[Funboy78]

Tried looking online but not finding much.

Enquired into a couple of BMWs lately:
M340i - 23 Reg fully loaded
M440i - 23 Reg fully loaded
M340d - 23 Reg fully loaded
M340d - new, fully loaded and sunroof

Regardless of model etc, the rates are 11.9% or above! This makes a big difference to the monthly repayments.

Example:
I paid £58k for M340d, £380 per month with £15k deposit (6.7apr)
Now, £53k for M340i, £600 per month with £17k deposit (11.9 apr)

I’ve decided to stop looking and wait until the new plates in March 2024.
Also hoping rates might change as currently at 11% and more, it makes a huge difference to the monthly payments.

Question is, anyone reading or hearing anything about potential market change? Mortgage rates have recently dropped which is something I’m going through now, but not sure if this dictates the market in other areas.

[a.summers86]

Originally Posted by Funboy78

Tried looking online but not finding much.

Enquired into a couple of BMWs lately:
M340i - 23 Reg fully loaded
M440i - 23 Reg fully loaded
M340d - 23 Reg fully loaded
M340d - new, fully loaded and sunroof

Regardless of model etc, the rates are 11.9% or above! This makes a big difference to the monthly repayments.

Example:
I paid £58k for M340d, £380 per month with £15k deposit (6.7apr)
Now, £53k for M340i, £600 per month with £17k deposit (11.9 apr)

I’ve decided to stop looking and wait until the new plates in March 2024.
Also hoping rates might change as currently at 11% and more, it makes a huge difference to the monthly payments.

Question is, anyone reading or hearing anything about potential market change? Mortgage rates have recently dropped which is something I’m going through now, but not sure if this dictates the market in other areas.

What's the reason behind wanting to change if you're in a 72plate car currently?

[AlfaM]

Originally Posted by Funboy78

Tried looking online but not finding much.

Enquired into a couple of BMWs lately:
M340i - 23 Reg fully loaded
M440i - 23 Reg fully loaded
M340d - 23 Reg fully loaded
M340d - new, fully loaded and sunroof

Regardless of model etc, the rates are 11.9% or above! This makes a big difference to the monthly repayments.

Example:
I paid £58k for M340d, £380 per month with £15k deposit (6.7apr)
Now, £53k for M340i, £600 per month with £17k deposit (11.9 apr)

I’ve decided to stop looking and wait until the new plates in March 2024.
Also hoping rates might change as currently at 11% and more, it makes a huge difference to the monthly payments.

Question is, anyone reading or hearing anything about potential market change? Mortgage rates have recently dropped which is something I’m going through now, but not sure if this dictates the market in other areas.

BMW current rates are 5.9% on a new 3 series. I thought 11% was the norm for used?

[Funboy78]

Originally Posted by a.summers86

What's the reason behind wanting to change if you're in a 72plate car currently?

I got rid of my 72 plate end of October. Bought an Audi, now want out asap. The landscape has now changed hence the question

[Funboy78]

Originally Posted by AlfaM

BMW current rates are 5.9% on a new 3 series. I thought 11% was the norm for used?

My used BMW was 6.9% BUT this was 2022. The new BMW was 6.7% but now everything is 11.9% or above. I know a lot has changed, it was more about if anyone is hearing/reading of potential change. At these prices, with £17k deposit there is no way I’m paying £600 a month.
If no change then I think the next manufacturer in mind is Merc.

[Martyn86]

Have you looked at going direct to a bank for a loan rather than taking the dealer’s interest rates?

[bmnut]

Originally Posted by Martyn86

Have you looked at going direct to a bank for a loan rather than taking the dealer’s interest rates?

Exactly what I was thinking. My daughter has just bought a used Ranger and got a loan from a high street bank for around the six percent mark.

[ramparts]

New Vehicle Rates are 5.9%. Most dealers should be able to use that for stock cars less than 3 months old aswell.

You would be absolutely crackers to pay > 10% interest on a used car. absolutely throwing money down the drain.

[Benmac]

Some of the dealers are even chancing their arm at 13.9% on used (hello Sytner amongst others) while new is currently under 6%.

I’ve been toying with changing mine recently only really because they got in touch as the finance deal only has a few months left (I typically pay cash but a deal when I bought it meant a PCP did actually work for me.

I just laughed at them w.r.t. the interest rate. They’re obviously going to be a lot higher than they have been over the past few years but 13.9% is properly taking the piss.

As ever, all they want to actually discuss with you is the monthly payment you’ll be happy to pay, not the bigger picture of rolling up more and more debt.

[bmnut]

13.9% on a used BMW that's obscene bordering on criminal.
Presumably because all they want to do is sell new cars.......that's if they can get them to you in a reasonable time period which is doubtful looking at other threads on here?

[Funboy78]

Originally Posted by Martyn86

Have you looked at going direct to a bank for a loan rather than taking the dealer’s interest rates?

