cost effective. I always try and consider how I’d feel making the monthly payments in 24-36 months time when the novelty of the car has invariably worn off.
Also, I obviously don’t know your personal circumstances, but with a 2k deposit I’d have thought you’re going to be in negative equity for quite a portion of the ownership. Might make things tricky should you want out!
I don’t think he will be in negative equity, or not a lot. His price is at the bottom end of the market. 2k down and 6 months in he will be af least break even. Also, I obviously don’t know your personal circumstances, but with a 2k deposit I’d have thought you’re going to be in negative equity for quite a portion of the ownership. Might make things tricky should you want out!
Jbeale96 said:
Of course he did . I expect he’s on some extra commission if he can flog you BMW finance. You should be getting the same warranty regardless of how you fund the car.
I don’t see what benefits there are to BMW Financial Services (who are, as I understand, a completely separate company to BMW UK) owning the car as opposed to your bank.
The bank would not own the car in the case of a personal loan. With the BMW Finance option the agreement is tri-partite so BMWFS are partly responsible for ensuring the car is of suitable quality, should the OP face issues with it this can make it easier to resolve.. I expect he’s on some extra commission if he can flog you BMW finance. You should be getting the same warranty regardless of how you fund the car. I don’t see what benefits there are to BMW Financial Services (who are, as I understand, a completely separate company to BMW UK) owning the car as opposed to your bank.
Cperryb said:
The price of getting 2 loans actually works out more for some reason?
As long as the deal is good i think i will go with the bank finance. Only thing is, when I spoke to the BMW representative he had said that bank loans are bad as BMW do not have a "investment" in the car, etc etc.
Thanks
Get BMW Finance to match the bank loans then?As long as the deal is good i think i will go with the bank finance. Only thing is, when I spoke to the BMW representative he had said that bank loans are bad as BMW do not have a "investment" in the car, etc etc.
Thanks
I too am in the market for an M4 and have been for the past 3 months waiting for the right car to come along. That car is about right on price in my experience, got a good spec incl the icon lights etc, and good colour combo. Got the bonus of being a 66 plate too, the last under the old cheaper tax scheme. Only reason I'm holding off is as I think values may fall a little more and make it more affordable for me, once the new M4 is announced.
If you can afford it go HP all that way, via a traditional bank. As others have mentioned, their primary concern is the incentives on the finance schemes.
If you can afford it go HP all that way, via a traditional bank. As others have mentioned, their primary concern is the incentives on the finance schemes.
Presumably with the PCP you have the option to give the car back so it depends on what your plans are long term?
At least with the bank loan one you know exactly what its going to cost you.
Say on the PCP you decide to pay the balloon at the end and you need to bank loan it anyway, you then have an unknown APR for that in 4 years time.
At least with the bank loan one you know exactly what its going to cost you.
Say on the PCP you decide to pay the balloon at the end and you need to bank loan it anyway, you then have an unknown APR for that in 4 years time.
jamoor said:
as the model 3 performance does everything better .
err... does what better? looks... err no, sound.. err no... handling... err no, sustained performance over 200 miles err... no. and as for costs, i doubt the TCO of a new Model 3 over a bottom of the market M4 would be less... okay i'll give you that its more economical (this is PH right?) and it will out accelerate a M4 a couple of times whilst the batteries work 
to answer the OP, clearly option 2 is the cheapest overall, as stated option 4 would be cheaper to get 2x low rate 2.9ish % bank loans.... whether its "worth" it or not is another question that only you can answer.
For the PCP options have you looked new or nearly new/pre-reg? you'll get a much better rate and your monthlies won't be much more if that's what your concerned about (plus you'l get 3 year warranty etc)... i doubt that the cheapest overall option though
For the PCP options have you looked new or nearly new/pre-reg? you'll get a much better rate and your monthlies won't be much more if that's what your concerned about (plus you'l get 3 year warranty etc)... i doubt that the cheapest overall option though
Nano2nd said:
err... does what better? looks... err no, sound.. err no... handling... err no, sustained performance over 200 miles err... no. and as for costs, i doubt the TCO of a new Model 3 over a bottom of the market M4 would be less... okay i'll give you that its more economical (this is PH right?) and it will out accelerate a M4 a couple of times whilst the batteries work
https://www.topgear.com/car-news/electric/tesla-model-3-vs-bmw-m3-elon-musk#12In this article the Tesla basically won.
And you don't have to get.ripped off on oil changes, brake changes, coolant changes etc.
I also suspect fuelling an M4 will be 3000£ odd over 10k Vs a few hundred on the M4
Anyway my point was to be careful about the resale values as I'm sure these cars will be affected. I wasn't comparing the 2
jamoor said:
https://www.topgear.com/car-news/electric/tesla-mo...
In this article the Tesla basically won.
And you don't have to get.ripped off on oil changes, brake changes, coolant changes etc.
I also suspect fuelling an M4 will be 3000£ odd over 10k Vs a few hundred on the M4
Anyway my point was to be careful about the resale values as I'm sure these cars will be affected. I wasn't comparing the 2
Such odd posts.In this article the Tesla basically won.
And you don't have to get.ripped off on oil changes, brake changes, coolant changes etc.
I also suspect fuelling an M4 will be 3000£ odd over 10k Vs a few hundred on the M4
Anyway my point was to be careful about the resale values as I'm sure these cars will be affected. I wasn't comparing the 2
Nano2nd said:
if you wait about 15 years they will be sub £5k i recon
yeah yeah yeah, very pedantic. Obviously the values will continue to fall over time anyway, it's not likely to be branded a modern classic anytime soon. But equally BMW are just launching their run-out M4's, so I suspect the gradient of value decrease is likely to get a little steeper for a short time in the near-ish future. And since I'm not in a desperate hurry that could work in my favour. Happy?
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