We all know and love BMW’s. Some of us can afford brand new, some of us can’t. Some have the money but they would rather spend it on an older BMW. This is all fine and well. No matter what BMW you get, you just bought a BMW. And if you are an enthusiast then hell yes! The more the merrier.
I have been looking at purchasing another BMW for myself. I know what I want, but I want too many cars. So I was trying to take my own advice and figure out what I want, and in the process I came up with the five best buying tips for buying new and the five best buying tips for purchasing pre-owned.
Five Tips for New:
5) Research your credit information and finances. Know exactly what you can afford. Too many people know that they can afford a BMW, but they don’t know how they can afford it better, or pay less. I can afford a BMW too, but I don’t want to have to make the $600-$1,000 monthly payment if I don’t have to. Knowing your finances will also help you know how much you can and are willing to put down when you go to buy the car. Always know your debt to income ratio. Just because you make $6,000 a month doesn’t mean you can afford a BMW. Sometimes your credit card bills and the likes will hurt you when buying a car. And know that you will have those continual finances for the ownership of your BMW. Make sure you budget for a new car, even if you already make $20,000 a month. You will thank me later for it.
4) Don’t be hasty! Know exactly what you want and why you want it before you go buying it. I have seen too many people in my sales experience that purchased a car they either knew nothing about, or were told they wanted it by a salesman, only to end up not wanting it a month later and losing a lot when trading it in. it hurts your credit and your wallet. So be smart, know what you want. Test drive everything that you think is what you could use. If you want a 650i but you know that you need a 550i, don’t go buying the 650. Test drive it if you want, but buy what you know you will need. If you are looking for an M3 and don’t know whether you want an E90, E92 or E93, think about what you do all day every day. Do you take clients or friends out? Is it just you and your significant other? Is it just you in the car at all times, and maybe a few pieces of luggage? Think about these questions when you are buying.
3) Buy or lease? Which is better for you? Do you not drive a lot of miles a year and trade in every 2-3 years? If so, maybe a lease is the right thing for you. Do you like to hold on to a car for a while and hand it down through the family or sell it to a friend? Then buying is the right thing for you. The good thing about a BMW lease is that if your contract is for 10,000 miles a year, there is no issue with calling your salesman up and asking for 15,000 miles at some point during the lease. Just remember that it will cost you a little extra to do that.
2) Go to your local BMW dealership and buy what you want. It’s easy as that. If you have the finances, just go and find what you want. Research different dealerships in your area first. Ask friends and family members where they purchased their BMW’s and what salesman they got them from. Ask them their experience. No one wants to buy from the wrong place and find it out later.
1) European Delivery. There is nothing better than getting your exact BMW, the one that you want with the options that you want. You can take delivery of your BMW in two different ways, you can either pick it up from the dealership once it is ready and has been shipped by BMW, or even better, you can go to Germany and pick it up yourself. Now who wouldn’t to do that? You get to drive around Europe for a week in your brand new Bimmer and see the sights, drive the Autobahn, take the BMW tours, feel the greatness of the back roads over there, or best yet, go on the Nürburgring. I don’t know how many of you care about racing on the ‘Ring, especially in your brand new car, but I would do it, if that helps. Also, by getting an ED BMW, you are saving some nice cash too. I have seen people save $5,000-$6,000. Hmm… I like the sound of that.
Five Tips for Pre-Owned
5) Check on eBay or Autotrader for your next BMW. I warn you though, don’t ever buy it unless you’ve seen it and had it inspected by a BMW dealership or a certified BMW technician. Pay the couple hundred dollars to have the cars checked out. It can be okay to purchase sight unseen, but I wouldn’t recommend it. You can still pick up great deals online from dealers or private owners. Some owners just need to get rid of the cars and want the money. This is also a good way to gauge the average pricing of certain BMW’s.
4) Check out the local lots. See if there are any cars that you like. There are going to be plenty of back woods used car lots that will have no idea what kind of BMW they are selling and will price it low. Even though this is a great price, have it checked out by BMW or a BMW tech.
3) Go to a used car lot that you trust. There is a local lot here in Wilmington, NC where I live that is owned by two of my old sales managers from when I sold cars at Mazda. They are good guys and I trust them for a lot of stuff. They borrow my custom guitars all of the time and I hang out with them a lot. I know what they purchased the BMW’s for on their lot, and I can safely say that they are making a marginal profit off of them. Try to find people like that in your area. Take the prices that they have on their lot and compare them to the same or similar cars online or at another lot. Still, though, no matter what, always trust that there is something wrong with the car and pay to have it checked out at a BMW dealership or with a certified BMW technician.
2) Buy a CPO BMW from BMW. Go to your local BMW dealership and purchase one that you like and works with your lifestyle and budget. You will pay a little more for a Certified Pre-Owned BMW, but isn’t that extra warranty and peace of mind worth it? If BMW CPO’s it and there is an issue with it, I have never heard of BMW not taking care of it the right way. And if they don’t, contact BMW North America immediately and let them know the issue. Research on BMW’s website or at your local dealer the special finance rates on certain cars. Like right now, BMW is offering 2.9% financing on 2005 and 3.9% on a 2006 CPO BMW.
1) DON’T BUY THE FIRST THING YOU SEE! Take all of these tips here that I have told you and know more about purchasing a pre-owned BMW. If your gut says no, or that there seems to be something sketchy here, there is! And walk away, now! Don’t trust people, know whether they are telling the truth or not. Research your BMW information. E-mail me, contact someone that you trust with BMW’s and ask them what they think. Have someone who knows come take a look at the car with you. Always budget for the possibility that something could go wrong with your car and you have to pay good money to have it fixed. No car is perfect, not even a BMW, sorry.
These are the best tips I can give you guys. I hope these help, and feel free to e-mail me if you have any questions or comments.