Quote:
Originally Posted by kgb1637
DO NOT LEASE JUST BECAUSE ITS CHEAPER FOR THE LOVE OF GOD!!!!
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+1
Quote:
Originally Posted by Barmats
Leasing is no different from an expensive rental.
If you finance, then you own the car and can mod it, sell it, or do whatever you want to it. And if you're no upside-down on the loan, you will have some positive equity in it.
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Financing is an expensive rental as well. You saying "If you finance, then you own the car" it's an oxymoron. If you finance the car you do not own it. You own only its value minus your loan obligation, which is in most cases a negative number. By the time it is a positive number for many the car is a piece of crap that nobody wants, for some it isn't.
To sum it up.. do not just make blank statements like leasing is bad, or financing is bad for that matter. Each have their own pluses and every individual should be honest with themselves in identifying the right way to go.
At the end it all comes down to basic math and past behavioral patterns.
In 1999 I leased a E46 323 at 500/mo for 2 years my friend financed a similar car that year paying 780/mo for 5 years
In 2001 I leased an E46 330 at 570/mo for 3 years
In 2004 I leased another E46 330 at 575/mo for 3/years
In 2007 I leased E92 335i at 585/mo.
At this point as you figured my friend was done with financing his car
He has spent 46800 on financing.
I have spent 63750 on financing.
In the period of ownership he spent ~9K in various repairs/parts on now a 135K vehicle. The value of his vehicle now is ~3-4K.
Bottom line
63750 for me, 46800 + 9000 - 4000 for him. Grand total I overspent for my driving please ~11000 in the past decade (roughly).
All along I have been enjoying a new ride every 3 years at a nominal cost of extra 100/mo distributed through the times. This is an amount I am willing to pay for the satisfaction of having a new ride every 3 years.
Run this same basic math for yourself to determine what's better for you.