BMW 1 series offer

[Dinging]

Hi All,

Anyone any comments on the BMW 116 offer at 375 per month from

Would you consider this good value. I need a new car and was expecting to cover a loan of approx 400 per month but I am considering this deal and maybe get a new car once the SSIA's are ready to cash in. My current car is worth approx 3.5K so this would cover 9 months payments of 24 plus I would not have to NCT it. Also no service costs with the BMW offer.

Dinging.

 

[RS2K]

Trouble is you are only renting.

If you bought the car, and made repayments of capital, at least you'd build up some equity.

Mileage is limited to 10,000 km per annum, which is low.

Horses for courses I suppose.

 

[CCOVICH]

There are service costs, the price is based on contract hire (non-maintenance), read the small print. BMW warranty and emergency service is included for 2 years.

Excess kms, charged at 19c per kilometre. I do 7k miles per year (11,200 kms, still low), which would cost me an extra €228 per year. I don't use the car for commuting, so if you are driving to work, the extra costs could be high.

Maxwell Motors seem to be offering a similar package with service, but the figures don't seem to add up (RRP is €31,565, but repayments are the same?????)

 

[tiger]

If you bought the car, and made repayments of capital, at least you'd build up some equity.

A car is not an asset!!!

It loses about 10% of its value as soon as it drives off the forecourt and about 20% a year, every year.

 

[RS2K]

It is an asset, albeit a usually quite rapidly depreciating one (except some of the new Minis which can hold 100% of their value).

I'd always prefer to own something rather than nothing.

 

[tiger]

It is an asset, albeit a usually quite rapidly depreciating one

Fair point, I should probably have said a car is not an investment.

I would perfer not to own a car, but I want to have the use of one. Why have E31,565 tied up in something that's losing money?

If a deal like this is going to save you money, without too many restrictions (10K km per year? fixed 2 yrs?) then I would definitely consider it.

I'm more from the bangernomics http://bangernomics.tripod.com school of motoring, so I'll be sticking with my 98 megane

 

[Budgie]

Dinging

I think you have to look at the car as well as the deal.

1. The 1 series is not selling and discounts are common so you could save on the new price. The trade press don't like it (not up to the usual BMW standards, small boot size, cramped seating, handling not good).

2. However the downside is that depreciation will be galloping as the cars will be difficult to shift. Stay away from exotic engine sizes.

On the deal itself, as a rule, they are designed to make a profit for the garage/financing co. so the odds are stacked against you. The fact that their money is tied up in car (rather than yours) is priced into the contract so you are paying dearly for not having your money tied up in the car.

Unless you are desperate, outright purchase is better.

 

[Gabriel]

The 1 series is overpriced for what it is. You'll get better deals for less money.

30k for a new one?? No way!!
If you really want a beamer why not look at a second hand 316/318?

 

[RS2K]

Dinging

I think you have to look at the car as well as the deal.

1. The 1 series is not selling and discounts are common so you could save on the new price. The trade press don't like it (not up to the usual BMW standards, small boot size, cramped seating, handling not good).

2. However the downside is that depreciation will be galloping as the cars will be difficult to shift. Stay away from exotic engine sizes.

On the deal itself, as a rule, they are designed to make a profit for the garage/financing co. so the odds are stacked against you. The fact that their money is tied up in car (rather than yours) is priced into the contract so you are paying dearly for not having your money tied up in the car.

Unless you are desperate, outright purchase is better.

Agreed.

One of the problems for a 1 Series BMW is it's weight. It's heavy and needs a 2 litre lump to make it go any way decently. The 1600 and 1800's are pure sloth and dog slow respectively.

The cheapest 2 litre 1 Series is a petrol one at €35550 (the diesel is better but even more expensive) and the VRT/VAT rip off on this car is a truly astronomical 73% of the pre tax price or almost €15000.

Unbelievable but true.