[BalmainX]

Hello Everyone,

I've been lurking on this forum for a long time and have finally decided to create an account.

I am in the market for a used luxury car and found a 2012 BMW 650XI loaded with every option I desire. The car is located in Montreal, Quebec and has around 35k km on it.

The asking price is $80,000.00 and the salesman said the price is final according to their manager because of the 160k km extended bumper to bumper warranty included with the vehicle.

I heard that BMW CPO vehicles have little room for negotiation but I think at this price range it will be harder to sell due to the low demand compare to an entry level car.

I got approved for financing from an financial insitution and I have not signed any papers yet.

Any advice/opinion would be greatly appreciated.

[Timpo]

What's CPO?

[mb_]

Certified Pre-owned
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[knight604]

whats the finance rate/interest?

[dared3vil0]

What's CPO?

I don't always google search a question i have, but when i do, answers magically appear. (http://lmgtfy.com/?q=what+does+cpo+mean%3F)

[Timpo]

Certified Pre-owned
Posted via RS Mobile

ohh ok thanks

[Timpo]

I don't always google search a question i have, but when i do, answers magically appear. (http://lmgtfy.com/?q=what+does+cpo+mean%3F)

what the heck

[BalmainX]

Should of been more clear that C.P.O. is an abbreviation for Certified Pre-Owned.

@knight604

The fiancial rate I got was 4.99% for 60 months. My credit application got rejected by BMW Financial Service due to no credit history (new graduate).

I plan to pay the car off early so the interest doesn't really bother me that much.

[knight604]

Downpayment?

[BalmainX]

@knight604

Yeah I'm planning to put $20,000.00 downpayment.

[nabs]

WTF... I don't think it's a good idea to buy a car right away man. Save up your money and try to buy a car with as much down payment as possible. It's insane financing 60k on a car when you just graduated.

But that's just my opinion.

If you search you'll find a few members experiences on BMW CPO vehicles.

here is one... http://www.revscene.net/forums/687562-bmws-response-my-x5-almost-killing-my-family-i-twice.html

[Harvey Specter]

I agree with Nabs.

I don't know your financial situation but $20,000 down on a $80,000 car which is going to depreciate like crazy isn't the best investment. Think about it; the car you're looking at was basically worth over $100k last year, as of today it basically lost $20,000+ in a span of a year.It'll be probably lose another $10-15k by next year and so forth. I got myself a 7 series so I know the feeling when you own a car that is losing money everyday, it sucks so think about it before you pull the trigger.

And have you seen the actual car? I wouldn't personally touch a car without seeing it from the east coast because most of these eastern cars are driven around in brutal winter weather.

[SkinnyPupp]

Kids

Welcome though! I hope you can be pointed in the right direction

[hk20000]

The advice to buying a used BMW?

The advice is not to buy a used BMW.

[smoothie.]

Out of province BMW...

20k down on a car that will be worth <20k in 7 years.

New grad.



:seriously:





I'm jealous. If you have parents to back you up if anything goes sour.

But right now in mad at Quebec

[CorneringArtist]

Yeah, the car being from the East is a red flag as it is. There's a 2011 X6M at the Volvo dealership next to my dealer, and the underbody has rust being from Ontario. If Quebec is just as bad as Ontario in the winter, I'd stay away.

[MikeHB]

What lord disick said about the harsh winters is so true. My parents bought a used Mazda from Montreal few years back and with in a year or two here it was a complete rust bucket. Only had 40k on it.
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[thumper]

i can't find the thread right now but someone here wrote about his horrible experience owning a CPO X5? is he still here? maybe he can comment.

but like everyone else said: if this car is from the east coast... run away. i remember looking at a 2 year old lexus gs at a major dealership locally and there was salt corrosion everywhere that i couldn't understand why until i was told the car was originally from quebec. the alloy wheels were so badly pitted and all the suspension and brake parts were rusted. i couldn't get out of the lot fast enough even though the price was dropping faster than i could run.

[bcedhk]

35k on a 1 year car? for 80k???

even if I had the approval and cash, i would look elsewhere.

[BalmainX]

Thanks for the input everyone.

I was definitely not aware of the harsh winter condition on the east side. This may explain why all the cars from the East coast are significantly cheaper. I thought it was only because of the large volume of vehicles available.

I thought that the car being a BMW CPO would be a safe choice and wasn't aware that it could be a rust bucket and could still get approval for a CPO. This car was actually a demo clearance and driven by the VP of the dealership. He called me saying I wouldn't have to worry about any of the salts corrosion or what not. He was obviously being biased and want this car out of the lot.

