09-18-2020, 12:48 PM | #1 |
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Has anyone else considered Leasing?
I'm a big advocate of leasing new cars. I like the fact that if the car gets wrecked and has substantial damage you have the third option which is turning it back in to the dealership. So unlike buying it out right where you can either keep it forever or sell it and take the beating on the damage you have that third option.
Pretty much every scenario I've seen comparing leasing to buying comes out very close in the long run. And if the car holds it it's value or appreciates in value, it's even a better deal! I have the funds to buy the car out right for cash, but like I said I like reserving that third option to dispose of the car if it either suffers substantial damage or ends up being a dog!
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09-18-2020, 01:27 PM | #2 | |
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Finance rates right now put you in a better position. The 0.9% may push over to the CS for 60mo. If not 1.9% is easy to get at credit unions. A 72mo loan puts you on par with a lease when using a residual that approximates the other CS models. Be mindful that BMW uses a residual value that is about 10% higher than what the actual will be at the end of the lease. No way in hell I'd pay for a car in cash with fiance rates as low as they are. Do not do it! If anyone questions my lease Fu. My last lease had a 138k MSRP and my payment was $840/mo 33/10. Leasing is way cheaper than buying if you aren't picky about what you drive. I don't care if you own a car for 10yrs, I'll still lease 3 cars for the same cost or less and take into account any value you may still have in the car. Now,if you want to buy a 4yo car and then keep if for 10yrs you might win on cost, but not on tech, safety updates, and driving a newer car. On a rare car like this you'll have to fight for diminished value, and it isn't easy. Leasing is great in this area because you don't have to care how an accident impacts value. Edit: I'm buying this one. |
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09-18-2020, 02:06 PM | #3 |
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How does BMW treat leasing with track time? I never even considered it in the least because of my intent to track the car.
I'm a little goofy with how I do the financing usually. I typically eat the slightly higher interest rate (in this case 1.9 at 72) to drive the payment down for flexibility (I'm nervous/conservative about the number for no good reason) and then pay at a much higher rate - usually pay the car off in 5 years or less. Which drives the effective interest rate etc down. Now you have me half thinking about if I should toy with the idea of a lease on this one or not as I've never leased.
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09-18-2020, 02:13 PM | #4 | |
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Edit: Not sure how they treat track time. I would make sure I had track insurance. I don't think they would know if you tracked it. Wear items like brake pads and tires are still on the leasee. You just have to return any modifications to stock before turn in. I personally would not tune a leased car, but some do. |
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09-18-2020, 02:40 PM | #5 |
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Slightly divergent topic, but a friend of mine assumed a lease of an M6 that had a JB4 installed. Thing was a monster. He removed it before returning the car. He really didn't care if they found out while he had it since he wasn't the original lessee, and could claim ignorance.
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09-18-2020, 03:03 PM | #6 | |
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That's always a major annoyance for me overall that it's even an issue for a car like this (if it's an issue I guess). You build it, market it, and have everything about it be for a track mentality/dual use, but if someone dares do as such you then say "sorry, that's not okay". Had issues with that with Mazda on some things and it was always frustrating. I think Mazda is in a way different class than BMW, so that is one thing. I've also not tracked any of my new BMW's, just older out of warranty ones so they couldn't care less with those!
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09-18-2020, 03:11 PM | #7 | ||
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After my warranty was up, I started modding, and was still able to get extended warranty coverage on the N54 injectors when they failed. I know brakes are no longer covered on the routine maintenance program, but I don't know what else they have done to restrict coverage on track use.
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09-18-2020, 04:07 PM | #8 | ||
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I'll have to get closer to the delivery and then see what is available from BMWFS and a credit union locally.
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09-18-2020, 04:12 PM | #9 | |
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Leasing is a good "risk management" practice!
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09-18-2020, 06:56 PM | #10 | |
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