Should lease a 2018 X5?

[anki]

Hey guys,

I need a advice from you all on couple of things

The warranty of my 2016 X5 is expiring and the kms are high as well, so I am planning to trade in and to get into a new 2018 X5.

Actually the 2018 X5s are no more sold as new as all are labelled as preowned now, at least in Canada.

Things to keep in mind

1. I have a $52k lein on car.
2. Mine has 62k kms, I bought it preowned at 42k kms in 2017
3. My car warranty expires Nov 2019
4. I have individual equipement, merino seating, azurite black and individual wheels etc.

I want advice on moving forward, what you would do? I'm inclined towards trading in existing and lease the 2018 Model.

The concern is

1. the 2018 X5 have Prod. Date of 2017-11, that means it is more than a year old, probably a demo or manager vehicle, although it has just 300 kms on it.
2. I am not sure what the newer production vehicles have more or less in them. what will I miss?
3. The in service date is Nov 2018, so its few weeks into the service.

Thank you !

[turboawd]

How much will they give you for your x5?

[anki]

Originally Posted by turboawd

How much will they give you for your x5?

The ballpark could be around $42000, maybe I can stretch them a bit more since I financed it originally from them.

[turboawd]

Originally Posted by anki

The ballpark could be around $42000, maybe I can stretch them a bit more since I financed it originally from them.

i dont get it.
you've had your x5 for maybe a little over a year, and want to get rid of it because of the 62k kilometers? thats not high at all.
and you're willing to roll over negative $10k equity into the new ride?
and your new ride will be the same model as your current x5?

sounds like a bad financial move.

[The Libertine]

Bad move. In this scenario, the dealer is the only one who benefits.

As noted, you do not have a lot of miles on your X5. You still have nearly a year’s warranty left. My advice is to pay off what you currently drive. If you are worried about when the warranty expires, put aside some extra money each month in case there is repair. You’ll come out ahead financially vs. rolling over negative equity into another preowned car. If there are no repairs needed by the time you sell, will have a nice chunk of money to put towards a brand new car.

[markymarc1979]

Keep what you have. Your going from an F15 to another F15????

[sdk8103]

If you are concerned because your warranty is running out, set aside the money you'd lose on this transaction for possible repairs and you will be much further ahead.

[redline9001]

Originally Posted by anki

Hey guys,

I need a advice from you all on couple of things

The warranty of my 2016 X5 is expiring and the kms are high as well, so I am planning to trade in and to get into a new 2018 X5.

Actually the 2018 X5s are no more sold as new as all are labelled as preowned now, at least in Canada.

Things to keep in mind

1. I have a $52k lein on car.
2. Mine has 62k kms, I bought it preowned at 42k kms in 2017
3. My car warranty expires Nov 2019
4. I have individual equipement, merino seating, azurite black and individual wheels etc.

I want advice on moving forward, what you would do? I'm inclined towards trading in existing and lease the 2018 Model.

The concern is

1. the 2018 X5 have Prod. Date of 2017-11, that means it is more than a year old, probably a demo or manager vehicle, although it has just 300 kms on it.
2. I am not sure what the newer production vehicles have more or less in them. what will I miss?
3. The in service date is Nov 2018, so its few weeks into the service.

Thank you !

The in service date is important not the production date.

62k km is nothing if you had 200k km you might have something.

It’s not worth losing money on

[geedup35]

As others mentioned, financially, you are better off with the vehicle you have. The loss you'll take on the deal would definitely cover your costs to maintain he vehicle with a good independent. (For years likely)

But, piece of mind is something you can't put a price on as well. Maybe look into an extended warranty for the piece of mind.

Btw, which engine are we talking about? (63k kms on your truck isn't that high.)

Were there any other features you were looking for that the newer ones have?

[anki]

So what I get till now from above comments is that

My kms are not high at all.
Rolling over $10k negative equity is not worth.

Makes sense. How about leasing a G05 instead. The above points apply in this case as well but is it worth to get into an upgraded brand new vehicle?

If I keep my F15, I'll be paying the lien for another 54 months. What trade in value I can expect in 2023. I assume $15-$20k.

Someone said extended warranty — it's roughly $9k for two years from expiry so it can be extended till Nov 2021.

