Low Mileage - Buy or Lease?

[rcw119]

I'm in a fairly unique situation where I can only drive my car an average of 3500 miles a year as I travel quite a bit. I'm currently driving a 2008 e92 and maintenance costs are low so the only reason I'm starting to look for a new car is the interior technology upgrades and the desire for a "fresher" and more fun car (hence the post in the m3/4 forum). I can't seem to talk myself out of financing the car. Anyone have a reason why a Lease would make sense for me? Any other options that might be available since I would have such low mileage?

[XRAVE]

Originally Posted by rcw119

I'm in a fairly unique situation where I can only drive my car an average of 3500 miles a year as I travel quite a bit. I'm currently driving a 2008 e92 and maintenance costs are low so the only reason I'm starting to look for a new car is the interior technology upgrades and the desire for a "fresher" and more fun car (hence the post in the m3/4 forum). I can't seem to talk myself out of financing the car. Anyone have a reason why a Lease would make sense for me? Any other options that might be available since I would have such low mileage?

How long do you plan on keeping the car? If the answer is 2-3 years, then lease is the better option, especially with the great rates right now. Even with the low miles. Lets say after 3 years you only have 10-12k miles, you can actually buy the car from BMW and sell it, or just take it to carmax and sell it. You will be able to take advantage of the fact that the car has low miles just as you would if you finance.

Also, it helps with totaling the car as I just found out. I had my m3 for 5 days, let a friend drive, ended up being totaled. The insurance companies just pays off the rest of the lease and I'm clear. I didn't even make a payment, just my 2200 due at signing.

[OneRib]

XRAVE is correct. It all depends on how long you plan to keep it. Considering your current car is an '08, buying may be the better option for you. If you think you will want to replace the car in 3 years, then lease.

[pikkagtr]

Leasing it for the first 3 years makes more sense. If you really like it , there's nothing stopping you from buying at lease end. You get a idea of the cost and know exactly the cars history!

[ewr777]

Originally Posted by XRAVE

How long do you plan on keeping the car? If the answer is 2-3 years, then lease is the better option, especially with the great rates right now. Even with the low miles. Lets say after 3 years you only have 10-12k miles, you can actually buy the car from BMW and sell it, or just take it to carmax and sell it. You will be able to take advantage of the fact that the car has low miles just as you would if you finance.

Also, it helps with totaling the car as I just found out. I had my m3 for 5 days, let a friend drive, ended up being totaled. The insurance companies just pays off the rest of the lease and I'm clear. I didn't even make a payment, just my 2200 due at signing.

Xrave I feel ur pain I don't know who Is suffering more you or paquiao

[f82fanatic]

Originally Posted by rcw119

I'm in a fairly unique situation where I can only drive my car an average of 3500 miles a year as I travel quite a bit. I'm currently driving a 2008 e92 and maintenance costs are low so the only reason I'm starting to look for a new car is the interior technology upgrades and the desire for a "fresher" and more fun car (hence the post in the m3/4 forum). I can't seem to talk myself out of financing the car. Anyone have a reason why a Lease would make sense for me? Any other options that might be available since I would have such low mileage?

From past experience, mileage barely makes a dent in the price you get paid for a car... It is mostly the year of production and carfax "dents" you might have that affect pricing. In either situation you are losing considerable value if you own a car that do not use too much. However, that is only if you think your car utilization is determined by miles driven... Maybe you enjoy owning the car and keeping it for a long time.

In any case, I agree with the notion that if you like changing you cars often, the lease is ideal!

[Willie_Beamen69]

Originally Posted by XRAVE

How long do you plan on keeping the car? If the answer is 2-3 years, then lease is the better option, especially with the great rates right now. Even with the low miles. Lets say after 3 years you only have 10-12k miles, you can actually buy the car from BMW and sell it, or just take it to carmax and sell it. You will be able to take advantage of the fact that the car has low miles just as you would if you finance.

Also, it helps with totaling the car as I just found out. I had my m3 for 5 days, let a friend drive, ended up being totaled. The insurance companies just pays off the rest of the lease and I'm clear. I didn't even make a payment, just my 2200 due at signing.

Damn 5 days and that happened after all the wait... Sorry to hear