which car?

Poll Poll indy or dealer

  • 2006/06 Independent Garage

    Votes: 2 7.4%

  • 2006/56 BMW AUC

    Votes: 25 92.6%
  • Total voters
    27
playalistic said:
Bluetooth prep most definitely means it actually has bluetooth. All cars are "prepped" for bluetooth so it wouldn't make much sense anyway :lol:
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While I agree that all UK cars correctly described as 'prepped for bluetooth' will indeed have bluetooth, preparation was always an option. (option 633 or 644) While US cars are all 'prepped' in the sense of having the wiring loom in place and a badge to indicate so, UK cars were not and those not prepped need the harness, mike, etc. as well as the ULF module.

Given dealer and resellers never really know what they are talking about, I'd simply check for the large bulge on the rear firewall (behind passenger seat) to see it has the module or if it has sat nav see the 'telephone' option on the screen

Hope that clarifies.
 
well the indy has just come back with HP deal at 6% compared to BMW's 4.25%

i told him to go away and try again.

i think we all know which way this is going...
 
quick update

indy
HP 60 months, 6% flat, 13k loan, 281 per month (best they could do)
in 12 month i'll owe about 11k
in 24 month i'll owe about 8.6k
i wont get to year 3, 4 or 5

bmw
PCP 36 months, 4.25% flat, 14k loan, 284 per month
in 12 month i'll owe about 11.5k (i think)
in 24 month i'll owe about 9k (i think)
i wont get to year 3


taking onboard what everyone has said, the AUC car seems the obvious choice.

so why is that other car eating away at me!?
 
homerjay said:
quick update

indy
HP 60 months, 6% flat, 13k loan, 281 per month (best they could do)
in 12 month i'll owe about 11k
in 24 month i'll owe about 8.6k
i wont get to year 3, 4 or 5

bmw
PCP 36 months, 4.25% flat, 14k loan, 284 per month
in 12 month i'll owe about 11.5k (i think)
in 24 month i'll owe about 9k (i think)
i wont get to year 3


taking onboard what everyone has said, the AUC car seems the obvious choice.

so why is that other car eating away at me!?
Click to expand...


Not wishing to offer a lesson but do you really understand the workings of flat rate and especially how PCP's work? Amazingly expensive way to buy a car. You will be paying the full rate of interest on the initial term AND the GFV and at the end be left with that amount to refinace, pay in a lump or roll into the next car.

The HP's easy based on your numbers and equates to about £3,900 interest. You won't get it back if you pay off early, just a portion of it. You're theefore looking at £17,000 for that Zed :thumbsdown:
 
im happy to be tought.

no i dont quite understand how flat rates and aprs work in terms of pcp's. hp is much more straight forward.

i do understand amortisation and how interest is paid heavily up front and less at the end.

ive got the full bmw finance agreement here now.

its 11.4% apr

loan 13990
total interest £3086
total charge for credit £3410 (£174, £150 credit arrangement fees)
gfv £7124
36 months

how is 4.25% flat really 11.4% apr?
 
OK so in real simplistic terms flat rate charges interest on the full balance for the total period of the loan. So your HP is £13k x 6% x 5 years. That makes £3,900 interest. add to sum of £13,000 gives £16,900 = 60 x £281.

In reality your balance would have been decreasing over the 5 years until the end when you owed just a payment, but you paid interest on the full balance. Therefore flat is usually about half of actual interest. APR is a special calculation that adds in other fees and charges and supposedly makes it easier to compare. That's why it more than doubles. Now you can see a bloody expensive loan when savings rate are about 0.5% !!

So the PCP. Same but this time you'll be paying flat rate on the GFV for the 3 years on £7124 right until the day you start to pay it off. The £3,98 interest is on something like £13,990 - £7124 / 36 months. when you get tot he end of the period you can either hand the keys in or take out another loan over say 3 years to clear down that balance.

Wild guess but if you took that £7174 over another 3 years you'd be paying for the Zed for 6 years and incur around £4,000 interest in total.

Don't expect there to abe a profit at the end and you're inituial downpayment will have evaporated too, making it a just over £20,000 Zed...

As a banker I've applied some artistic licence and simplification to these explanations to illustrate better.
 
cj10jeeper said:
OK so in real simplistic terms flat rate charges interest on the full balance for the total period of the loan. So your HP is £13k x 6% x 5 years. That makes £3,900 interest. add to sum of £13,000 gives £16,900 = 60 x £281.

In reality your balance would have been decreasing over the 5 years until the end when you owed just a payment, but you paid interest on the full balance. Therefore flat is usually about half of actual interest. APR is a special calculation that adds in other fees and charges and supposedly makes it easier to compare. That's why it more than doubles. Now you can see a bloody expensive loan when savings rate are about 0.5% !!

So the PCP. Same but this time you'll be paying flat rate on the GFV for the 3 years on £7124 right until the day you start to pay it off. The £3,98 interest is on something like £13,990 - £7124 / 36 months. when you get tot he end of the period you can either hand the keys in or take out another loan over say 3 years to clear down that balance.

