04-30-2015, 10:01 AM | #23 |
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Worked out great for me.
I was able to sell my car and come out with a little equity all while paying less than a lease with no mile restrictions. Usually if you sell a car 2 years into a 5yr loan you'll be upside down but not with mine. |
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04-30-2015, 10:06 AM | #24 |
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I looked at it as buying a 5yr old 50-60k MSport on a BMW dealers lot was going to cost more than the figure of my balloon payment. So that made it appealing and until then I had no mileage restrictions like a lease and my deal had built in gap insurance.
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04-30-2015, 10:29 AM | #25 | |
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Not quite an apples to apples comparison. Also consider that several folks have been unhappy with the F30 in comparison to previous models. If it turns out you don't like it, your "stuck" in the car (equity-wise) for 3-4 years at-least. Plus the new 2016 models coming out will have a few updates that may be rather appealing, including the possibility of a new steering system. IMO - Lease if you want low monthly payments or Finance @ 5 yrs if you want to own the car. |
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04-30-2015, 11:05 AM | #26 | |
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As for your comment on the condition of a 5yr old car at the dealer. Don't fool yourself. Those cars sell "As is".
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04-30-2015, 11:12 AM | #27 | ||
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How does balloon have more flexibility? Leases have jump ahead's on occasion, and you can always sell your lease with leasetrader, plus at the end of term you just hand them the keys and walk away. Balloon if you want out early, you have to sell it and deal with all the negative equity that comes along. At the end of term you have to pay the balloon or refinance it. If you have $18k in the bank you certainly aren't investing it over the term and then drawing it out to pay the balloon. If you do you're doing it wrong. And if you do that you STILL have a depreciated car you can then sell at a loss, more then removing any realistic investment gains short of really lucky horse track bets. So you are refinancing the balloon, meaning you are now paying (at best) 1.9% over 8 years on the purchase price. Do the math on what the TRUE cost of that car is now. And then calculate your true depreciation loss. The only car you should ever BUY is the one you will literally never sell. Quote:
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04-30-2015, 11:16 AM | #28 | |
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At the end of the day, we are all buying or borrowing depreciating asset. I could just go buy a Honda and drive in for 20 years, which makes financial sense, but what fun is that? If you're on a car message board, most likely you're a "car guy" so we budget more for car payments. Others spend money on golf, skiing, vacations, alcohol, Vegas, gambling.....granted, I do those things too but we all have our priorities. I like cars and I don't mind a monthly car payment. Last edited by Buckeyes; 04-30-2015 at 11:25 AM.. |
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04-30-2015, 03:32 PM | #29 | |
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04-30-2015, 03:36 PM | #30 |
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I came out with positive equity. It starts from an aggressively negotiated ordered car to begin with. It won't be the case for everyone.
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'98 Dinan/RMS stage 2+(VAC cams, CES Cutring etc) '15 Buick Regal "T"(wife) '06 Saab 9-5 Combi 5mt (full suspension, LSD, clipped turbo etc) |
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