So I bought a CPO 2021 BMW 530e in February with 17k miles and had it since. I don’t drive much, only put 4k miles on it since, and paid about $47K (which seemed like a good deal at the time) and put $5k down. I also did a 72 month lease, and definitely don’t think I’ll want the car another 5 years.
I’m worried the car market will keep tanking and got an offer for essentially my exact Loan amount of $37.6K from vroom, so essentially I’ll paid off the loan, but have technically spent $5k plus 7 payments ($10kish) to own this car for 8-9 month which seems stupid, but again, maybe better to sell now then potentially lose more later?
Let me know your thoughts, would greatly appreciate it.
But what is your plan afterwards? Don’t own a car? A cheap car? Or a nice car?
If you buy a nice car back, you still are going to bite the bullet on the depreciation.
The depreciation is often most heavy for the first miles.
Any car you buy will depreciate lol enjoy the car
Any car you buy will depreciate lol enjoy the car
Checkout the local private party market, try pricing it a couple grand less than what others are asking but a few grand higher than what vroom is offering. Also try local dealers, especially bmw, Carmax etc
But what is your plan afterwards? Don’t own a car? A cheap car? Or a nice car?
If you buy a nice car back, you still are going to bite the bullet on the depreciation.
The depreciation is often most heavy for the first miles.
Checkout the local private party market, try pricing it a couple grand less than what others are asking but a few grand higher than what vroom is offering. Also try local dealers, especially bmw, Carmax etc
I say hold it for a bit longer the market is still wishy washy like it was last year. So next year you might get a better offer on the car especially since you don’t drive it
It’s a bmw, what do you expect? It’ll depreciate hard regardless
Dunno why ppl say this. In accident scenario I’ve had multiple insurance adjusters says bmws hold their value pretty well compared. The first 3 years you take a big hit, but after that it’s not bad.
Yeah true i guess from my experience was like 6 years ago hunting an e90. I could get my dream car for 10k. Now I’m hunting for slightly newer bmws and they are out of my price range. I want a 240 or 340 of any year and they’re like 30k lol
You bought it at retail price from a dealer. There is probably a 10-15k difference between trade in and retail. It’s still worth the same amount at retail. You could still sell it for around what you paid if you go private party. Enjoy the car.
You might want to get a quote from CarMax. They typically offer decent money.
But if you ask me, I don’t think it would be worth getting rid of the car at this point. 10k is a lot of money to lose, as opposed to keeping the car and enjoying it.
I would sell but not to Vroom. Think you maybe able to get a better offer from a dealer or just sell it yourself, you’ll def get more.
If you’re worried about having spent $10k and nothing to show for it if you sell, that number will only go up the longer you hold on it.
Do you need a car? If it’s just parked, can you put it for rent on Toro? Is there an active BMW CCA chapter where you live? If so, that’s a good way to get miles on it from cruises to other social events.
If you don’t drive much, sell it and get something Japanese that you don’t have to worry about. Anything expensive is just a high priced item depreciating in your driveway. Your auto happiness is losing money since you aren’t driving much, so don’t get luxury.
Supply and demand is always a tricky thing to predict. It will depreciate less as it ages. Will the market exasperate that? Maybe. But maybe used prices will rise? I do think the EV market will impact everything. I look forward to a 330i in full electric. A Tesla model 3 crusher. Sign me up!! Meanwhile I would keep it and enjoy the car unless you sell it for a cheaper, lower cost of ownership vehicle.
If u aren’t happy and analyzing the numbers. Then better sell it. You can always buy again when you feel comfortable now that you have experience owning it.