Quote:
Originally Posted by ppointer
Quote:
Originally Posted by sean.witlock
Hey guys, long time reader, first time poster! Not sure if this is the correct Forum, but I have a quick question about my lease before I return it. I have a 3-year/30,000 mile lease on a 2014 BMW 328i M-Sport which I need to return by December 17 2017.
Question is: I only put 20,000 miles on it, are there ANY incentives, benefits or or leverage I can get from the fact my mileage is so low?
It seems to me that I paid for three years of a car that was only really used for 2... Do I get any incentives or money back in any way?? Don't think there is but thought I would ask.
I'm not sure what I'll be doing for my next car, I would like to go with BMW again (been with them for 6+ years with flawless payment history). However I really would like to save some money, and am looking to downgrade a bit in terms of car to get a lower monthly (Currently $360 w/ 2k down). What do you recommend?
Do I:
a) Extend the lease of my current car by a year? Is this even allowed? Encouraged?
b) Get into a new BMW? Again, returning my car with this low mileage, do I have any leverage at the dealer at all?
c) Purchase the car? This is something I'd rather not do at all, especially since the maintenance runs out in a year. Never felt that owning was a good bet with these kinds of cars.
Thanks again, long-time reader, first-time poster! Thanks for having me on here!  |
I don't lease any more. My wife got hit a few years ago, and car totaled. Check from insurance was greater than lease payoff because of down payment and condition of car. Lease company (Nissan) kept the overage, meaning we were screwed out of down payment. Never again will I lease a car OR buy a Nissan.
Your choices:
- turn it in and lose the equity. not really yours anyway at the end of the contract
- trade it in now, and apply the equity to your next BMW. it's yours today, because there is a payoff to the lease, but the car is probably worth more than the payoff
- buy it. why not? I have four BMWs, the newest being a 2011. In my experience, they age really well if you chose the right options. |
This is exactly why you don't put a down payment on a lease.
I keep reading about people putting down payments on a lease and I shake my head every time.
OP check the blue book and lease payoff on your car. If it's more than your lease payoff then take it to carmax and see if they will buy it off you. Congratulations, you just made $X.