I think Ill start leasing cars after this..
12-08-2008, 08:20 AM
#11
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My Ride: 2006 525XI, Jet black on Dakota beige. Premium and winter packages. I consider myself a purist and intend to keep my car absolutely stock and shiny.
2008 328I Convertible, Sapphire black on beige interior. Premium package, NAV, iPod adapter.
Retired: 2002 325I, Titanium silver on black leather. Premium package. Absolutely stock and proud of it.
Originally Posted by Senza007' post='740546' date='Dec 8 2008, 11:47 AM
Its just unbelieveable how much they are worth after a few years. I mean people who purchased M5s for almost full price are selling for 10s of thousands less. It just isnt worth it. Either lease a brand new car or buy a 2 year old car. I would never buy a brand new car. I dont care if its 0% financing.
I prefer buying a 2-3 year old car to leasing. I figure, I own my house, why rent a car?
12-08-2008, 08:27 AM
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My Ride: 2008 550i Jet Black on Black Leather, SAT with Paddles, Logic 7, Comfort Seats, NAV, Sport Package, PDC, Xenons, Sirius, Trinity 12W LED Angel Eyes, RPi GT Exhaust, M rear spoiler, ACS Roof Spoiler, Tinted Tail Lights, Bimmian Carbon Fiber Pillar Trim, Bimmian Shadow 550i emblem, RPi Scoop, E60 Forum Cling, Mtec bulbs in fog lights, Mtec 2W LED for License Plate Light Bulbs, K&N Filter, Bimmian LED Smoked Side Markers, Blackout roundels, Carbon Fiber Kidney Grills.
Retired Rides - 1989 325i convertible, 1995 M3, 2002 X5, 2005 545i, 2008 X5 (Lemon)
Originally Posted by Senza007' post='740484' date='Dec 8 2008, 07:05 AM
....I realized I should be patient from now on.....why did I not wait a little bit....
12-08-2008, 11:22 AM
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It doesn't need to be new. You can lease a 2 year car as well...
In Canada:
2006 M5 - New: $127k
2 years old: $89k
3 year lease residual is $51k (when car is 5 years old)
prepay the lease and save a ton of finance charges.
full warranty till the end of the lease, guaranteed out in 3 years.
Kind of like a prepaid phone card.......plunk your money down then use up your "minutes"
In Canada:
2006 M5 - New: $127k
2 years old: $89k
3 year lease residual is $51k (when car is 5 years old)
prepay the lease and save a ton of finance charges.
full warranty till the end of the lease, guaranteed out in 3 years.
Kind of like a prepaid phone card.......plunk your money down then use up your "minutes"
12-08-2008, 11:29 AM
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My Ride: 2008 Porsche 911 Carrera S Convertible. Midnight Blue, 6 Speed.Retired - 2007 997 Carrera S, Midnight Blue, Grey leather, premium audioRetired - 2007 550i, Monaco Blue over Beige, Navigation, Logic 7, Cold Weather Pack, Comfort Access, Sport Package
Model Year: 2008
Originally Posted by porsche911targa' post='740574' date='Dec 8 2008, 09:20 AM
+1
I prefer buying a 2-3 year old car to leasing. I figure, I own my house, why rent a car?
I prefer buying a 2-3 year old car to leasing. I figure, I own my house, why rent a car?
12-08-2008, 01:03 PM
#16
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Hi All
I'm not an accountant but
Rule 1:
In the case of an Asset ie a house buy it, but an Expense ie a car (which will dive in value) rent it. If you class a car as an asset your nuts (or preparing a balance sheet even then it could a be liability!).
I just broke rule one, as I just bought my SUV off the lease co at the end of three years (I had it from new, my wife wanted "her" car, I like it too, it had done way less kms than in the agreement and they gave me a 20% discount on retail to avoid having it back on their lot, payments basically halved and we own it at the end)
So apply rule one, then break it if your on to a great deal...
