First time Buying a BMW CPO, Advice Needed!
 

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.

What's CPO?

Certified Pre-owned
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whats the finance rate/interest?

ohh ok thanks

what the heck

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.

Downpayment?

@knight604

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

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/68756...y-i-twice.html

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.

Kids

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

The advice to buying a used BMW?

The advice is not to buy a used BMW.

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

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.

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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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.

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

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

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.

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.

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:

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.

Dont forget.. the french smoke like chimneys