Trading In - Buying - Help!?

[WarrENDeatH]

I'll try to keep all my points as brief as possible to keep everyone from my notorious rants. Regardless, all of this, more or less falls on 'want' and not need. I understand this entirely, and regardless, I'm going to be coming out with the losing end.


I traded in my old car over a year ago, to lease my current, a BMW 3 series (42k MSRP, leased it for 33k, everything total was like 38 and some change). I've had it for a year. While a significant step up from my previous car, it still falls short of what I was missing. It lacks options. It lacks the intensity I was hoping for and I loathe the car. It makes me happy, just not as happy as I want.

The Mustang might be my next car. I want to test drive it some more. I enjoyed the GT, even with it being bare bones. I'd need to test drive the EB and the GT, with different option tiers to see what I thought.

Here are some of my dilemmas:


1. NADA and KBB put my car at 24k. My end residual is 27k and my current payoff is like $35.9k. I'm completely shocked that my trade in is 24k, and ultimately, not even remotely sure WHY it's that low. So, that's a huge problem.

2. I do plan on putting at least 5k down, but even then, I'm sure my payments would be insane.

3. I don't want to do leaseswap. That has never really been an option for me.

4. What would a dealer be willing to do, especially if I was willing to buy a car. I really want to step away from leasing, especially with my new job covering almost 2.5 the distance of my current car.


Definitely looking forward to your suggestions and thoughts. I understand the entire idea might be impossible, and I might just have to eat feelings until I'm allowed to move forward.

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[EJS2016]

Seems like the 3 series was the wrong choice for you in the first place.
But it does provide you with some degree of satisfaction.
I would just drive it for a few more years and buy a final year S550 or wait until the S650.
Do not place yourself in very tight financial situation for a car.

 

[WarrENDeatH]

Seems like the 3 series was the wrong choice for you in the first place.
But it does provide you with some degree of satisfaction.
I would just drive it for a few more years and buy a final year S550 or wait until the S650.
Do not place yourself in very tight financial situation for a car.

I think it was a safe choice. The other 3s that I drove were a lot more engaging, better optioned. This was just a MUCH better car than my previous. Unfortunately, especially when I stepped in the premium GT, I was like, ugh, this is a better value.

My Fiancee is going to buy a Fusion this week and I planned on at least asking them my options.

 

[EJS2016]

That's a great idea.
Have them lay out all the options and run the numbers for each situation.
Sounds like there are future plans and expenses to consider.

The Fusion is a really nice car.
My daily driver is a '14 Titanium.

 

[Martman GT]

Sounds like your only option is a jar of Vaseline. If I read your post correctly, your work commute just doubled? Most dealers will put you in a low mileage lease to try to keep your payments lower, but the HUGE downside of the low mileage lease is insane excess mileage fees. Typically in the $.20 a mile range which will add up quick.

I was in a lease on a 2014 Ford Edge, and was in a similar situation in regards to trade in value vs. KBB value. I ended up buying out the rest of my lease by just making the remaining payments and returning the car to Ford before mileage exceeded the lease mileage limits. I then bought my GT and financed 100% including the tax and license fees.

Bottom line ended up being my payments went from $298 a month on the Edge to $654 a month on the Mustang for 72 months. Even though I don't have as many options in the GT Premium as I had in the Edge (it was a fully loaded Limited model) the GT puts a huge ass smile on my face every time I drive it. If I had it to do over again, I'd still make the same choice. Life is too short.

Flame suit on for all you want to be financial planners. LOL

 

[speedfrk]

Some of the dealers in the Atlanta area have been running 7K off MSRP on 2016's. Since banks will usually finance MSRP+tax, you can use the 6-7K discount to buy down the lease. You are still getting screwed on the trade-in value of the BMW, but NADA doesn't set the trade-in value, the dealer does. Just tell them where you need to be and see if they can do it. Shop several different dealers. Don't be afraid to go out of state to buy the car if you need to. You need to put some time and effort into this but it will be rewarded- some dealer somewhere needs to get rid of a GT or EB and they will make the deal happen.
http://www.nalleyford.com/new/Ford/...0a0e0a6b7893c9a850489d46.htm?searchDepth=1:11

 

[VinnAY]

Sensible thing to do is bide your time on the lease. Anything else puts you in a terrible situation financially, unless, you like pissing money in the wind, that's 5K down that you'll never see that again.

 

[Khyber]

Sounds like your only option is a jar of Vaseline.

