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Model years and financial situations (archive)

[ Follow Ups ] [ 5-series (E39) Message Board ] [ Msg. Board FAQ ]

Posted by Pat H. on July 05, 2000 at 23:23:37:

In Reply to: Re: 00 vs 01 posted by Norm on July 05, 2000 at 17:34:56:

: : : If I possibly could order one of the last MY00 540i/6 would that only be a mistake if reselling within a short period of time? Are there other reasons pro or con for buying 00 vs 01 (e.g. maybe insurance a little lower on 00)?

: : For the purpose you state, it would be a big mistake. Your new '00 car would be two model years old the instant the '01 hit the showrooms.

: : Only buy a '00 if you can save money and will keep it for at least three or more years.

: : My opinion is one should keep a car at least one year beyond the last payment, preferably more. The larger the down payment the better, complete cash is the best, if buying.

: : The only time to lease is for business use.

: Hmmm ... only problem is if dealer had 540i/6 on lot there wouldn't be much room to deal because someone would snatch it up. Even if ordered, invoice is invoice. Dealer can't do much about that. So I guess what you're saying is unless someone is planning on keeping the car a 'long' time, avoid ordering at end of model year. Not quite sure what you mean about being "two model years old". Could you explain?

In my opinion, if you intend to resale the car in a short period of time buying the car at the end of the model year is not the thing to do. The only financially smart thing involving buying any car and reselling in a short time is if you bought low and can sell for more that your total cost including taxes and fees, seldom doable unless you are a dealer.

Unlike people who are age zero the day they are born, cars are one model year old the day you buy them. If you buy a car at the very end of the model year, it will be two model years old as soon as the next year's cars are available.

That's why I do substantial research prior to buying a car, and I personally never buy one with immediate resale in mind except in case of catastrophic, unforseeable emergencies. Then be prepared to lose money.

That' also why financing a car with a low down payment or greater than four years, or worse yet, a combination of both can be a financial nightmare if you sell while the finances are in "upsidedown" condition. "upsidedown" means that the car's resale value is less than what you owe the financial institution so if you are in a "must sell" situation you will still owe money after you sell the car. A bad thing.

I hope I've made sense to you above.

Pat


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