M240: How to buy? 2017 on PCP, or 2020 Leased?

[C70R]

Just really throwing some ideas around on changing our cars at the moment. I fancy something a bit newer than my Mini as a weekend car, and I'm hooked on the idea of the M240i at the moment.

I've never had any kind of finance on a fun car, but our London runabout (225xe) is leased and I've found it quite a refreshing way to 'own' a car.

I'd initially looked at 3-year old M240s, with a rough budget of £23k. It seems to get me what I'm looking for (auto, adaptive damping, potentially an M-Performance exhaust). An extended warranty is about £600/yr all-in too.

The thought then came to paying for it. I was intending to take out a loan (we need cash in the bank to buy another property when Corona settles down), but saw some BMW PCP quotes that turned my head (3yrs is ~£350/mth). I then toddled off to see what the new leased price would be - and it's almost identical.

I'm now at a quandary. The car is going to be used fairly sparingly (I average <5k a year in my weekend cars), and mainly for things like driving roadtrips and the occasional lap of the Ring. I'd also like to do the odd 'sanitised' trackday, if I get the time. I might also like to make a few tweaks too (remap, LSD).

My gut says to just get a new leased car and be done with it, but I don't think it would be compatible with my plans for it.

Has anyone been in the same position?

[ToastMan76]

Similar predicament but you have to look at it this way. You buy a used one with a loan and in 3 years you have cash equity. You take out a pcp and in 3 years hand it back or take out a loan for nearly as much as buying a 3 year old one now - but youve stumped up 10k already. Third you lease a new, and in 3 years have paid £10k but dont have anything at the end.

Used is probably the way to go but its your circumstances. Id wait until the supposed 1.9% APR deals come through next week and speak to TRL. Dont forget with the used you may be getting them pre-17 tax changes.

[tonyb1968]

C70R said:

Just really throwing some ideas around on changing our cars at the moment. I fancy something a bit newer than my Mini as a weekend car, and I'm hooked on the idea of the M240i at the moment.

I've never had any kind of finance on a fun car, but our London runabout (225xe) is leased and I've found it quite a refreshing way to 'own' a car.

I'd initially looked at 3-year old M240s, with a rough budget of £23k. It seems to get me what I'm looking for (auto, adaptive damping, potentially an M-Performance exhaust). An extended warranty is about £600/yr all-in too.

The thought then came to paying for it. I was intending to take out a loan (we need cash in the bank to buy another property when Corona settles down), but saw some BMW PCP quotes that turned my head (3yrs is ~£350/mth). I then toddled off to see what the new leased price would be - and it's almost identical.

I'm now at a quandary. The car is going to be used fairly sparingly (I average <5k a year in my weekend cars), and mainly for things like driving roadtrips and the occasional lap of the Ring. I'd also like to do the odd 'sanitised' trackday, if I get the time. I might also like to make a few tweaks too (remap, LSD).

My gut says to just get a new leased car and be done with it, but I don't think it would be compatible with my plans for it.

Has anyone been in the same position?

If you are buying on PCP without the intention to buy or leasing the car, you won't be able to do anything to it, its still owned by BMW and they can take it back off you and leave you without a car and out of pocket.

I would suggest a bank loan and going 2nd hand, that way the car is effectively yours (well the banks), you can do what you want (though you will void the warranty) and bank loans are very cheap at the moment.

[ZX10R NIN]

As capable as the M240 is if you're thinking about some mods maybe you should look at a used M2 they're not much more money will depreciate a bit slower you can still put a BMW warranty on it & it'll be that bit more special.

https://www.autotrader.co.uk/classified/advert/202...

https://www.autotrader.co.uk/classified/advert/202...

https://www.autotrader.co.uk/classified/advert/202...

Or an M4 with 2.5k cash back:

https://www.autotrader.co.uk/classified/advert/202...

[hoganscrogan]

Agree some form of used M might make more sense for your planned use, especially when you factor in cost of adding a diff. The M diff is pretty clever and overall cost/residuals might be better. I'm in my first M car (leased M2 comp dct) and already thinking of buying a used manual box replacement of same car once lease finished.

Edited by hoganscrogan on Sunday 10th May 07:59

[SWoll]

Is this going to be a weekend only car? I'd have though there are many more interesting options for that budget that an M240i?

[JackReacher]

SWoll said:

Is this going to be a weekend only car? I'd have though there are many more interesting options for that budget that an M240i?