Wild guess but if you took that £7174 over another 3 years you'd be paying for the Zed for 6 years and incur around £4,000 interest in total.

Don't expect there to abe a profit at the end and you're inituial downpayment will have evaporated too, making it a just over £20,000 Zed...

As a banker I've applied some artistic licence and simplification to these explanations to illustrate better.
Click to expand...

hmm, youve not really told me anything i didnt know (as far as the basics go). but at least that confirms what i thought i knew. cheers.

what i dont understand is how 4.25% and 11.4% apr are the same? unless somebody (mr bmw dealer) is telling porkies? ok one is before fees and one is after but still...

and this will make it worse depend on which way you look at it, but i'll only have the car 18 month probably, so will be paying interest rather than capital, i accept that. but at least i wont be paying ALL the interest.

ive had 8 car in 10 years that have been on finance, HP/PCP/personal loan and only once (the 1st) was i in negative equity after year one. and this is the 1st time ive put a deposit down EVER.

i guess a lot is down to buying the right car at the right money and selling at the right money at the right time.

the only reason ive started asking these questions now is because im not sure if this is the right car (in terms of cost) and the crazy APR's flying about.

oh btw thank for your help :D
 
AUC as it gives peace of mind and i u havent had z4 before all teething issues can b looked after by ur dealer free of charge.
 
ive found the 4.25% for anyone who is intrested.
the dealer worked it out over 5 year hp, which is near and dammit the same intrest as

14000 x 4.25% x 5 years = 2975

intrest on the apr quote is 3086

then fees of £325, takes the rate to 11.2% apr

bish bash bosh.
 
Sound like you've cracked it then. Since flat is on the full not reducing balance and APR includes any other charges, then it's an easy step up from 4.25% to 11% APR.

Dealers have got real cute of PCP residuals now and with the recession they are no longer seeing profits at the end and also insisting on deposits.

Good luck whatever you do.
 
On the AUC there is small mark on the drivers seat a bit of a nick if you like, also some of the trim is a bit scuffed.

S.wheel is also very warn

I also noticed a knocking coming from the rear off side??? (when i went over a speed bump and a few other times)

I had a drive of this when it was at the Preston branch, it was up for almost £18k!! I would be asking for a new m s.wheel to be thrown in. Great car but we decided we wanted an auto :)
 
Popey said:
On the AUC there is small mark on the drivers seat a bit of a nick if you like, also some of the trim is a bit scuffed.

S.wheel is also very warn

I also noticed a knocking coming from the rear off side??? (when i went over a speed bump and a few other times)

I had a drive of this when it was at the Preston branch, it was up for almost £18k!! I would be asking for a new m s.wheel to be thrown in. Great car but we decided we wanted an auto :)
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he said they would sort the seat.

your right about the steering wheel, it was warn which seemed odd on an 18k miles car. whats the cost of one of these?

i saw it at preston too, but i dont like them.

didnt notice any knocking though?
 
homerjay said:
argh!

indy guy just rang back.

will now do at 5.5% and extend his 'warranty' to 12 months.
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What about if he goes bust or decides he can't be bothered anymore - leaving you warranty-less. What parts will he use - if the money is coming from his pocket they'll likely be second hand or poor quality pattern parts.

Not knocking indy dealers, but I'd rather have a 3rd party warranty or preferably a BMW one.
 
Wondermike said:
homerjay said:
argh!

indy guy just rang back.

will now do at 5.5% and extend his 'warranty' to 12 months.
Click to expand...
What about if he goes bust or decides he can't be bothered anymore - leaving you warranty-less. What parts will he use - if the money is coming from his pocket they'll likely be second hand or poor quality pattern parts.

Not knocking indy dealers, but I'd rather have a 3rd party warranty or preferably a BMW one.
Click to expand...

i know what you mean.

the indy car is the better car (if cleaner up properly) and now its similar financially too

but nothing comes close to an auc warranty
 
reeto, ive slept on it and decided that the car i want is.....

...neither

its seems i need to buy an BMW AUC, but i want the car to be fully loaded.

so im gonna bide my time, until something i REALLY want catches my eye at a dealer.

thanks for all your help guys.

stay tuned...
 
AUC is the way to go, if you can afford it. That said, looking at the two cars the AUC is nicer and why pay the money for a car that needs work?
 
homerjay said:
reeto, ive slept on it and decided that the car i want is.....

...neither

its seems i need to buy an BMW AUC, but i want the car to be fully loaded.

so im gonna bide my time, until something i REALLY want catches my eye at a dealer.

thanks for all your help guys.

stay tuned...
Click to expand...

wise choice; especially with winter coming up.

I agreed the purchase of my car on a cold snowy day in late Dec last year.. and managed to knock a couple of thousand off it from an independent.... although being an 08 i still had over a yr's warranty.
 
I did the same as ^ and bought in Dec - got a good deal but travelled to Knights in Stoke ( live in Preston) great to deal with too.

Would go for an AUC car though.

Phil
 
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