Three Steps To Consider When Buying a Used BMW
If you’re in the market for a used BMW and can’t quite decide on which model will be best for you with minimal-to-no issues – we’ve got you covered. Buying a used luxury vehicle is a big decision, so we’ve put together three important steps to take in order to assist you in the process of buying your used BMW and making sure it lasts a long time.
Do Your Research
The most important step when purchasing a used BMW is DO YOUR RESEARCH. There are several different models with their own trim levels, and depending on the model year, those trim levels may vary, so there’s definitely a lot of details to think about. Starting with BMW 1 Series, this rear-wheel drive four-seater is an ideal choice for consumers specifically looking for a small and fast luxury vehicle. Looking for something a little bigger? The 3 Series is a best-seller and is available in two body styles: sedan or wagon. Some consumers may also wish to consider a luxury midsize sedan, and the BMW 5 Series and 7 series both fit the bill and offer diesel and hybrid options – again, depending on the model year.
When purchasing a used BMW, it’s important to be aware of the depreciation. Yes, BMWs are awesome cars, however like most vehicles, they lose their value quickly. Obviously, the more expensive the vehicle, the longer it takes for the value to depreciate. Another important factor that goes hand-in-hand when looking for an older BMW is the cost of maintenance. BMWs can be more expensive to maintain than non-luxury cars and older model parts can be hard to come by. Remember, luxury vehicles, no matter the year, require higher quality gasoline, oil, and tires than most other vehicles.
Check The Vehicle’s History
Another important step to consider when purchasing a used BMW is the vehicle’s history. A vehicle history report (VHR) will tell the consumer about the vehicle’s previous owner, accidents, warranties, service, and possible liens. In order to find the VHR, the consumer will need the vehicle identification number (VIN). Once the VIN is located , search online for a free vehicle report. The most reliable VHRs include Carfax, AutoCheck, and the National Motor Vehicle Title Information System (NMVTIS). Important red flags to look out for on a VHR include: tampering with the odometer, major accidents, flood damage to the engine, and any irregularities in the VHR.
In addition to the VHR, consumers should read about the vehicle’s warranty. If the vehicle does have an existing warranty, verify what’s covered or inquire about possibly extending the warranty, if necessary. Also do your research on which warranties will transfer to the next buyer. Now, let’s say that the BMW is a certified pre-owned vehicle, which means it’s been verified to be in excellent shape. Did you know that BMW offers their own certified pre-owned warranty? Only after the existing New Vehicle Limited Warranty has expired, a BMW Certified Pre-Owned Protection Plan covers the vehicle for one year with unlimited vehicle miles and also includes 5 years of BMW roadside assistance. But there’s a catch – for those vehicles retailed on or after January 1st, 2014, there are various items that are not covered by this protection plan. Those items include: maintenance, upkeep, suspension, body, interior, and all non-original equipment like parts and/or accessories.
Get The Best Deal
When considering a used BMW, look up the true market value of the particular model of interest. Based on what dealers are actually retailing the car for and a national average, the true market value tells consumers what other buyers are currently paying for used BMWs. Consumers should consider finding a reliable website that verifies used car pricing – there are several pricing tools that can be easily found online. Now, under the true market value of the used BMW, there are four prices listed that include: Trade-in Value, Private Party, Dealer Retail, and Certified Used Vehicles.
Trade-in Value is what dealers are probably paying consumers when the vehicle was a trade-in. If the used BMW was a recent trade-in, then the value is more than likely what the dealership paid for it. Private Party is if the consumer is choosing to purchase the vehicle from a private owner rather than a dealership. Dealer Retail is what the vehicle is estimated for at a dealership and is, more or less, what the consumer should expect the vehicle to be listed at. Lastly, certified used vehicles is if the value has a certified used warranty, which could potentially add to the price tag.
In the end, it’s up to the consumer to decide what fits within their budget. Walk-in with a clear price in mind, know how much you’re willing to spend, and be realistic about the potential deal. Here at Driver’s Auto Mart, located in Davie, FL, we provide the lowest prices in the nation and offer pre-owned BMW models! For more information, visit our website and check out our entire used car inventory selection today!