BMW 3 Series Touring (G21) Buying Advice
Discussion
I'm seriously considering buying the above car in the next few months. I've never had to deal with different finance options before, and have spent the last few weeks doing my research.
Originally, I was looking at PCP as I was wanting to keep monthly costs as low as possible. HP appealed also as I would then own the car at the end. However, I am now thinking a personal loan would be the way to go, as due to my good credit score I can get an alright interest rate.
As I have my heart set on a G21 (late 2019 onwards), it seems I'm looking at around £30k-£33k for an M Sport with decent pack options. My current thinking is use my credit card to do a cash transfer of £10k which is 0% for 12 months (this does include a 4% charge however, so an additional £400), use that as a deposit and start paying it off for the 12 months and then just do a balance transfer to another 0% card.
The remaining balance will be paid in the form of a personal loan from Natwest which is coming in at 5.9% for a £23k loan. This will be paid off over seven years, or sooner depending on my financial situation in the future.
I like the idea of owning the car and not having to worry about mileage, and more importantly, if something were to go wrong for me in the future financially, I can just sell the car and clear any remaing credit owed, or at least most of it.
Is this a sensible approach or am I being stupid for putting so much credit in my name? Should I look for something cheaper? Should I hold off and hope prices fall slightly? As I said though, I really want the G21 version as I just want something a little newer with a modern interior. Owning a giant Golden Retreiver and the misses talking about babies at some point soon, this seems the perfect car for us.
Examples:
https://www.autotrader.co.uk/car-details/202209159...
https://www.autotrader.co.uk/car-details/202209230...
https://www.autotrader.co.uk/car-details/202209149...
Originally, I was looking at PCP as I was wanting to keep monthly costs as low as possible. HP appealed also as I would then own the car at the end. However, I am now thinking a personal loan would be the way to go, as due to my good credit score I can get an alright interest rate.
As I have my heart set on a G21 (late 2019 onwards), it seems I'm looking at around £30k-£33k for an M Sport with decent pack options. My current thinking is use my credit card to do a cash transfer of £10k which is 0% for 12 months (this does include a 4% charge however, so an additional £400), use that as a deposit and start paying it off for the 12 months and then just do a balance transfer to another 0% card.
The remaining balance will be paid in the form of a personal loan from Natwest which is coming in at 5.9% for a £23k loan. This will be paid off over seven years, or sooner depending on my financial situation in the future.
I like the idea of owning the car and not having to worry about mileage, and more importantly, if something were to go wrong for me in the future financially, I can just sell the car and clear any remaing credit owed, or at least most of it.
Is this a sensible approach or am I being stupid for putting so much credit in my name? Should I look for something cheaper? Should I hold off and hope prices fall slightly? As I said though, I really want the G21 version as I just want something a little newer with a modern interior. Owning a giant Golden Retreiver and the misses talking about babies at some point soon, this seems the perfect car for us.
Examples:
https://www.autotrader.co.uk/car-details/202209159...
https://www.autotrader.co.uk/car-details/202209230...
https://www.autotrader.co.uk/car-details/202209149...
Best rate I could find 10 days ago was 5.1% from Tesco. Applied Saturday afternoon, paperwork with me on Tuesday, money in my account on Wednesday.
Other banks were supposedly offering lower rates, but not when I actually started the application. Tesco was the only bank where I could actually get the advertised rate. Odd, since my Clearscore rating is 916.
I'm a little shocked that a 3 year old 320d costs over £30k though
Other banks were supposedly offering lower rates, but not when I actually started the application. Tesco was the only bank where I could actually get the advertised rate. Odd, since my Clearscore rating is 916.
I'm a little shocked that a 3 year old 320d costs over £30k though
I picked up a G21 330d xdrive m sport + at the start of June with 33k miles, similar logic to yourself in that I wanted to not worry about mileage, condition etc. I’ve done 10k miles so far and it’s been the ideal car for me and our one child family, one caveat is that you must get the adaptive suspension (standard on the plus edition cars), the ride on my previous 3 and 5 series on passive was the reason I sold otherwise ideal cars.
I paid cash so can’t comment on financing, however I will say that I got mine approved used for £33k which is the larger engine and has every option except the visibility pack, so the examples you are considering appear a bit pricey to me. I also track the market for the cars I own, and these have markedly softened in my 5 months of ownership, so much so that I’m considering selling as I will be working away without my car for much of the next 6-9 months and suspect I’ll be a couple of thousand to the good if I sell now and get another once I complete this project. Beyond present pricing bubble/market weirdness; there are a lot less G21s than there were of previous generations given their launch being late ‘19, so value should stand up as well as any mainstream German car if keeping longer.