This, and I say that as an owner of a m240i. I bought mine as an all rounder that could do 15k miles commuting a year, and as an ok weekend car, but it doesn't deliver as a weekend car.

I previously had a Gen 2 987 Cayman as a weekend car (no commuting) and it was a much more entertaining drive, not as quick as the m240i but better in every other way. If you really want a BMW or need 4 seats, then look at the M2 as already mentioned, wish I'd spent more and got one of them instead.

In terms of financing, get a low rate personal loan.

[greggy50]

I would consider an M2 I have seen some good deals on PCP for a used model

[Nano2nd]

greggy50 said:

I would consider an M2 I have seen some good deals on PCP for a used model

care to share a link?

[Driver101]

The M240i isn't a weekend car.

As said above if you're going to be spending money on modifications to make up for the shortcomings you may as well buy an M2. It'll be cheaper in the longer run.

Edited by Driver101 on Sunday 10th May 19:50

[greggy50]

Nano2nd said:

greggy50 said:

I would consider an M2 I have seen some good deals on PCP for a used model

care to share a link?

£1,500 down and £357pm for a 2 year 10k pa agreement.

https://www.autotrader.co.uk/classified/advert/202...

[Driver101]

greggy50 said:

Nano2nd said:

greggy50 said:

I would consider an M2 I have seen some good deals on PCP for a used model

care to share a link?

£1,500 down and £357pm for a 2 year 10k pa agreement.

https://www.autotrader.co.uk/classified/advert/202...

Is £10k for 2 years a good deal? It won't depreciate that much in 2 years unless the market slumps.

That listing shows 3 owners, but it's listed as 4 too. 5 owners on a 2.5 year old car. Doesn't sound good.

The condition of the car is only listed as good. There will be a lot more than the kerbed wheels to worry about.

[greggy50]

Driver101 said:

greggy50 said:

Nano2nd said:

greggy50 said:

I would consider an M2 I have seen some good deals on PCP for a used model

care to share a link?

£1,500 down and £357pm for a 2 year 10k pa agreement.

https://www.autotrader.co.uk/classified/advert/202...

Is £10k for 2 years a good deal? It won't depreciate that much in 2 years unless the market slumps.

That listing shows 3 owners, but it's listed as 4 too. 5 owners on a 2.5 year old car. Doesn't sound good.

The condition of the car is only listed as good. There will be a lot more than the kerbed wheels to worry about.

They are others for similar money just linked one quickly...

The point is they are similar money to a M240i of course it's cheaper to buy one for cash but the OP is referencing PCP

You have more chance having some equity at the end as well with a M2 on PCP

[mythdat]

As others have said, an M240i is really not a weekend car. I think you'd be disappointed with one for that purpose, and I own an M235i. It's a fairly standard small saloon with a nice engine dropped into it - brilliant daily, but it's no sports car.

[Bone Rat]

Would agree with the above opinions, have used M240i as daily driver for 2 years. It's a fast comfortable car but wouldn't take it at the weekend for a leisure drive. Am in situation of having a selection of cars in family, wife's 718s is far more sorted for a modern car. The BMW is a nice car but not special, would go M2 if a sense of occasion was wanted

Edited by Bone Rat on Sunday 10th May 20:36

[Nano2nd]

Driver101 said:

greggy50 said:

Nano2nd said:

greggy50 said:

I would consider an M2 I have seen some good deals on PCP for a used model

care to share a link?

£1,500 down and £357pm for a 2 year 10k pa agreement.

https://www.autotrader.co.uk/classified/advert/202...

Is £10k for 2 years a good deal?

no it isn't!

[greggy50]

Nano2nd said:

Driver101 said:

greggy50 said:

Nano2nd said:

greggy50 said:

I would consider an M2 I have seen some good deals on PCP for a used model

care to share a link?

£1,500 down and £357pm for a 2 year 10k pa agreement.

https://www.autotrader.co.uk/classified/advert/202...

Is £10k for 2 years a good deal?

no it isn't!

I don't think it's terrible if you paid £28k for that car now I doubt it would be much more than £19/20k in 2 years if you stuck 20k miles on it.

It would be cheaper to bank loan and buy but the OP was referencing PCP and due to residuals M2s are very similar to a M240i if you are buying that way.

[Mako V12V]

Hey, I’ve just put my Estoril blue M240i up fo4 sale on a PH...
https://www.pistonheads.com/classifieds/used-cars/...