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