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Is Certified Pre-Owned the way to go?

Discussion in 'Fine Living, Home, Design & Auto' started by Rambo, Jun 20, 2009.

  1. brewstafari

    brewstafari Well-Known Member

    Messages:
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    Dec 10, 2008
    Location:
    New York
    I am pretty sure that is incorrect. I have used the BMW & Audi CPO programs and both cover everything except cosmetic damage and standard wear & tear.

    I am a firm believer in leasing. Purchase the asset that at least has a chance to appreciate (real estate - no i didn't buy 3 years ago I'm looking at some now) and rent the item that is guaranteed to depreciate - the car.

    However, if you're going to purchase - absolutely go CPO, and do not use the aftermarket warranty programs.

    German cars are the best (unless you can afford high-end italian...although Lamborghini is really german), but their durability is generally not as good as some of the Japanese brands and long-term maintenance costs can be high. I would really suggest looking into a lease program for a BMW.
     
  2. CodeRed

    CodeRed Senior member

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    Jun 25, 2007
    ^ I was told so by a BMW service rep while the oil was being changed in my car, so before you buy a CPO BMW sure is worth a little DD.
     
  3. constant struggle

    constant struggle Senior member

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    Obviously, yes, this is all about risk. But I'm just not convinced that the deal you get from a CPO program is all that safe. I haven't looked at what's on offer lately, but it always seemed to me that you ended up with only a mildly extended warranty (~1 year) unless you paid for more, which brought the relative pricing even closer. I wasn't so sure, last I looked at it, that you wouldn't be better off in a private sale with a 1-owner car that you really took a close look at. And there are aftermarket extended warranties you can buy, too, to mitigate your risks.


    I chose to lease my car (BMW 3-series coupe) with the intention of buying it. Because they were running a lease promotion, I pay 40% of the value of the vehicle at 0 interest, and when my lease term is up (end of this year) I've got plenty socked away in the meantime to buy the car out. In the meantime, I've coasted 3 years without any paying any maintenance costs, and I could even finance the rest of it, albeit probably not at some 2.9%ish teaser rate like I might have been able to otherwise.


    I guess I just haven't felt like, at the price delta between new and CPO, that the dealer was accepting enough risk for my tastes, but that's a decision you have to make on your own, I guess. I'm a bit colored by the fact that my GF bought a CPO Volvo that hasn't run right since day 1 and between her not getting shitty enough and the dealer being a scumbag, she's gotten royally screwed, having paid 80% of retail for a car nobody in their right mind will ever buy because the suspension and steering are fucked.


    Lets say for a lease you pay for the extra miles you put on, does this lower your cost of when you are going to buy the car out.
    Lets say after a 3 year lease, the 3 series costs 20K, you pay 3K in extra miles
    Is the car only going to cost 17K?
    If so that is an attractive deal to a degree, can you purchase extra 100K worth of maintance right there?
     
  4. eqpablon

    eqpablon Senior member

    Messages:
    222
    Joined:
    Jun 3, 2007
    Obviously, yes, this is all about risk. But I'm just not convinced that the deal you get from a CPO program is all that safe. I haven't looked at what's on offer lately, but it always seemed to me that you ended up with only a mildly extended warranty (~1 year) unless you paid for more, which brought the relative pricing even closer. I wasn't so sure, last I looked at it, that you wouldn't be better off in a private sale with a 1-owner car that you really took a close look at. And there are aftermarket extended warranties you can buy, too, to mitigate your risks.

    I chose to lease my car (BMW 3-series coupe) with the intention of buying it. Because they were running a lease promotion, I pay 40% of the value of the vehicle at 0 interest, and when my lease term is up (end of this year) I've got plenty socked away in the meantime to buy the car out. In the meantime, I've coasted 3 years without any paying any maintenance costs, and I could even finance the rest of it, albeit probably not at some 2.9%ish teaser rate like I might have been able to otherwise.

    I guess I just haven't felt like, at the price delta between new and CPO, that the dealer was accepting enough risk for my tastes, but that's a decision you have to make on your own, I guess. I'm a bit colored by the fact that my GF bought a CPO Volvo that hasn't run right since day 1 and between her not getting shitty enough and the dealer being a scumbag, she's gotten royally screwed, having paid 80% of retail for a car nobody in their right mind will ever buy because the suspension and steering are fucked.