Cheers
stu
I'm not an accountant but
Rule 1:
In the case of an Asset ie a house buy it, but an Expense ie a car (which will dive in value) rent it. If you class a car as an asset your nuts (or preparing a balance sheet even then it could a be liability!).
I just broke rule one, as I just bought my SUV off the lease co at the end of three years (I had it from new, my wife wanted "her" car, I like it too, it had done way less kms than in the agreement and they gave me a 20% discount on retail to avoid having it back on their lot, payments basically halved and we own it at the end)
So apply rule one, then break it if your on to a great deal...
Cheers
stu
12-08-2008, 02:31 PM
#17
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My Ride: 2008 Sapphire Black on Black M5 - loaded sans soft close doors
I really like leasing - for ME there are many many pros.
However, one serious con is that you are stuck in the car for the lease period. Yes, you can try leasetrader and/or other methods, but if you want out (like I did with my GS430), you are going to pay.....
However, one serious con is that you are stuck in the car for the lease period. Yes, you can try leasetrader and/or other methods, but if you want out (like I did with my GS430), you are going to pay.....
12-08-2008, 02:54 PM
#18
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My Ride: 2006 525XI, Jet black on Dakota beige. Premium and winter packages. I consider myself a purist and intend to keep my car absolutely stock and shiny.
2008 328I Convertible, Sapphire black on beige interior. Premium package, NAV, iPod adapter.
Retired: 2002 325I, Titanium silver on black leather. Premium package. Absolutely stock and proud of it.
Originally Posted by kiwistu' post='740726' date='Dec 8 2008, 05:03 PM
Hi All
I'm not an accountant but
Rule 1:
In the case of an Asset ie a house buy it, but an Expense ie a car (which will dive in value) rent it. If you class a car as an asset your nuts (or preparing a balance sheet even then it could a be liability!).
I just broke rule one, as I just bought my SUV off the lease co at the end of three years (I had it from new, my wife wanted "her" car, I like it too, it had done way less kms than in the agreement and they gave me a 20% discount on retail to avoid having it back on their lot, payments basically halved and we own it at the end)
So apply rule one, then break it if your on to a great deal...
Cheers
stu
I'm not an accountant but
Rule 1:
In the case of an Asset ie a house buy it, but an Expense ie a car (which will dive in value) rent it. If you class a car as an asset your nuts (or preparing a balance sheet even then it could a be liability!).
I just broke rule one, as I just bought my SUV off the lease co at the end of three years (I had it from new, my wife wanted "her" car, I like it too, it had done way less kms than in the agreement and they gave me a 20% discount on retail to avoid having it back on their lot, payments basically halved and we own it at the end)
So apply rule one, then break it if your on to a great deal...
Cheers
stu
12-08-2008, 05:20 PM
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Originally Posted by porsche911targa' post='740802' date='Dec 8 2008, 03:54 PM
I guess I can see this would work for someone who wants to get into the latest and greatest car, every two or three years. Me? I prefer to buy a 2-3 yr. old CPO and hold it for 8 years. I usually get money back and I've been very lucky with the 3 series in that they have been very good out of warranty (knock on wood). It will remain to be seen how the E60 treats me out of warranty.
In fact if you keep your car 4-5 years, purchasing is usually better, but if you want to get a new machine every three years you are often better off leasing. Leasing also makes even more sense for people with personal corporations that can right the lease off.
12-14-2008, 09:13 AM
#20
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My Ride: 2007 BMW 550, Sport, Navi, PS, CWP, Sirius
Originally Posted by porsche911targa' post='740802' date='Dec 8 2008, 06:54 PM
I guess I can see this would work for someone who wants to get into the latest and greatest car, every two or three years. Me? I prefer to buy a 2-3 yr. old CPO and hold it for 8 years.
Can you imagine driving an old, ugly and underpowered E60 in 2011 with twin-turbo F10 readily available? Plus buying a used car is always a risk. Even CPO cars can have prior accidents and Carfax is useless. You may be in little better situation if you lease a new car and buy it after the lease expires but this would be even more boring since it is the same (color/feature wise) car you've driven for 2-3 years already.