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      08-10-2015, 11:46 AM   #1
davidelectricred
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Should I pull the trigger?

Hey guys,

Let me start off by saying, please keep your personal opinions about my financial state to yourself. If bashing people or putting yourself on a higher financial platform helps you sleep at night fantastic.

I am 21, work 3 jobs and a full-time student. I am about to trade my '15 Honda accord in for a Loaner '15 BMW X1. The X1 is equipped with the premium and xline package with 8k miles on it. Car is listed for 31,991 but I got them to take another 1k off. so 30,983. Also got them to come up on my trade from 16k to 19k. I shopped my trade at about 3 different dealers.

I am upside down on my accord because I didn't put cash down and I had a 11% interest rate.

I am going to do an owners choice, because I don't want to put cash down and don't want to roll the negative equity into the BMW's negative equity. I want to do the OC for 3 years and turn the vehicle in and start fresh with at least 5k of a down payment. Also the plus is driving a niiiiicccceee BMW.

SO my question is am I getting a good deal?
30,983 @ 36 mos. @ 36k miles.
-4000 Negative equity
Residual value of 21,000.
537 a month.

Thanks everyone!
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      08-10-2015, 11:48 AM   #2
davidelectricred
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Quick picture of the car!
Attached Images
 
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      08-10-2015, 12:49 PM   #3
zeevette
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Your first sentence negated the possibility of any response. GL
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      08-10-2015, 12:54 PM   #4
davidelectricred
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Thats fine lol, I'm just asking if the deal is fair lol
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      08-10-2015, 02:40 PM   #5
Alfisti
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Nice car, deal seems fair enough TBH but I am used to CDN prices which are higher.

I'm not gonna lecture you but i will give you a story. At your exact age I bought a 1971 Alfa Giulia Coupe, fucking gorgeous. Drove it everywhere but upon shopping around for a mod shop to tweak her a bit i was told "buddy, buy a house instead". I did not and modded the Giulia. All told i dropped $22K on the car, basically my house deposit.

If i do the math, I am out about $1M in lost equity as a result.

Just sayin'.
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      08-10-2015, 02:50 PM   #6
davidelectricred
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Quote:
Originally Posted by Alfisti View Post
Nice car, deal seems fair enough TBH but I am used to CDN prices which are higher.

I'm not gonna lecture you but i will give you a story. At your exact age I bought a 1971 Alfa Giulia Coupe, fucking gorgeous. Drove it everywhere but upon shopping around for a mod shop to tweak her a bit i was told "buddy, buy a house instead". I did not and modded the Giulia. All told i dropped $22K on the car, basically my house deposit.

If i do the math, I am out about $1M in lost equity as a result.

Just sayin'.
This! I do appreciate. I would really like to buy a house sooner rather than later. In about 3 years. My career is coming along well. So in due time I will definitely be able to work just 1 job.
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      08-10-2015, 09:55 PM   #7
mccannable
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Bit different numbers but I got in December of 14 a 14 s drive base with 15k. It was a demo but didn't show any signs of a loaner(no ring scratches under handles, curb rash, or even any bumper chips). I got the cpo warranty (100k) all for $25,200 before taxes. No trade.

As far as I'm concerned I got a great deal. Yours seems decent as its newer and better optioned. Not sure on the trades, they rarely seem like a good deal to me.
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      08-10-2015, 10:57 PM   #8
davidelectricred
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Quote:
Originally Posted by mccannable View Post
Bit different numbers but I got in December of 14 a 14 s drive base with 15k. It was a demo but didn't show any signs of a loaner(no ring scratches under handles, curb rash, or even any bumper chips). I got the cpo warranty (100k) all for $25,200 before taxes. No trade.

As far as I'm concerned I got a great deal. Yours seems decent as its newer and better optioned. Not sure on the trades, they rarely seem like a good deal to me.
Awesome! Thanks for the input.
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      08-16-2015, 10:00 PM   #9
Shock96
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28i or 35i? I have to assume it is a 28i due to loaner status.

Is it a CPO car?

I personally think it is a bit pricey. I have seen 28i with less miles selling for under 30k. Some with about 15k on the clock going for under 25k.
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      08-18-2015, 12:13 PM   #10
davidelectricred
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Pulled the trigger, jot the car down to under 30k. thanks everyone!
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      08-19-2015, 10:12 AM   #11
cooombs
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Congrats and welcome to the X1 club! I love the wheels on yours, would love to find a set of those to replace my base 17s.
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      08-19-2015, 10:34 AM   #12
davidelectricred
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Quote:
Originally Posted by cooombs View Post
Congrats and welcome to the X1 club! I love the wheels on yours, would love to find a set of those to replace my base 17s.
Thanks!
My partner and I both like it a lot. I want to get the M sport 19's eventually so I'll sell you the 18's I have lolls
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      08-19-2015, 10:54 AM   #13
cooombs
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Quote:
Originally Posted by davidelectricred View Post
Thanks!
My partner and I both like it a lot. I want to get the M sport 19's eventually so I'll sell you the 18's I have lolls
Let me know if you do, I may be down for working something out!
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      08-19-2015, 11:55 AM   #14
atomic
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I would say a definite no. You are putting over 4000 dollar of negative equity into the deal on a lease??? That is crazy. Is there something wrong with your Accord? Does it break down every month? If no keep it and pay it off early.
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      08-19-2015, 02:28 PM   #15
Alfisti
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Yeah what does that mean exactly?
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