[KO7]

Thanks for the input everyone.

I was definitely not aware of the harsh winter condition on the east side. This may explain why all the cars from the East coast are significantly cheaper. I thought it was only because of the large volume of vehicles available.

I thought that the car being a BMW CPO would be a safe choice and wasn't aware that it could be a rust bucket and could still get approval for a CPO. This car was actually a demo clearance and driven by the VP of the dealership. He called me saying I wouldn't have to worry about any of the salts corrosion or what not. He was obviously being biased and want this car out of the lot.

I commend you for not being offended, annoyed or dismayed at the (IMO, good) advice you've received so far. I've definitely seen RS noobs in the past have a "well you guys can go F*** yourselves" attitude soon after getting advice they didn't want to hear.

Good luck in your search.

[Timpo]

but it would suck when you decide to sell it couple years later...and the money you owe will be more than the car's value.

[tofu1413]

mad depreciation for those cars and the fact its from the east is a big no. Buy local.


the cars we have gotten from any where but BC have been pretty below average.. I guess BC is spoiled by lower kms, cleaner cars :fullofwin:

[Harvey Specter]

The winters are even worst in Quebec than they are in Ontario and believe or not a lot of local BMW dealers get cars from eastern Canada even demo's from BMW Canada which is located in Ontario. And BMW dealers love to claim all their "demo's" are driven by "VP's or "excec's". It's a bunch of horse shit; a demo is a demo because these cars are driven by customers who to test drive a certain model and even given out as courtesy cars to VIP customers.

[tofu1413]

Dont forget.. the french smoke like chimneys

[freakshow]

I will also strongly suggest against going 60K into debt for this car. If I'm judging your financial situation incorrectly, forgive me. But financing an 80K car right out of school is one of the worst, most damaging things you can do right out of college.

That car, and any new high-end (>$100K MSRP) BMW/MB is going to depreciate at 10-15K PER YEAR.

This means that your entire downpayment will be lost in 1.5 years deprecation, and from then on, it's possibly that you will owe more on the car than it's worth.

Either way, I really hope you go with a cheaper car, there are still plenty of fun cars in the 20-40K range..

[Volvo-brickster]

This car was actually a demo clearance and driven by the VP of the dealership.

If it was a LADY VP , even better !

:fullofwin:

[Phil@rise]

dont buy it.

[SpeedStars]

Why waste that much money on a car if you can't actually afford it? Tbh, unless you're using this car for business purposes such as real estate(driving clientele), I honestly see no need unless you're loaded, or am sure that you are comfortable with selling the car for 20k in a few years.

Tl;dr: financing a depreciating asset is dumb.
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[Redlines_Daily]

Who says he can't afford it? If he's buying an 80k car, he or his family is probably doing fine financially. He's putting %25 down which is more than most people.

OP, only you know your financial situation..if you're stretching yourself thin to afford the car then you may want to think carefully about the decision. If you can easily afford it, then consider the info offered in previous posts regarding salt corrosion, etc... I would suggest to also consider a low km model of older years (2008-2010) as they would have already depreciated a fair bit.

Let us know what you decide and show us some pics if you end up getting it!

[Carl Johnson]

Who says he can't afford it? If he's buying an 80k car, he or his family is probably doing fine financially. He's putting %25 down which is more than most people.

OP, only you know your financial situation..if you're stretching yourself thin to afford the car then you may want to think carefully about the decision. If you can easily afford it, then consider the info offered in previous posts regarding salt corrosion, etc... I would suggest to also consider a low km model of older years (2008-2010) as they would have already depreciated a fair bit.

Let us know what you decide and show us some pics if you end up getting it!

he can't afford it because he has go into debt for a depreciation asset esp a 80k bmw which will lose half of its value in 5 yrs.

[tofu1413]

he can't afford it because he has go into debt for a depreciation asset esp a 80k bmw which will lose half of its value in 5 yrs.

more like 2.5-3 years for a car like that :badpokerface:

[Carl Johnson]

yea you are right 35-40% depreciation within the first 2 year for a car like that is not unusual.

[xjc11]

how about an e63 bmw m6? they're around 10-20k lower in price


and DAT V10 sound :sweetjesus::sweetjesus::megusta:

[twitchyzero]

how about an e63 bmw m6? they're around 10-20k lower in price


:suspicious:

[Harvey Specter]

how about an e63 bmw m6? they're around 10-20k lower in price


and DAT V10 sound :sweetjesus::sweetjesus::megusta:


There's no warranty on older M cars or other high spec BMW's so that's why you see these cars having such a big drops and the same could be said for other luxury cars and exotics. And even if you find a used BMW with a extended warranty, you still have to pay a deductible which can range from $100-$200 per repair.

