M4 moving to M3...financial dil

Discussion in 'F80 M3 Saloon / F82 M4 Coupe / F83 M4 Convertible (2014-present)' started by Vladikar, Feb 13, 2020.

  1. 13 Feb 2020 at 9:42 PM #1
    Vladikar

    Vladikar A mere Chipper

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    Hi Cutters,

    So my current situation is I have an Austin Yellow M4 which I’ve owned 18months. I’m looking to get an M3 as I like the practicality of 4 doors as we start to think about family soon and tbh I just really want one!

    I’ve seen two M3s which I like, I currently owe £30,600 to settle my finance and most trade ins are offering anything from £23-£25k for my M4 which is close to 30k miles now, it’s immaculate inside and out. As it stands at the moment it looks like selling my car privately is actually the only way to do it.

    I bought my car from redline on a PCP for £37k and since then the M4s have come down quite a bit, so other than private sale has anyone else been in a similar situation or could offer some advice. It seems crazy that an M3 comp pack for nearly £40k is coming out the same in terms of monthly payments as my current M4 due to the GFV being so much better.

    Anyone got any other ideas or advice? One dealership mentioned a separate negative equity finance deal which to me just sounded scandalous but I’m in a bit of a pickle now (lesson learnt I think) because I’m at risk of being worse off if I keep putting the miles on.

    Also on a separate note I currently have an MPExhaust on the M4, how does this compare with a comp pack exhaust?
     
  2. 13 Feb 2020 at 9:51 PM #2
    Plastic B

    Plastic B Wearing official robes

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    Take the MPE off and flog it = at least £1,750.
     
  3. 13 Feb 2020 at 9:57 PM #3
    ScottBacon

    ScottBacon Achieved official socks

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    Nice advert for your M4 there :muttley:
     
  4. 13 Feb 2020 at 10:05 PM #4
    C1CDG

    C1CDG Achieved official socks

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    Financially it’s mental, I would just keep the M4.

    The M3 will tank just as much in the next few years due to new model etc, then you have more negative equity.
     
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  5. 13 Feb 2020 at 10:23 PM #5
    Vladikar

    Vladikar A mere Chipper

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    You interested?
     
  6. 13 Feb 2020 at 10:40 PM #6
    cossie1

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    Seeing as he's a car salesman for a main dealer, he's the last person you want to be selling it too :muttley:
     
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  7. 13 Feb 2020 at 11:47 PM #7
    Jacko 11

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    £1,200 seems about right :D
     
  8. 14 Feb 2020 at 9:34 AM #8
    lethbridge

    lethbridge A mere Chipper

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    You will miss your MPE without a doubt - the CP exhaust is better than standard but MPE is on another level and makes the car in my view... You can often pick up standard/CP exhausts very cheaply from people who have upgraded - so, assuming your MPE is good (and not the original version prone to cracking), it would be well worth changing it for a stock one so you can stick it on your next car if you do plan to change.
     
  9. 14 Feb 2020 at 9:48 AM #9
    Vladikar

    Vladikar A mere Chipper

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    Ah ok thanks see that’s a big thing for me. Will my MPE fit on any M3 regardless of age and whether it’s CP or Non CP?
     
  10. 14 Feb 2020 at 10:34 AM #10
    lethbridge

    lethbridge A mere Chipper

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    Yes - M3s didn't run into the changes M4s did mid 2018 due to emission regulations as they solved that by ending production early. MPE is a cut and joint fit so should just slip off yours and onto a new one when that box is cut off (in the right place). You will need to joint a replacement backbox onto your current car but any local garage should be happy to do that for you if that is not your thing. An alternative to messing about is to consider a mod done by PCW to the exhaust on your new car rather than putting the MPE on it - many are very happy with that and it is a fraction of the £3000 a new MPE costs... Can't comment on comparison of PCW mod with MPE myself though. It is worth being sure your MPE is the newer version though as the original version is prone to cracking - the last thing you want to do is go through all this hassle only for it to fail in 6 months. New versions have extra supports between the sides of the box and the pipes - the old version doesn't have this and the sides of the box are prone to fail due to stress. Plenty of threads on that with pics of what to look for... Only way to maximise value in current car is to sell privately in my view - just don't be too greedy on the price as the market dictates what people will pay. Also don't be rushed into anything - adding more miles on yours won't make any difference in the long run - you'd only be adding them to your new car which would depreciate at the same rate (or higher if it is newer)...
     
  11. 14 Feb 2020 at 10:58 AM #11
    Lofty

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    If you want one get one, bit don’t do it financial reasons. The cheapest car is nearly always the one you already own. Buy a M3 for £40k and the next day it is worth £35k trade (unless you buy privately) I’ve just sold a 520i on Autotrader, it was the cheapest in the country and only a grand more than trade price, if you want to sell privately you have to be realistic on pricing, I doubt you will get enough to cover your finance.
     
  12. 14 Feb 2020 at 11:08 AM #12
    Vladikar

    Vladikar A mere Chipper

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    Thank you chaps, some really good advice here. My MPE is the newer version as my last one failed but the car was under extended warranty so it was replaced free of charge so I have the latest model which is a huge bonus.

    I think at this point my only option is to stick with the current car or sell privately and take the hit if I’m short a couple of grand. Do you think if I stick with mine for another 12 months I’d be in a better position? (Regarding negative equity specifically)
     
  13. 14 Feb 2020 at 11:55 AM #13
    lethbridge

    lethbridge A mere Chipper

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    Rule of thumb will always be the longer you keep a car the less you will spend. Talk of neg equity on cars is misleading I think as they are a heavily depreciating asset so of course you are always in neg equity from the moment you register it - how you finance it is not really relevant to that - on a PCP you purchased the car for the total value of the credit on the PCP unless you hand it back - whether the value of the car is more or less than what you owe on the PCP is not really too relevant - you bought the car for x and it is now worth y. Bottom line then is you will almost always be better off keeping a car as long as it remains serviceable. In your situation I would say waiting a year is sensible as you will have paid off more of the debt and there will be a glut of M3s once the new one arrives as it will have been 2 years since you could spec a new one so there will be quite a queue forming for it and the trade-ins will follow and pricing will reflect the glut...
     
  14. 14 Feb 2020 at 8:23 PM #14
    DannyM4

    DannyM4 Wearing official underwear

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    I was in a similar situation to you a few months ago...I sold my 2015 sakhir orange M4 privately. Obviously the thought of finance put some people off understandably as you hear so many horror stories out there. I priced it competitively with this in mind...But I still got a good price for it and made enough plus a bit more, to cover the outstanding balance on the finance....
    I was getting trade in offers from as low as 23k, the best being 25.5k against another car I was interested in. I sold it for 28k in the end
     

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