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      07-17-2013, 04:03 PM   #1
champkind
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Advice needed on buying used 7

I'm coming back to a 7 after my E350 lease ends Sept 12th. No more leasing, I'm going to buy used. Thoughts on:

-A 2011 740i w/ 25-30k miles in the low $40k's
-A 2011 740i CPO w/ 40,000 miles in the high $48-49k range

I'm struggling to see the value in the CPO. I'm a low mileage driver, so I'm just buying the years of the warranty....which really only gets me to mid 2015 generally.

-I'm also seeing 2010 750i's selling for about the same as a 2011 740i. Any thoughts on the difference/value between the two.

Any general thoughts or advice on buying a 2010/2011 7 would be greatly appreciated. To make matters worse, this is the first used car I've ever bought. I'm coming off 5 straight leases.

Thanks in advance. First post so apologies if my "form" is poor.
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      07-19-2013, 08:23 PM   #2
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Is the price difference really that dramatic just for CPO? CPO is generally about $2.5K to $3K difference, I think that's what dealers charge to CPO a car or buy additional insurance.

The CPO on a 2011 should last 6 yrs, at least until 2016 (say it was put into service in 2010) or even 2017 (if it was put in service 2011). Repairs on these cars are expensive unless you have a really good indy. If you plan on taking it to BMW dealer, you need CPO. Dealers make no small repairs, they just replace entire assemblies.

I have a 750, it sucks fuel and has more power than generally needed, so a 740 might not be a bad compromise.

Also, look at your payments if you buy used (0.9% financing) versus lease new. Buying is a higher payment, takes keeping the car 3-4 years to make buying cheaper.
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      07-22-2013, 05:35 PM   #3
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I would negotiate the CPO model down. You typically can haggle off 8%+ on CPO models.

The 740 (N55 engine) is reliable and offers great gas mileage. I drove it a few times before getting the 750Li. Coming from a 2011 535, I felt the 740 was too heavy for the engine.

I highly recommend the F10 - 535i / F01 - 750 over a F01 - 740i. Just something to consider.
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      07-23-2013, 09:06 PM   #4
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Quote:
Originally Posted by champkind
I'm coming back to a 7 after my E350 lease ends Sept 12th. No more leasing, I'm going to buy used. Thoughts on:

-A 2011 740i w/ 25-30k miles in the low $40k's
-A 2011 740i CPO w/ 40,000 miles in the high $48-49k range

I'm struggling to see the value in the CPO. I'm a low mileage driver, so I'm just buying the years of the warranty....which really only gets me to mid 2015 generally.

-I'm also seeing 2010 750i's selling for about the same as a 2011 740i. Any thoughts on the difference/value between the two.

Any general thoughts or advice on buying a 2010/2011 7 would be greatly appreciated. To make matters worse, this is the first used car I've ever bought. I'm coming off 5 straight leases.

Thanks in advance. First post so apologies if my "form" is poor.
Go buy new one more time. Go get yourself a new 2013 7 series. They are giving them away in order to make room for the 2014.

Go lease it new. Then buy it at the end of the lease.

Why?

The 2013 has so many refinements when compared to 2011 and 2012.

Plus, the 2013 with ARS rides 10x better than 2011.

Your budget will be about the same. You will end up buying a used card like you want (your own). You will be the sole driver.
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      07-25-2013, 03:05 PM   #5
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Buy new...? Fck that. This is my 3rd Seven Series and I've also owned Lexus and other luxury cars and I never buy new. Now do NOT misunderstand my "opinion" and how I choose to spend ca$h, If you absolutely desire, can afford, and insist on the whole "new car" experience, have at it! I prefer NOT taking tens of thousands of dollars worth of hit in a matter of a couple years on ANYTHING.
The fact is, I simply can't justify it. Even though I can go out and buy new and be payment free. I have a habit of getting a different car @ every 2yrs (3 now that I'm married with kids). And having the flexibility of owning vs leasing (which also allows you to modify YOUR car during that time) just makes more sen$e to me.
Also I only average maybe 8k miles a year on a car. So when it comes time to sell, I'm generally in a good sale or Trade scenario. Something that isn't possible when carrying a new car loan or lease.
#justsayin
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      07-26-2013, 09:21 AM   #6
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TXSTYLE: I would build one brand new to get the right color/interior, but I couldn't justify it for 7. I'm glad people could justify buying them new, then trading them in after a year for us wise shoppers to pick them up.

