Looking for a bit of advice here as I'm not really understanding this BMW financing malarky too well!
So at the moment I have a 2011 320D M Sport Coupe with around 19,000 miles and a decent spec - 19" wheels, professional sat nav, electric folding mirrors, black leather, bluetooth/voice control etc. I bought that for around £26k in June 2012 when it had 9,000 miles on the clock - I'd say now it is probably worth 20k max? Anyway, I want the new 4 series and am thinking that it may be better to go for one of the finance deals rather than wait for a used one.
I would also give my current BMW in as part of the deposit and ask them to give me a cheque for the remainder balance if that was viable. Anyway, using BMW Select and the maximum deposit possible, below is what the financing worked out as:
35 monthly payments of £ 287.75
Term of agreement months 36 months
Annual mileage miles 10,000 miles
Customer deposit £17,244
On the road cash price £ 43,110.00
Amount of credit £ 25,866.00
Optional final payment £ 19,710.52
Rate of interest (fixed) 5.9 %
Credit arrangement fee £ 0.00
Credit completion fee £ 0.00
Option to purchase fee £ 10.00
Total amount payable £ 47,035.77
Representative 5.9 % APR
Excess mileage charge 12.60
This is where I need some advice really and explanation on if this is a decent deal and whether it would be worth going for over an approved used one. I am struggling to understand the benefit at the moment other than saving on the depreciation, which I guess may be big enough incentive in itself.
I don't really like to chop and change cars too much and would likely buy it at the end of the term if it was the best thing to do.