Edit; that sounds a bit like I’m trying to flog you mine ^^ I’m not, honest. I may keep it as I’ll struggle to replace for as good spec
I paid cash so can’t comment on financing, however I will say that I got mine approved used for £33k which is the larger engine and has every option except the visibility pack, so the examples you are considering appear a bit pricey to me. I also track the market for the cars I own, and these have markedly softened in my 5 months of ownership, so much so that I’m considering selling as I will be working away without my car for much of the next 6-9 months and suspect I’ll be a couple of thousand to the good if I sell now and get another once I complete this project. Beyond present pricing bubble/market weirdness; there are a lot less G21s than there were of previous generations given their launch being late ‘19, so value should stand up as well as any mainstream German car if keeping longer.
Edit; that sounds a bit like I’m trying to flog you mine ^^ I’m not, honest. I may keep it as I’ll struggle to replace for as good spec
That is quite a bit of high risk credit.
Are you guaranteed access to repeated 0% balance transfers? Most people also won't be given £23k via personal loan.
Financing via HP is likely the better option and will require less financial juggling. PCP also an option if attractive enough.
Personally, £30k for a 3 year old 320d is ridiculous.
If you really want one, consider buying new and looking for the biggest discount you can find.
Are you guaranteed access to repeated 0% balance transfers? Most people also won't be given £23k via personal loan.
Financing via HP is likely the better option and will require less financial juggling. PCP also an option if attractive enough.
Personally, £30k for a 3 year old 320d is ridiculous.
If you really want one, consider buying new and looking for the biggest discount you can find.
I would take the straightforward option of a 25k personal loan over 5 years which keeps your payments down and also after 3 years you have your own balloon payment in theory as you will prob owe about 12 k and the car may be in positive equity.
Then I would skip the 3 series and buy a G31 5 series as the quality is a lot better and it’s a nicer all round car.
Plenty of space and 50mpg and warranty to boot.
https://www.autotrader.co.uk/car-details/202208188...
Then I would skip the 3 series and buy a G31 5 series as the quality is a lot better and it’s a nicer all round car.
Plenty of space and 50mpg and warranty to boot.
https://www.autotrader.co.uk/car-details/202208188...
SW12 said:
I picked up a G21 330d xdrive m sport + at the start of June with 33k miles, similar logic to yourself in that I wanted to not worry about mileage, condition etc. I’ve done 10k miles so far and it’s been the ideal car for me and our one child family, one caveat is that you must get the adaptive suspension (standard on the plus edition cars), the ride on my previous 3 and 5 series on passive was the reason I sold otherwise ideal cars.
I paid cash so can’t comment on financing, however I will say that I got mine approved used for £33k which is the larger engine and has every option except the visibility pack, so the examples you are considering appear a bit pricey to me. I also track the market for the cars I own, and these have markedly softened in my 5 months of ownership, so much so that I’m considering selling as I will be working away without my car for much of the next 6-9 months and suspect I’ll be a couple of thousand to the good if I sell now and get another once I complete this project. Beyond present pricing bubble/market weirdness; there are a lot less G21s than there were of previous generations given their launch being late ‘19, so value should stand up as well as any mainstream German car if keeping longer.
Edit; that sounds a bit like I’m trying to flog you mine ^^ I’m not, honest. I may keep it as I’ll struggle to replace for as good spec
I'll take it……I paid cash so can’t comment on financing, however I will say that I got mine approved used for £33k which is the larger engine and has every option except the visibility pack, so the examples you are considering appear a bit pricey to me. I also track the market for the cars I own, and these have markedly softened in my 5 months of ownership, so much so that I’m considering selling as I will be working away without my car for much of the next 6-9 months and suspect I’ll be a couple of thousand to the good if I sell now and get another once I complete this project. Beyond present pricing bubble/market weirdness; there are a lot less G21s than there were of previous generations given their launch being late ‘19, so value should stand up as well as any mainstream German car if keeping longer.
Edit; that sounds a bit like I’m trying to flog you mine ^^ I’m not, honest. I may keep it as I’ll struggle to replace for as good spec
Anyway, some of you say it sounds expensive, but if you can find anything under £30k for an M Sport I’ll be surprised.
This is the actual one I am interested in.
https://www.autotrader.co.uk/car-details/202210010...
Got a call to say it had gone and then the dealer came back to me and told me the guy didn’t pass finance checks so it’s back on market.
I looked at 5 series, but by all accounts it seems the 3 series is the better drive….. according to reviews.
Regarding the loan and credit cards, I have never had an issue with securing them, so I’m fairly confident I could get the loan (already pre-approved) and could shift to a new 0% card at the end of the 12 months.
dmsims said:
Bonkers for a 3 year old 4 pot diesel
You can buy a new BEV for that
Nothing is set in stone yet, happy to look at more sensible options. You can buy a new BEV for that
As I said, I’m pretty set on a 3 Series Touring, but I’m also not super clued up on what makes a good deal.
