Would you buy this 2016 BMW X1 after the 3yr lease?

Argos1Argos1 Minneapolis Member Posts: 3
edited April 2019 in BMW
Hello! Looking for some wise advice on buying a car after the lease. Currently have 8 months left on a leased 2016 BMW X1 28i fully loaded. Current mileage 10,400 (will have about 12k at end of lease). Initial lease terms: MSRP 44k. 3yr/36k lease. Traded in a $2500 car and put $2500 down which I get back at end of lease wether I buy this car or not. Current lease payment $332/month (tons of incentives at the time). The residual value is $29,300 which is pretty close to KBB value. The car will have a 1 year warranty if I buy it. BMW offers a $4800 4 year/60k bumper to bumper warranty. With such low mileage is this a wise move to buy the car? Cost of ownership long term is high for these vehicles which is a concern. Thanks to all for any input or if anyone has experience with the X1 maintenance reliability. Awesome little compact SUV. Fun to drive and super low monthly lease payment.

Comments

  • 28firefighter28firefighter Seattle, WAMember Posts: 8,639
    These cars are selling in the low-mid 20s retail regardless of mileage. My wife has one as well. 

    You would be paying a significant premium to drive your car. Also, BMW has basically stopped negotiating on lease end value and would prohibit your dealer from buying it at their price and selling it to you. 
    2022 Tesla Model Y Performance, 2008 Infiniti G35
  • kyfdxkyfdx Moderator Posts: 207,822
    Argos1 said:

    Hello! Looking for some wise advice on buying a car after the lease. Currently have 8 months left on a leased 2016 BMW X1 28i fully loaded. Current mileage 10,400 (will have about 12k at end of lease). Initial lease terms: MSRP 44k. 3yr/36k lease. Traded in a $2500 car and put $2500 down which I get back at end of lease wether I buy this car or not. Current lease payment $332/month (tons of incentives at the time). The residual value is $29,300 which is pretty close to KBB value. The car will have a 1 year warranty if I buy it. BMW offers a $4800 4 year/60k bumper to bumper warranty. With such low mileage is this a wise move to buy the car? Cost of ownership long term is high for these vehicles which is a concern. Thanks to all for any input or if anyone has experience with the X1 maintenance reliability. Awesome little compact SUV. Fun to drive and super low monthly lease payment.

    If you are only driving 4000 mi/yr, you should stop leasing.

    Buying a low-mileage late model vehicle is a good idea, but not if you have to overpay for it.
    Also, doing anything you can to avoid repairs/maintenance is sort of a false savings. At 4000 mi/yr, your costs will be pretty low, in any case.

    For $29K, let this one go, and find another lightly used vehicle to buy.

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  • Argos1Argos1 Minneapolis Member Posts: 3
    Thanks for the reply, guys. I tend to agree that the 29k plus the $4800 warranty puts this a bit over the top and doesn't make financial sense. I've been babying this car a bit over the last 3 years with the thought that I may buy it considering such low mileage. Normally I'd drive much more, but decided to put most of the miles on our other vehicle. I guess the other thing is I'm a bit agitated with the fact BMW is getting a lease back w/only 12k miles on it......A huge win for them. Guess I'll have to put 20,000mi on this X1 before December!
  • kyfdxkyfdx Moderator Posts: 207,822
    That’s a good plan. Try to use what you paid for.

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  • andres3andres3 Southern CAMember Posts: 13,141
    My Kia has 30,500 miles and goes back Sept. 5th, and I'm agitated. We are lagging on the miles.
    '15 Audi Misano Red Pearl S4, '16 Audi TTS Daytona Gray Pearl, Wife's '19 VW Tiguan SEL 4-Motion
  • Argos1Argos1 Minneapolis Member Posts: 3
    Ha!  So, you have a fraction of the irritation I’m experiencing :). I’m gonna put as many miles as possible on this little beast before December!!
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