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05-19-2011, 03:16 PM | #67 |
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I currently have a 135i lease from BMW for $520 a month (3 months left)
Just sign up a M3 lease for 3 years for $620 a month and currently have a Mini Cooper lease for $397 a month with a year left. No big deal as long as you can afford it.
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05-19-2011, 04:22 PM | #68 |
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Agreed, I have purchased 5 vehicles paid cash for from the auction for cheap and I spend money as needed on repairs ...........why add all the extra stress ?
The Benefit No car payments....... priceless |
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05-19-2011, 04:49 PM | #69 | |
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I didnt lease- purchased mine and beat the delaer up for invoice pricing, but 620/month for an M3 sounds aggresive. Is that a long term lease? |
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05-19-2011, 05:33 PM | #70 | |
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To the poster that gave the example $1.4MM house on a value of $700M -- there is a damn good chance I'd bail on it as well. However, I'd probably have to find a new line of work as I am in the commercial real estate finance business. |
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05-19-2011, 05:34 PM | #71 | |
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http://www.nordhavn.com/models/120/ Last edited by CEW; 05-19-2011 at 06:20 PM.. |
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05-19-2011, 07:38 PM | #72 | |
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05-19-2011, 09:04 PM | #73 |
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No question about it. I wholeheartedly agree. The op would be best served as many here have said to get a reliable cheap car, rebuild credit and in a few years make the move for the M.
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05-20-2011, 01:49 AM | #74 | |
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You might be comfortable in feeling that you will always be able to pay your lease payments for all of eternity, on time. You might even make the claim that you keep aside a 'rainy day' fund (invested, in the bank, etc.) in case you have income issues in the future. If thats the case, then your decision is correct. HOWEVER, the VAST majority of americans do NOT actually make any sort of backup. Leasees love to make the claim that they can invest their money by leasing, and make a greater return on their income than the interest rate they are paying. The reality is that Americans typically live from paycheck to paycheck, buying as many items on credit as possible, ensuring that their income just SLIGHTLY exceeds their interest payments. What happens when there is a business cycle (every 4-6 years) fluctuation, when they lose their jobs, or when their income drops? Bam - they cant make their payments, they default, and their lives are generally thrown into chaos. What I'm trying to say is this: the fiscally prudent decision for the OP would be to save the cost of the vehicle, and then make the payment in CASH. That way, you are not abusing the system/ putting yourself in a position where you may not be able to meet your financial obligations. As an aside - it's really disgusting to see that this attitude lives on, post-recession. You would figure that people would have learned a thing or two about prudent expenditure and planning for financial speed bumps. It's not just disgusting - it's also depressing to witness. Last edited by Echo M3; 05-20-2011 at 01:07 PM.. |
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05-20-2011, 11:23 AM | #75 | |
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Not all, but some people will lease the BMW at 600 a month versus buying the Honda at 400 per month. Granted one is better than the other, but the need for gratification kicks in and the "advantage of leasing" is a powerful in terms of what you can get for the relative payment. If one is willing to have a car payment for the rest of their life, then leasing "makes sense". I have not had a car payment since about 2006. It is amazing how much you can save up (and earned interest on) when you are are not throwing 600 to 800 dollars at a car once per month. Yeah, I had to drive the humbling car for a few years, but paying cash for the next one was nice and I appreciate it more in my mind. Yes, we all know that cars are depreciating assets...the other bases were covered before I bought it.
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05-20-2011, 11:44 AM | #76 | |
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Thats like going to the doctor and telling him your engine has a tick and a knock and is excessively burning oil. 9/10 your not going to get the answer your looking for.
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05-20-2011, 02:53 PM | #77 | |||||
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My previous 335i that I bought was at .9% Interest. I can make more than that investing in a rather low-risk, decent paying dividend. And if an emergency arises where I need hard liquid cash I'd have it without a problem. Quote:
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I agree about that most Americans do live paycheck to paycheck and leverage way too much. To lease takes a lot of discipline...my statement above your quote also applies to your statement as well. For me, if I were to have spent 80k on my M3 6 months ago, I wouldn't be able to put as much down as I want in the Apt. Complex I'm about to (hopefully..) buy. Thus, keeping the cash in my decently high paying Dividend stock, which I can sell today and get the money in 3 Business days once the trade settles, is as close to liquid as you can get (versus keeping cash in an almost no interest paying savings account). One thing extra though... even if you don't lease, and you go take on financing.. the same "if i lose my job/income" scenario applies. One thing with buying is that you have to pay that amount and you probably can't get as much for your car as you owe if you bought for 80k, it's worth about 65-70k now. so you just lost 10-15k in 6 months were you to sell But if you had leased, you can find someone to take over your payments, maybe offer them an incentive of 2k and their 500 transfer fee. This way, you are only down 2500 vs 10-15k, a huge difference. For someone who doesn't keep cars long, IMHO, leasing is the way to go (given that residuals and money factor etc are in your favor... leasing a GTR is almost the same price as buying one... so it's pointless) Quote:
He may have a cashflow of 40k/month for all we know. (just saying) but defaulted on the house on purpose (not because he couldn't afford to pay for it, but because it was financially beneficial for him to do so; see 1.4m vs 700k example i made before)
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05-23-2011, 10:27 AM | #78 | |
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Search Bimmerfest and there is a thread of the M3 E93 deal going on, Mine is loaded with Nav and 19" wheels done on ED with 7 MSD. BMW loyality, but the Z4 is the deal now.
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05-23-2011, 01:14 PM | #80 | |
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BTW, think "Too Big to Fail" is on tonight on HBO (the book is very readable). Will be watching. To OP: does seem that the 3 leases are a reach under the present circumstances - and quite understand you are not lacking means. Just a good idea to normalize one's credit.
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Just thinking of something not so witty ///M3 E92 '09 Jerez Black | 6MT | Ext Fox Red | Tech | Prem | 19s |Heated Seats | iPod |Smartphone | Euro Deliv June 09 Sold: 540iT / 530i / 323i Last edited by Voltigeur; 05-23-2011 at 01:34 PM.. |
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05-23-2011, 01:21 PM | #81 | |
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May I ask what you MSRP was then the ED Price?
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