How much is a BMW? 2024 BMW prices
If you're on the market for one of these luxury cars, you might be wondering how does does a BMW cost to buy in 2024
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How much does a BMW cost?
BMW is one of the most recognisable and popular car brands on the market and prices have always varied across the range.
Over the years, the brand has established a solid reputation for well-built and luxurious vehicles, with a flair for menacing styling and impressive engines.
Before you go ahead and buy a used BMW, it’s a good idea to weigh up the initial purchasing price and the overall cost of running one of these cars.
Are BMWs worth it?
Once you get behind the wheel of a BMW, you’ll likely find it hard to revert to any other brand.
The luxurious comfort and smooth drive are truly what keep these models so popular.
BMW offers some of the most innovative tech around, including the brilliant BMW iDrive system that acts as a personal assistant within your car.
There’s always a range of tech on offer, plus optional extras that keep BMW cars more specced-out than most other brands.
If you’re buying used, you might stumble across a model that was really dressed up with extras when it was first purchased and get a bargain.
They also have a great reputation for reliability that’s supported by a three-year warranty, with many models also scoring a full five-star Euro NCAP safety rating.
All of this contributes to the lower rate of depreciation – BMWs have always seemed to hold their value well.
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BMW maintenance costs and running costs
With any car, the costs don’t stop once you’ve made your purchase – you’ll need to pay for your car tax, insurance, fuel or electric charging, and any maintenance costs.
Average maintenance cost for BMW cars
BMWs are premium cars and need to be looked after to work at their best. You’ll need to consider things like your MOT, car servicing, and any potential repairs.
BMW is known for making reliable cars that are brilliant quality, but you may still need to replace parts due to wear and tear over time.
This can include things like tyres and brakes, but this would be the same with any car that you buy.
As BMWs are luxury models, you will need to consider that parts can be more expensive than budget brands.
You’re maintaining a high-quality vehicle, so the costs of parts will be reflected in this and could cost more.
Establishing a relationship with a trusted local garage is a good idea, so you can get quality work carried out on your BMW if you ever need it and have experts to rely on.
BMW insurance and tax
The cost of insurance and tax for your BMW will depend on the model you choose, but you can usually expect to pay more for feisty models with large engines.
A 1.5-litre BMW 1 Series is most likely to be cheaper to insure and tax than a chunky 3.0-litre turbo BMW 3 Series, so bear that in mind when shopping for your perfect BMW.
It’s worth noting that electric cars are currently exempt from road tax charges until 2025, so you can save money on running costs by opting for an electric BMW i3 or IX model.
In fact, electric cars can also help you save money on maintenance and repair costs. These models have fewer oily engine parts that need looking after, so can be cheaper to maintain.
BMW fuel costs
Just like the other costs that come with running a BMW, the cost of your fuel will depend on the model you choose.
Filling up a large tank for a car that focuses on performance more than efficiency will be more expensive, so you’ll need to consider if that's something you’re happy with when choosing your car.
Some models prioritise economy, like the latest diesel 3 Series model that also comes with mild-hybrid technology. You can expect around 60mpg in the 320d M Sport model.
Switching to an electric BMW will help you save money on fuel, as charging up is usually cheaper than filling up.
You can also charge your electric car for free in some locations, or even invest in a solar panel setup to charge on renewable energy at home.
The most expensive BMWs on the market
Being luxury cars, BMWs do usually come in at a higher price point than other options on the market.
At the top end of the scale are the impressive collector's models that present eye-watering price tags.
A BMW 507 can set you back up to £2 million, with some models selling for even more than that.
Probably more attainable for most people (although still expensive) is the flagship BMW 7 Series, which can be bought on the used market for around £75,000. Brand-new, these models are even more expensive.
The BMW 8 Series gives the 7 a run for its money and can come in at prices close to £93,000 when buying used.
Another pricey purchase is the BMW IX – a fully-electric SUV that has a seriously aggressive look about it. For a used IX, you’ll be looking at prices up to £103,000.
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