Trading in M2 advice?
Discussion
Just after some guidance here. Had my M2 2018 for near 3 years now, and just about to trade it in for me and the missus to get the new M135i
BMW have offered me £32.5k for the M2 which I’m happy enough with against my balance to settle of £31.6k leaving me in pocket to the good of £900 but here’s the advice request.
The M135 won’t be available till November, in which time I’ll have paid another £1.5k of the M2, but BMW will still only be giving me the £900 difference.
Can’t help but feel like I’m out of pocket slightly as normally it would be fine but as the values are likely to still hold strong. I’ve then paid an extra £1.5k (won’t have added much mileage as not doing much at moment) yet still only £900 to the good.
Hope I’ve given enough info to the predicament, but in the current strong market, can’t help but feel I’m losing out come November? Unless I’ve missed something completely!!
BMW have offered me £32.5k for the M2 which I’m happy enough with against my balance to settle of £31.6k leaving me in pocket to the good of £900 but here’s the advice request.
The M135 won’t be available till November, in which time I’ll have paid another £1.5k of the M2, but BMW will still only be giving me the £900 difference.
Can’t help but feel like I’m out of pocket slightly as normally it would be fine but as the values are likely to still hold strong. I’ve then paid an extra £1.5k (won’t have added much mileage as not doing much at moment) yet still only £900 to the good.
Hope I’ve given enough info to the predicament, but in the current strong market, can’t help but feel I’m losing out come November? Unless I’ve missed something completely!!
MOBB said:
Have BMW said they will only give you the £900 difference?
In my experience the amount they offer you is set, and if the finance owing reduces in the meantime, you will receive the additional money.
I’ll check, I’d expect it to stay same if only couple week, but it’s 3 months till car available. In my experience the amount they offer you is set, and if the finance owing reduces in the meantime, you will receive the additional money.
Your current balance is £31.6k and you're getting £32.5k from the dealer:
- difference/profit of £900
- difference is now £2.4k - minus the £1.5k you've paid in finance - so you'll still end up £900 up on the deal
mmm-five said:
Your current balance is £31.6k and you're getting £32.5k from the dealer:
I’m aware of the reduction in finance balance and the dealer said I’ll still only get the £900 difference so they’re assuming that what they give to me will reduce on line with finance, which for me means they're trying to pull a fast one in the current ‘bubble’ market?- difference/profit of £900
- difference is now £2.4k - minus the £1.5k you've paid in finance - so you'll still end up £900 up on the deal
Berry10000 said:
I’m aware of the reduction in finance balance and the dealer said I’ll still only get the £900 difference so they’re assuming that what they give to me will reduce on line with finance, which for me means they're trying to pull a fast one in the current ‘bubble’ market?
That makes more sense then.BMW aren't offering/guaranteeing £32.5k, but £900 more than your finance settlement figure.
If you know they're trying to pull a fast one, tell them to stick it.
I'd be cancelling my order and going elsewhere unless they give you a static figure - otherwise what's to stop them claiming they can only offer £400 on top in 3 months time?
Having worked in the car trade (for BMW) this isn’t how part ex deals are set up. They should offer you a fixed price for your car which should be stated on your invoice.
If we had a part ex coming in on a new car order which had a longer delivery time on it, we’d slightly devalue the part ex to allow for depreciation. When the part ex was sold to us, at point of the new car handover we’d settle the finance and the customer would get the equity at that point in time.
In short, sounds like the dealer is trying to pull a fast one.
If we had a part ex coming in on a new car order which had a longer delivery time on it, we’d slightly devalue the part ex to allow for depreciation. When the part ex was sold to us, at point of the new car handover we’d settle the finance and the customer would get the equity at that point in time.
In short, sounds like the dealer is trying to pull a fast one.
I'd get the p/ex offer in writing with confirmation that's what they'll pay. Their offer of +£900 to the settlement figure is derisory in the current performance car market.
Assuming it's a nice example, i'd be very surprised in any significant depreciation over the next 3 months, unless you damage it or pile miles on.
Assuming it's a nice example, i'd be very surprised in any significant depreciation over the next 3 months, unless you damage it or pile miles on.
tallpaul26 said:
I'd get the p/ex offer in writing with confirmation that's what they'll pay. Their offer of +£900 to the settlement figure is derisory in the current performance car market.
Assuming it's a nice example, i'd be very surprised in any significant depreciation over the next 3 months, unless you damage it or pile miles on.
Agree, it is a nice example apart from a careless scuff on my drivers side alloy which I still give myself a good talking to about Assuming it's a nice example, i'd be very surprised in any significant depreciation over the next 3 months, unless you damage it or pile miles on.
Seeing what my local dealer says, then will let the other dealer think about it now I’ve asked them to rethink what they’ve said re part ex
tallpaul26 said:
I'd get the p/ex offer in writing with confirmation that's what they'll pay. Their offer of +£900 to the settlement figure is derisory in the current performance car market.
.
£32.5k for a 18 M2 sounds like a decent offer, at least compared to WBAC although the OP's first step should be to check what WBAC offer as a benchmark. My guess is WBAC may be £500 or so more depending on mileage. .
What this needs to be balanced with is how good the discount is on the new car.
OP, do you need 5 doors? It sounds like you're getting rid of a slow depreciating car to go into a fast depreciating one, that may or may not be as good to drive.
nickfrog said:
tallpaul26 said:
I'd get the p/ex offer in writing with confirmation that's what they'll pay. Their offer of +£900 to the settlement figure is derisory in the current performance car market.
.
£32.5k for a 18 M2 sounds like a decent offer, at least compared to WBAC although the OP's first step should be to check what WBAC offer as a benchmark. My guess is WBAC may be £500 or so more depending on mileage. .
What this needs to be balanced with is how good the discount is on the new car.
OP, do you need 5 doors? It sounds like you're getting rid of a slow depreciating car to go into a fast depreciating one, that may or may not be as good to drive.
WBAC we’re at £32.5k themselves when I looked last week.
Northernboy said:
What does the M135 offer over the M2? It seems like a step down.
The missus isn’t keen on the M2, too much for her, plus she wants the newness of the interior and the 5 doors. I’ve had a blast in it for nearly 3 years so am happy enough that I’ve scratched the M itch for now. Gassing Station | M Power | Top of Page | What's New | My Stuff