I personally would be financing the 18k and paying that car off. You have a nice £5k of equity, which is always nice to "fall back" on. If you can pay off the £18k in a reasonable number of years, you'll have £10-15k of equity to fall back on.
BMW and M Power Owners
- Thread starter panthro
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You need to be careful here - I would be surprised if the overall cost really is just £50 a month more. The monthly payment is largely irrelevant, what matters is the total cost of the deal. On this occasion it is likely a replacement deal using the equity in your current car as a deposit resulting in monthly payments of £50 more than you currently pay. But the true cost is therefore more, overall, than just £50 a month extra. There sounds like there is significant equity in your current car - don't forget this.
If Motorway are offering £26.5k then £23.5k does not sound particularly generous.
I am not sure I'd be that interested in changing. I don't think it would be sufficiently different enough from yours to be worth the considerable expense in upgrading - and the expense will be considerable because you are almost at the point where you can buy a presumably reasonably new car (your existing one!) for £18.5k...
It is worth knowing that the M240i is a completely different car from your current car - the range is confusing at the moment. It is actually basically a smaller 3 Series and is on a totally different platform entirely. It is, in my view, therefore a considerably better car - the interior is better, the gearbox is better, the engine is obviously better. If you are to upgrade at all, this is probably the car to go for. Note they also do a 2 litre turbo which is very similar to the engine in your current car, so that could be an option as well.
I doubt it - leasing when you know exactly the car you want is rarely a very good deal.
Yeah the equity is pretty considerable at the moment, I can't envisage the used car market dropping off too much in the next 18 months so I may well still have 5k in equity by the end of the deal.
I've been doing some more reading up on the range and it looks like my 128ti is reviewed far more favourably. It would also take me over the 40k bracket for car tax.
I do love the purple M240i so may try speccing something up and seeing what that looks like financially.
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Mate definitely do not doing something as silly as swapping a 128ti for a 135i AND pay 500 quid premium car tax. Bonkers.
They've told me the M240i would likely be another £200 a month on top. Not something I can do at the moment although I will be able to around the same time my PCP ends. I'll have a look around elsewhere to see how they compare but think i'll just stick it out till near the end of my current deal.
Why are you so keen to change?
At the end of my PCP you mean? I'll have had the 128ti for 4 years at that point and fancy moving onto something a bit better. Plus it ties in with my finances becoming a lot better.
If your finances are a lot better you may want to consider selling the 128ti for your healthy equity, and then taking a bank loan to finance a nearly-new 240i. PCP traps are not nice!
Yeah that would be an option rather than sticking with PCP but I can't do until my PCP is nearly over. Hopefully there will still be a chunk of equity at that point.
Have a look at the interest rates. You'll probably find that your current interest rate is lower than the new one you are being offered.
Personally, just keep the 128, stick on BMW Insured Warranty and pay off the balloon using a bank loan if necessary.
You can clear PCP whenever you want to; it just adjusts the size of the balloon.
How does that work? I thought you were tied in till the end paying x per month then choose at the end whether to buy or not.
You can request a settlement figure from the finance company at any point you want and clear the finance should you wish to.
You can indeed, then expect an influx of calls, emails and texts with offers etc!
They've had some really competitive new (and sometimes used) offers recently.
Loans are hard to get at decent rates lately. I think i was lucky with my below 5% i used to get the 440i.
Also, i bought a £47 ATM unit from a wreaked BMW X5 (2016). Same unit however no Wifi Hotspot.
Installed today, coded by a nice chap from the EU over TeamViewer for 50 USD and GPS functions again.
For under £100. It was a worth while thing to do.
Bought a used BMW a month or so again. BMW's PCP rate was 12.8%. Got it down to under 9% through a broker (would have been lower but I've only been in the UK since Feb so limited UK address history).
New offers definately better than used from what I've seen.
I've just done this through the app and had a figure of just over £23k for my M235i. Webuyanycar value it over £30k...
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