Let's talk money - BMW style - BUY/SELL/KEEP

[nazali]

The 25 was given to me last year when I was just testing the water, I'd go in with a more aggressive number if I do , do a deal

trade in I think is a lot more than 25

Originally Posted by dreamingat30fps

So $25k + $13k = $38k for your trade? Not sure if that's good or not, especially in Canada. Would recommend getting offers from other places like Carmax, Carvana etc if they have that there.

I always treat it like 2 separate transaction. I want to get the best price for my trade then get the best price for the new car.
^^^yes^^^

Also you have a 2% loan... unless BMW is offering something special I doubt you will get that today.



Dunno what they cost, but will you not sleep at night if you don't have a warranty? Is sleeping worth $3450 to you?

Personally I don't buy extended warranties on anything. Statistically it has to be a losing proposition or else the warranty companies would be out of business.

Of course there is always the chance your engine will blow up after not buying it, but statistically it won't. So at that point it's basically like insurance. Can you self insure if you have something major go wrong with the car? Is it likely to have anything go wrong that's more than $3450 to fix?

[nazali]

Been thinking about this a lot, I'm not living pay check to paycheck, if I loose my job no biggie, self employed and lots of money stashed, TFSA's and savings, the reason for not buying outright, was I didnt wanna dump $55k up front.

So I have that in a savings and use that to pay my monthly and every now and again I throw a but more into the pot.

The 3450+ tax, I can easily pull from a slush fund and put it into a savings for the car, and if I dont use it goes back.

I'm paying 3450 for an extra year and that sounds quite steep, my last ext w'tee I def used and pretty much broke even.

I could if need be pull $10k out for repairs, but do I want to 3450 could be small change.

Car is babied (2 oil changes a year, minimum) but still.

I could hang on to the car an extra year, as the millage is dead low, 13k I know thats a big ruler they judge the trade-in.

I'm going in to see them on Saturday and chew the cud.

Originally Posted by dreamingat30fps

So $25k + $13k = $38k for your trade? Not sure if that's good or not, especially in Canada. Would recommend getting offers from other places like Carmax, Carvana etc if they have that there.

Of course there is always the chance your engine will blow up after not buying it, but statistically it won't. So at that point it's basically like insurance. Can you self insure if you have something major go wrong with the car? Is it likely to have anything go wrong that's more than $3450 to fix?

[nazali]

also another thing on w'tee, is I've seen horror stories on dealers just changing parts to fix it, if they do it on warranty that's on there dime, all the troubleshooting, all per hour !

if your paying that all adds up, you just need ONE bad repair and that 3400 is gone.

[nazali]

I've come to a decision and I have decided on

* a ext. warrantee a I don't think I would sleep at night, what will be always going through my mind is "what if" going for another extended year for the $3450 (probably +Tax) but I'll chat to the guy and see if he can do something for me

* Cost of warrantee... I have the money, I don't live paycheck to paycheck, so ordinarily, I would put 3450 into a savings account. But I don't really need to

* Paying for it... I'm going to expense it to my company it and argue it with my tax guy come tax season

* one more year of the 2 vert maybe next year I'll try and mount that 4 series then


Watch this space (next year for) another "buy or keep" thread

[c1pher]

I had trouble understanding your post.

[zachdog]

I didn’t understand the original post.
My general perception is that any “should I buy…” question is a trap.
If you need to ask, you probably can’t afford it.
Be well and good luck.

[nazali]

I actually have decided against the warrantee

for 2 reasons,
1> the math doesnt add up, $3450+$448 (tax)=$3878.
to break even I need 3878 in repairs in one year,
to justify and make money (lets say we add 25%) I would need $4852 in repairs in one year on a car with 13k on the clock. My car isnt in that bad a state for 5k worth of repairs

2> I have easily $5k for repairs

3> I forgot I have a business and write off maintenance and repairs oops silly me
so rather than move 3400 plus tax outta there I'll keep it in there

Going to keep my car for at least another year till I pay down the finance and maybe this time next year I'll try for a 4 vert

txs all !

[nazali]

I do appreciate all the POV's, the I told you so's, the "it's your car do what you want"
and everyone in between

it's a discussion forum and I did ask for opinions

so I was well and truly served

[nazali]

trust me dude, I can afford it, I could have bought this car cash, I decided not to. I have the money to pay off the bills and the car.
I'm looking at 73k's worth of car, which I can afford, but sometimes it's good to ask and get an unbiased and un-emotional view

Originally Posted by zachdog

I didn’t understand the original post.
My general perception is that any “should I buy…” question is a trap.
If you need to ask, you probably can’t afford it.
Be well and good luck.

[spazzyfry123]

[dreamingat30fps]

Originally Posted by nazali

trust me dude, I can afford it, I could have bought this car cash, I decided not to. I have the money to pay off the bills and the car.
I'm looking at 73k's worth of car, which I can afford, but sometimes it's good to ask and get an unbiased and un-emotional view

If you have all that cash why would you want to buy a warranty. It's basically just insurance and if you have a bunch of cash you should be able to self insure basic car repairs, especially on a low mileage car.

$74k... fucking Canada...

[tcphoto]

I would not sell it to a dealer, they will pocket the profit and you’ll simply add to that profit by buying another car from them. I see an extended warranty as money thrown away, I DIY just about everything except for the more complex projects, I’d never recoup the investment. I paid off my car a couple years ago and spend just over $200 a month for maintenance, gas and insurance.

[nazali]

I did reply, but thought it pompous and long winded, so deleted it

So instead am taking the high road and just smiling

Originally Posted by dreamingat30fps

If you have all that cash why would you want to buy a warranty. It's basically just insurance and if you have a bunch of cash you should be able to self insure basic car repairs, especially on a low mileage car.

$74k... fucking Canada...

[nazali]

***UPDATE***

Just wanted to update, I did in the end go for at extended Warrantee, I just wouldnt be able to sleep

But what I wanted to share

My usual dealer said, I needed to book it in for a inspection cost $250, but they would waive, (however I have to pay upfront and then they remove that off the end price)but they cant do it on a weekend or while I wait, so would need to book a day off work and pay for a loaner.

So I decided to ring another dealer, warrantee was same price, but they didn't mention ANY INSPECTION, could have done it right on the phone there and then

No taking time of work, no paying for a loaner, (I worked out total cost including time lost would have been around $250-$300

So I drove to other dealer on my day off to pick up some parts met with the FSM and handed over $3800 car is warranted till next august.

I'm putting it through as a business expense

speak laters yall

[Alfisti]

Not a fan of 70K plus on a modern car that will be worth not much. Find a CPO F80 M3 convertible for the same money.