I’ve been in a VW Caddy Maxi for the last 5 years, and before that I worked abroad, so no idea about buying a modern car and what brand/model/price I should be looking at.
I wouldn't want to finance a car over 7 years. Will you want to be paying the same installments each month on a 8/9/10 year old BMW?
Don't take this the wrong way (as it would be equally true for me!) but £30k sounds like a lot of money for you if you're having to borrow it all and paying it back over such a long period of time.
Paying back £23k over 7 years at 5.9% APR plus £10k on a card is a borrowing cost of £5.4k and that assumes you can transfer the card debt to another in a 12 months and who knows what the economy will be doing in a year's time.
Also, as a parent myself I would suggest you fully consider the cost of that (reduced earnings, childcare costs for starters) before making a major financial commitment.
Personally I'd be wary of borrowing such an amount for a luxury/discretionary purchase in this uncertain economic climate, but then I do usually err on the side of caution when comes to finances.
Don't take this the wrong way (as it would be equally true for me!) but £30k sounds like a lot of money for you if you're having to borrow it all and paying it back over such a long period of time.
Paying back £23k over 7 years at 5.9% APR plus £10k on a card is a borrowing cost of £5.4k and that assumes you can transfer the card debt to another in a 12 months and who knows what the economy will be doing in a year's time.
Also, as a parent myself I would suggest you fully consider the cost of that (reduced earnings, childcare costs for starters) before making a major financial commitment.
Personally I'd be wary of borrowing such an amount for a luxury/discretionary purchase in this uncertain economic climate, but then I do usually err on the side of caution when comes to finances.
Edited by C G on Wednesday 19th October 14:10
Edited by C G on Wednesday 19th October 14:11
Fraxinu5 said:
I like the idea of owning the car and not having to worry about mileage, and more importantly, if something were to go wrong for me in the future financially, I can just sell the car and clear any remaing credit owed, or at least most of it.
Not necessarily, used car prices are high right now, in 2 years the market could have dropped significantly (in addition to the normal depreciation). C G said:
I wouldn't want to finance a car over 7 years. Will you want to be paying the same installments each month on a 8/9/10 year old BMW?
Don't take this the wrong way (as it would be equally true for me!) but £30k sounds like a lot of money for you if you're having to borrow it all and paying it back over such a long period of time.
Paying back £23k over 7 years at 5.9% APR plus £10k on a card is a borrowing cost of £5.4k and that assumes you can transfer the card debt to another in a 12 months and who knows what the economy will be doing in a year's time.
Also, as a parent myself I would suggest you fully consider the cost of that (reduced earnings, childcare costs for starters) before making a major financial commitment.
Personally I'd be wary of borrowing such an amount for a luxury/discretionary purchase in this uncertain economic climate, but then I do usually err on the side of caution when comes to finances.
You’re probably right mate, a sensible man might say that this is well beyond my means, but as an idiot I’m known for impulse buys and getting stuff I can’t afford. Don't take this the wrong way (as it would be equally true for me!) but £30k sounds like a lot of money for you if you're having to borrow it all and paying it back over such a long period of time.
Paying back £23k over 7 years at 5.9% APR plus £10k on a card is a borrowing cost of £5.4k and that assumes you can transfer the card debt to another in a 12 months and who knows what the economy will be doing in a year's time.
Also, as a parent myself I would suggest you fully consider the cost of that (reduced earnings, childcare costs for starters) before making a major financial commitment.
Personally I'd be wary of borrowing such an amount for a luxury/discretionary purchase in this uncertain economic climate, but then I do usually err on the side of caution when comes to finances.
Edited by C G on Wednesday 19th October 14:10
Edited by C G on Wednesday 19th October 14:11
I may have to hold off anyway tbh, at least until the end of January as the accountant has called and he did not provide me with news of a tax rebate, put it that way.
Fraxinu5 said:
You’re probably right mate, a sensible man might say that this is well beyond my means, but as an idiot I’m known for impulse buys and getting stuff I can’t afford.
I may have to hold off anyway tbh, at least until the end of January as the accountant has called and he did not provide me with news of a tax rebate, put it that way.
It's a great looking car, but in the end (and definitely in a few years) it's just another 320D.I may have to hold off anyway tbh, at least until the end of January as the accountant has called and he did not provide me with news of a tax rebate, put it that way.
Having owned all of the 320D's (since the E36 in the family and since the E90 myself) except for the current G-model, I definitely wouldn't want 7 years of finance on a 3 year old car.
From what I read the financial side doesn't make any sense at all. With a baby on the way I'd reprioritise and try to keep running what you have and make a decision once you've adjusted to the new realities of life in a year or two. Hopefully the market for a new car will be a bit different by then as well.