[dared3vil0]

Seeing as payments on an 80k bimmer with... you said 25% down?... @ 4.99% would:

$80,000-25%
$60,000+12% tax
$67,200 @4.99%/60 months
=$1,270/month.

Wait 2 years, putting the cost of payment away per month would mean you have $31,000+25% orig down payment, so $51,000. You'll be able to buy this exact car and have money left.

[xjc11]

just a thought :badpokerface:

[MTV Cribs]

Seeing as payments on an 80k bimmer with... you said 25% down?... @ 4.99% would:

$80,000-25%
$60,000+12% tax
$67,200 @4.99%/60 months
=$1,270/month.

Wait 2 years, putting the cost of payment away per month would mean you have $31,000+25% orig down payment, so $51,000. You'll be able to buy this exact car and have money left.

It's actually
$80,000+15% tax (luxury surcharge 3%)
$92,000-$20,000
$72,000 @4.99%/60 months
=$1359/month

:troll:
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[dared3vil0]

It's actually
$80,000+15% tax (luxury surcharge 3%)
$92,000-$20,000
$72,000 @4.99%/60 months
=$1359/month

:troll:
Posted via RS Mobile

I did the math in my head, but forgot to add tax+luxury surcharge BEFORE deducting down payment.

[Timpo]

dont buy it.

yea, don't buy it

[Gridlock]

I would like to try life where I lived at home for free as long as I wanted, for free and had people pay for my university, so I can walk out of school debt free and drop 20k on a BMW.

Like, what's that fucking like?

[bing]

I will also strongly suggest against going 60K into debt for this car. If I'm judging your financial situation incorrectly, forgive me. But financing an 80K car right out of school is one of the worst, most damaging things you can do right out of college.

That car, and any new high-end (>$100K MSRP) BMW/MB is going to depreciate at 10-15K PER YEAR.

This means that your entire downpayment will be lost in 1.5 years deprecation, and from then on, it's possibly that you will owe more on the car than it's worth.

Either way, I really hope you go with a cheaper car, there are still plenty of fun cars in the 20-40K range..

I think 10-15k is a very conservative estimate. For example, the higher end MB models (i.e. CLS AMG) depreciate as much as 20-25k a year.

[4444]

I want to know what the kid graduated from - graduate from university, best hope is $50k a year, which comes out to about $1800?? Every pay cheque... And you want to spend $1200 or so of your $3600 on a car.

Car rich, cash poor, house none existent (ie lives with parents), and life dumb.

Sums up 90% of 22 year olds in Vancouver

[nma]

I would like to try life where I lived at home for free as long as I wanted, for free and had people pay for my university, so I can walk out of school debt free and drop 20k on a BMW.

Like, what's that fucking like?

How are you so sure?? You don't even know this guy. For all we know he could have worked and paid off his own tuition. Don't just judge people esp. when you don't know jack shit. Great contribution to the thread.

I'm sure OP isn't an idiot and has taken various considerations before financing a car. For some, having that dream car is worth it. Like others have already said, salt corrosion is a big issue when purchasing cars from the east coast, especially when you aren't there to physically check out the vehicle. Hope you can find something decent closer by!

[Spoon]

How are you so sure?? You don't even know this guy. For all we know he could have worked and paid off his own tuition. Don't just judge people esp. when you don't know jack shit.

The average joe who went that route would usually have a better sense of money management. Now if he said, I'm a fresh grad that just got a job offer by a Fortune 500 company with a guaranteed 6-figure salary. That would be a different story.

[Phil@rise]

he can't afford it because he has go into debt for a depreciation asset esp a 80k bmw which will lose half of its value in 5 yrs.

Thats kind of a stupid assesment. Most people buy a new or newish car at some time and go into debt to do so and those cars regardless of make or model loose at least that much depreciation in the same time frame.
I still think he should find another local one

[Phil@rise]

I should add I do plenty of pre purchase inspections on plenty of cars and never suggest someone buy an out of province car regardless of mileage current condition model or warranty. Its a mistake.

[Gridlock]

How are you so sure?? You don't even know this guy. For all we know he could have worked and paid off his own tuition. Don't just judge people esp. when you don't know jack shit. Great contribution to the thread.

