Anyone know anything about BMW Select Financing?
-
I haven't financed a car before but I will have 6years of excellent credit history by then, with a near perfect credit score and the job I'm starting in December pays 40k salary plus whatever I work in overtime. I also have a trade in worth around 3 grand and 3 grand down. I can do regular financing on a 5yr term with $700 monthly payment on a brand new car with 4yr warranty, 4yr maintenance program and I get a small discount for being a recent graduate...but the monthly payment through BMW Select is only $500..I'm done with older cars until I can afford to have one that is simply a project and not my daily. I've put $1500 into the Audi in the last year or so just so that I could pass emissions...twice (because those scumbags decided to retest me after 180 days). A new car is my best option..and I wont settle for less than my dream car at this point because paying 30-40k for something thats already a few years old with only a one or two year warranty isn't worth it to me...I'm looking at a 335XI with the Msport package..and all the 4yr maintenance and warranty packages...That is nowhere near boring Ryan
But if the higher payment is a "better deal" I suppose I'll just do that then. In regards to a house being a better investment, I'm not looking to buy a house until after I'm married..and Tony and I aren't going to rush into that... -
As a personal suggestion, I would recommend finding a late model E90 335xi. You may be able to find some still in stock at dealers or Certified pre-owned cars are an awesome deal as its a broken in car with a warranty. If you have your heart set on an F30, I would also recommend considering a 328xi as the N20 is a great powerplant. As far as handling goes, you can actually feel the 328i's 50/50 weight ratio difference between the 335i's 51.5/48.5. Does seem like much but its what reviewers say too. As much as I like the new look and styling of F30's, you really dont gain anything by going from E90 to F30 if your set on a 335i. Features are all basically the same, especially with late model e90's with the updated iDrive system.
-
I get buying a new car, ordering or off the lot for many reasons. You get exactly what you want, you get the full warranty, you get the piece of mind that nothing was done to the car you wouldn't have liked.
I'm to the point where I could go buy new cars, but I don't. I just can't justify the huge loss I take in value after just 1 or 2 years of ownership. Plus I'm a retard and have to modify everything I own.....so the warranties don't do me much good.
If you can get past the 'buying someones used car' thing, you can find what you want. I found the exact e39 M5 I wanted. Jet black, aluminum trim, red interior. Took a lot of looking, and turned up in Milwaukee. I spent about 1/4 of what the car was new. I bought my Denali pick-up for less than half of new cost, and my wifes Hemi Jeep for a little over half the cost of new. The money saved will be multiple times the amount I spend on out of warranty work.
If you look at 2-3 year old cars, banks and credit unions give great rates (got 2.5% for my Denali last year) and you let someone else take the hit in value. Through BMW you can get CPO'd cars. If you pay a few bucks you can have a BMW dealership of your choice do a PPI so you know if there are any hidden gremlins.
Lots of options other than new, but again, I get the want for it.
Another thing to think about, people that buy $40K cars......usually make a lot more than $40K per year. I can't afford $40K cars and I make more than that, thats another reason I buy used....so I can get a car that used to be $40K+ for about the cost of a new Chevy Cruze.
-
my bills are very low..that's the reason I'd be able to afford this on 40k per year...I have half of rent and student loan payments...that's all..yes food and what not but I'm a tiny little girl, I don't eat much..if I found what I want for a less I'd buy it...but I haven't had much luck finding an awd bimmer in manual and i won't settle for automatic again like I did with the Audi. I saw one for 17..it was gone in like three days and I more than likely need to go through a dealer for financing so good old craigs isn't an option for me. I was just looking at TDI's though too...those are 27 with all the bells and whistles, the only problem being that they're VW and every VW I've had sucks dick. I've got time to look,I can't do this until spring. I also promised the boyfriend a bike, that may have been a bad promise.
-
I recently graduated college and it makes me very jealous to see the new cars my fellow classmates are getting while I continue on driving my 93 Camry with sideswipe damage and E30. I opted to pay off my student loans instead. So NOW I should be splurging on an awesome car, right?!? Well, no. I continue to drive my clunkers as I save up for a healthy down payment on my next house. It royally sucks to do things this way and be frugal/fiscally responsible, but I know that I will be so much better for it in the long run.
Im not saying that you should do what I am doing, but rather, letting you know that a fellow car geek/BMW lover can survive while going the fiscally responsible route. One day I will have all the crap that I have always wanted and I will pay cash for it, I need a sweet mansion to park them in first though.
P.S. My dad is a repo-man and he calls me all the time asking me if I know certain people from high school since he is looking for the cars and toys that they cant make the payments on.
Its amazing how many people live outside their means.
-
Snap Understeer said:
I recently graduated college and it makes me very jealous to see the new cars my fellow classmates are getting while I continue on driving my 93 Camry with sideswipe damage and E30. I opted to pay off my student loans instead. So NOW I should be splurging on an awesome car, right?!? Well, no. I continue to drive my clunkers as I save up for a healthy down payment on my next house. It royally sucks to do things this way and be frugal/fiscally responsible, but I know that I will be so much better for it in the long run.
Im not saying that you should do what I am doing, but rather, letting you know that a fellow car geek/BMW lover can survive while going the fiscally responsible route. One day I will have all the crap that I have always wanted and I will pay cash for it, I need a sweet mansion to park them in first though.
