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      03-22-2020, 04:45 AM   #1
Unit
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Anyone getting cold feet?

My X5 M50i is now built and due to be shipped to the UK (inevitably late but to be expected and not bothered one bit all things considered)

I'm chopping in my M4 as p/x and taking the X5 on a 48 month PCP. Payments will be the same as my M4 so I know under current normal circumstance I can more than afford the monthly payments (I get all my cars on PCP as I like the flexibility fo chopping in mid term.....M4 will be 2.5 years into a 4 year term) and could pay cash for the X5 if I needed.

That said with the savage recession coming I'm wondering if getting tied into a contract on a V8 gas guzzler with savage deprecation is actually the right thing to be doing now? Anyone else feeling the same?
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      03-22-2020, 05:06 AM   #2
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Not at the moment, it's not a system crisis, it's something we must go through and hopefully fast without it becoming a system crisis.

The economic situation is dramatic right now and this can't continue very long. Nobody is buying and no one is selling except food and medication. Companies are in survival modus, reducing costs, freezing budgets, cancelling or halting projects, temporary unemployment, ...
Hopefully we can turn the tide soon and there will be an economic relance.
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      03-22-2020, 07:12 AM   #3
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I just took delivery of an M50i about a month ago lol. Talk about timing.

I think if I had the information I have now I would of held onto the M3 and traded it in / looked at getting an X5M later in the year. It is a buyers market at the moment because no ones really looking to spend right now.

However having said that, really enjoying the M50i (Even with all the software bugs I have) and in Australia an X5M is an extra $55,000 AUD on top of a base M50i. So no regrets here.

No one knows your situation so only you can decide.
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      03-22-2020, 08:21 AM   #4
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Quote:
Originally Posted by Unit View Post
My X5 M50i is now built and due to be shipped to the UK (inevitably late but to be expected and not bothered one bit all things considered)

I'm chopping in my M4 as p/x and taking the X5 on a 48 month PCP. Payments will be the same as my M4 so I know under current normal circumstance I can more than afford the monthly payments (I get all my cars on PCP as I like the flexibility fo chopping in mid term.....M4 will be 2.5 years into a 4 year term) and could pay cash for the X5 if I needed.

That said with the savage recession coming I'm wondering if getting tied into a contract on a V8 gas guzzler with savage deprecation is actually the right thing to be doing now? Anyone else feeling the same?
You're on PCP, this is what it was designed for! You have an exit locked in, even if the bottom completely falls out of the market.

In the meantime, you will have an awesome car to enjoy and possibly, one of the final iterations of bad-ass, over powered, petrol engines.

I know a recession is bad, but (and it is sad to say this as it makes me sound like a vulture, but its true), for those in a good financial position that can be maintained throughout, a recession can bring opportunities as your buying power increases.

It is a potential worry, yes. But also if you have done what you can to protect yourself financially you should enjoy what you can safely afford to enjoy, while you can enjoy it.

My motto for cars is, if I can afford three of them, I'll buy one without worry.
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      03-22-2020, 09:03 AM   #5
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Quote:
Originally Posted by MrMoo View Post
I just took delivery of an M50i about a month ago lol. Talk about timing.

I think if I had the information I have now I would of held onto the M3 and traded it in / looked at getting an X5M later in the year. It is a buyers market at the moment because no ones really looking to spend right now.

However having said that, really enjoying the M50i (Even with all the software bugs I have) and in Australia an X5M is an extra $55,000 AUD on top of a base M50i. So no regrets here.

No one knows your situation so only you can decide.
I'm in almost the exact same boat. M3 gone, and took M50i on 3/12 (Dec order). In USA, and fortunately gas is cheap, but timing was terrible haha.

Still, really busy right now and candidly the car brings much needed enjoyment and calm!
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      03-22-2020, 09:43 AM   #6
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Quote:
Originally Posted by PhilH930 View Post
Quote:
Originally Posted by MrMoo View Post
I just took delivery of an M50i about a month ago lol. Talk about timing.

I think if I had the information I have now I would of held onto the M3 and traded it in / looked at getting an X5M later in the year. It is a buyers market at the moment because no ones really looking to spend right now.

However having said that, really enjoying the M50i (Even with all the software bugs I have) and in Australia an X5M is an extra $55,000 AUD on top of a base M50i. So no regrets here.

No one knows your situation so only you can decide.
I'm in almost the exact same boat. M3 gone, and took M50i on 3/12 (Dec order). In USA, and fortunately gas is cheap, but timing was terrible haha.

