03-13-2014, 02:44 AM | #1 |
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True cost of Ownership
I am trying to get myself into a lease of an F80 M3 and was hoping to get some help on whether or not I can afford it. I know I know, if I'm asking whether I can afford it or not, I probably can't. My total monthly expenses right now are about $2k.
From what I have read a good estimate for a lease will be around $850 + $250 for gas? + about $200 a month in insurance. If I don't plan on saving any money, and am bringing in around $4,000 a month, can I afford an M3? Am I missing anything? Positive or negative, would love to hear any feedback you can give me. |
03-13-2014, 04:06 AM | #2 |
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$200 for insurance? I'll be paying £30, so closer to $50.
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03-13-2014, 06:30 AM | #3 |
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Well you can afford it, but you're not putting away much either. I think there are several other variables like age/goals/job security etc. that should be factored into your decision as well. Personally I wouldn't do it with those numbers, but to each is their own and only you can decide what's more important to you
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03-13-2014, 07:53 AM | #4 |
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At $4K/mo of income and $2K in expenses already, you are spreading yourself kind of thin. I would urge you not to mess with the M at this point, since according to your calculations, you will be left with only $700/month for any other needed expenses.
Wait for a couple of years and pick one up as a CPO. In the meantime, build up your savings.
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03-13-2014, 07:55 AM | #5 |
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I don't think you can get a lease of $850 per month right now or in the near future. You probably have to wait until the invoice+ pricing is back.
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03-13-2014, 08:19 AM | #6 | ||
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If you do decide to do it, go light on the options to keep that cost down
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03-13-2014, 09:21 AM | #7 |
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For me personally, I don't like to lease because I'd like to keep the car as long as I can. If you can't afford one, leasing is the way to go and if you like to change cars every so often. Leasing is basically renting and you can't say it's your car. I like the fact I can call it my OWN and modify it as I see fit. Leasing is a big liability and has too many limitations.
Once you start saying "Can I afford it?", you probably can't if you're doubting yourself, then leasing would be your best bet. |
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03-13-2014, 10:56 AM | #9 |
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You can get 850/month on 65.5K MSRP lease if you max out MSDs (~$6000) and remember you get your MSds back at the end of the lease
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03-13-2014, 10:59 AM | #10 | |
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03-13-2014, 11:40 AM | #11 | |
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Are the expenses I listed pretty accurate? |
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03-13-2014, 12:25 PM | #12 |
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You should buy my e92 for about $28k and enjoy the hell out it, save some money and jump to a CPO M3/M4 later. God forbid you need money for something else!! Like you get someone pregnant in the back of that M3! LOL
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03-13-2014, 12:46 PM | #13 | |
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My recommendation is to play with excel and make a budget you will be comfortable with. Since you're an entrepreneur I assume you have your own business? If so you could write off the lease payments for taxes which is a huge advantage
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03-13-2014, 12:56 PM | #14 | |
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03-13-2014, 02:41 PM | #15 |
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I would discuss the tax advantages with your tax accountant.
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03-13-2014, 02:43 PM | #16 | |
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If you lease a car through the company and provide it to the employee (yourself), the value of the lease (let's say $1,000/mo.) is taxed for you as a taxable income, which is still better that forking the whole $1,000 out of your own pocket. While at the same time, this payment is deducted from the profits of the company (and lowers company's taxes) be being an operational expense. Win-win. Please, someone, correct me if I am wrong
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03-13-2014, 05:25 PM | #17 | |
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03-13-2014, 05:32 PM | #18 | |
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