I got my 2012 750Li Fully Loaded CPO with 20k for $65k. That's $33k off MSRP that was purchased a year ago. Who ever traded my car in got raped in the A$$.
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      07-26-2013, 12:19 PM   #7
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Quote:
Originally Posted by JNoSol View Post
TXSTYLE: I would build one brand new to get the right color/interior, but I couldn't justify it for 7. I'm glad people could justify buying them new, then trading them in after a year for us wise shoppers to pick them up.

I got my 2012 750Li Fully Loaded CPO with 20k for $65k. That's $33k off MSRP that was purchased a year ago. Who ever traded my car in got raped in the A$$.
Yes sir! And you bring up a interesting point: The "right/desired color combo".

I am SUPER picky in everything I do: clothes, shoes, furniture, art, etc. Naturally my car is no exception. Although when buying used, getting very specific can take time... I have always managed to get exactly what I wanted. On average when I decide it's time for different ride for me, it takes between 2-3 months to track down THE car. But I get all options, pkg, and of course color combo I want. Another plus buying pre owned Luxury cars is that generally they are WELL taken care of!
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      08-06-2013, 01:42 PM   #8
champkind
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Thanks for the feedback. Can't wait to get my to hand's on one of these bad boys. Leaning towards a CPO and am seeing things I really like...but the only "wow" car I've seen is a from a non-bmw dealer so we'll see.
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      10-17-2013, 12:50 PM   #9
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I'm on the fence about coming back to a used 2011 740i M Sport with over 55k on the clock. With my previous experiences (and nightmares) from my old 2001, I'm apprehensive about making the jump back to a 7.

I'll keep doing my homework.
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      10-19-2013, 02:53 PM   #10
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Quote:
Originally Posted by islandbeef
I'm on the fence about coming back to a used 2011 740i M Sport with over 55k on the clock. With my previous experiences (and nightmares) from my old 2001, I'm apprehensive about making the jump back to a 7.

I'll keep doing my homework.
Honestly, the e65/66 is not even in the same ballpark as the new 7. I had three e66 over the course of seven years. They were terrible. The only time these cars seemed awesome were when you read the brochure. The newer F series is the real deal. The F01/02 delivers on almost every promise. The e65/66 while a breakthrough on styling at the time, were a hardware and firmware nightmare. In fact, the e66 was directly responsible for the new English word "firmmare." Even the brochure had this cars picture taken on Elm street in Portland: hence the classic title: "e66: Firmmare on Elm Street."



These are not cars you buy used. And I am talking about the newer F series, too.

You buy or lease these cars for 2 maybe 3 years, get your enjoyment and get rid of it.

If your finances or frugality leads you to consider a used 7, then I think you should shift to a 5 or 3.

Problems with these cars exponentially increase after the 36th month regardless of mileage.

Life is too short to risk being frustrated with a car that is troublesome.
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      10-19-2013, 05:03 PM   #11
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I would take his very sound advise!

Quote:
Originally Posted by BMWrules7 View Post
Honestly, the e65/66 is not even in the same ballpark as the new 7. I had three e66 over the course of seven years. They were terrible. The only time these cars seemed awesome were when you read the brochure. The newer F series is the real deal. The F01/02 delivers on almost every promise. The e65/66 while a breakthrough on styling at the time, were a hardware and firmware nightmare. In fact, the e66 was directly responsible for the new English word "firmmare." Even the brochure had this cars picture taken on Elm street in Portland: hence the classic title: "e66: Firmmare on Elm Street."



These are not cars you buy used. And I am talking about the newer F series, too.

You buy or lease these cars for 2 maybe 3 years, get your enjoyment and get rid of it.

If your finances or frugality leads you to consider a used 7, then I think you should shift to a 5 or 3.

Problems with these cars exponentially increase after the 36th month regardless of mileage.

Life is too short to risk being frustrated with a car that is troublesome.
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      11-01-2013, 05:00 PM   #12
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If your not using a vehicle for business, and get depreciation and business use tax advantages, buying used isn't a bad thing, especially if you work the right deal, plus you don't take the huge depreciation hit.

That being said! make sure you get a reputable and inclusive Extended Service Contract for as many miles and years as you can. If you sell before it expires, it will help in resale, especially over one without!

Ask your service advisor which companies deny and which companies pay claims with less fuss. If you use an independent, as the same of them.

Some are no good from the get-go, and others seem to offer great customer service, but they ALL deny claims, and everyone has a horror story about a claim denied, just need to see who denies the BIG claims them less overall.

I bought two Service contracts over the internet years ago, and BOTH ultimately filed for bankruptcy before my contacts expired. I have purchased several from dealerships, and they ALL paid for themselves without exception. One vehicle that I paid $7000 for the policy, but I had OVER $50k in claims, and they NEVER denied one, even my Service Advisor was amazed.
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