Lease vs financing a car

[pianoman52]

keep the accord. 

 

[mojodmonky1]

Leasing is my livelihood and I've been in the leasing industry for over 7 years now.

I have NEVER leased a car and dont plan on leasing a car in the future UNLESS I OWN MY OWN BUSINESS AND CAN SOMEHOW QUALIFY IT AS A COMPANY CAR.

hell, after being on NT I may never finance a car again and will just buy pre-owned and pay cash outta pocket once my car dies.

 

[oh you mad]

Originally Posted by Supermanblue79

OP,
You're going to give them your $17,000 car
Plus $3,000 of your own cash
Plus $3,000 ($244/mo) for the next three years...

...and end up owning nothing in 2015.

Keep the 2011 accord for two years up a larger down payment on a preowned 2012 BMW 535i.
You'll miss the depreciation hit, have more affordable payments, and own something after years of making payments.

$23k to rent a car for 3 years. AND being limited to 15k miles a year?

 

[nicedudewithnicedreams]

Originally Posted by K Town Trash

Originally Posted by nicedudewithnicedreams

Dang bruh, still trying to get rid of the Accord your parents got you? What happened to copping a Evo? On the real tho, just keep the Accord. 

They didn't get me the car they just gave some money down and co signed it so I wouldnt pay so much monthly. No more evo for me. I'm not gonna have time to track & mod

Keep the Accord then. No need to stunt on a leased Bimmer.

 

[ninjahood]

Originally Posted by Oh YoU MaD

Originally Posted by Supermanblue79

OP,
You're going to give them your $17,000 car
Plus $3,000 of your own cash
Plus $3,000 ($244/mo) for the next three years...

...and end up owning nothing in 2015.

Keep the 2011 accord for two years up a larger down payment on a preowned 2012 BMW 535i.
You'll miss the depreciation hit, have more affordable payments, and own something after years of making payments.

$23k to rent a car for 3 years. AND being limited to 15k miles a year?

yea...leasing is for suckers unless u can get it written off as a tax expense..then its genius.

 

[al audi]

SWAP A LEASE

 

[xsalvioutlawx]

There's many people who just keep leasing cars in order to have the newest models and don't really care about owning a vehicle.

However, in your case...You mention you want a BMW because you can afford it now. Well if you really could afford it than you wouldn't be considering a lease.

 

[crcballer55]

Originally Posted by ninjahood

Originally Posted by Oh YoU MaD

Originally Posted by Supermanblue79

OP,
You're going to give them your $17,000 car
Plus $3,000 of your own cash
Plus $3,000 ($244/mo) for the next three years...

...and end up owning nothing in 2015.

Keep the 2011 accord for two years up a larger down payment on a preowned 2012 BMW 535i.
You'll miss the depreciation hit, have more affordable payments, and own something after years of making payments.

$23k to rent a car for 3 years. AND being limited to 15k miles a year?

yea...leasing is for suckers unless u can get it written off as a tax expense..then its genius.

It's still stupid because you're getting a 25% writeoff on a rental.  Either way, you're paying for something you're not going to keep.

 

[Betonblck]

Originally Posted by Oh YoU MaD

Originally Posted by Supermanblue79

OP,
You're going to give them your $17,000 car
Plus $3,000 of your own cash
Plus $3,000 ($244/mo) for the next three years...

...and end up owning nothing in 2015.

Keep the 2011 accord for two years up a larger down payment on a preowned 2012 BMW 535i.
You'll miss the depreciation hit, have more affordable payments, and own something after years of making payments.

$29k to rent a car for 3 years. AND being limited to 15k miles a year?

Fixed.  You forgot to add all 3 years of lease payments. 

 

[Betonblck]

Originally Posted by crcballer55

Either way, you're still overpaying for a car versus paying cash.

He's got 1.9% APR, that's lower than inflation.  That's better than cash. 

 

[thunderchunk69]

Originally Posted by cguy610

Originally Posted by Oh YoU MaD

Originally Posted by Supermanblue79

OP,
You're going to give them your $17,000 car
Plus $3,000 of your own cash
Plus $3,000 ($244/mo) for the next three years...

...and end up owning nothing in 2015.

Keep the 2011 accord for two years up a larger down payment on a preowned 2012 BMW 535i.
You'll miss the depreciation hit, have more affordable payments, and own something after years of making payments.

$29k to rent a car for 3 years. AND being limited to 15k miles a year?

Fixed.  You forgot to add all 3 years of lease payments. 

and since you don't own it, don't they force you to take full coverage insurance?