Still, really busy right now and candidly the car brings much needed enjoyment and calm!
You can self-isolate in your new car
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      03-22-2020, 11:46 AM   #7
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I just took delivery of an x5 M50i, gas is cheap so there's no better time to enjoy it! It's been a fun alternative to the subway, though we will all be working from home soon.
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      03-22-2020, 01:01 PM   #8
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I have a M50i and X7 (for my wife) that just went into production last week. When I ordered these vehicles, the current crisis was still early on. Like many, I’ve lost a significant amount on money in the market since I placed the orders. I got a pretty good deal, 11% off each plus incentives but with all of this going on, I’ve lost all my excitement for the vehicles... obviously there’s more important things.

Talk about bad timing but I’m still planning to move forward.
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      03-22-2020, 01:11 PM   #9
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Quote:
Originally Posted by mobilejo View Post
You're on PCP, this is what it was designed for! You have an exit locked in, even if the bottom completely falls out of the market.

In the meantime, you will have an awesome car to enjoy and possibly, one of the final iterations of bad-ass, over powered, petrol engines.

I know a recession is bad, but (and it is sad to say this as it makes me sound like a vulture, but its true), for those in a good financial position that can be maintained throughout, a recession can bring opportunities as your buying power increases.

It is a potential worry, yes. But also if you have done what you can to protect yourself financially you should enjoy what you can safely afford to enjoy, while you can enjoy it.

My motto for cars is, if I can afford three of them, I'll buy one without worry.
I agree mate although the arse has fallen out of PCP thanks to manufacturers flooding the market with cheap deals. As a result the residuals are crap so even on a VERY strong deal that I have on this M4 the neq-eq to get out is still a couple of grand under normal market conditions. On the X5 M50i I'm guessing it could well be 5 figures to get out any time early before the 3 year mark.

I've money in the bank so stable unlike many but even then the prospect of committing on an £80k car coming into the biggest global recession since the war is a little daunting.
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      03-22-2020, 01:14 PM   #10
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Quote:
Originally Posted by dtronics View Post
I have a M50i and X7 (for my wife) that just went into production last week. When I ordered these vehicles, the current crisis was still early on. Like many, Iíve lost a significant amount on money in the market since I placed the orders. I got a pretty good deal, 11% off each plus incentives but with all of this going on, Iíve lost all my excitement for the vehicles... obviously thereís more important things.

Talk about bad timing but Iím still planning to move forward.
Similar boat, currently have an X7 for the family and just ordered X5 M50i for the best of both worlds. I am tracking the build with growing hesitancy.
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      03-22-2020, 02:09 PM   #11
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Originally Posted by Unit View Post
I agree mate although the arse has fallen out of PCP thanks to manufacturers flooding the market with cheap deals. As a result the residuals are crap so even on a VERY strong deal that I have on this M4 the neq-eq to get out is still a couple of grand under normal market conditions. On the X5 M50i I'm guessing it could well be 5 figures to get out any time early before the 3 year mark.

I've money in the bank so stable unlike many but even then the prospect of committing on an £80k car coming into the biggest global recession since the war is a little daunting.
Fair points. I got my car in February, so I'm trying to see the bright side of a situation I'm already in

You're not committed yet, so you have to really look at it from all angles I suppose.

Question - could you get yourself out of the M4 now, and wait until after this crisis to get a new car? Dealers should be absolutely desperate to sell anything already in a few months, once they have seen months on end with almost no sales. That could mean an even better deal for you.
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      03-22-2020, 02:29 PM   #12
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Quote:
Originally Posted by mobilejo View Post
Fair points. I got my car in February, so I'm trying to see the bright side of a situation I'm already in

You're not committed yet, so you have to really look at it from all angles I suppose.

Question - could you get yourself out of the M4 now, and wait until after this crisis to get a new car? Dealers should be absolutely desperate to sell anything already in a few months, once they have seen months on end with almost no sales. That could mean an even better deal for you.
You know what I probably could mate once the schools finally close. The mrs uses it to drive to work and I can't risk her getting bus/uber at the moment. Until we go full lock down though as a Dep Head she has to be in for the key workers kids. Good plan though.
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      03-24-2020, 05:10 AM   #13
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My dealer saying that despite them looking at all pending px values they will look after me as a long-term customer which is good of them. Plus they know ultimately I'm in the position of power as I'll happily write off a £1k deposit vs. getting less for the M4 and consequently having to put more into the X5. Whereas they'll be lumbered with an £80k car they can't shift during the recession.
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      03-24-2020, 01:33 PM   #14
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My forthcoming response is accompanied by the obvious caveat that I don’t know your current financial profile and even if I did, it would be presumptuous of me to assume I know what’s best for you and your family given those facts. But here is how I’m thinking about it - I have an F95 on order that was supposed to go into production week 14 (April 6) but is obviously delayed now:

I see no realistic scenario in which you will be in a WORSE financial position by waiting to lock into the new M50i. Cash doesn’t depreciate (ignoring FX flux here), but the car does and the contract isn’t fluid...meaning the terms are set once you sign unless I don’t understand your arrangement.

