We all know that the BMW 335i will soon be replaced with the post-LCI BMW 340i. Along with the numeric name change comes a new, more powerful engine from BMW’s new EfficientDynamics engine line. There will also be some chassis, steering and suspension tweaks, to give the 340i a more comfortable ride as well as more sporting dynamics over the outgoing model. Some exterior and interior bits have also been revised, giving the 340i a bit fresher look and feel over the 335i. But despite these obvious upgrades, would now be the best time to buy a BMW 335i?

It’s no secret that automakers and dealers slash prices of outgoing models, while also giving customers incentives to buy them, so as to get rid of older inventory and make way for the new models. So prices for BMW 335is have never been lower and incentives have never been better. According to Edmunds.com, now is the time to buy a BMW 335i while prices are low.

“A refreshed design of this iconic entry luxury car is coming later this year, pushing down prices on the soon-to-be-outdated model — and in some parts of the country, it is already selling for over $1,500 below the Edmunds Trade Market Value (TMV). BMW offers customer cash rebates along with attractive lease specials. Some rebate offers may also be combined with low-interest financing from dealers,” says Edmunds Senior Consumer Advice Editor Philip Reed.

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You might be thinking to yourself that you wouldn’t want to buy a car that will be outdated in just months after its purchase. However, in this case, it still wouldn’t be a bad deal. Despite being the oldest car in its class (with Audi replacing the A4 this year), the BMW 335i is still one of the best performers. When compared to the fresh-out-of-the-box Jaguar XE S, the 335i stood its ground very well and should even be faster in a straight line. It’s most definitely faster than every other car in its class and can hang with all of them in terms of handling. So even though the current 335i is starting to show its age, it’s still a damn good car.

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When you factor in that prices will be slashed dramatically and incentives will be thrown out, the BMW 335i becomes a very attractive purchase at the moment. The only major enough difference to warrant waiting for the 340i would be the new engine. It makes the 340i just a touch faster and even more efficient. But the TwinPower N54 engine in the 335i is a thing of beauty. With perfectly smooth power delivery and an exhaust note that is missed with the 340i’s engine, the 335i still has one of the best engines on the market, despite being replaced. The rest of the changes made with the 340i are inconsequential.

So what do you think, if someone were in the market for a new BMW 3 Series, should they buy the aging but excellent and significantly cheaper 335i, or go for the new wheels and pony up the extra dough for the 340i?