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Old 15th August 2017, 09:08   #5881
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

Congrats on your purchase, I have a few questions

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Originally Posted by Soumyajit9 View Post
Let me quickly straighten your doubts !


I recently (2 weeks) bought a Feb 2017' BMW X1 xDrive 28i - 4400 Miles on ODO.
Bought or leased?

Quote:
About the car:
- Certified Pre-Owned. Car is a Loaner Car of the Dealership.
Is this a CPO lease? Did you make any down payment?How much was the Tire & other packages?
Quote:
- Look for Certified Pre-Owned - Through Dealership Only.
- Look for cars which are still under warranty.
Good suggestions, I agree
Quote:

- Go for Lease, if you just want to enjoy the car only, and there are no plans of modifications or track events.
Dont agree with this, but thats fine
Quote:

Q) Why X1 ?
A) Because Q3 is Boring, GLA is Tiny. RDX and C5 were so so.
I am curious to know what did you find better in an X1 over an RDX other than brand? The RDX has more features, more power, cheaper to maintain & is more spacious.
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Old 15th August 2017, 10:22   #5882
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Originally Posted by Koenigsegg220 View Post
Any insights on lease vs CPO route ?
In my opinion: CPO, no question. Here's my jargon on why a CPO makes sense:
1. You may not get the latest tech at the same monthly payments as a lease, but keep in mind that you actually own a car that you finance and are not limited by the number of miles you drive in a year.
2. You also build equity on a car that you finance and you have an asset in hand at the end of the finance term. You either return your leased vehicle or buy it out at the end of the lease.
3. Cars depreciate 20% the moment you drive them off the lot. Getting a CPO usually means that you have more car in hand than your loan amount at the end of a year. I bought a 2015 Nissan Altima for $16K on a $12K loan. A year later and I have $8K to pay off but my car's worth ~$13K according to KBB (which is awesome considering it's a Nissan). CPO's are great value.
4. You pay less insurance on a CPO than a lease. Well at least if you don't have much driving history in the US. Would appreciate if someone conformed this point, as I'm 80% certain this is a fact.
5. Its easier to get out of a finance than a lease should financial difficulties arise. You are bound to see out the terms in your lease, however you can sell your car on a lien title(not sure of the exact details of how).

Why you might want to lease:
1. You care two hoots about equity and ownership and just want to drive a nice car with the latest tech.
2. You don't want to pay as much sales tax.
3. You don't drive all that much
4. You want hassle free commuting. Most CPO's come only with powertrain warranties(Barring Honda and Chevy, to the best of my knowledge) or a years comprehensive at best. Toyota guarantees 2 years of free service even on new leases, so if it's worth considering for a lease. This doesn't apply to CPO's.
5. Peace of mind. With a CPO, there is still a doubt, no matter how small, that the car you have might give you trouble down the road. And if it does, you have an expensive, cash guzzling liability in your garage. If you don't like the car you leased, bear with it till the lease ends and ditch it, or just find someone to take over your lease if you really want to get out of it fast.
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Old 15th August 2017, 18:04   #5883
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Originally Posted by dr.abhijeet View Post
The best type of car for ferrying kids is a minivan.
Absolutely. The Value For Money quotient of a minivan is unparalleled.
If space is the reason to prefer a crossover over a sedan, then one might as well go for a minivan. Majority of the crossovers are never going to go off the tarmac or tow anything anyway. Not to mention the useless 3rd row in them.
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Old 15th August 2017, 22:48   #5884
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Originally Posted by Technocrat View Post
Congrats on your purchase, I have a few questions
Bought or leased?
Thanks ! It is Leased.

Quote:
Is this a CPO lease? Did you make any down payment?How much was the Tire & other packages?
Yes, CPO Leased.
Down payment was $3000
Below are the packages that the car came with. Almost everything, except M Package.

Name:  BMW Packages.JPG
Views: 127
Size:  49.1 KB

Quote:
- Go for Lease, if you just want to enjoy the car only, and there are no plans of modifications or track events.
Dont agree with this, but thats fine
I think you have to agree, unless you are willing to remove all modifications before returning the car at the end of lease period.
If you are returning the car, no point wasting money for modifications. Atleast not on a BMW
Unless you are buying back the car at the end of the lease, and can keep all the modifications.

Quote:
I am curious to know what did you find better in an X1 over an RDX other than brand? The RDX has more features, more power, cheaper to maintain & is more spacious.
To be honest, I ignored RDX because I didn't like the design. The front flat chrome border and the overall body shape didn't excite me, adding to my unfamiliarity with the brand. The next contender was Mazda CX5. But just for the brand name, went to X1 over CX5.
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Old 15th August 2017, 23:40   #5885
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Originally Posted by Soumyajit9 View Post
Yes, CPO Leased.
Down payment was $3000
Below are the packages that the car came with. Almost everything, except M Package.
So overall you are paying close to 19k.
Quote:
I think you have to agree, unless you are willing to remove all modifications before returning the car at the end of lease period.
I still don't, also no connection between modifications or track use & lease. Infact I know people who do all stunts with a lease but not with a car that they buy as they don't have to live with the issues of mistreatment once they return the leased car.

Quote:
To be honest, I ignored RDX because I didn't like the design. The front flat chrome border and the overall body shape didn't excite me, adding to my unfamiliarity with the brand. The next contender was Mazda CX5. But just for the brand name, went to X1 over CX5.
Ok so you didn't find out any details of those cars other than looks, I thought you compared feature & feature & then came to a conclusion that these two are so so.

That's fine as that's why brands exist & as long as you are happy with your lease its all that matters
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Old 15th August 2017, 23:56   #5886
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Originally Posted by Technocrat View Post
So overall you are paying close to 19k.
I still don't, also no connection between modifications or track use & lease. Infact I know people who do all stunts with a lease but not with a car that they buy as they don't have to live with the issues of mistreatment once they return the leased car.
On paper it says 17 and some change. I got EMI waive offs.

When you return the car after the end of lease, there will be deductibles if there are damages, isn't it ? Atleast BMW said me that a dent of a golf size ball is acceptable, anything beyond will be penalized. Ofcourse I have insurance for major damages, but still, you don't want the dealership (in my case dealership cum manufacturer cum lessor) to make any sort of penalization.

Coming to modifications, yes, you can spend $s to add parts and stuff, but at the end of lease, you have to take them off and sell as seconds or scrap unless you keep the car, or lease another same car. That is why I think it makes no sense to spend money on a leased car.

Quote:
Ok so you didn't find out any details of those cars other than looks, I thought you compared feature & feature & then came to a conclusion that these two are so so.
That's fine as that's why brands exist & as long as you are happy with your lease its all that matters
Yeah, I ticked it off my list of wanted cars just purely based on looks.
I did not test drive or check any features.

I bought the Beat (in India) based on looks only, although Figo was ruling the charts at that time

After a test drive, I felt that the CX5 was a very good car. The behaviour of the car was excellent. Feature loaded. Cheaper.
But the reason why I bought the X1 over it was again purely because of brand.
I can buy an Apartment or a BMW in India, not both (with my financial status).
And when I return to India, I will buy an apartment.
So let me enjoy the BMW as long as I am here in US
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Old 17th August 2017, 08:55   #5887
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Originally Posted by Soumyajit9 View Post
But the reason why I bought the X1 over it was again purely because of brand.
I can buy an Apartment or a BMW in India, not both (with my financial status).
And when I return to India, I will buy an apartment.
So let me enjoy the BMW as long as I am here in US
That sums it up perfectly. Do what you like, as long as it makes you happy. Life is for living.

Enjoy the BMW experience.
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