Name: Irfan
Location: Ohio
The RIDE: 2011 BMW 335i XDrive Coupe 6MT (Corporate Car w/ 10,400 miles)
The DEAL:
Original MSRP : 55,800
Sale Price : 47200
BMW Olympic Incentive 1000
Total Selling price: 46200
Fees rolled in: $1000 ($acquisition/title/misc)
Residual: $32,623 (58.46%)
MF: .002
Tax 6.75%
Due at lease signing: First month payment ($600, tax included)
payment is a true $600/month for a “new” 335i Xdrive coupe fully loaded that will be under warranty the whole time, excellent condition, stickered at 55800
Has Premium/Sport/ColdWeather/HarmanKardon/SatRadio/Convenience… Sapphire Black Metallic on Oyster/Black.
Carmax saved the day for me.. I had an $45,600 2008 IS350 for $600/mo taxes included as well (also just first month upfront), with 6 months left. I was going to be over my miles, lost a key and had some body damage, i would have been paying about $3000 at the end of the lease. Carmax appraised my car for $550 more than the payoff was going to be, so I got a check for $550 and also got out of paying $3000 so really they saved me $3,550+.
My TAKE:
Congrats on the new ride Irfan! I like the ride a lot! Leasing slightly driven cars can be tricky because the residuals need to be adjusted due to the pre-existing miles, but if the numbers look good, you can actually drive away with a pretty good deal. 335i is awesome and for $600 bucks a month (on a $56k car) that’s a lot of car for not a lot of cash. Good job! Carmax has always been a great place to go to because the trade-in offers far exceed those from dealers. I’ve had dealers tell me Carmax is insane for cutting those deals. Good for US I say! Haahaa.
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I agree about Carmax. They keep the dealers honest, or at least thinking because they can be counted on to always give a good fair wholesale price given their large national market for the cars.
However, from my experience, Carmax doesn’t ALWAYS blow the dealer away. For example, the ’09 TL I traded in last month had 36k miles and was appraised by Carmax for $26700 and the Acura dealer gave me $26400. Close enough. I gave it to the dealer as it was much more convenient.
However, the ’09 IS250 I traded in last week was a different story. The dealer offered me $22500 (Lexus of Orlando) and CarMax offered me $27000!!! Huge difference. The IS250 was in good condition and only had 19,000 miles on it. The Carmax deal was much fairer. Lexus of Orlando were trying to screw me big time. Bottom line; it depends on the dealer. At least get a quote from CarMax to use as a benchmark before heading to the dealer for their quote.
@SpicyMikey. That is true. I had a similar experience trying to trade-in a few cars to CarMax. The good news is that CarMax has always been higher for me (even of it’s by a few hundred dollars) than dealer trade-in offers. If it’s within a few hundred dollars, it’s always easier to just have the dealer match it, which does make life simpler. Good post.