P.S. My dad is a repo-man and he calls me all the time asking me if I know certain people from high school since he is looking for the cars and toys that they cant make the payments on.
Its amazing how many people live outside their means.
+1. this is spot on.
-
I will be making enough to pay double my minimum student loan payment, a car payment, and rent, insurance, cell phone, living expenses, etc...I'm looking at TDI's now though because of the great mileage..and they are only around 27 new with all the bells and whistles and I believe the warranty was better than BMW...I owe so much for student loans that I won't be able to pay it off for 15+ years anyways, I went to a private college..I don't want to continue putting money into shitboxes and I don't want to worry about whether or not my car is going to run when I need to get to work the next morning. I've put 1500 into the Audi, and I'm about to drop another 500, forced to take money from my savings account which is supposed to be my first few student loan payments and my down payment on whatever car I decide to get. I, unfortunately do not have mechanical skills and none of my friends will work on Audis so I always have to take it in.
You guys are giving great advice though and I do appreciate it, it does have me thinking...but again...I don't want to stay in Wisconsin so I'm not looking for houses for a long time.
-
+1 on not looking for a house for a long time! Despite great interest rates, its not a good idea right now. Rental property on the other hand... now that would be a smart investment!
Plus I'd much rather have both my cars than a house! 
Silver Grey E46 M3
-
pffffff its all german engineering so its all the same to me.
but yea seriously im surprised nothing bad has happened to the passat yet...knock on wood...i put 100+ miles a day on it and so far just scary noises in suspension areas... hurray! ..but other than that the motor has been strong...slow, but strong.
-
Brian said:
Just buy a fucking E30 awd. Move on in life. You contemplate way to much. VW's are shit boxes. Tony so far is lucky. IMO VW/Audi's aren't the greatest. I've owned both, my mercedes and bmw are better then both of those car makers.
I wouldn't be able to get a large enough used car loan from a bank to afford a really clean borderline perfect 325ix..and that's still an old car that will likely break...often.. 325ix's are much more expensive to fix than the RWD e30s...every time mine broke it took forever and lots of dollars to find parts. AND! they're really hard to find 5spd..It took 6months to find the last one I had.
P.S. Ryan...I love the new avatar
-
I come off as an asshole, it's an issue of mine, I'm working on it... That said, I'm not tryyyying to be one.
$40,000 isn't a lot of money. When you factor taxes into it, you're going to be taking home about $2,400/month
Realize the MSRP is for a base car, you know that. How much in accessories are you going to add? It could easily shoot to $50,000 quickly. Don't forget sales tax, assuming you're at 5.5% that's almost $3,000 for a $45,000 car that you have to factor into the loan. A quick look at a car payment estimator, using your $6000 down on a $45,000 +tax is about $760/ month... Assuming you went traditional loan.
Factor in Full coverage insurance on a $45,000+ car, for an unmarried female under 25...
Factor gas which is sitting at around $4/gallon in a car that gets about 25MPG (21/31 city/hwy). I'm NOT a math geek, but most insurance companies now say the average yearly mileage driven is 14,000. So 14,000 / 25 = 560 gallons. And 560 at $4.00 = $2,240. $2,240 / 12 months = ~ $186.60 in fuel per month. (I might be a little off on those numbers but it still rings true I think)
You easily could be spending half your monthly income on a new car. Do it if you can, but maybe you could look at a CPO car or a lower end model... No need for the 335!
Im not too far off your situation, only a few years older than you. I have a house and just bought a new car. I'm just trying to throw some ideas out there that I looked into just days ago myself. With that said, I wholeheartedly agree on new car purchases. I've wasted a ton of money on older cars. I suggested the same for my sister who is in a similar situation as you, but she leased. Might be another idea...
-
Alex- not coming off as an asshole at all. I like making lists so I came up with a budget of what my expenses are, what they cost individually, and what the total expense is. I calculated out the monthly and weekly income after taxes as well..and yeah, I'll be left with no spending money but I'll be really happy when I'm in my car. The Audi gets shit mileage, my e30 got shit mileage..in fact, I think all of my cars have had shit mileage..so I'm used to a major chunk of each check going to gas..I spend roughly $200/month on gas..which is a quarter of my current income. I'm so used to being broke that it's sad. I did the "built your own" deal-io in the bimmer website and came out to $52k with a $700 payment if I went with my dream car...if I go CPO I'm looking at spending around 30-40k..My big pull toward the 335 is that I really want turbo..I've never had turbo, I feel deprived. [White girl problems right?! jeez] buuuuuuut I'm sure that I'd be just as happy in a 330xi...I keep forgetting that I'm "proposing" to Tony with a bike this summer
so that's even more of my income gone. A TDI seems like the smartest choice with gas prices but I'll never ever ever be happy in it...why make payments on something that doesn't give me happy pants?!Ryan - Tony doesn't let me have hooker orgies..lame-o right?!
Hello! It looks like you're interested in this conversation, but you don't have an account yet.
Getting fed up of having to scroll through the same posts each visit? When you register for an account, you'll always come back to exactly where you were before, and choose to be notified of new replies (either via email, or push notification). You'll also be able to save bookmarks and upvote posts to show your appreciation to other community members.
With your input, this post could be even better 💗
Register Login