 

[Azzurro]

You are unfortunately stuck in your BMW lease. The reason the values are so low is because of the high residuals, low payments & the fact there are millions of these things coming off lease which drives the prices down. Nobody buys there lease out at the end because the value of the car is worth so much less. Plus your 4year warranty is coming to an end and everything on the cars after that cost a fortune.

Best advice is to stick with the lease until the end, buy a Mustang outright & never lease a BMW again. Any other option you will take a bath.

 

[WarrENDeatH]

Sounds like your only option is a jar of Vaseline. If I read your post correctly, your work commute just doubled? Most dealers will put you in a low mileage lease to try to keep your payments lower, but the HUGE downside of the low mileage lease is insane excess mileage fees. Typically in the $.20 a mile range which will add up quick.

I was in a lease on a 2014 Ford Edge, and was in a similar situation in regards to trade in value vs. KBB value. I ended up buying out the rest of my lease by just making the remaining payments and returning the car to Ford before mileage exceeded the lease mileage limits. I then bought my GT and financed 100% including the tax and license fees.

Bottom line ended up being my payments went from $298 a month on the Edge to $654 a month on the Mustang for 72 months. Even though I don't have as many options in the GT Premium as I had in the Edge (it was a fully loaded Limited model) the GT puts a huge ass smile on my face every time I drive it. If I had it to do over again, I'd still make the same choice. Life is too short.

Flame suit on for all you want to be financial planners. LOL

You are unfortunately stuck in your BMW lease. The reason the values are so low is because of the high residuals, low payments & the fact there are millions of these things coming off lease which drives the prices down. Nobody buys there lease out at the end because the value of the car is worth so much less. Plus your 4year warranty is coming to an end and everything on the cars after that cost a fortune.

Best advice is to stick with the lease until the end, buy a Mustang outright & never lease a BMW again. Any other option you will take a bath.

Great comments from both of you.

A few things factor into my love of the car. I did get into a car accident a week after owning it. Mixed in with switching from a close job (it was 15 miles both ways) to going to about 60 miles. That, and like I said, I sat in the premium GT Mustang and was blown away. My driving experience with the GT was short lived (maybe 10 minutes). I won't make the same mistake again of settling on a car.

With the new job (much much much higher pay) and a settlement coming, I'm definitely considering hoping out. I guess we will see how things go from here.

 

[seth21w]

Some of the dealers in the Atlanta area have been running 7K off MSRP on 2016's. Since banks will usually finance MSRP+tax, you can use the 6-7K discount to buy down the lease. You are still getting screwed on the trade-in value of the BMW, but NADA doesn't set the trade-in value, the dealer does. Just tell them where you need to be and see if they can do it. Shop several different dealers. Don't be afraid to go out of state to buy the car if you need to. You need to put some time and effort into this but it will be rewarded- some dealer somewhere needs to get rid of a GT or EB and they will make the deal happen.
http://www.nalleyford.com/new/Ford/...0a0e0a6b7893c9a850489d46.htm?searchDepth=1:11

+1 i just bought a gt 16 pp base for 30k out the door with about 2500 negative equity on my 06 gt premium i put 3k down sticker on my car was 37k from five star stone mt georgia.

Oh and i walked in with autotrader price on my phone in hand lol...

 

[WarrENDeatH]

Some of the dealers in the Atlanta area have been running 7K off MSRP on 2016's. Since banks will usually finance MSRP+tax, you can use the 6-7K discount to buy down the lease. You are still getting screwed on the trade-in value of the BMW, but NADA doesn't set the trade-in value, the dealer does. Just tell them where you need to be and see if they can do it. Shop several different dealers. Don't be afraid to go out of state to buy the car if you need to. You need to put some time and effort into this but it will be rewarded- some dealer somewhere needs to get rid of a GT or EB and they will make the deal happen.
http://www.nalleyford.com/new/Ford/...0a0e0a6b7893c9a850489d46.htm?searchDepth=1:11

I just looked into them. They have some fantastic prices on their cars. Definitely going to keep them in mind.

 

[WarrENDeatH]

I test drove another GT, this time with premium. Wow. I absolutely love it. Definitely considering a loaded EB, as a just in case. I definitely felt the weight a bit more on the turns though.

I let my Dad take it around. His exact words, "I would be arrested in about 20 minutes driving this thing."

My Mom's exact words, "Your Father looks like an asshole driving it."


The sales guy that sold my fiancée her Fusion said that he had no doubt he could get me a deal for one. I mean, of course he would say that. I'm letting my new job get settled in before I make any decisions though.

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