- #9566 of 10318
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Re: Why lease? [asi12]
by blueguydotcom
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Jan 29, 2009 (8:06 pm)
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Replying to: asi12 (Jan 29, 2009 6:32 pm)
I guess I was thinking from the point of simplicity. What you are telling works for perfect world. Lets say if I miss one payment or lost job and can't pay lease payment, you do know what impact it will have on my credit report and not to mention you loose car as well.
1. Someone was claiming the ability to buy a car for cash, so therefore, the cash is still available.
2. You can get rid of a leased car easily through Swapalease.com But when I can get 07 328xi for 22-23K and I own it outright, that's why I am not very much fan of lease.
You can get an 06 with 0.9% financing and save even more, the car is CPO and you keep your cash in the bank, protecting you on the off chance of losing a job.
Regarding insurance (I should have been more clear), I like to have $1000 and I with loan/lease I think you are supposed to have $500 deductible.
There's not much difference in insurance rates, so I still don't get this...sorry but no loan or lease demands to see a copy of your insurance paperwork.
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- #9567 of 10318
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Re: blueguydotcom [nyccarguy]
by blueguydotcom
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Jan 29, 2009 (8:07 pm)
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Replying to: nyccarguy (Jan 29, 2009 7:09 pm)
Near impossible to find a manual. The M3 i lost out on was a manual with only a few features... only one for 1000 miles under 60k msrp. 
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- #9568 of 10318
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Re: Why lease? [blueguydotcom]
by asi12
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Jan 29, 2009 (10:08 pm)
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Replying to: blueguydotcom (Jan 29, 2009 8:06 pm)
I understand what you are saying but what I am saying is from a very pessimistic point of view. We all saw financial tsunami last year and we are not out of woods yet. Lets say you money is with kind of Lehman brothers, what can you do? Regarding FDIC insured, it looks good on paper, when a bank fails sometimes it takes months to get your money back from FDIC insurance program in case of bank failure and you don't get interest during that waiting time either.
From the convenience point of view, smell of new leather, no hustle to deal with individual buyers lease make sense but I just don't buy a car with a intention of keeping just for 2 or 3 years.
I decreased my car insurance rate little over $100 per year from going $500 to $1000 deductible.
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- #9569 of 10318
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blueguydotcom
by asi12
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Jan 29, 2009 (10:11 pm)
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I really appreciate that your explained to me how lease worked. I did not know little interest payment is on lease these days. I keep that in mind when I buy my new car.
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- #9570 of 10318
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Re: Why lease? [asi12]
by banker2
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Jan 30, 2009 (8:00 am)
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Replying to: asi12 (Jan 29, 2009 5:32 pm)
Look at leasing this way..........it's a free 3-year put option on a car..........during the three years, you can decide if you like the car, if it is reliable, and see if it has held its value. If, at the end of the lease term, the car is worth more than your residual value, then buy it (you can then turn around and sell it yourself if you want). If the car is worth less than the stated residual value at the end of the lease term, then you can just turn the car back in to the leasing co.- they take the loss, not you. At the end of the day, I think you buy things that appreciate in value, and you rent things that depreciate.
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- #9571 of 10318
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Re: Why lease? [banker2]
by asi12
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Jan 30, 2009 (8:57 am)
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Replying to: banker2 (Jan 30, 2009 8:00 am)
Can you lease a 2-3 years old car as well? If yes then what are typical terms like 24 or 36 months and who provide warranty on it? Does any one has any experience doing that?
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- #9572 of 10318
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Re: Must fight urge... [sammybmw]
by jimbres
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Jan 30, 2009 (9:15 am)
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Replying to: sammybmw (Jan 28, 2009 10:26 pm)
Thanks, but my '01 330i still looks & runs like new. I'm at least a year away from even thinking about replacing it.
A friend of mine is driving a 2009 xDrive 328i coupe loaner while his 535 wagon is in the shop, waiting for a part to come in from Germany. He's let me borrow it for an extended test drive. I have nothing bad to say about the car - it's more than fast enough for around here (NYC suburb) & it's better in the handling department than the 330xi I drove a couple of years ago - but it's no more entertaining to drive than my 8-year-old car is. At the end of the drive, I didn't feel even the slightest urge to swap my car for it - although I did like the heated steering wheel.
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- #9573 of 10318
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Re: Why lease? [banker2]
by jimbres
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Jan 30, 2009 (9:22 am)
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Replying to: banker2 (Jan 30, 2009 8:00 am)
At the end of the day, I think you buy things that appreciate in value, and you rent things that depreciate.
Funny thing -- the version of this advice that I was taught many years ago was "Finance only that which appreciates & pay cash for everything else".
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- #9574 of 10318
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Re: Why lease? [jimbres]
by banker2
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Jan 30, 2009 (4:35 pm)
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Replying to: jimbres (Jan 30, 2009 9:22 am)
Funny thing -- the version of this advice that I was taught many years ago was "Finance only that which appreciates & pay cash for everything else
sage advice indeed. when you say finance, I assume you mean to purchase with help of a loan (not lease). One other thing.........in my opinion, only cars that retain their value well are good candidates for leasing. If you like a car that happens to have horrible resale, then I say you just buy and enjoy what you like. But for cars that have a record of holding their value (honda, bmw), leasing is a great option and is often less expensive than if you had purchased (either with cash or with a loan)
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- #9575 of 10318
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Re: Must fight urge... [jimbres]
by sammybmw
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Jan 30, 2009 (5:16 pm)
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Replying to: jimbres (Jan 30, 2009 9:15 am)
I would keep your 330i too, Forget the ix or now xDrive as a replacement. I kept my '94 325i which is hard to beat as far as road feel. It has an 189 hp 2.5 liter that takes a few thousand rpm to get it moving. I decided to get the 2008 335i for its increased safety, the 94's had the killer overpowered airbags - the ones that the stupid gov't had overpowered for unbelted dummies at the expense of crushing smaller people that wore seatbelts if they came in close contact with it. The new car has the head protection and the side airbags, and the dynamic stability control, that my 94 doesn't have. They had just started the dynamic stability control that year but my car didn't have it, it had the limited slip. The new car has the engine that goes from low rpm to high so you don't have to wait for the car to get going. The new car has the sports package whereas the 94 didn't. We love those sport seats. they are nice and snug and give me some more leg support. I really don't care about a lot of luxo stuff but I like the bluetooth phone connection on this car. Although this car is new, I'm still determining if I like the road feel of this car versus the 94 325 which was an E36, so far, i think it feels a little bit more disconnected but i need more time. I'm all for purchasing versus renting a Great Car and keeping it a long time, so i may not be looking for another until say around 2015. long time. I also like to voice my opinion on this forum to get people in the North East to not suffer the disadvantages of the ix or xDrive cars just because it snows in their area. It is not a requirement for winter driving. I live in area that gets over 100 inches of snow.
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