01-14-2020, 09:57 PM | #1 |
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Lease return question
My lease is up at the end of March 2020 and the 2017 M3 Comp pkg with MPE is going back to the dealer. Residual is 57k and wondering what they do with lease returns and about how much will this car go for on their lot or will it be auctioned off. The M3 has 5700 miles on it and has never been abused and always been in the garage. All service work has been done at the dealer and is going in for a brake fluid flush next wednesday. Reason why i am posting this is if anyone is looking for a like new M3 it will be going back to Bob Smith BMW in Calabasas Ca. I love the car, just wish i had enjoyed it more. Here are a few pictures. Swift springs, Macht Schnell wheel spacers, RW carbon rear diffuser will be taken off before the car goes back. Car has full front Xpel paint protection. 91k MSRP. Thanks
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01-14-2020, 11:53 PM | #3 |
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Would you part with the diffuser? I work not too far from you in Glendale.
I work for a dealership in sales. Car looks clean enough to retail. My guess is the dealer would buy it out from BMWFS and retail it for around $60k + because of low miles. |
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01-15-2020, 09:54 AM | #5 |
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Why did you lease the car for 3 years to have it sit in the garage all that time??
5700 miles for a 30k miles lease is a waste IMO. Beautiful car and BMW will love you for that. |
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01-15-2020, 11:59 AM | #7 |
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Buy it at residual, sell it privately.
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01-15-2020, 12:01 PM | #8 |
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01-15-2020, 12:19 PM | #9 |
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The exhaust was an option on the car. The spacers, Swift springs and diffuser will be sold in late March. When i leased it my intentions were to drive it to work from time to time but with my work schedule it was hard. Up side down... Yep! This is why i posted so someone looking for a clean low mile M car could jump on it.
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01-15-2020, 12:25 PM | #10 |
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Wow, and I thought my 2017 stripper with 9k miles was a garage queen. Just curious, why didn't you drive the car more? Almost a shame it's just sitting there.
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01-15-2020, 12:39 PM | #11 | |
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01-15-2020, 12:55 PM | #12 |
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Honestly, I do not think he could do this. If he purchased it at residual, he will lose money trying to sell it as the MMR is probably, at best, 50-52k. Remember, the G80 is right around the corner. Will likely be unveiled later this year and available for sale late 2020 as a 2021 model.
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01-15-2020, 12:57 PM | #13 |
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This makes me sad. These cars are meant to be driven.
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01-15-2020, 01:03 PM | #15 | |
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How will he buy it at $57k and sell for profit? As nice as this example is, these cars aren't going for $57k+.
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01-15-2020, 01:45 PM | #17 |
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If the value of the car is more than $57k, buy it. Then sell it privately. I've sold mine before to a Car Max and they handled all of the paperwork. With miles that low, you should be able to get more than $57k. I just turned in my 2017 non-comp with 24,500 miles on it (excellent condition) with a $48k residual. They are asking $57k for it, and that's in PA where M3s don't exactly fly off the lot given the RWD. Do your homework before you turn it in, you will most likely have some equity.
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01-15-2020, 02:29 PM | #18 |
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The issue though is that the residual is much higher than market. I'd say for a '17 ZCP with those miles, the actual retail value will be closer to $52-54k (as one member pointed out MMR is right around $51k). For reference, just this month, I had a PP purchase for a mint '18 ZCP in Silverstone with ~7k miles negotiated down to $56k. Seller's highest dealer offer was $55k. Ultimately bought a '18 ZCP in Sakhir Orange with 19k miles from a dealer for $54k because my financing was much better on a dealer purchase, there were a few extras thrown in, and I liked the color a bit more.
Just cause a dealer wants to ask for $57k for a '17 without ZCP and 24k miles, doesn't mean they'll sell it for that. Take a look at Cars.com or CarGurus - '17s in the higher 50's, especially without ZCP, sit... while those in high 40's/low 50's actually do sell. Same with the forum here. Lots of people trying to sell their cars for far much more than they are worth. '18 ZCP's priced in the 60's? Get real. And it shows - those listings sit for months. So, back to OP. The dealer will probably not "buy it". They could buy it at residual from BMW, but given the upside down nature of the deal, they'll probably just accept it and turn it over to BMW. BMW will then eat the loss and offer it at wholesale to to their overall dealer network or at Manheim/Adesa. If I were you, I would NOT consider buying out the residual. Last edited by d1stance; 01-15-2020 at 02:38 PM.. |
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01-15-2020, 04:07 PM | #19 |
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01-15-2020, 04:36 PM | #21 |
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Maybe every mile on this car was at the track!! Jk OP...
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01-15-2020, 05:13 PM | #22 |
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You leased it, barely drove it, wrapped it in expensive PPF, and modded it? OUCH.
Why take a bath if the water isn't warm. Where is the common sense here.SMH. I'm sure there was reasons for it, but damn. You threw your money away.... |
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