I'm sure OP isn't an idiot and has taken various considerations before financing a car. For some, having that dream car is worth it. Like others have already said, salt corrosion is a big issue when purchasing cars from the east coast, especially when you aren't there to physically check out the vehicle. Hope you can find something decent closer by!

Survey says? I'm at least about 80% right.

I'm not saying it to be a dick, but of course in classic rs style, we need everything to be a fight.

It WOULD be fucking nice.

My family split up and sold the family home when I was 18. We lived 1 1/2 hours away from a college or university, so in 1997 when I went I was good for 11k a year..in Nova Scotia.

Yeah, I'd love to stay at home and go to school, and have a job that contributes to tuition. It wasn't an option. My BMW was food and rent. My school was "fuck, I don't actually want to be 50k in debt for a bachelors degree in business"

[noclue]

Who cares about fiscal responsibilities let him do whatever he wants and enjoy short-term happiness!

Besides he's helping out lots of Canadians!
Commission for salesperson
Profit from interest for the bank
Profit for dealer
Profit for the shipping company
15% tax for BC to enjoy

Strongly recommend you purchase the car OP.

[westopher]

Seeing as payments on an 80k bimmer with... you said 25% down?... @ 4.99% would:

$80,000-25%
$60,000+12% tax
$67,200 @4.99%/60 months
=$1,270/month.

My ocean front apartment is basically the same price per month.

[Phil@rise]

soo neither give you land.....

hehehe

[BEEB]

OP, If your buying CPO, don't worry about the car until the original 4 years factory warranty expires, CPO warranty sucks and they don't cover as many things as you think. Don't be fooled by the $12,000 CPO warranty package list that they put in front of you. It's a totally different story when you bring your car in after factory warranty expires.
As some may have mentioned, if you can inspect the car yourself, look for rusted bolts and nuts or even paint bubbling in the wheel arches. You can sorta tell how bad it is by looking at the muffler housing cause it's sitting down there, exposed to heat, salt and rain.

[GLOW]

all about experiences! :troll:

[thumper]

how about an e63 bmw m6? they're around 10-20k lower in price


and DAT V10 sound :sweetjesus::sweetjesus::megusta:

i can`t imagine what the costs would be to maintain and fuel a 10 cylinder car as a daily driver...

[hk20000]

soo neither give you land.....

hehehe
technically speaking he has a percentage of freehold ownership to the land (upon destruction of the apartment building). He just doesn't have the freedom to use it as he sees fit. :okay:

[nabs]

technically speaking he has a percentage of freehold ownership to the land (upon destruction of the apartment building). He just doesn't have the freedom to use it as he sees fit. :okay:


stahp... im buying an apartment soon :okay:

[Geoc]

You guys are all hatin on him,

What if his parents were ballin outta control and because their son just graduated from uni, they were like "we are going to buy you a Ferrari la", but then the sensible son wanted something more humble like a Honda. So they got into a huge argument and finally they compromised on both sides and settled for a 80k BMW (CPO was the sons attempt to make the car cost less than 6 figures)

OP, I applaud your sensibility and how well grounded you are to stand up against your ballin parents.

[mr_chin]

You guys are all hatin on him,

What if his parents were ballin outta control and because their son just graduated from uni, they were like "we are going to buy you a Ferrari la", but then the sensible son wanted something more humble like a Honda. So they got into a huge argument and finally they compromised on both sides and settled for a 80k BMW (CPO was the sons attempt to make the car cost less than 6 figures)

OP, I applaud your sensibility and how well grounded you are to stand up against your ballin parents.

In a perfect world.

In reality, I don't think anyone will reject a ferrari handed to them by their parents.

[Harvey Specter]

You guys are all hatin on him,

What if his parents were ballin outta control and because their son just graduated from uni, they were like "we are going to buy you a Ferrari la", but then the sensible son wanted something more humble like a Honda. So they got into a huge argument and finally they compromised on both sides and settled for a 80k BMW (CPO was the sons attempt to make the car cost less than 6 figures)

OP, I applaud your sensibility and how well grounded you are to stand up against your ballin parents.

Where does the OP say his parents are buying him the car? He's made it clear that he's buying the car himself so what in the heck are you going on about?

[Geoc]

Where does the OP say his parents are buying him the car? He's made it clear that he's buying the car himself so what in the heck are you going on about?

:troll:
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[jing]

In a perfect world.

In reality, I don't think anyone will reject a ferrari handed to them by their parents.

My coworker has a close friend who prefers to drive his aunt's CRV over his dad's F430 because it has better a/c lol.
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