So far keeping my F15 and putting aside money for expensive repairs makes sense, unless upgrading to G05 is not a bad move considering rolling over -equity of $10k, means payments would be high.

[The Libertine]

Originally Posted by anki

So what I get till now from above comments is that

My kms are not high at all.
Rolling over $10k negative equity is not worth.

Makes sense. How about leasing a G05 instead. The above points apply in this case as well but is it worth to get into an upgraded brand new vehicle?

If I keep my F15, I'll be paying the lien for another 54 months. What trade in value I can expect in 2023. I assume $15-$20k.

Someone said extended warranty — it's roughly $9k for two years from expiry so it can be extended till Nov 2021.

So far keeping my F15 and putting aside money for expensive repairs makes sense, unless upgrading to G05 is not a bad move considering rolling over -equity of $10k, means payments would be high.

Honestly, unless you are completely dissatisfied with the F15, I would continue to drive it as you pay it off. Highly unlikely you will find a new G05 cheaper than an F15, so rolling over negative equity into that purchase will only cost you that much more. And, FWIW, my preference is to avoid first year model releases.

Bottom line: the F15 is a solid build. Pay it off. That way, when you do get your next car, won’t be saddled with figuring in any existing debt into the purchase.

[anki]

I'm not completely dissatisfied but I do desire few options like a MSport package, M performance package 1/2 etc. I can't have those in a vehicle built with individual options. But I do love my current X5, the G05 looks are terrible from outside IMO, but interior upgrade makes sense. So I'm not very inclined towards a G05.

[redline9001]

Originally Posted by anki

I'm not completely dissatisfied but I do desire few options like a MSport package, M performance package 1/2 etc. I can't have those in a vehicle built with individual options. But I do love my current X5, the G05 looks are terrible from outside IMO, but interior upgrade makes sense. So I'm not very inclined towards a G05.

You total can get those options in an individual build...

[anki]

Talking about numbers here..
I have a $52k lien, at 5.45% variable interest from a bank(as personal loan).
I think I will end up paying $58k from today. I will eventually trade in, will get let's say $15k as value. So I pay $43k in total and get into a new 2023 vehicle with no existing debt.
If I get extended warranty I pay more on top of $43k, if I retrofit or spend on mods, I pay more in the end.

Now the new vehicle(preowned since its 2018 model) has a inservice date of Nov 2018, not owned by any person, just a title change is listed at $74k, a lease on it is lets say have a 50% residual, so the numbers would look like below.
Cost $74k
Residual 50%
term 48 months
Monthly Pay $954.02
Total of 48 Monthly Payments $45,792.98
Total Interest $8,792.98

If I roll over -equity, the numbers may look like below
Monthly Pay $1,179.36
Total of 48 Monthly Payments $56,609.46
Total Interest $9,609.46

To compare,
Keep F15 - cost is $43k
Upgrade to 2018 F15 - cost $56k

Difference is $13k, is it worth? What I get -
MSport Package
M Performance Package 1/2 already installed
Just 300 kms on it
Upgraded 21inch 599M wheels
Approx 3 yr 10 months warranty

What I loose?
Vehicle is on lease so it will be returned eventually unless I keep it and pay rest.
My existing vehicle bought in $65k, paid almost $18k with interest in, drove 20k kms in 1.5 years

[geedup35]

Originally Posted by anki

Talking about numbers here..
I have a $52k lien, at 5.45% variable interest from a bank(as personal loan).
I think I will end up paying $58k from today. I will eventually trade in, will get let's say $15k as value. So I pay $43k in total and get into a new 2023 vehicle with no existing debt.
If I get extended warranty I pay more on top of $43k, if I retrofit or spend on mods, I pay more in the end.

But you have a paid off vehicle valued at 10-15k.

I personally think you have 3 legitimate options here:

1 - keep the vehicle and use the cash to add the options you want

2 - Lease a vehicle you don't really like the looks of, but you'll get the interior options you want.

3 - find a used F15 with the options you want and the hit should be minimal. Other than the 2018s from the dealer.

Btw, the G05 look much better in person. Rear is starting to grow on me. That grill will take some time for me to start liking.

Also, didn't catch what engine you have.

[anki]

I have x35i, I think engine is N55