It's the Right Time to Buy a Used BMW
I have never been fond of putting big chunks of money down on cars or making large monthly payments on depreciating assets. For this reason, I have leased just about every car I’ve driven in the last 20 years. Because cars are depreciating assets, it really does make sense to buy them slightly used. However, a decent, used, luxury car is still going to result in either a massive depletion of your bank account, or $500 or more in monthly payments. While Japanese imports make very reliable used cars, they are still neither cheap, nor are they very exciting after they are a few years old. And leasing brand new luxury cars is out of most people’s budgets. So, what do we car enthusiasts on a tight budget do?
One
of the best kept secrets in the world is that a 6-15 year-old, Bimmer
offers unrivaled luxury, performance and lasting appeal. Many people don't realize that hundreds of very solid, nice looking, Luxurious BMWs are selling for less than $10,000 on eBay right in your very own city. Yes, these cars have some miles on them, but Bimmers are built to go for well over 100,000 miles. Because they are built like tanks it takes a pretty hefty shot to put a ding or dent in them, and the paint stays glossy and new for 20 years. You still get a great ride, heated seats, trip computer, European performance and the classic looks, style and craftsmanship of a BMW Classic Car. While, maintenance is considered notoriously expensive on German cars, the chassis, body and materials on a BMW are unrivaled. These quality, luxury cars are worth picking up used and putting some TLC into them. The frame, style and body of a Bimmer makes a wonderful luxury car that ages quite gracefully.
How much TLC is required? Well, before we get into repairs and maintenance estimates let's talk about the original cost and compare them to something new. If you walked into your local BMW dealership today and wanted to take advantage of their best lease offer on a BMW 550i Sedan, you would need to make a downpayment of $5,200 which gets you a monthly lease payment of $479.00 per month. That averages out to about $624 bucks a month for a total outlay of $22,624 for the 36 month period. $22,624.00 is a lot of money to spend on a car for just 3 years. Besides, 3 years is just about the time these cars are getting broken in. Sure, you could buy one for about $47 grand, but then you're looking at a payment of about $930 a month on a 60-month loan! I guess if you have that kind of money to put into a car that's fine, but is there a better alternative that's more practical for the majority of us?
Bimmersale is the answer. Search for Used BMWs in your city: BMWs-In-Your-City
Expect to find 3-Series, 5-Series, 6-Series, and 7-Series Bimmers in the $3,000 - $10,000 price range. Plan on another 40% of your budget going into mechanical, cosmetic repairs and upgrades. If you plan on these additional repair and upgrade costs as part of your investment, you will have a car you are proud to own and thrilled to drive every day.
For example, I recently purchased a 1997 BMW 540i Sedan for $5,500. The car was really pretty darn nice as it was, but I could tell the engine needed some work. These cars usually require valve cover gaskets, intakes and radiator work after 100,000 miles. I spent about $1,600 to get these things taken care of and the result is a very fast, luxurious car that is an absolute joy to drive and look at. So far, my total investment in the car is $7,100 and I have a car that offers me just as much satisfaction as what the rich guy gets from his 2009 BMW 550i.
Used BMWs are on Sale in Your City. So...what are you waiting for?