Notwithstanding the above point, the entire point of buying a car like this is an emotion want, not a financial need based on what yields the most money. If the latter were the case, we’d all by driving Hondas and Toyotas, not the pricier brand. And what’s the fun in that?

So it just a question of how important that balance is between getting into your new car sooner (M50i) to enjoy versus maximizing the best value on that new car and how long you’re willing to wait for that better deal.

I got on my dealer’s list back in October to ensure I got the first allocation for customer spec’d production, so let’s just say the deal I got was not great. I had zero leverage really because there was zero supply and even when supply would eventually emerge, it would trickle at the beginning which was still a full 6 months away at that point in time. Fine, I thought, but I have also given them zero money to-date so I’m not handcuffed (although I do have a large sale tax trade-in credit with that dealer that must be used by November, so i do have some incentive to buy from them).

I’m not nearly as excited about my pending delivery given that I’ve lost about 25% of my net worth over the last month, but I still want the car. However, I’m becoming less comfortable with paying full sticker given the environment. My only question is that while demand for the F95 will almost certain take a hit over the next 2 quarters (at least), will it decrease MORE than supply given the delays in production that may last a while. If not, I don’t think I can expect any material discounts unless I’m willing to wait more like year...not sure I’m willing to do that as I’ve already been waiting 6 months (very impatiently I might add).

I don’t expect the same supply issues and contraction for the M50i because its been out much longer and its production volumes were and will continue to be far higher. The point is that if you are willing to wait - even a couple months - I think you’ll get better deal that you’ve already negotiated. Just a question of how important it is that you get into that car sooner than later.l

Last edited by GSG5; 03-24-2020 at 01:33 PM.. Reason: Correct
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      03-26-2020, 09:42 AM   #15
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Like everyone, I've taken a hit as well. I was about to trade my 2018 X5 with 6200 miles for a 2020 MSport loaded. The 2020 already had a 13k discount as a guy bought it, brought it back a week later with 250 miles on it and traded for an X7. So i would not get the new car finance %, but even used is only like 3.9.

Given everything, I stopped the transaction. I would be taking a loss on my 18 which is basically new with a lot of mods.

I cannot justify the loss, on top of where we are now in general. And I don't see the cash injection "fixing" the issue. Plus - everyone has lost revenue that does not magically reappear. I work in a global industry, so my perspective is always from that standpoint.

As someone mentioned, I don't "need" a new car - its an emotional action.

I'm going to hold tight a few months to see where everything lands. And hopefully when everything has re-started - there will be some great deals of various kinds to choose from then. If not, I'm fine with my 18 for a year or so.
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      03-26-2020, 10:00 AM   #16
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Like everyone, I've taken a hit as well. I was about to trade my 2018 X5 with 6200 miles for a 2020 MSport loaded. The 2020 already had a 13k discount as a guy bought it, brought it back a week later with 250 miles on it and traded for an X7. So i would not get the new car finance %, but even used is only like 3.9.

Given everything, I stopped the transaction. I would be taking a loss on my 18 which is basically new with a lot of mods.

I cannot justify the loss, on top of where we are now in general. And I don't see the cash injection "fixing" the issue. Plus - everyone has lost revenue that does not magically reappear. I work in a global industry, so my perspective is always from that standpoint.

As someone mentioned, I don't "need" a new car - its an emotional action.

I'm going to hold tight a few months to see where everything lands. And hopefully when everything has re-started - there will be some great deals of various kinds to choose from then. If not, I'm fine with my 18 for a year or so.
Smart. Your purchasing power and leverage in a future negotiation will only increase over the coming months. As I alluded to above, Iím struggling with the emotional side of things.
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      03-26-2020, 02:01 PM   #17
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And can you even take delivery if you want?

As of today Colorado has a mandatory stay-at-home order that includes a suspension of auto sales, though repair/maintenance shops can remain open.

From this it appears clear you cannot walk into a dealership today and buy a car. What does this mean for those who had a car on order? When the vehicle arrives, can one take delivery or, as I suspect, is that prohibited as 'sales'?
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