    Quick and simple. Go to www.bimmerfest.com. When you come off your lease and purchase your 3 series, pay the $1500 for the CPO inspection. It costs your dealership $1500 (they pay that to BMWNA) to certify your car as CPO. You then get the warranty extended to 6 years 100k miles. It's cheap, and yes the dealer will do it at his cost. Also on bimmerfest, check out the ask a dealer forum you will notice that many people are getting good/better than expected deals purchasing their lease at lease turn in time.
     
  5. Piobaire

    Piobaire Senior member

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    Location:
    In My Douchemobile
    Lets say for a lease you pay for the extra miles you put on, does this lower your cost of when you are going to buy the car out.
    Lets say after a 3 year lease, the 3 series costs 20K, you pay 3K in extra miles
    Is the car only going to cost 17K?
    If so that is an attractive deal to a degree, can you purchase extra 100K worth of maintance right there?


    If you buy the car out, you pay the residual price agreed to at lease inception, and they then don't give a damn about the extra miles. They only care about the extra miles if you toss them the keys at lease end.
     
  6. Mauby

    Mauby Senior member

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    May 17, 2008
    Location:
    Chicago, IL USA
  7. blackplatano

    blackplatano Senior member

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    [​IMG]




    Wow
     
  8. Tck13

    Tck13 Senior member

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    Location:
    Philly
    I'm going to disagree with essentially everyone in this thread, but I think CPO is a joke.

    The reason you see so many attractive leases on BMWs and Mercedes Benzes (and other luxury lines) is that they take these things back with moderate mileage (30-40k), they do absolutely nothing to them besides a quick detail, and then sell them again at 80% (or more) of retail, having already collected 40% of the car's value from the lease payments. You don't necessarily get the full warranty, and there's not any guarantee that the car hasn't been in an accident. CPO is a huge money-maker for dealers... which is reason enough to see why it isn't a great deal for customers.


    I'll agree with Douglas on this one. I'll save my own money and fix the repairs on my own as opposed spending more for the CPO warranty B.S.
     
  9. xpress

    xpress Senior member

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    Feb 12, 2009
    [​IMG]

    I've never seen that before... LOL'd!
     
  10. Douglas

    Douglas Senior member

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    She is unbelievable. Would hit if I were the 1,000th.
     
  11. JP Tod

    JP Tod Active Member

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    Commenting a little late on this, but I bought a CPO 330xi in Dec. '07. Since then, I've had two service incidents that were not covered under the warranty, but they were (eventually) covered through dealer "goodwill". So far, this has saved me about $2500 in repairs.
     
  12. Rambo

    Rambo Senior member

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    I'M IN MIAMI, BITCH
    Commenting a little late on this, but I bought a CPO 330xi in Dec. '07. Since then, I've had two service incidents that were not covered under the warranty, but they were (eventually) covered through dealer "goodwill". So far, this has saved me about $2500 in repairs.
    Interesting. What were the events and how did you end up getting them covered?
     
  13. Douglas

    Douglas Senior member

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    Oooh, can I guess? Water pump?
     
  14. JP Tod

    JP Tod Active Member

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    Nov 3, 2008
    Interesting. What were the events and how did you end up getting them covered?

    The first problem was worn out /leaking cv boots, est. repair $1000. I was royally pissed because this definitely seemed like something that should have been caught in the CPO inspection. (I had only put about 2K miles on it by that point.) I got a follow up call from the service department regarding my satisfaction with the oil change service (which is what the car had initially gone in for) and I told the woman I couldn't understand how this problem could have been missed. A couple hours later, she called to tell me the dealer would cover the repairs as a "courtesy".

    The latest problem was a squeaking sound. Took it in (this time to a different dealership, closer to home) and the problem was worn bushings and ball joints, est. repair cost $1500. Now this is wear and tear and not covered under the extended warranty but I commented on the service guy's Panerai (and showed him mine). He told me he'd see what he could do for me since we are both "Panerai-wearing guys" (!). He found a way to connect the problem to the CPO and the whole deal cost me $50.

    Needless to say, I will be returning to this dealership for any additional maintenance/service on the car.
     

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