Why Are Used BMWs So Cheap?
If you want a new car, it never hurts to save a little money if you can find a nice car for an affordable price. BMWs are luxury cars, and they’re often expensive - but used BMWs are a different story. If you’re interested in a used BMW, you might wonder - why are used BMWs rumored to be so cheap? Should it be a cause for concern?
Read on to learn more about the price point for used BMWs. We’ll reveal if used BMWs are cheap, what causes this factor, and other crucial pricing information. Why are used BMWs so cheap? Are they cheap? Let’s find out together.
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Are Used BMWs Cheap?
It’s critical to start by separating fact from fiction. Are used BMWs cheap, or is that just a rumor floating around? How much are used BMWs?
Used BMWs are cheaper than their new counterparts, and they are also affordable in general. According to carfax.com, older BMWs can cost as little as $20,000, and models from more recent years are closer to $25,000. This price point is affordable for a car of this caliber.
It might seem odd that used BMWs are so cheap. If you’re interested in this vehicle, you might wonder - why are used BMWs so cheap? What makes them so affordable to the average driver?
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What Makes Used BMWs Inexpensive?
There is a quality rationale behind the affordability of used BMWs. It’s critical to consider these before you invest in a car for yourself to help you determine if a used BMW is the best choice for your life.
According to motorbiscuit.com, one reason for the affordability of used BMWs is that the market is wildly oversaturated. They are also:
- Expensive to own: BMWs are pricey to maintain, and broken parts can be costly.
- Residual value: The residual value for these cars is not very high.
- New car pricing incentives: Customers experience tons of pricing incentives with new BMWs, so low prices draw in more customers for the used versions.
These lower the price of used versions of the car.
Used BMWs might not be as quality as their newer counterparts, but you can find a used model for a much better price if you have your heart set on a BMW for your next car. They’re inexpensive compared to their newer counterparts.
Has COVID Impacted the Pricing?
Although COVID-19 had a different impact on the new BMW industry, it had the opposite effect on the used car market. As with all used cars across the market, the price for used vehicles increased drastically during the pandemic due to a shortage of vehicles and parts.
According to vox.com, more people are turning from the new car market to the used car market. As a result of this sudden shift, the demand for used cars created an unexpected rise in cost for otherwise affordable vehicles.
Prices are now on a downward trend, though they may not stay that way forever. Used BMWs are among those impacted by this change.
It will be interesting to see how the used car market navigates out of the pandemic. Will demand continue for used models, or will people resort back to new cars? Time will tell.
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What Are the Cheapest Models?
Now that we’ve discussed why BMWs are so cheap and how the pandemic impacted the price, let’s talk about a few of the most affordable options. Here are a few new BMW models that cost the least. You should be able to find these used for much cheaper than other options.
According to motortrend.com, here are the most affordable BMWs and their new prices:
- BMW 2 Series Gran Coupe at $35,700
- BMW X1 at $35,400
- BMW 2 Series at $36,350
- BMW X2 at $36,600
The prices for these models used are much lower.
New BMWs are tricky to afford. In their older versions, you can find BMWs at a cost less than half of what they were originally valued for on the market. Keep the original price in mind to ensure you get a good deal on the used version.
Are Used BMWs Reliable?
We’ve talked about the truth behind the price of used BMWs and the cheapest choice, but we haven’t discussed the reliability. Is a used BMW reliable? Is there any point in purchasing a car if it isn’t going to serve you well on the road?
According to hotcars.com, you should not invest in a used BMW. Although the new ones are excellent, used models are some of the worst on the market.
Here are a few reasons used BMWs are unreliable:
- They have electrical problems
- They tend to be a ticking time bomb
- They have a history of reliability issues
- They have expensive repairs
- Their best years are the first ones
There’s a lot left to be desired in used BMWs.
According to repairpal.com, BMWs score a 2.5⁄5 in reliability. This number puts it at 30th out of 32 brands. Overall, it’s not that reliable.
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How Much Does It Cost to Maintain a BMW?
How much money does it take to care for your BMW in the later stages of life? If a vehicle costs a lot to maintain, it doesn’t make much sense to invest in it.
According to repairpal.com, it costs about $968 a year to maintain a BMW. There’s a 15% chance that the issue is severe. It’s an expensive gamble to purchase a used BMW.
BMWs are unaffordable, even as a used option. They cost a lot to maintain and break down often. If you want to save money, a cheap used BMW is not the way to go.
Conclusion
Why are used BMWs so cheap? They cost a lot to repair, the market is oversaturated, they have low residual value, and they are competing against new BMW pricing incentives. BMWs might be affordable in their used state, but that doesn’t mean they’re worth the investment.
We hope this information was helpful! It can be deceiving to see a used BMW - it seems like a good deal, but it might cost you more to own at the end of the day. Used BMWs are not very reliable.
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