If you really need a car right now I'd be looking at a 2014-2016 estate where you can get everything from a loaded Mondea/Superb estate to a F31 320D, F11 530D, E300D. From a driving and comfort perspective these can offer similar to the newest 3-series, the only thing that'll be dated is the infotainment. You'll spend half the money for 90% of the car.
2015 MB E300D estate
2015 BMW 530D
2015 Mondeo 2.0T Estate
2014 MB CLS 350cdi Esate
HelldogBE said:
It's a great looking car, but in the end (and definitely in a few years) it's just another 320D.
Having owned all of the 320D's (since the E36 in the family and since the E90 myself) except for the current G-model, I definitely wouldn't want 7 years of finance on a 3 year old car.
From what I read the financial side doesn't make any sense at all. With a baby on the way I'd reprioritise and try to keep running what you have and make a decision once you've adjusted to the new realities of life in a year or two. Hopefully the market for a new car will be a bit different by then as well.
If you really need a car right now I'd be looking at a 2014-2016 estate where you can get everything from a loaded Mondea/Superb estate to a F31 320D, F11 530D, E300D. From a driving and comfort perspective these can offer similar to the newest 3-series, the only thing that'll be dated is the infotainment. You'll spend half the money for 90% of the car.
2015 MB E300D estate
2015 BMW 530D
2015 Mondeo 2.0T Estate
2014 MB CLS 350cdi Esate
Hold your horses cowboy, no kiddo on the way just yet, just the mere mention of it. Having owned all of the 320D's (since the E36 in the family and since the E90 myself) except for the current G-model, I definitely wouldn't want 7 years of finance on a 3 year old car.
From what I read the financial side doesn't make any sense at all. With a baby on the way I'd reprioritise and try to keep running what you have and make a decision once you've adjusted to the new realities of life in a year or two. Hopefully the market for a new car will be a bit different by then as well.
If you really need a car right now I'd be looking at a 2014-2016 estate where you can get everything from a loaded Mondea/Superb estate to a F31 320D, F11 530D, E300D. From a driving and comfort perspective these can offer similar to the newest 3-series, the only thing that'll be dated is the infotainment. You'll spend half the money for 90% of the car.
2015 MB E300D estate
2015 BMW 530D
2015 Mondeo 2.0T Estate
2014 MB CLS 350cdi Esate
I can probably push to £20-£23k quite comfortably, so maybe I should look at cars around that price range. I think I’d still like to stick with the 3 Series though. Any help would be greatly appreciated as I’m not sure what would make up a good find if I’m honest.
Fraxinu5 said:
Hold your horses cowboy, no kiddo on the way just yet, just the mere mention of it.
I can probably push to £20-£23k quite comfortably, so maybe I should look at cars around that price range. I think I’d still like to stick with the 3 Series though. Any help would be greatly appreciated as I’m not sure what would make up a good find if I’m honest.
If you're going to go for a 4 pot then the 330i is a good pick:I can probably push to £20-£23k quite comfortably, so maybe I should look at cars around that price range. I think I’d still like to stick with the 3 Series though. Any help would be greatly appreciated as I’m not sure what would make up a good find if I’m honest.
https://www.autotrader.co.uk/car-details/202210160...
https://www.autotrader.co.uk/car-details/202210070...
Diesel wise the 330d is imo the pick as the Xdrive cars don't drive as well.
330d Pro Nav:
https://www.autotrader.co.uk/car-details/202207268...
https://www.autotrader.co.uk/car-details/202207067...
https://www.autotrader.co.uk/car-details/202209139...
ZX10R NIN said:
If you're going to go for a 4 pot then the 330i is a good pick:
https://www.autotrader.co.uk/car-details/202210160...
https://www.autotrader.co.uk/car-details/202210070...
Diesel wise the 330d is imo the pick as the Xdrive cars don't drive as well.
330d Pro Nav:
https://www.autotrader.co.uk/car-details/202207268...
https://www.autotrader.co.uk/car-details/202207067...
https://www.autotrader.co.uk/car-details/202209139...
Cheers, mate. I think diesel is the one for me. If I went petrol I’d want the 340i but it would be too expensive to buy and run I’d imagine. I’m not set on 320d but it was the best balance for performance and cost. https://www.autotrader.co.uk/car-details/202210160...
https://www.autotrader.co.uk/car-details/202210070...
Diesel wise the 330d is imo the pick as the Xdrive cars don't drive as well.
330d Pro Nav:
https://www.autotrader.co.uk/car-details/202207268...
https://www.autotrader.co.uk/car-details/202207067...
https://www.autotrader.co.uk/car-details/202209139...
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