Changing car

[330ci Convertible]

HI there, as per sig i have a 330 ci at the moment. I have been thinking about upgrading to a sport model with sat nav etc. Works out cheaper than upgrading me thinks

But I am also considering m3 vert, actually definately considering this, the problem is I do not want to fork out the extra dosh for a M3 straight away. I have always paid cash for cars... but now I am considering financing for a m3 vert.

Does anybody know how the bmw select thingy works, I would chop in my 330.

Eg payments etc.

By the way brilliant forum. [ok

[mysticm3]

hi

financing your car couldn't be easier - take your car to a dealer and they'll value it for you. They then search the cars according to the spec you give them and work out some numbers and get back to you with monthly payment quotation etc. If you are happy they'll prepare the car and get it ready. All you need to do is swap the keys and sign some papers if you are happy with the number they give you. BMW's own finance offer quite few options and is a lot easier to do. You also get the choice to return the car at the end of contract, pay the final payment and keep the car, or you can arrange to continue financing the outstanding amount (usually it's the final payment amount).

Take your car to a dealer and let them work out some numbers, if you are happy then go for it. [read

[330ci Convertible]

Thanks fro the reply Teddy,

I take it that means, the payments will depend on what they offer me for my car. I plan on doing this in the coming month or two. Will have to have sneaky visit to the dealers without the other three quarters finding out :D

[Shuriken]

Hey 330ci, its not the sneaky visits you should worry about. It's the response when you get the new girl back home. lol

Shuriken.

[330ci Convertible]

Once I get it sorted and home, it will be breaze, it will be too late by then :p

[Afif]

haha but youll be sleeping with your new baby in the garage till the other 3/4 gets over [crackmeup.

[330ci Convertible]

I think I may have it all sorted, the other alf was considering an X5 for herself. I done a search on the bm site and filtered it to show all the dearer ones, then told her might as well get a M3 as it is cheaper..... sneaky but effective.

Now need to get a test drive and live happily ever after;)

[whizzkid11]

Basically,

You find a car you like, show them yours.. they will offer you peanuts and advise you that you'll get a better price privately...

Then you ill have two options for finance, one being an outright purchase being HP (hire purchase) scheme - the other being a PCP.

HP:
----

they will take your car + any cash you want to pay up front as a deposit - and the the balance will be worked out over the time period you want, with a fixed APR and fixed monthly payments. At the end of the contract period, the car is yours to keep and enjoy.

PCP:
-----

With PCP - they will take your car + any cash up front.

Then you decide how long you want to make monthly installments for - for example lets say 24mths - they will then project what they think car you are buying will be worth in 24months time - and then take a figure of the balance (baloon figure) - the remainder they will spread over 24months.

At the end of the 24mths period - you have 3 options - the option of paying up that "balloon payment" and taking the car, or simply handing the car in and walking away empty handed. Alternatively, you can refinance that balloon figure as a HP scheme.

EG:

Car price: £25,000
P/ex: 5,000
Cash dep: 2,000
-----------
BAL: 18,000
-----------

HP:
----
Monthly payments will be:

18,000 + (10.9% interest on 18,000) spread over 24mths (wtever rate) = XXX.XX /mth (thats it car is yours)

at end of 24mths the car is yours to keep.

PCP:
-----

estimated trade car value in 24mths = 16000
Company chosen: BALLOON FIGURE = 12,000

Monthly payments will be:

6,000 +(10.9% interest on 18,000) spread over 24mths = XXX.XX /mth

at end of 24mths - you pay 12,000 and keep car
OR hand car in and walk away
OR refinance 12,000 for a longer period (new contract)



PCP is really for people who like to regularly change their cars - in mypersonal opinion HP is the better way of the two.

Ideally, with the current rates you should be able to get damn cheap loans - and buy the car cash... you'll get a better deal that way as well... more negotiating.

Hope this helps clarify the PCP rip-off out there to keep your so called payments down and their interest up!!!

[westside]

dude i will be in the market for a 330 sport drop in march whats the spec of your car? i want a manual with no at nav as i want to retro fit my own stuff pm the details of your car

[Faisal]

and buy the car cash... you'll get a better deal that way as well... more negotiating.

You'd think, but not necessarily true. The dealer actually gets a cut from the finance company, for getting you to take finance up. That difference (or less) he can pass onto you.

Best thing to do is to take the finance, and then pay it off in your 28 day cooling off period. You get the discount, and dont pay any interest either :D

[330ci Convertible]

Thanks for all the tips, total change of plan now, will keep this car and mod it. I need to now have a five seater so I will look at an x5 next year to replace the other halfs car.