Buying a BMW? Buy now or spend more in 2009

First gas prices skyrocket and average Americans need to pinch pennies and forgo driving to save money. Now, even the rich (and wannabe-rich) are hurting. BMW has announced price increases across the board for the 2009 model year. So if you’re looking at getting a shiny new Bimmer with that fat bank loan, you might want to pick up a 2008 model and save anywhere from 1%-3%, depending on the model.

And what makes this worse is that most BMWs, except for the 3 series, remain the exact same in 2009 as they were in 2008. That means you’re simply paying more for the same car just because it has a ’9′ in the model year instead of an ’8′.

2009 BMW Base Prices:

Base MSRP pricing does not include $825 destination:

1 Series

2009 128i Convertible $33,800
2009 135i Convertible $39,900
2009 128i Coupe $29,200
2009 135i Coupe $35,600
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10 Cheapest Cars to Own in 2008

Photo by Bruno Guerreiro

Well, the list is in and my Lamborghini didn’t make the list of the 10 cheapest cars to own by BankRate.com. I’m just as surprised as you are!

BankRate compiled the list based on 8 factors:

1. MSRP
2. Taxes and fees
3. Depreciation
4. Finance interest
5. Insurance
6. Fuel Cost
7. Maintenance
8. Repairs

Drumroll Please!

If you thought the cheap American Chevy Aveo was number 1, you’d be wrong!

Starting from a base price of $13,950, the Honda Fit comes out to about a $34,000 cost of ownership after 5 years. Heck that’s nearing what I paid for my Honda Ridgeline truck after tax, registration and extended warranties! Maybe I should have gotten a Fit.
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HFC Auto Review: 2009 Hyundai Genesis Sedan

Screw BMW. Screw Mercedes. Screw Lexus and Audi. To us mere mortals, we perceive drivers with a shiny new Mercedes E class, or BMW 5-series as either flush with cash, or more likely, carrying long leases with heavy down payments just to barely afford that luxury. While you drive around in your flashy car with your cigar ablaze, I’m stuck in my crummy Honda. Not that I’m bitter or jealous or anything.

But not any longer. Now there’s a new luxury player in town. Are you ready for this? Get ready cause you won’t believe it. It’s the 2009 Hyundai Genesis sedan! And it’s even rear-wheel drive!

Stop laughing. I know it’s a Hyundai. But this isn’t like when Volkswagen tried to shove a $60,000-110,000 über-sedan (the Phaeton) into the market, expecting people who buy those kinds of cars to want to mingle with the ones buying $15,000 Jettas. Why is it different? Well first, the Genesis starts at just $32,250. Want a V-8 engine? Tack on another $5k. That’s still half the price of the Phaeton (VW had to bump up the price into the $80ks to make up for currency exchange and other costs).
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Get a Hummer H2 for almost $13,000 Off!

Thanks to the poor economy and distaste for gas-guzzling SUVs, now is the perfect time to buy a Hummer! If you couldn’t afford the starting price of about $58,000 for a base Hummer H2, you can now get almost $6,000 off during GM’s Summer Sale (aka Employee Pricing Discount), AND another $7,000 off using their regular cash back discount for a final price around $45,000 (see below):

Granted, you’ll use up that $13,000 savings for gas in the first year, but still, if you wanted a luxury towing machine that makes a statement (“I don’t give a crap about the environment or small children in my blindspot”), then go for it!

Most Reliable Cars in 2008

Although I admit that professional surveys mean little when it’s YOUR car that breaks down, I’d like to share the list of most reliable cars based on the recently released J.D. Power & Associates list of the most reliable cars of 2008.

At the top of the list is, of course, a Toyota brand (Lexus). However, interesting to note are #2 and #3: American brands. Who would have though that a Ford and a Chevy brand would beat out Toyota in reliability results, but given Toyota’s massive amount of recalls in the last few years, I guess it’s understandable:

1. Lexus
2. Mercury
3. Cadillac
4. Toyota
5. Acura
6. Buick
7. BMW
8. Lincoln
9. Honda
10. Jaguar

And what’s going on with Honda? Oh how the mighty have fallen. Perhaps Toyota and Honda now see what it’s like to be a top producer, in high demand, and rushed to produce more cars than their process can handle. That’s one big reason you see their quality slipping.

Here’s a look at the top models by segment:
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