How do you guys pay for your E60s?
03-11-2009, 07:29 AM
#42
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We have a similair financing option in Canada called the Royal Bank Buy Back car loan. It is basically like a lease but for a car up to 3 years old. While it sounds like a good option it is not.
Lets say you buy a 30g car with a residual of 15g after 3 years. Over the 3 years you pay interest on the 30g, not the 15g you are using which drives the interest prices way up.
I had thought about doing this at first until I ran the numbers, there is no way I am giving the bank that much extra money!
Save up a good down payment or bring in a good trade and finance the whole amount not just a portion.
BTW I love your avatar Russ
Lets say you buy a 30g car with a residual of 15g after 3 years. Over the 3 years you pay interest on the 30g, not the 15g you are using which drives the interest prices way up.
I had thought about doing this at first until I ran the numbers, there is no way I am giving the bank that much extra money!
Save up a good down payment or bring in a good trade and finance the whole amount not just a portion.
BTW I love your avatar Russ
03-11-2009, 10:19 AM
#46
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Originally Posted by DD_545i' post='813551' date='Mar 11 2009, 10:36 AM
+2 for Cash. It's the only way to buy. Don't buy a car worth more than you have available in cash and you won't get into financial trouble. Negative equity sucks. Unless you're paying a really high deposit with no final/balloon payment, you'll get into negative equity. Lose your job and you're screwed. If I lose my job, I've got no payments to make. I can sell the car and return however much I get from it back into the bank. I would also recommend not buying a car that's worth more than a quarter of your yearly salary. If you're only earning 50 grand a year you really shouldn't be driving a 50 grand car.
03-11-2009, 10:29 AM
#47
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Cars depreciate and are a pure expense so it's about minimizing the after-tax cost of driving.
I lease because I can write it off - 3 year leases $0 down (Although with my M5 I prepaid the full amount of the 3 year lease up front to save a bunch of finance charges...so it's not about a cheap monthly payment, it's about how much after-tax cash came out of my pocket at the end of the day to drive that car for 3 years).
I lease because I can write it off - 3 year leases $0 down (Although with my M5 I prepaid the full amount of the 3 year lease up front to save a bunch of finance charges...so it's not about a cheap monthly payment, it's about how much after-tax cash came out of my pocket at the end of the day to drive that car for 3 years).
03-11-2009, 10:32 AM
#48
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My Ride: My ex-ride: EU '08 LCI 520dA. Space Grey, Sport Seats in Black Leather/Fabric Anthracite, Sport Steering Wheel, A/C with Extended Features, Hi-Fi Speakers, Cup Holders, Cruise with Braking function, Folding Rear Seats, Xenons, Park Distance Control.
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03-11-2009, 10:59 AM
#49
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2000 Infiniti I30 with 93,000 miles for $8,000, [/quote](
ok maybe im not reading this right... the dealer told you they gave you 8g`s for that rat box with that much miles... some body got got
as for me i leased my car.. as i went i put way to many miles on it.. had no other way around it, so i finaced it, but then it got stolen
ok maybe im not reading this right... the dealer told you they gave you 8g`s for that rat box with that much miles... some body got got
as for me i leased my car.. as i went i put way to many miles on it.. had no other way around it, so i finaced it, but then it got stolen
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