 

[crcballer55]

Originally Posted by cguy610

Originally Posted by crcballer55

Either way, you're still overpaying for a car versus paying cash.

He's got 1.9% APR, that's lower than inflation.  That's better than cash. 

No, because you'll still have to pay gap insurance for a couple years.  Always buy a car that's at least 2-3 years old with cash, let someone else take the 20-35% depreciation and pay with cash and you'll get a better deal than 1.9% any day.  If you can get 20-35% on your money, then by all means, go for it.

 

[Betonblck]

Originally Posted by ThunderChunk69

and since you don't own it, don't they force you to take full coverage insurance?

You are required whether it is financed or leased and you should have full coverage anyways for a car that expensive.  You never know what could happen, a tree could fall on it. 

 

[jrdnsrnss]

Considering the car in question is a BMW i'd lease it. I wouldn't want to own a newer BMW long term wise. Keep the Accord. 

 

[4wrestling]

Putting down $20k for a lease????? That's a terrible idea.

 

[k town trash]

Ok I've decided to wait for about a year to get a used 2011 528 or 535 for around $32 ~ 35k and put my accord as downpayment then. but the thing is i doubt they will offer me the same 17k for my car. but even if they only offer me like 15k, with me adding like 4gs, i would only be paying 15k for 2011 528/535. Appreciate your comments NT

 

[oh you mad]

Originally Posted by K Town Trash

Ok I've decided to wait for about a year to get a used 2011 528 or 535 for around $32 ~ 35k and put my accord as downpayment then. but the thing is i doubt they will offer me the same 17k for my car. but even if they only offer me like 15k, with me adding like 4gs, i would only be paying 15k for 2011 528/535. Appreciate your comments NT

Much better idea, I am planning to wait a year or two as well, that new 5series is

I am pretty sure you can get 15k easy for the honda as long as the mileage is decent, hondas hold their value much much better than euro cars

 

[dajondondo]

Im on my 3rd car and its my first time financing. I have no problem at all. Its working just fine. I will never lease... i dont see the point of it.

My car was off of a 3 year lease. Got it with only 6k miles on it too.

 

[k town trash]

Originally Posted by Oh YoU MaD

Originally Posted by K Town Trash

Ok I've decided to wait for about a year to get a used 2011 528 or 535 for around $32 ~ 35k and put my accord as downpayment then. but the thing is i doubt they will offer me the same 17k for my car. but even if they only offer me like 15k, with me adding like 4gs, i would only be paying 15k for 2011 528/535. Appreciate your comments NT

Much better idea, I am planning to wait a year or two as well, that new 5series is

yes indeed 

 and paying civic price for 2011 5 is more 

 

[dajondondo]

new E Class >

 

[airblaster503]

Glad OP came to his senses, paying 20k down for a lease is one of the most absurd things I have ever heard of. If you could afford a 5 series then you wouldn't be sweating the $800/mo payment with the 20k down to own the car.

 

[godie]

Only on NT do people have 20-25k to pay for cars cash.
The same NT that has a 100+ page unemployment thread.

You guys kill me.

Fact is putting 20K down on a lease is stupid.
There are still def some pros and cons to leasing AND financing.

 

[mojodmonky1]

Originally Posted by goDie

Only on NT do people have 20-25k to pay for cars cash.
The same NT that has a 100+ page unemployment thread.

You guys kill me.

Fact is putting 20K down on a lease is stupid.
There are still def some pros and cons to leasing AND financing.

NT is a fairly big community with people from different walks of life.  Not that crazy that some people are financially secure while others arent

 

[getyashinebox]

Originally Posted by K Town Trash

Oh yea the accord will be paid off next month. I pay 250 a month for financing the accord so I'm technically spending less on the 5 series

No offense but I hope you're not THAT clueless about leasing and finance.

$17000 (your car) + $3000 (your cash) + $244 x 36mo = $28784 (total paid during lease term)

$28784 / 36mo = $799.56 (what you truly pay per month) >> $250

You really owe yourself some solid research before you make any moves. Seriously

 

[degenerate423]

Originally Posted by K Town Trash

Ok I've decided to wait for about a year to get a used 2011 528 or 535 for around $32 ~ 35k and put my accord as downpayment then. but the thing is i doubt they will offer me the same 17k for my car. but even if they only offer me like 15k, with me adding like 4gs, i would only be paying 15k for 2011 528/535. Appreciate your comments NT

If I was you I would hold off on that until you can actually afford it, maintenance included.  If you can get one in that price range with reasonably low mileage then you're still looking at paying $17k+ out of pocket...