2005 X5 3.0i with 12,000 miles coming off lease, what should I do?

[pglover19]

Hello,

I need your help in determining what to do with this lease deal that is maturing in 4 months. This is a 39 month lease on a 2005 X5 3.0i that currently have 12,200 miles. The lease end date is 11/15/2008. The vehicle is in pristine condition. The residual value is $29,627.00. The vehicle is black sapphire metallic, beige leather, cold weather package, premium package, rear climate package, automatic transmission, heated steering wheel, and BMW rain/wind reflectors. The vehicle was involved in an accident and repaired by an authorized BMW repair shop. The amount of damage to the rear of the vehicle totaled around $1,400.

Do I keep the vehicle, sell it, or return it to BMW? This is an excellent vehicle.

[UCrewX5]

I would try to negotiate a purchase for less than the residual value.

[pglover19]

Originally Posted by UCrewX5

I would try to negotiate a purchase for less than the residual value.

Do you negotiate with the leasing company (BMW Financial Services) or the BMW dealer you purchased the vehicle from?

Is the residual value not a good price?

[UCrewX5]

I believe you would be negotiating with BMWFS, as they hold the title to the vehicle. The residual isn't too bad, but given the current market for SUV's you are in the drivers seat for negotiating a better deal. BMWFS will simply run the vehicle through an auction, and it's unlikely that they'll get that much for it. Make them an offer and see what happens. Worst they can do is say is no.

[pglover19]

Originally Posted by UCrewX5

I believe you would be negotiating with BMWFS, as they hold the title to the vehicle. The residual isn't too bad, but given the current market for SUV's you are in the drivers seat for negotiating a better deal. BMWFS will simply run the vehicle through an auction, and it's unlikely that they'll get that much for it. Make them an offer and see what happens. Worst they can do is say is no.

What price should I be asking for? Also is there any options I should be negotiating as well such as including an extended warranty in the deal, 5 DISC CD changer, Navigation SYSTEM, etc.

[supersteve]

Look it up on the kelly blue book web site. www.kbb.com

It's a very good site for giving all values of a vehicle. Trade In, resale, private party also poor, good, excellent conditions.

Works wonders when you show up to negotiate with hard numbers in your hands. It will also tell you if your thoughts on the value are acurate.

[amcink]

05 3.0 should be negotiated at about 25 to 27K- you are in the driver seat and have them include in some type of warranty

[ZsX5o3]

Originally Posted by supersteve

Look it up on the kelly blue book web site. www.kbb.com

It's a very good site for giving all values of a vehicle. Trade In, resale, private party also poor, good, excellent conditions.

Works wonders when you show up to negotiate with hard numbers in your hands. It will also tell you if your thoughts on the value are acurate.

are you serious? KBB is so far off the mark in my experience. According to them I could sell my car right now and make about 7k profit.

[K.I.M.POSSIBLE]

Originally Posted by pglover19

Hello,

I need your help in determining what to do with this lease deal that is maturing in 4 months. This is a 39 month lease on a 2005 X5 3.0i that currently have 12,200 miles. The lease end date is 11/15/2008. The vehicle is in pristine condition. The residual value is $29,627.00. The vehicle is black sapphire metallic, beige leather, cold weather package, premium package, rear climate package, automatic transmission, heated steering wheel, and BMW rain/wind reflectors. The vehicle was involved in an accident and repaired by an authorized BMW repair shop. The amount of damage to the rear of the vehicle totaled around $1,400.

Do I keep the vehicle, sell it, or return it to BMW? This is an excellent vehicle.

YOu can do better.. but its up to you. 29K isn't horrible, but these ars are going for 24 to 26K all dat around the dallas and houston areas with low miles and still under warranty.
I just purchased a 2005 4.4 for less than that.
I don;t know how much your lease payments were, but I'm positive if you add them to the residual price of your car, you still have time to do better on another buy but not that one.

[supersteve]

Originally Posted by ZsX5o3

are you serious? KBB is so far off the mark in my experience. According to them I could sell my car right now and make about 7k profit.

And your complaining?!?!

The numbers they give are a starting point. There is usually a significant difference in price from the excellent condition and the lesser conditions. I'm sure you think yours is in excellent condition. I will garrantee, someone trying to negotiate the price can find things wrong with it. You also have to consider private party prices vs retail. There may be a $10k spread from the excellent condition retail price and the trade in value. Unless your a dealer, you won't get retail, you'll get private party. In other words you have be honest with yourself to find a realistic price. No emotion involved.

I have sold two vehicles in three years using the numbers from www.kbb.com. Not only did I get a good starting point to attrach the buyers, I also had the papers with me when I showed the cars. The first person to look at both vehicles bought them. I'd say the numbers are pretty good.