Looked at this before and whilst the rates might be lower, you have to loan the entire value meaning the monthly repayments are even higher! I did explore this, thanks for the advice though

[Funboy78]

Originally Posted by Benmac

Some of the dealers are even chancing their arm at 13.9% on used (hello Sytner amongst others) while new is currently under 6%.

I’ve been toying with changing mine recently only really because they got in touch as the finance deal only has a few months left (I typically pay cash but a deal when I bought it meant a PCP did actually work for me.

I just laughed at them w.r.t. the interest rate. They’re obviously going to be a lot higher than they have been over the past few years but 13.9% is properly taking the piss.

As ever, all they want to actually discuss with you is the monthly payment you’ll be happy to pay, not the bigger picture of rolling up more and more debt.

Funny you say that, each dealer says the same thing “how much do you want to spend a month” and my response is “well that’s irrelevant, the cost will be the cost based on your interest rate and how you fiddle the back end on residual values” to which none of them have a comeback….. the difference per month only changes slightly based on how they determine the residuals.

I really want to avoid new although it’s looking the cheaper option oddly at the moment.

Still thinking maybe wait until March and see what the market looks like then.

[ramparts]

One thing to note - 2024 allocations are way down compared to 2023.

From January the new legislation that a certain of cars needs to be EVs kicks in

[Charlie (Wessex)]

Highly depreciating asset. More people should stow their desires to have a flashy new motor on their driveway and get something affordable.

Here endeth the lesson.

[bmnut]

Or you take the hit for a flashy new motor and make the conscious decision to keep it for a good number of years?

[Charlie (Wessex)]

Originally Posted by bmnut

Or you take the hit for a flashy new motor and make the conscious decision to keep it for a good number of years?

That's what I do, usually for the Mrs. Or with my current and previous car, they were both c. 6 months old.

Best one I bought was my e61. That was 3 years old. Kept it for 7+ years. I even kept my e39 SE with blancmange suspension that I grew to hate for 10 years!!

Bought my truck when it was 3 years old, and now had that for nearly 7 years. Hanker after the 3.0l V6 though, but can't bring myself to pay for the upgrade!

[bmnut]

Originally Posted by Charlie (Wessex)

That's what I do, usually for the Mrs. Or with my current and previous car, they were both c. 6 months old.

Best one I bought was my e61. That was 3 years old. Kept it for 7+ years. I even kept my e39 SE with blancmange suspension that I grew to hate for 10 years!!

Bought my truck when it was 3 years old, and now had that for nearly 7 years. Hanker after the 3.0l V6 though, but can't bring myself to pay for the upgrade!

I'm with you on that one Charlie. Although current car was changed after only 15 months that was a 'one off' for specific reasons. Kept an E92 for six years and two F32s for four years each. She kept her previous E82 for twelve years before I managed to persuade her to change it!

[Charlie (Wessex)]

Originally Posted by bmnut

I'm with you on that one Charlie. Although current car was changed after only 15 months that was a 'one off' for specific reasons. Kept an E92 for six years and two F32s for four years each. She kept her previous E82 for twelve years before I managed to persuade her to change it!

I got rid of the Golf R after 3 years as I just couldn't get comfy on journeys over 20 minutes. That and the rest of the family hated it and its farty noises. I quite liked it TBH. Worked out well though as residuals were pretty decent at the time of changing. But I felt a bit wasteful.

If I was to get another 3, I suspect I'd try to skip the next generation and get the one after that.

[Funboy78]

Originally Posted by Charlie (Wessex)

I got rid of the Golf R after 3 years as I just couldn't get comfy on journeys over 20 minutes. That and the rest of the family hated it and its farty noises. I quite liked it TBH. Worked out well though as residuals were pretty decent at the time of changing. But I felt a bit wasteful.

If I was to get another 3, I suspect I'd try to skip the next generation and get the one after that.

Out of interest, would you go saloon or touring?

[Charlie (Wessex)]

Originally Posted by Funboy78

Out of interest, would you go saloon or touring?

Had tourings since 2001 and wouldn't go back to a saloon, not least as my son uses a wheelchair. Actually prefer the look of an estate too plus the usability of them even if I don't need to use it's practicality the whole time!!

[Funboy78]

Originally Posted by Charlie (Wessex)

Had tourings since 2001 and wouldn't go back to a saloon, not least as my son uses a wheelchair. Actually prefer the look of an estate too plus the usability of them even if I don't need to use it's practicality the whole time!!

Thanks, appreciate the reason for you needing touring.

I’ve started looking at new again as interest rates 5.9%. I can get a touring or saloon in a high spec for pretty much same money hence the question. Waiting until Jan though which isn’t far away just to see what prices do!

[Neovo88]

Originally Posted by Funboy78

Thanks, appreciate the reason for you needing touring.

I’ve started looking at new again as interest rates 5.9%. I can get a touring or saloon in a high spec for pretty much same money hence the question. Waiting until Jan though which isn’t far away just to see what prices do!

One thing to bare in mind is the lead time on delivery on the Saloons, i waited 7 months for my m340i from Mexico. Thats if you dont mind the wait.