Hey Scotty, your YouTube videos are great, enjoy watching them. Need your advice on my recent…

SD64

Hey Scotty, your YouTube videos are great, enjoy watching them. Need your advice on my recent purchase. If I would’ve watched your Lexus E350 video prior to buying my X5 I wouldnt have bought it, but here is my current situation

I bought a 2013 BMW X5 last September for $17,995 with 96k miles. It’s in very good to excellent condition. About a week after I bought it the rear diff was leaking fluid, had it towed (covered under my insurance policy) and the used car dealership paid for the repair. Although I got stuck with a truck rental for 1 week about $800

I bought a 4 year/48 month extended warranty from PWI Warranty company from the used car dealer for about $2,200 which covers all major components, $0 deductible and $75 in labor covered. (Out of pocket above $75 for labor)

Had a good experience with BMW Brooklyn in changing a door lock actuator, covered under extended warranty. Paid $75 in labor for about 3 hours

My current loan has 3.5 years remaining and payoff is $16k. kbb.com puts my trade in at an average of $12,400. (11k to 13,800)

I’m looking at a 2014 Lexus ES350 with 77k miles, dealership listed price at $15,600. Looks like in excellent condition, clean Car Fax report. 1 owner

Should I trade in and payoff my existing loan with approx $3k and buy the ES350 ? I would be getting another used car loan from my federal credit union, possibly a 5 year loan (instead of my current 4 year loan at $400/month) with a lower monthly payment of about $310

selling my X5 privately would give me about 2k more than trading in, but private sale could take up to 2-3 months and the ES350 most likely will be gone

Sent from my iPhone

Comments (3)
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dirty dan
dirty dan

Wow 17,995 for a BMW with 96k. I wouldn't trade it in you will be in for more debt than it's worth. I would get rid of it as soon as possible those are very expensive to maintain